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Dow Plunges 700 as House Votes on Bailout

 

Silver Member

Post Number: 394
Registered: Jul-08
Dow Plunges 700 as House Votes on Bailout

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Name/Symbol- Last- Change- % Change

Dow ($INDU) 10,365.45 -777.68 -6.98%

NASDAQ ($COMPX) 1,983.73 -202.84 -9.28%

S&P ($INX) 1,106.42 -106.85 -8.81%


Don't know about you, but this is the biggest 1 day drop I can ever remember...there goes our 401K's, and mutual fund IRA's etc... any "bailout" will still not recover these losses in 1 day or 1 month!..may take years to recoup these huge drops today..

Foreclosures are key element missing in plan.

$700 billion bailout likely to offer little help for struggling homeowners
 

Platinum Member

A pic is worth 1000 posts!!

Post Number: 18363
Registered: Jun-06
Largest single day drop ever.

C/P


"NEW YORK - Wall Street's worst fears came to pass Monday, when the government's financial bailout plan failed in Congress and stocks plunged precipitously -- hurtling the Dow Jones industrials down nearly 780 points in their largest one-day point drop ever. Credit markets, whose turmoil helped feed the stock market's angst, froze up further amid the growing belief that the country is headed into a spreading credit and economic crisis."



We're heading for some bad times. Buckle your belts and hold on. Some of us may not survive this one.


And I have three separate 401K plans that will surely be devastated. Looks like I'll be working through my 60's and into my 70's if I make it that far.
 

Gold Member

Post Number: 1218
Registered: Nov-07
just brutal
 

Platinum Member

A pic is worth 1000 posts!!

Post Number: 18370
Registered: Jun-06
I have to contact my accountant. This sh1t scares me.
 

Silver Member

Brooklyn, New York

Post Number: 873
Registered: Feb-07
pretty fucked up situation whts going on right now....ppl at wall street are scared sh!tless right now...was there yesterday (bout 20 min drive) and ppl are going crazy throughout the whole financial district
 

Platinum Member

A pic is worth 1000 posts!!

Post Number: 18373
Registered: Jun-06
About 15 years ago I was scared into starting to plan for my retirement. I thought that I HAD to start now! Well I did and it may be 15 years and 10's of $1000's down the toilet for at least me. I'm at an age and spot in my life where I can't rebound as fast as I need to from a total loss. I would need to set aside 40% of my income until I retire and I just can't afford that.


Turns out I did the right thing and it still blows up in my face.



Lot's of pb&j in most of our futures if this doesn't pan out.
 

Gold Member

San Diego, California

Post Number: 4545
Registered: Dec-06
An excellent post by "Steve" on windycitizen.com that pretty much sums up why this happened in the first place:

"It is strange how no one is talking about how we got to the financial crisis. The democrats, and quite a few republicans leaned on mortgage companies back in the Clinton years and forced, through regulation and tax breaks, loan companies to lend money to people who could not pay it back. If you have Lexis Nexis then look up 'redlining' back in mid nineties.

Congress brought this on us. It wasn't all democrats. it wasn't many republicans. But it was enough of both sides who thought they knew better than the home loan industry than the people in the industry. So a lot of bad loads were given out to people who could not afford them. Variable rate loans were given to people who could not possibly afford the increasing rates.

Congress did this. Not republicans, not democrats, both sides forced this on us by 'regulating' the loan industry and forcing bad paper to be written. And those impossible loans were largely given to investors and not to first home buyers. Congress has brought this on us.

Congress wants to get a bunch of earmarks loaded into the relief bill that congress shouldn't be doing in the first place but Congress recognizes this is the result of their own policies. The sub-prime crisis is owned by congress. They caused it.

In 2003 Bush pushed a bill to address the looming crisis and democrats, sticking fingers in their ears went, 'LALALALALALALA'. In 2005, McCain tried to get bi-partisan support to prevent this crisis which anyone could see looming and inevitable. Democrats again refused to see any problem, "Not happening!" they said again and refused to consider any bill to fix the looming problems.

Pelosi can lie all she wants but the problem is not in Bush's economic policies. If it were up to Bush he would have fixed this and prevented it in 2003 or in 2005 when McCain tried again. It took twenty years for sub-prime loans to cripple the loan industry. Congress allowed this to happen. There is plenty of blame for both sides but only republicans have been trying over and over to prevent the crisis we see today while democrats repeatedly have said, "No problem here, move along... "

Democrats are playing politics and republicans are trying to keep the economy working. Democrat politicians all believe that money is not created but rather they believe it is distributed. Idiots every one of them."
 

Platinum Member

A pic is worth 1000 posts!!

Post Number: 18374
Registered: Jun-06
I consider myself a democrat. I've always voted as such and I'm not a rich man. With all that faces this country in this time that it's in what else are we to do?

I pay my taxes. I follow the rules. I believed in what I was taught was the best policy/nation in the world. THAT is slowly changing over time. The energy crisis, illegal immigration, cost of health care, and so on and so on and now this........



I'm scared but more so for my kids. What will they inherit?




A mess.
 

Gold Member

Boston South, MA

Post Number: 4338
Registered: Mar-06
There WAS a guy in Boston who just shot his wife and killed himself cause of debt problems. Apparently they lost it all... Like in the 80's when stock brockers were hurling themselves out of windows. It was like 9/11 everyday for weeks.
I acually did a roof repair on the Customs house slate roof because of a jumper back in the 80's.

Upload

Things are going to get worse.
In Ireland, the "same" morgage companies were loaning 120% -200% of home values. If you ever wanted to buty a summer home in Ireland, Wait about 1 year. It will take that long for it to hit midddle economy countries.

I stopped contributing to my 401 about 6 months ago, and transfered it mostly to treasurey bonds. Low return, but as safe as it can be today.
Yea, good luck to all. Hope everyone gets thru this.
 

Bronze Member

Post Number: 73
Registered: Jul-08
Just my opinion...but since when is it the governments job to bail out companies? I pay taxes, and would rather NOT see my money going to take care of debts by Fanny May and Freddy Mac, because the people that ran them were stupid enough to give mortgages to people that cant pay them..
 

Platinum Member

A pic is worth 1000 posts!!

Post Number: 18384
Registered: Jun-06
I wouldn't say bailout but more of like rescue. You see, because companies are finding cheaper labor rates in other countries the corporate CEO's are pulling the plug on "Made in America" and saving their money by having 12 year olds in Mexico assemble their products. Coupled with the rising gas costs and failing housing market the good ole USA isn't as prosperous as it used to be for starting families. The rich get richer and the poor stay in the basement. The "middle" class is being squeezed like an empty tube of toothpaste and with the stock market the way it is soon there may only be grass cutting and car washing jobs left.


Good thing for all the illegal immigrants we have for that.
 

New member

Post Number: 8
Registered: Mar-06
When was the last time you saw something made in mexico? lol all i ever see is everything made in china or taiwan. I could care less if america fails ill go back to canada:-)
 

Platinum Member

A pic is worth 1000 posts!!

Post Number: 18387
Registered: Jun-06
I'd have to learn to love hockey but I'm down.
 

Silver Member

Post Number: 423
Registered: Jul-08
In hockey, someone takes an offensive posture forcing the other to take a defensive posture. The trick is making your offense look like nothing more than a defense. Teddy Roosevelt put it this way, "Walk softly and carry a big stick."
 

Platinum Member

A pic is worth 1000 posts!!

Post Number: 18397
Registered: Jun-06
Or


Watch out for #1.

And try not to step in #2!
 

Platinum Member
Username: Wingmanalive

A pic is worth 1000 posts!!

Post Number: 18403
Registered: Jun-06
Second chance at the bill wins.


http://news.yahoo.com/s/ap/financial_meltdown
 

Gold Member
Username: Philly306

If it werent for box r...

Post Number: 1317
Registered: Apr-07
i'm not quite sure how i feel about the bailout now. It seems like a quick fix to something that should take a much longer time to fix.
But i guess this is what we get when a government steps in screws with a free market economy.
 

Silver Member
Username: Justforhahas

Post Number: 440
Registered: Jul-08
I am NOT in favor of this bailout at all..I see no reason to bailout Wall St, the CEO's and Big Businesses and the banking industries..all of whom were to blame, are thieves, and way overpaid already..Banking and Wall ST will survive, as will the American people without this bailout..

I am in favor of helping every American instead , and would rather give this money DIRECTLY to the people ..so they can use towards stopping their foreclosures, paying their credit cards and other bills, and use for general needs like heat, utilities, fuel, food, transportation etc...all of which would then be stimulated once again, and cause the creation of more jobs for those that need them..
 

Platinum Member
Username: Wingmanalive

A pic is worth 1000 posts!!

Post Number: 18413
Registered: Jun-06
Agreed. How do we do that?



And to mention MY retirement/401K is directly attached to the stock market. So when it goes bad so does my life savings.


And I also believe that credit debt is a responsibility of the borrower, no?
 

Platinum Member
Username: Wingmanalive

A pic is worth 1000 posts!!

Post Number: 18464
Registered: Jun-06






 

Gold Member
Username: Denali_on_22s

I get Bucks like Milwa...

Post Number: 6148
Registered: Feb-06
Thank you for some unbiased political media, Brad Warren. People never hear many of the things they need to.
 

Platinum Member
Username: Wingmanalive

A pic is worth 1000 posts!!

Post Number: 18473
Registered: Jun-06
Got this one today. Pretty good.





"I'm against the $85 BILLION bailout of AIG. Instead, I'm in favor of giving $85,000,000,000 to America in a 'We Deserve It' dividend. To make the math simple, let's assume there are 200,000,000 bona fide U.S. citizens, aged 18+.
Our population is about 301 million counting every man, woman and child. So, 200,000,000 might be a fair stab at adults 18 and up. Now, divide 200 million, 18+ adults into $85 billion - that equals $425,000.00 each! Yes, my plan is to give that $425,000 to every adult as a 'We Deserve It' dividend.
Of course, it would NOT be tax free. So, let's assume a tax rate of 30%. Everyone would pay $127,500.00 in taxes. That sends $25.5 billion right back to Uncle Sam! It also means that every adult 18+ has $297,500.00 in their pocket. A husband and wife would have $595,000.00!
What would you do with $297,500.00 to $595,000.00?

Pay off your mortgage - housing crisis solved.
Repay college loans - what a great boost to new grads.
Put away money for college - it'll really be there.
Save in a bank - create money to loan to entrepreneurs.
Buy a new car - create jobs .
Invest in the market - capital drives growth.
Pay for your parent's medical insurance - health care improves.
Enable deadbeat parents to come clean - or else.
Remember this is for every adult U.S. citizen, 18 and older (including the folks who lost their jobs at Lehmann Brothers and every other company that is cutting back) and of course, for those serving in our Armed Forces.
If we're going to re-distribute wealth let's really do it! Instead of trickling out a puny $1,000.00 'economic incentive'.
If we're going to do an $85 billion bailout, let's bail out every adult U.S. citizen!
As for AIG - liquidate it.

Sell off its parts.
Let American General go back to being American General.
Sell off the real estate.
Let the private sector bargain hunters cut it up and clean it up.
We deserve the money and AIG doesn't. Sure it's a crazy idea, but can you imagine the coast-to-coast block party?!
How do you spell Economic Boom? W-e D-e-s-e-r-v-e I-t d-i-v-i-d-e-n-d! I trust my fellow adult Americans to know how to use the $85 Billion 'We Deserve It' dividend more than do the 'geniuses' at AIG or in Washington , D.C. .
And remember, my plan only really costs $59.5 billion because $25.5 billion is returned instantly in taxes to Uncle Sam. Good idea? I think so."
 

Silver Member
Username: Justforhahas

Post Number: 575
Registered: Jul-08
Here's a thought on the $700 Billion Bailout.........

Back in 1990, the Government seized the Mustang Ranch brothel in Nevada
for tax evasion and, as required by law, tried to run it. They failed
and it closed.

Now ....... Why do we want to trust the economy of our country to a pack
of morons who couldn't make money running a whore house and selling
booze?
 

Silver Member
Username: Stryvn

Wisconsin

Post Number: 884
Registered: Dec-06
Yet you want them to handle your health care.

wow.
 

Silver Member
Username: Justforhahas

Post Number: 586
Registered: Jul-08
handle?...NO

subsidize...YES
 

Silver Member
Username: Stryvn

Wisconsin

Post Number: 885
Registered: Dec-06
Yea, because the government doesn't want full control - they just want to help out.

You're nuts.
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