The Stock market 10/6/08

Discussion in 'Economy' started by DavidS, Oct 6, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    I will come back throughout the day and update this.

    8:50 a.m.: Dow Futures down 197 points.

    9:35 a.m. Dow down 237.27.

    10:25 a.m. The Dow has fallen below 10,000 for the first time since 2004. When Bush took office in 2001, the DOW was around 10,500. The last time we had a president where the DJIA closed BELOW what it was when that president took office was Hebert Hoover. Every time since then, up to to Bush, the stock market has always closed, on the last day of the presidency higher than it was when that president took office. This is absolutely unprecedented. The DOW is down 365 points.

    12:36 p.m. The Dow is down 487.76.

    2:36 p.m. The Dow is down 710.69. We could be looking at the first quadruple digit loss today. I say Dow down 1000.

    4:50 p.m. All in all, 369.88. HUGE upswing at the end.
     
    Last edited: Oct 6, 2008
  2. NOBama
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    NOBama Senior Member

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    Looking grim, but at least coming off (pre-market) lows: DJIA -170ish right now.

    Given that the Short-Sale ban ends Wed night, Thursday’s open is going to be much worse.
     
  3. editec
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    editec Mr. Forgot-it-All

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    The sheep are looking up and they're not liking what they're seeing, methinks.

    Unemployment is up, personal and business bankruptsies are up, the cost of living threatens to throw a lot more people into the streets, and the homeless make lousy consumers.

    Eventually even people as stupid as stock purchasers have to admit that the jig's up.

    Put American back to work, and this problem will begin the long slow process of correcting itself.

    Keep telling ourseves that putting millions of Americans out of work is GOOD for the economy and this problem will continue to get worse.

    Simply as that, folks.

    We have been telling ourselves a big fat (classist) lie about the economy, and that the truth is now kicking our idiotic asses.

    I know plenty of talented people who cannot find a job.

    Where did their their jobs?

    In India and China and Romania.

    What field were they in?

    IT mostly.

    The unskilled factory workers that some of you think are the ONLY victims of FREE TRADE lost their jobs decades ago.

    It's the gray collar jobs that we're losing now, folks.
     
  4. slackjawed
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    slackjawed Self deported

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    The DJ is down over 400 now, after the bailout. Anybody paying attention has had two weeks to guard their funds.
    Isn't this the correction we have needed? When it's done maybe we will know the true value of things instead of the trumped up value.
    Won't the people who caused this lose the most?
    I for one am all for seeing greedy people lose their shirts.
    Maybe we will see people wearing barrels when they lose their clothes-wouldn't that be fun........
     
  5. slackjawed
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    slackjawed Self deported

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    my bad- posted too soon- down more than 500 and headed south
     
  6. xsited1
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    xsited1 Agent P

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    I am so glad people like McCain, Obama, Pelosi and Reid voted for the bail-out package. Aren't you?
     
  7. Navy1960
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    Navy1960 Senior Member

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    This world sell-off is now hitting the Dow and proves the total uselessness of throwing 700 billion dollars at this was a complete waste of time.
     
  8. random3434
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    random3434 Senior Member

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    I'm at home today, the noon new says the DOW is down 421 Points.
     
  9. Toro
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    Toro Diamond Member

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    The Dow has fallen 1000 points over the past four hours of trading, including the last two hours of Friday.

    That's a crash.
     
  10. Navy1960
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    Navy1960 Senior Member

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    Correct me if I am wrong here, but I am under the impression there are now in place rules that if the Dow loses more than 10% of it's value in a day trading will be suspended. I think though this basically puts a big * on the 700 billion dollar "bailout". It does seem to support the claims of those that did not support it.
     

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