Dow Jones closes below 8,000

Dow Jones closes below 8,000

news.bbc.co.uk
(visit the link for the full news article)

Wall St. is tumbling because of jitters over the apparently stalled talks on the proposed auto industy bailout, as well as other factors.

On a related note, the corporation that recently purchased Anheuser-Busch said that operations will remain in the US - As long as there are no new taxes imposed on them.

What are the chances of that happening under an Obama admin?

news.bbc.co.uk
(visit the link for the full news article)

reply to post by jsobecky

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Umm...about zero.

People still don't want to admit it, but there will be a lot of companies that stop doing business in this country because of new taxes from Obama.

It's going to get ugly.

That's key. That's why McCain gave tax breaks to companies - so that they would keep their business in the USA. Something that Obama didn't seem to understand during the primaries.

Actually I'm shocked that the DOW is as high as it is.
I figured it would have crashed and burned by now.
Surprise! It's taking a few weeks longer than I thought.

7,997.20 -427.55 -5.07%

glad I got out in September and converted to gold coins

No, he understands it.

It's just that he and his liberal buddies believe that they only get tax breaks because the evil Republicans just want to help their "rich friends."

reply to post by nyk537

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Their plan is to suck the wealth from the producers and "redistribute it" to the "needy".

Obama is going to have a real wakeup call when all that wealth moves offshore, where he can't steal it. Rich people didn't get rich by being stupid..

As for the DOW, I'm just sad for the hard working folks whose IRA's/401K's might still be in the market. Imagine having $750K a month ago, and now about $100K..

Absolutely.

These are scary times, and things will only get worse once Obama and his super majority get moving next year.

8000 was the saftey level. It is anyones guess now how bad it will get but it will get very bad. We will be in a state of collapse soon.

This is genuinely awful news, it doesn't seem like the markets will ever correct themselves without completely hitting rock bottom. Maybe as low as 6,000-7,000.



We had better all enjoy this Christmas as best we can because I have a pressing feeling that this new year is going to bring about economic hardship the likes of which none of us have ever been alive to witness.


Good to see Bush is still an optimist though.

In the last year or so we have come to realize that houses and just about everything else were overinflated. Isn't it possible that the stock market was also overinflated? Couldn't it be possible that the stock market is falling to represent its true value?

Just a thought.

You do realize that this has to happen in order to wake people the hell up as to who is really behind ALL of the country’s problems, don't you?

We need to get as many republicans out of office as possible and as many far left nut jobs into office as possible just to prove who has been causing all the problems in the country for the past 40 years. If that happens, the country will experience a level of destruction that it has never been seen before and people will finally see the left for what it really is. It will mean the complete and total destruction of liberalism in the U.S. and hopefully Pennsylvania avenue will be lined with posts with liberal politicians swinging from their necks.

So, I do agree with you that scary times are indeed ahead but only because the American people (about 50% of them) are to stupid or uninformed to make a logical and intelligent decision on election day instead of letting the left wing media spoon feed them what they want them to know.

In the short term things will be bad but think of the long term goal of completely destroying left wing-ism in America. It has to happen!

6,400 is latest prediction for the bottom.

The Dow has lost nearly 30% since the collapse of Lehman Brothers, probably not a wise investment (excuse the pun.)

reply to post by jam321

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I (in my uneducated opinion) have been thinking that the market will correct itself to the pre-dotcom levels. If I'm right, we're nearing the bottom. I have to be honest, I hate to think about what happens if I'm not right :-(

Ive often wondered the same thing. Tax the Rich!!! What happens when the rich arent here anymore and the jobs are gone overseas?

Personally, I think I'm going to put all of my money in popcorn. Just sit back and watch the insanity unfold.

If I am to lose my entire 401k, than why should I care what happens to GM? It's as if these news broadcasts are purposely done to manipulate the markets this way.



[edit on 19-11-2008 by aleon1018]

It's not over.... we're 1 year and half in... and we've not seen the worse yet.

It started in august 07...

And we won't see the bailout inflation effect in at least another 7-8 months.

What could be interesting is another rate cut at the next FED meeting or even before that!

Imagine that! They cut rates BEFORE the meeting to 0.5% then they cut them again just before christmas at their meeting to 0%.... so that the christmas sales are not that bad.

When we get the numbers in february of the christmas sales... we're gonna see the real impact and a lot of people will be bankrupt and lose their jobs.

Some analysts are saying that the banks will close in february and that the US government will be bankrupt this summer....

NASDAQ lost 7% and citigroup lost 22%!

We ain't see nothing yet.

[edit on 19-11-2008 by Vitchilo]

I'm amused to see that partisan politics are being used on this thread to explain the problem. Not that I like being one to state the obvious, but here goes: both Republicans and Democrats are responsible for this mess! These politicians have been in power for far to long, and they no longer serve the interest of the general public. They are bought and paid for, and they have collectively made the decisions that have gotten us in this current mess. Instead of focusing your anger at just one group of politicians, why don't you blame them all?

Strangely enough though, the average person doesn't see it like this. Instead they chose to defend one side and blame everything on the other side. Meanwhile, these politicians and the people that pay them are laughing all the way to the bank, because they know that as long as people continue to do this, they will always be in power. This thread alone proves just how absurd this bickering and finger pointing can get. It would be funny if it wasn't so sad.

reply to post by Grambler

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Bravo! Star for you.

It's amazing how steadfastly people are clinging to their ideologically-based theories. As if our petty political squabbles changes the outcome of their manipulations of rates and inflation.

This economic crisis is an act of regression against the so-called 'free' market by the transnational banking cartels that rule the monetary policy of 90% of the planet. This has been their agenda all along. They are setting us up for debt serfdom, and resistance will be punished by economic ruin.

How we will overcome their oppression is beyond me. But I guarantee that our fellow planet dwellers and their insane disregard for the banksters follies is reason to suspect that we had it coming for being so retarded as to trust the international financial community to be stewards of our wealth.

Perhaps the cartel will eventually consume itself in a struggle for control.... I can dream can't I?

[edit on 19-11-2008 by Maxmars]

reply to post by Grambler

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I agree. It is beyond the blame game time.

It is time for people to step up to the plate and take some action. We are were we are and debating who is to blame will not change the situation.

To put it simply, It's do or die time.