Big day ahead!! dow futures will open down 535 points today!!

Germany (DAX) down 9,2%

No one liner...

reply to post by KaginD


Many banks have gone under since the implementation of the FDIC insurance. During the Savings and Loan Scandles over 2000 banks went under. The FDIC has never not reembursed people who's banks have closed that are insured by the FDIC. Since 1933 they have never, bot once, not payed those who's banks have closed. So I am not sure why you wouldnt trust them. And I do not blame you for the crisis we are in. I am just saying it doesnt help. The reason Indy Mac failed is because they had a huge run on bank withdrawals. If you have less then 250000 in the bank there is no need to panic. You money is safe.

I think that the worst thing is looking and the smiling faces of the Markets hopeful telling that this means the bottom will be reached and the markets will just have no way to go but up.

Incredible!!!!!!!!! but at the same time the markets hopefuls are telling that as soon lending starts again everything is going to be good.

Excuse me!!!!!!!!! isn't that what crash the markets to begin with!!!!!!!!!!!!

Lending, credit debt and mortgage failure, People have no money to pay back debts!!!!!!!!!!!!

People are just leaving keys in their homes and walking away, how can this bigwigs can tell that what we need is more credit available for people?.

[edit on 24-10-2008 by marg6043]

It looks like it won't go below 5%....

That's sad... I wanted real doom... like plundging at least 10%...

The Plundge Protection Team is at work... and some people like Buffett are making a killing buying low.

-4.6%

[edit on 24-10-2008 by Vitchilo]

Originally posted by 44soulslayer
Folks breaking news here.

Premarket trading has been halted due to a massive decline. No reports at length yet, but initial news coming out of the NYSE is that premarket trading has been halted.

In 6 minutes, armageddon is going to occur on the DOW.

Edit: So it seems like the 550 point drop WAS the limit...

abcnews.go.com...

[edit on 24-10-2008 by 44soulslayer]

LOL. Armageddon on the DOW. That is funny. Armegeddon would be if nobody was buying. As long as the market is moving we are fine. And just because bank stocks are down doesnt mean they are going to fail. One has nothing to do with the other. We are in a recession. We are in for some tough times ahead. However, Armegeddon Come on people, seriously. There is reason for concern, but this is not the end of the world. I live in SW florida. It is extremely busy on the streets down here and it is only oct. Usually people dont start coming down here until mid nov. I know some place are hit harder then others, heck florida has lost more jobs then any other state, but it isnt the end of the world. Once there is some stability in the markets, I opredict this in a couple of months, we will start to a big rebound.

reply to post by marg6043


It isnt necessarily lending to individuals. But it is lending to corporations and small businesses. A lot of small business use credit to make payroll. Without it they need to cut jobs. Also there will be new lending standards. Subprime lending was what caused a lot of this mess. Credit is fine if people are able to pay it. On a positive note. Look at oil. This is great. Looks like we are going to see gas under 2$ again. That is huge for the overall economy. I would say things are looking up.

[edit on 24-10-2008 by tide88]

reply to post by tide88


I believe you are right, with that nice blank check that our corrupted congress has given to the fat rat call Paulson we will be able to keep the illusion of prosperity after all.

Even as the nation falls in ruins.

But everything will look good for the markets.



[edit on 24-10-2008 by marg6043]

Originally posted by marg6043
reply to post by tide88

 

I believe you are right, we that nice blank check that our corrupted congress has given to the fat rat call Paulson we will be able to keep the illusion of prosperity after all.

Even as the nation falls in ruins.

But everything will look good for the markets.

Dont forget, this is just a local problem. This is a world wide problem. Hell we could end up better off than any other country. Maybe our new president will cut spending, end these wars, and start paying down our deficit. We can only hope.

reply to post by tide88


Actually is been predicted that massive lay offs are going to be happening in the few next weeks in this nation right before the holidays so business can save money as the holiday season is going to be a poor one.

Nice way to support the economy, the loans will be just to keep the businesses from going down the drain but at the expenses of the working force.

You know if you cut salaries and employment in order to save your business that means is less money for workers to spend in the economy.

That is why the stimulus package is nothing but a hoax and a scam as it doesn't help the core problem that is facing the nations economy.

The working class and the consumer.

reply to post by tide88


Interesting that you bring that point, somebody in the markets were talking about how much housing will be needed as the military starts to comeback from Iraq.

That will help the housing market, I guess somebody is counting on a mass exodus of troops returning home.

But then again were will the jobs will come from to support the working force.

Well, it seems like the market is rebounding.. for the time being anyway. Hopefully we will keep this pace to the positive territory. It seems that we follow the Nikkie a majority of the time, so who knows.. Heres looking up

Just out of curiosity, does anyone have CNBC on?? If so, is your cable skipping really bad? Mine is skipping every other sentence. Just wondering

[edit on 24-10-2008 by KaginD]

reply to post by tide88


lol, the FDIC works when only a few banks go under for an isolated reason but this is much more widespread. There hasn't been a banking problem like this since the FDIC was created. Not to mention the FDIC only has something like 5% coverage of all the assets it protects, could be a trust issue there. There is no need to imply that people here are helping or hurting the situation no matter what they say, I doubt the whole world has their eyes on the brilliant people of ATS. You aren't going to "hurt" anything, this is numbers on a computer, not a baby. To say Indy Mac failed because of a bank run is ridiculous. They had some major problems first that was their own doing, then people starting taking money out when they started losing trust. Your money may or may not be safe is a more truthful statement, no one knows what will happen.

Originally posted by tide88
reply to post by KaginD

 

If you have less then 250000 in the bank there is no need to panic. You money is safe.

I wish I did have that much money.. Sadly, I am almost broke so the money I DO have I worry about.. I didn't mean to come off as nasty, I'm not myself today. Sorry if you took offense

It really drives me crazy when people basically say...."oh you fools...this is NOTHING like the depression.... unemployment was at 30% then....etc..."


Was umemployment up to 30% the DAY the market crashed in 1929? NOOOO...it rose over YEARS.....................it was a decade long crisis............ it's foolish to say things like this is NOTHING like the Great Depression. Whatever THIS is now is just starting................... and we could be suffering for it for the next DECADE.

Heads up the american market is being held up^ there is no way the futures could dive to a limit break and then not continue to dive it just isnt possible. Where is all of the sales slips put up pre open? I am seeing a trend with this; as where we in the USA markets are down horrificly pre open on the futures ,then are held up. Once the other world markets are closed we dive like mad. Has anyone else noticed this? Further who could possibly have enough money to throw away to hold it up till other markets close? The Gov the ellites?
I mean lets face it unemployement went up again; the forclosers are up 70% compared to last month. Yet on a daily basis they are countering the same statistics with bs about home sales in cali going up...I live here and let me tell you what they !arent! going up. 13 homes on my street where taken into forclosure and they couldnt even auction them off! We are now at 1 in 37 in forclosure. (last week friday;northern california) There is 5 houses on my block that have been empty for over a year!
That number ^ is getting worse by the week and it makes no sense to me how they can repeatedly go on the major news channels and blatantly LIE to peopel about it, knowing all they have to do is check it. Are people really not checking for themselves or are they just going along with this? Any ideas?

reply to post by angelique5


This isnt 1929. We know the underlying reasons why the depression happened. Hopefully we learned from our mistakes and the rescue plan will work. One of the biggest caused of the depression was massive bank failures. That along with there was no FDIC insurance back then. The rescue plan should prevent that. There was also a severe drought that caused major problems for the farming industry. 9000 banks failed during the great depression. No way will we see those levels again. We are in a recession. That is it. We will bounce back. We always do.

reply to post by xoxo stacie


First off it is 70% from last year. Which makes perfect sense seeing it usually takes 6 month or more to forclose on a home. As for housing. California is a big state. Just because you are not seeing houses sell on your street doesnt mean housing isnt up. And again it is up 65% from this time last year. Southern California has been especially good. Banks are pricing these forclosed homes at very good prices so people are buying them up. Which is good. We need to get the forclosed homes off the market.

I will have to agree that the great depression is not the same in modern times.

Americas wars during the WWI and II brought a wave of industries, America became a wealth builder.

People prospered.

Now our economy is base on a revolving debt, consumerism and spending. We are not longer wealth builders, our nation depend on other nations lending us money to function.

Even the bail out depend on our lenders in China, Japan, UK, Brazil and many others to be able to do business as usual.

The tax payer money will only cover the interest that the massive national debt is amassing.

So actually a nation that the economy depend on revolving debt is nothing more than a nation that has nothing but bordering on bankruptcy at least the citizens are.

So no, the bail out will not help end the debt it will only perpetuate it.

The wealth will only be in the hands of those few that will be able to make money out of the debt and walk away with the booty.

And we know that is not the working class in America.

Nothing but a hoax and scam.

They just announced on CNBC a few mins ago that GM is going to be laying off 25% of its white collar workers.

Ouch

reply to post by KaginD


No problem, times suck right now. My business is way down and it is really depressing. I always tend to look at things in a positive aspect. Being neg, for me, has never changed a thing. I am hopeful that there will be an economic rebound and we will be better off then we have ever been before.