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Wall Street stormed back from last week's devastating losses Monday, sending the Dow Jones industrials soaring a nearly inconceivable 936 points after major governments' plans to support the global banking system reassured distraught investors. All the major indexes rose more than 11 percent.
Originally posted by anachryon
I posted this in another thread:
I was just researching wild swings, especially on the upside. Here's what I've found - biggest percentage swings on record:
3/15/33 - +15.34%
10/6/31 - +14.87%
10/30/29 - +12.34%
9/21/32 - +11.36%
10/13/08 - +11.08%
Originally posted by RRconservative
Govenment had everything to do with the drop....bargain hunters are responsible for the gain.
Originally posted by TKainZero
So the BIGGEST swings in the positive turn came AFTER the great depression...
Originally posted by camain
my personel opinion is that you will continue to see gains, up to the point that the government actually buys stocks. Keep in mind, they didn't buy anything last friday, or today, they only stated that they would. This is the equivalent to knowing what penny stocks Bill gates was going to buy 3 days from know. If you knew Bill Gates was going to buy 50 Billion in stock of Stupid Corp in 3 days, you would now doubt want to buy that stock today and tomarrow. When the government buys these stocks. the price is going to soar. Once the price reaches max height(after the government invests in it) your going to see the stock come crashing back down, with all the people taking there profits. This is going to in cause the government to announce that again they have to put more money to (Shore up) the banks. You'll see a repeat of what is happening. The bottom line, people that had money, invested, and there going to make a killing, all others in hedge funds, IRA, Pensions, and 401k's are going to see the profit margins go for a roller coaster ride.
I personally don't think that these buy backs are going to accomplish anything. I think you are going to see all of the above funds get wiped out, as the bottom line is there is not enough money (created) in the world to buy back all the bad debt that is currently out there. Nor is there enough capital to improve debt/reserve ratios to turn these banks back into what they used to be.
No, All this is doing is buying time, instead of a catastrophic collapse all at once, you are going to see gradual decay, as the governments throw more and more money at this, eventually they will come to the point that all currencies in the G20 are worthless. At that point, they will forgive all debt, and institute a new currency based on the reserves held by the G20. This will be a welcomed sign from all the people as before that happens, you will see massive unemployment, poverty, and starvation, disease, and war. People will be sick of it all and this will be a sign, a ray of hope for all people that have suffered through all this.
Do I think its the end times? No, do I think we are in for a ride, and a convergence into a massive new government? Possibly. Do I think its evil? At first it won't people, it will be exactly what people want, but just like any empire, there is a rise and a fall. This one will be no different.
This is all my opinion anyway, I'm just looking forward to seeing aliens tomarrow . Blossom told me so.
Originally posted by camain
my personel opinion is that you will continue to see gains, up to the point that the government actually buys stocks. Keep in mind, they didn't buy anything last friday, or today, they only stated that they would.
The Bush administration will invest about $125 billion in nine of the biggest U.S. banks, including Citigroup Inc. and Goldman Sachs Group Inc., in the government's latest attempt to shore up confidence in the financial system.
The proposed cash injections in exchange for preferred shares are part of a $700 billion rescue approved by Congress and follow similar moves by European leaders to unfreeze credit markets by helping beleaguered banks. The other companies are Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp., Merrill Lynch & Co., Morgan Stanley, State Street Corp. and Bank of New York Mellon Corp., said people briefed on the plan.
Another $125 billion will be used to recapitalize other financial institutions around the country, the people said. Neel Kashkari, the U.S. Treasury official overseeing the rescue of the financial system, yesterday said the equity purchases will be aimed at ``healthy'' firms.