Dow 14,000 - Liberal Media Reports Doom and Gloom

[red states rule]

No, it's not even close. You are very ignorant regarding economics.

It's ridiculous to say the Dow is up, and we can prove it's good because my 401(k) is up. That's not correct because you have no clue how to measure it.

When measured in any real value, the Dow is way down, RSR. However, there is an illusion that it is rising because the dollar continues to fall in value. If the dow, in real value, stays the same yet the dollar devalues, it will show up as a net gain for the Dow, even though there really was no gain.

These are not opinions up for debate. That is economic fact.

More doom and gloom

Yawn........

 

[JeffWartman]

More doom and gloom

Yawn........

No. It's economic fact.

The problem is that you have no economic education, and you have no idea regarding Econ 101.

 

[red states rule]

No. It's economic fact.

The problem is that you have no economic education, and you have no idea regarding Econ 101.

and you, the arrogant one, knows all and sees all?

 

[JeffWartman]

and you, the arrogant one, knows all and sees all?

No. I'm not claiming to be a genius. What I am telling you isn't even advanced economics, its basic economics. The funny part is you can't even understand the basic stuff.

Please respond:

When measured in any real value, the Dow is way down, RSR. However, there is an illusion that it is rising because the dollar continues to fall in value. If the dow, in real value, stays the same yet the dollar devalues, it will show up as a net gain for the Dow, even though there really was no gain.

 

[red states rule]

No. I'm not claiming to be a genius. What I am telling you isn't even advanced economics, its basic economics. The funny part is you can't even understand the basic stuff.

Please respond:

When measured in any real value, the Dow is way down, RSR. However, there is an illusion that it is rising because the dollar continues to fall in value. If the dow, in real value, stays the same yet the dollar devalues, it will show up as a net gain for the Dow, even though there really was no gain.

This this is such a bad economy - please give me more

 

[JeffWartman]

This this is such a bad economy - please give me more

You are not using economic analysis.

Please respond using economic analysis...

When measured in any real value, the Dow is way down, RSR. However, there is an illusion that it is rising because the dollar continues to fall in value. If the dow, in real value, stays the same yet the dollar devalues, it will show up as a net gain for the Dow, even though there really was no gain.

 

[Truthmatters]

http://articles.moneycentral.msn.com/Investing/Dispatch/070724markets.aspx


Yeah things are just great.

 

[Truthmatters]

Housing worries clobber stocks
The Dow falls more than 226 points, its worst one-day loss since March, as housing woes slam financial and building stocks. Apple tumbles on iPhone concerns. A credit crunch may be emerging. But Amazon.com soars on a great earnings report.

Latest Market Update
July 24, 2007 -- 16:20 ET
[BRIEFING.COM] The major averages took a beating Tuesday as everything from heightened subprime concerns to warnings further underscoring signs it may take longer than anticipated for the housing correction to subside ushered in the latest wave of... More

MoreStocks plunged today amid deepening worries about the health of the housing markets and disappointing earnings reports.

But a great earnings report from Amazon.com (AMZN, news, msgs) that sent shares soaring more than 20% in after-hours trading may ease the fears when the market opens in the morning.

Today, however, fear ruled. The Dow Jones industrials fell about 226 points, 1.6%, to just under 13,717, their second loss of more than 140 points in three trading sessions and their worst one-day point loss since March 13, when it tumbled 242 points. Twenty-nine of the 30 stocks in the blue-chip index were lower on the day.

The Standard & Poor's 500 Index had its worst one-day point loss since Feb. 27, falling nearly 31 points to 1,511. Only 30 of the 500 stocks in the index were higher on the day.

The Nasdaq Composite Index dropped nearly 51 points to 2,640, thanks in part to a 6.1% decline to $134.89 for Apple (AAPL, news, msgs) after an earnings report from AT&T (T, news, msgs) suggested early sales of Apple's iPhone weren't as robust as thought. AT&T has an exclusive deal to sell the iPhone. Apple reports third-quarter earnings after tomorrow's close.

http://articles.moneycentral.msn.com...24markets.aspx

 

[red states rule]

Housing worries clobber stocks
The Dow falls more than 226 points, its worst one-day loss since March, as housing woes slam financial and building stocks. Apple tumbles on iPhone concerns. A credit crunch may be emerging. But Amazon.com soars on a great earnings report.

Latest Market Update
July 24, 2007 -- 16:20 ET
[BRIEFING.COM] The major averages took a beating Tuesday as everything from heightened subprime concerns to warnings further underscoring signs it may take longer than anticipated for the housing correction to subside ushered in the latest wave of... More

MoreStocks plunged today amid deepening worries about the health of the housing markets and disappointing earnings reports.


But a great earnings report from Amazon.com (AMZN, news, msgs) that sent shares soaring more than 20% in after-hours trading may ease the fears when the market opens in the morning.

Today, however, fear ruled. The Dow Jones industrials fell about 226 points, 1.6%, to just under 13,717, their second loss of more than 140 points in three trading sessions and their worst one-day point loss since March 13, when it tumbled 242 points. Twenty-nine of the 30 stocks in the blue-chip index were lower on the day.

The Standard & Poor's 500 Index had its worst one-day point loss since Feb. 27, falling nearly 31 points to 1,511. Only 30 of the 500 stocks in the index were higher on the day.

The Nasdaq Composite Index dropped nearly 51 points to 2,640, thanks in part to a 6.1% decline to $134.89 for Apple (AAPL, news, msgs) after an earnings report from AT&T (T, news, msgs) suggested early sales of Apple's iPhone weren't as robust as thought. AT&T has an exclusive deal to sell the iPhone. Apple reports third-quarter earnings after tomorrow's close.

http://articles.moneycentral.msn.com...24markets.aspx

even with the drop, the Dow is still way up for the year

Libs were giddy two months ago when the Dow dropped 500 points in a day

It has since set several all time record highs

 

[BaronVonBigmeat]

It has since set several all time record highs

On a related note, I have recently acquired more land than I ever thought I would be able to afford. I had been stuck at 20,000 sq/ft. for a while, but now this new surveyor I hired tells me I actually own 100,000 sq/ft. He estimates that by year's end, I could be up to 150,000. Wow!

Other surveyors don't seem to agree, pointing out that I haven't actually done any real estate transactions, blah blah doom and gloom. Well I say, give me some more of that gloom and doom, mister! They also said something about my surveyor using a measuring tape that steadily shrinks over time, especially if you run it through the washing machine like he has recently. Whatever, that's just jealous people who hate the fact that I'm going to have my own ranch 20 years from now.



edit: I just checked the value of my 100,000 sq/ft. spread on a real estate website. Turns out it's worth just over a MILLION pesos. Ha ha, take THAT, suckers! Keep crying about your doom and gloom from your stuffy little cubicles, I will be soaking up sunshine and margaritas in Aruba! Boy I can't wait to tell my boss to piss off tomorrow morning.

 

[JeffWartman]

I love how RSR continues to ignore posts and show how little he actually knows about economics.

 

[red states rule]

I love how RSR continues to ignore posts and show how little he actually knows about economics.

Doom and gloomers never stop


Housing Prices Up from Year Ago, Yet CBS Highlights Comparison to Great Depression
By Brent Baker | July 25, 2007 - 21:49 ET
On a day when the National Association of Realtors (NAR) reported a rise in the price of homes so the average median price is above where it was a year ago, Wednesday's CBS Evening News featured a soundbite claiming “home price depreciation” unprecedented since the Great Depression. Apparently, reality wasn't negative enough for CBS, so they felt a need to add some embellishment.

“The housing market is going deeper in the dumper,” anchor Katie Couric rhymed, as “America's Realtors reported today that used homes were selling in June at the slowest pace in four and a half years.” She acknowledged “a bright note for homeowners,” but added a caveat in relaying that “house prices went up for the first time in nearly a year, but just barely.” The headline for the NAR press release from which CBS cribbed gave equal weight to two developments -- “Prices Rise, Existing-Home Sales Decline” -- but Anthony Mason's story explored only the negative, as he focused on rising foreclosures and declining sales, and even managed to spin the climbing home prices into a dire situation. “In a Wall Street conference call, Countrywide's CEO, Angelo Mozilo, had this warning,” Mason stressed. Then, with matching text on screen, viewers heard audio of Mozilo from a day before NAR's numbers were released on the higher median home price: “We are experiencing home price depreciation almost like never before, with the exception of the Great Depression.”

The July 25 NAR press release reported:


“The national median existing-home price for all housing types was $230,100 in June, up 0.3 percent from June 2006 when the median was $229,300. The median is a typical market price where half of the homes sold for more and half sold for less.”

A transcript of the July 25 CBS Evening News presentation of NAR's latest numbers:


KATIE COURIC: In this country, the housing market is going deeper in the dumper. America's Realtors reported today that used homes were selling in June at the slowest pace in four and a half years. If there is a bright note for homeowners, house prices went up for the first time in nearly a year, but just barely. The median price now just over $230,000. As Anthony Mason reports, in this slump, a lot of Americans are losing their homes to foreclosure.

ANTHONY MASON: The numbers in California were shocking. In Los Angeles County, foreclosures up almost 800 percent: From just 287 homes in the first six months of last year to more than 2,500 this year. Across all of Southern California, foreclosures rose 725 percent as rising interest rates drove up monthly payments for borrowers with adjustable rate mortgages.

RICK SHARGA, REALTYTRAC INC: This is something that's cutting across all socioeconomic classes and, in a worst-case scenario, could have a ripple affect across the whole economy.

MASON: This came just a day after the stock market tumbled when Countrywide Financial, the nation's largest mortgage lender, announced sharp increases in delinquencies, even among its good credit borrowers. In a Wall Street conference call, Countrywide's CEO, Angelo Mozilo, had this warning.

AUDIO OF MOZILO WITH TEXT ON SCREEN: We are experiencing home price depreciation almost like never before, with the exception of the Great Depression.

MASON: The latest numbers show existing home sales dropping in every part of the country, down about 7 percent in both the Northeast and the West, almost 3 percent in the Midwest and about 2 percent in the South. It's the fourth straight month of declining sales and Countrywide's CEO yesterday issued the bleakest forecast yet, predicting the housing market won't recover until 2009. Katie.

http://newsbusters.org/blogs/brent-...et-cbs-highlights-comparison-great-depression

 

[JeffWartman]

Doom and gloomers never stop


Housing Prices Up from Year Ago, Yet CBS Highlights Comparison to Great Depression
By Brent Baker | July 25, 2007 - 21:49 ET
On a day when the National Association of Realtors (NAR) reported a rise in the price of homes so the average median price is above where it was a year ago, Wednesday's CBS Evening News featured a soundbite claiming “home price depreciation” unprecedented since the Great Depression. Apparently, reality wasn't negative enough for CBS, so they felt a need to add some embellishment.

“The housing market is going deeper in the dumper,” anchor Katie Couric rhymed, as “America's Realtors reported today that used homes were selling in June at the slowest pace in four and a half years.” She acknowledged “a bright note for homeowners,” but added a caveat in relaying that “house prices went up for the first time in nearly a year, but just barely.” The headline for the NAR press release from which CBS cribbed gave equal weight to two developments -- “Prices Rise, Existing-Home Sales Decline” -- but Anthony Mason's story explored only the negative, as he focused on rising foreclosures and declining sales, and even managed to spin the climbing home prices into a dire situation. “In a Wall Street conference call, Countrywide's CEO, Angelo Mozilo, had this warning,” Mason stressed. Then, with matching text on screen, viewers heard audio of Mozilo from a day before NAR's numbers were released on the higher median home price: “We are experiencing home price depreciation almost like never before, with the exception of the Great Depression.”

The July 25 NAR press release reported:


“The national median existing-home price for all housing types was $230,100 in June, up 0.3 percent from June 2006 when the median was $229,300. The median is a typical market price where half of the homes sold for more and half sold for less.”

A transcript of the July 25 CBS Evening News presentation of NAR's latest numbers:


KATIE COURIC: In this country, the housing market is going deeper in the dumper. America's Realtors reported today that used homes were selling in June at the slowest pace in four and a half years. If there is a bright note for homeowners, house prices went up for the first time in nearly a year, but just barely. The median price now just over $230,000. As Anthony Mason reports, in this slump, a lot of Americans are losing their homes to foreclosure.

ANTHONY MASON: The numbers in California were shocking. In Los Angeles County, foreclosures up almost 800 percent: From just 287 homes in the first six months of last year to more than 2,500 this year. Across all of Southern California, foreclosures rose 725 percent as rising interest rates drove up monthly payments for borrowers with adjustable rate mortgages.

RICK SHARGA, REALTYTRAC INC: This is something that's cutting across all socioeconomic classes and, in a worst-case scenario, could have a ripple affect across the whole economy.

MASON: This came just a day after the stock market tumbled when Countrywide Financial, the nation's largest mortgage lender, announced sharp increases in delinquencies, even among its good credit borrowers. In a Wall Street conference call, Countrywide's CEO, Angelo Mozilo, had this warning.

AUDIO OF MOZILO WITH TEXT ON SCREEN: We are experiencing home price depreciation almost like never before, with the exception of the Great Depression.

MASON: The latest numbers show existing home sales dropping in every part of the country, down about 7 percent in both the Northeast and the West, almost 3 percent in the Midwest and about 2 percent in the South. It's the fourth straight month of declining sales and Countrywide's CEO yesterday issued the bleakest forecast yet, predicting the housing market won't recover until 2009. Katie.

http://newsbusters.org/blogs/brent-...et-cbs-highlights-comparison-great-depression

It isn't doom and gloom. This is not an opinion. What I have told you about how the Dow is measured, that's not up for debate. That's economic fact.

99% of economics is debatable. This is not.

 

[maineman]

I love how RSR continues to ignore posts and show how little he actually knows about economics.

posts like this just make him want to do it even more!

 

[red states rule]

It isn't doom and gloom. This is not an opinion. What I have told you about how the Dow is measured, that's not up for debate. That's economic fact.

99% of economics is debatable. This is not.

Old Media Again Claim Declining New-Home Prices by Ignoring Changes in Regional Mix
By Tom Blumer | July 26, 2007 - 23:38 ET
Yesterday, Brent Baker at NewsBusters caught the Old Media emphasis on the decline in existing-home unit sales, even though the median existing-home price went up. CBS and Katie Couric apparently invoked the Great Depression in their existing-home sales commentary (I think any number of those 90 and older could say: "I knew the Depression, and Katie, this is no Depression.").

Today we have the Commerce report (PDF) that new-home sales volume is down, AND the media crowing (unfortunately fed by the lack of Commerce Dept. detail) that the nationwide median new-home selling price is down:

The median price of a new home sold last month dropped to $237,900, down by 2.2 percent from a year ago. It was the biggest year-over-year price drop since a 6.5 percent fall in April. The median price is the point where half the homes sold for more and half for less.


But at the risk of sounding like a broken record, I'm forced to make the same point I made a couple of months ago in more detail -- by the time you consider changes in the regional mix in home sales, you're left with an overall new-home market where regional prices are holding steady or perhaps even slightly increasing -- and definitely NOT in decline.

http://newsbusters.org/blogs/tom-bl...ining-new-home-prices-ignoring-changes-region

 

[JeffWartman]

RSR has been silent regarding the Dow recently...

Wall Street Extends Slide; Dow Drops 200
Friday July 27, 6:19 pm ET
By Tim Paradis, AP Business Writer
Wall Street Extend Declines As Stronger-Than-Expected GDP Fails to Prop Up Market


NEW YORK (AP) -- Wall Street extended its steep decline Friday, propelling the Dow Jones industrials down more than 500 points over two days after investors gave in to mounting concerns that borrowing costs would climb for both companies and homeowners. It was the worst week for the Dow and the Standard & Poor's 500 index in five years.
ADVERTISEMENT


Investors cast aside a stronger-than-expected read on the economy and maintained negative sentiment that dominated Thursday when the market shuddered amid worries over the U.S. mortgage and corporate lending markets. Investors globally took flight from equities, shifting cash into safer investments in Treasurys.

The pullback Thursday and Friday wiped out $526.1 million in shareholder wealth from the stocks in the Standard & Poor's 500 index.

Full story: http://biz.yahoo.com/ap/070727/wall_street.html?.v=58

 

[Paulie]

Millions of people are foreclosing on the homes they bought only 5 or so years ago because the Fed is pumping more dollars into the system and raising interest rates, thus making the middle classers who bought all those homes 5 years ago even less financially stable.

Americans were suckered into billions of dollars worth of debt that they thought they'd be able to handle until the Fed double-crossed them.

What's so wrong about a sound monetary policy?

People are too afraid of change. They'd rather enjoy those dollars for as long as they can, instead of move to a new type of currency that holds a steady continual value.

You people worship a piece of paper that's only worth what a bank allows it to be worth.

Let me ask you something RSR...for the sake of argument, if the dollar crashed tomorrow, how is your family prepared to handle that crisis?

What if all the sudden your money was worth NOTHING? Do you have a back-up plan?

 

[red states rule]

RSR has been silent regarding the Dow recently...



Full story: http://biz.yahoo.com/ap/070727/wall_street.html?.v=58

Why do you lie so much? I posted the next day and started a new thread

Habits are hard to break I guess

 

[red states rule]

Millions of people are foreclosing on the homes they bought only 5 or so years ago because the Fed is pumping more dollars into the system and raising interest rates, thus making the middle classers who bought all those homes 5 years ago even less financially stable.

Americans were suckered into billions of dollars worth of debt that they thought they'd be able to handle until the Fed double-crossed them.

What's so wrong about a sound monetary policy?

People are too afraid of change. They'd rather enjoy those dollars for as long as they can, instead of move to a new type of currency that holds a steady continual value.

You people worship a piece of paper that's only worth what a bank allows it to be worth.

Let me ask you something RSR...for the sake of argument, if the dollar crashed tomorrow, how is your family prepared to handle that crisis?

What if all the sudden your money was worth NOTHING? Do you have a back-up plan?

More from the doom and crowd crowd

 

[JeffWartman]

More from the doom and crowd crowd

Except for the fact that you have shown little to no knowledge of how economics works.

You aren't bad talking about certain things. But economics is not your thing. You have no clue what you're talking about.