Will this be Black Friday? - 10/10/08

reply to post by Mainer


No problem, and the cash point by mine was out of cash on Thursday, haven't checked if it has been replenished yet, but I doubt it, I had to use the ATM, that charges you £2 for taking out your own money.

EMM

Edit: and yes, we've had the 'signs' for about 2 years over here in Britain, no hoods are especially prevalent, never seen a no sun galsses/ hat ones lol.


[edit on 11-10-2008 by ElectroMagnetic Multivers]

These "silent" bank runs are happening. People are shifting funds electronically, taking out large amounts from ATMs. This is not 1929, people do not need to stand in line at the teller to get their money anymore.

There are whole segments of the population who after starting an account never need or do set foot back into their bank branch again (Direct deposit in, Debt card/e-transfer/checks/ATM out). When I was a kid the line at the bank on Saturday AM was out the door. When was the last time you even saw a line at the bank? When was the last time you (Joe Average) saw the inside of your bank?

Do you know why ATMs are showing up dry suddenly?
Someone is going to be the last one holding the bag. Best hope it is not you.

Who cares, still hasn't affected me, I have no debt.. no debt whatsoever and my expertise mean I won't be out of a job for more than a week.

Money sucks ass and the sooner it's gone the better, I'd rather be saving starving kids than sat behind a desk but I suppose that's the evil of money and material wealth.

I could live in a bin and still find a way to be happy.

reply to post by ElectroMagnetic Multivers


I watched it building for the last 5 or 6 years, each year laughing even harder at the amount of cash people will throw at bricks and mortar, last year £265,000 for a two bedroom house in an absolute sh1t hole, people have only their own greed to blame.. banks or no banks.

Tell me this wasn't the planned October Suprise! Tell me this wasn't planned as a penultimate move toward the New World Order. Tell me that the result of this will not strip the dollar totally.... as George Bush goes out of the way to appease the Europeans. Tell me I should be lucky that I didn't lose 250,000 as my brother-inlaw incurred. Tell me that Mr Obama is the best thing for this country since Jimmy Carter. Where do all these Baffoons get off governing Our Country. Tell me we've had it!: mad:

Originally posted by spitefulgod
Who cares, still hasn't affected me

*blink*

You say this so unabashedly, it's like you really mean it. Are you seriously so short-sighted that just because you personally haven't been effected it doesn't matter?

And I really hope your "expertise" is in the medical field or construction, because those are about the only safe fields in an economic disaster. If it's not, you really ought to stop being so flippant.

reply to post by anachryon


Make that farming or medical. Construction gets hit like MOFO during a recession/depression. No growth means no building. My dad is a carpenter. I know that construction and the economy being up are directly related.

reply to post by anachryon


Maybe your right, maybe it is needed to get people out of their "I want, I want" and put them firmly back into the "Do I really need" mentality.

I've never put faith in bank savings, I've never joined a pension scheme as I know sometime or other that can be taken away in a blink of an eye. You have to remember in nearly every generation something happens that can destroy the fortunes of ordinary men but also makes them stop and and think about what's really important. Luckily we don't have to be drafted into a war and have our cities bombed for this we can just sit at home and watch it unfold on TV, for some unfortunates it means being thrown out, but people survive and people learn, let's just hope they learn not to be dragged into the same situation again although given the short memories of last 100 years I think we'll be sat here in the same situation again within the next 20 years... the culprits... greed of wealth, thinking a bigger houses makes you a better person and raising your children to aspire to be like Paris Hilton.

I was flippant in my comments because I want a change in today's society, I want a new world war, alien contact, financial collapse, anything that allows to to stop what we are doing and start again with a better, fairer plan, not a world which has trained us to watch images of dying children on TV where rather than wanting to help we sit and think "what, they want more money?"

mehhh whatever,

After taking yesterday to think about what went on in the markets Friday it now seems to me that what we experienced was clear manipulation of the stock exchange.

Something also occured to me, please feel free to chime in and let me know if I am off base here.


Being that tomorrow is a bank holiday (Columbus Day) yet the stock exchange will still be trading, it occured to me that Fridays propping up of the markets could have be done with the intentions of delaying the inevitible on Monday.

They knew Monday all of the banks would be closed for business, which would make it impossible for people to withdraw any money out of the banks in the event of a serious slide or banking crash.

If tomorrow the stocks plummet and the real correction is allowed to take place millions of people will be left helpless to do anything about it. It would be impossible for anyone to do damage control and impossible for anyone to fetch their money out of the banks. We will all be completely helpless and unable to do anything but sit and watch as the market completely tanks.

Am I being paranoid? Or does that make a whole lot of sense? If they had allowed the markets to fail on Friday we would have seen massive bank runs by lunch time, but tomorrow due to the holiday that will be impossible.

Are we being set up? Did the big banks falsely prop up the market on Friday knowing that Monday would spell complete disaster? It would buy them extra time to grab as much money as they could knowing full well of what was to come?

Comments?

reply to post by BlackOps719


Hmmmm...

Well the little guy on monday will most likely be setting up their respective grills than worrying about the need to liquidate their banking assets would be my opinion.

And the big guys, are never letting their eyes truly see the inside of a "bank", they don't really need to.

In my humble opinion, I think the least of the worries is on bank collapse because of Mr. and Mrs. Columbus day celebrater MAY have gotten a chance to actually get to their banks, nor do I see them being liquid at over $250,000/$500,000 .....

Yes, I DO think it was propped up I agree with you 101% there, but the reason I have some serious doubt about..

AB1

G7 plans seem to be building some confidence

news.bbc.co.uk...

Asian markets have reacted positively to efforts by world leaders to end the recent financial turmoil.

Sydney's benchmark index leapt 5.5%, as markets in South Korea and Singapore opened up around 3%. Tokyo's market was closed for a public holiday.

I know this little ray of sunshine isn't what the doom & gloom merchants here want......guess we'll have to wait a couple more days to see how it pans out.

reply to post by Curio


I'm not upset by that! I want my this:

I think it would be a major catastrophe for it to hit anywhere near 5000, I would be moving to antartica if I thought that to be true, I'll weigh in with a bottom just slightly below 8000, maybe near the 7950 mark as a bottom hovering there for a couple weeks then a sharp jump around the first week of November above 10k again and holding there throughout Q1 '09


AB1

To come true lol


AB1

Originally posted by grimreaper797
reply to post by alphabetaone

 

There is no chance its getting up at or over 10k before the end of the 4th quater. I just don't see that as possible given the conditions that will weigh down 4th quater expectations. We won't be really rebounding till mid to end 09 or even 2010.

Just curious if you may want to trim that timeframe down a bit Grim lol

Sorry I can't help it, but ummmmmm *cough* 936.42....

we'll seeeeeeeeee lol


AB1

[edit on 13-10-2008 by alphabetaone]

Here we are 20 minutes before the opening bell....once again.


Yesterday was a real blood and guts type pf day for the DJIA (-700+ drop)and the Asian markets took a beating last night as well.


Any predictions for the day? Im thinking we will see a big dip early on but we will have some recovery by days end. Trying to be optimistic here.


Anyone have an indication of how Europe has responded since yesterday?

reply to post by BlackOps719


Well the future looks on the positive side, but unfortunately I don't think that will last long.

Today will probably be another wild swing day, but at the end of the day, I'm thinking that the sentiment from Bernanke's speeches, the WaMu investigation, the consumer economy report, and the retail market indices is gonna rappel the DOW down another 450, some of the tech heavy stocks are showin some positive volume so I dunno about the NASDAQ that's a whore's game, S&P all I can say is *blech* another 3% loss lol

AB1

Well....45 minutes in and the DJIA is down -177.



Looks like more of the same today. If we see another -700+ drop I am a bit concerned about what may happen.


Im keeping my fingers crossed.

reply to post by BlackOps719


Yea agreed

We see another 700+ point drop, and a LOT of people are going to be losing not just their jobs, but start to be losing their entire worlds.

I seriously don't want to see this.


AB1

reply to post by alphabetaone





It may sound a little half cocked, but I swear sometimes I just get the feeling that we would all be better off if the entire bottom fell out all at once and then would have an opportunity to correct itself. Go on and get it over with.


This day to day swing is madness. If it is a gradual decline over several months like the Great Depression it will be agonizing to watch and will give us all ulcers from worrying about this stuff.


We are down -242 and dropping as I type this.

reply to post by BlackOps719


Well, I see it this way, there are two schools of thought as far as that is concerned.

We let the bottom fall out, which (I'm pretty sure we would agree on this one here) would probably cause mass panic and some serious chaos. In this scenario the Market would correct more quickly and MAYBE staving off our children's (for those lucky enough to have any) potential to be spending their lives paying for our mistakes.

Or, we let a slow decline take place with a potential for upswings that may or may not manifest themselves as a complete market turnaround. This of course wouldn't correct the problem, just buy time to keep things afloat and perhaps make more money OR lose everything (just another day in the market).

I can personally see the upsides and downsides of both camps, and sincerely I am more thankful than you could imagine that *I* am not the one to have to make that choice lol


AB1

reply to post by alphabetaone


No, I don't lol. We are back down to 8577 and there is no big news to set the market up. The Yahoo and Microsoft deal is unlikely and just preliminary. Too soon for people to be buying on.