Dow Falls Below 10k

LTRT Mon Oct 06, 2008 11:17 am

DJIA 9988.95 -336.43 3.26
Nasdaq 1869.21 -78.18 4.01
S&P 500 1056.52 -42.71

Dow plummets more than 300 points, falling below 10,000 for the first time in nearly 4 years, as anxiety over global slowdown grows.

**Cincy Fan 44** Mon Oct 06, 2008 11:43 am

Thank goodness I don't have to retire anytime soon. Hopefully my 401k is getting some good deals and buying things on sale and not taking too big of a hit! affraid

Guest Mon Oct 06, 2008 12:21 pm

Cincy Fan 44 wrote:Thank goodness I don't have to retire anytime soon. Hopefully my 401k is getting some good deals and buying things on sale and not taking too big of a hit!

I'm of the same opinion... There cant be too many out there that will continue to sell at a 5% loss... the downturn will meet some resistance, we'll move laterally until 2009 or later and then it will start back up in earnest.

LTRT Mon Oct 06, 2008 3:41 pm

Ah yes, the good ole bailout...

http://www.hulu.com/watch/37758/saturday-night-live-c-span-bailout

Fred Armisen had me rolling with his Barney Frank Dow Falls Below 10k 431148

Guest Mon Oct 06, 2008 5:06 pm

LTRT wrote:Fred Armisen had me rolling with his Barney Frank

Dude he made BF look like Jerry Lewis... he was spastic. It looked like he needed to have some Kava tea instead of a 3 Red Bull.

It was refreshing to see SNL get up there and give the wassup to Soros. That's what's great about America, we can laugh at ourselves. lol!

Guest Mon Oct 06, 2008 6:03 pm

Cincy Fan 44 wrote:Thank goodness I don't have to retire anytime soon. Hopefully my 401k is getting some good deals and buying things on sale and not taking too big of a hit!

Sorry dude if your 401K is heavy in equities your 401K is taking a really unhealthy and stinky shit. Mine is ...

Guest Mon Oct 06, 2008 7:33 pm

Bman wrote:
Cincy Fan 44 wrote:Thank goodness I don't have to retire anytime soon. Hopefully my 401k is getting some good deals and buying things on sale and not taking too big of a hit!

Sorry dude if your 401K is heavy in equities your 401K is taking a really unhealthy and stinky shit. Mine is ...

I dunno about unhealthy... Depends how old you are... and old f'er like you Razz

is prolly hurting.... but a 35 year old has 30 years before needing to realize any losses or gains. We're really talking about very long term investments, I think there is only 1 period in the DOW's history where any five consecutive years did not ultimately post a gain... the best thing for a young person heavily contributing to a 401k is to amass shares that will ultimately amass gains.

Guest Mon Oct 06, 2008 10:20 pm

I have almost nothing in investments, so I'm not losing anything. Score.

**Mort** Tue Oct 07, 2008 6:54 am

More on the good ol boys Surprised

bail out behind the curtain
That face was Richard S. Fuld Jr., the Lehman chief executive who sat for a two-hour-plus grilling before the House Oversight and Government Reform Committee as the panel combed through his pay history, management practices and financial strategies.

"You made all this money by taking risks with other people's money," Rep. Henry Waxman, D-Calif., the panel's chairman, said. "The system worked for you, but it didn't seem to work for the rest of the country and the taxpayers, who now have to pay $700 billion to bail out our economy."

A subdued Fuld opened his testimony declaring, "I take full responsibility for the decisions that I made and for the actions that I took," but he conceded no errors or misjudgments in the chaotic period that led to the firm's bankruptcy.

And he said a compensation system that he estimated paid him about $350 million between 2000 and 2007 even as the company headed for disaster was appropriate.

"We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders," Fuld said.

That wasn't good enough for some lawmakers who decried what they called a culture of entitlement at Lehman even as the company's performance nosedived.

The panel unearthed internal documents showing that on Sept. 11, Lehman planned to approve "special payments" worth $18.2 million for two executives who were terminated involuntarily, and another $5 million for one who was leaving on his own. Dow Falls Below 10k 810511

http://news.yahoo.com/s/ap/20081007/ap_on_bi_ge/meltdown_lehman

Please let me know if this link is bad thanks

Guest Tue Oct 07, 2008 8:05 am

Dow Falls Below 10k Capt.724a8ce69270480e8db3ac03436ec670.aptopix_meltdown_lehman_dcsw114

This chick is pretty pissed about it :-) I wonder if the lady on the right (pearl necklace) is a heckler or his wife...

IrishGuy Tue Oct 07, 2008 8:58 am

Jugomugo wrote:I have almost nothing in investments, so I'm not losing anything. Score.

Sweet, when you're 75 we'll be paying for you to live somewhere. Score.

Guest Wed Oct 08, 2008 6:51 pm

I think I'm having a Heart Attack. I know it's a long term thing but still, watching years of savings disappear in days is frightening. It seems like everything they do to tweak it results in a huge drop.

**Mort** Thu Oct 09, 2008 7:02 am

I agree Vis I have seen 3 grand leave this year alone Sad

LTRT Thu Oct 09, 2008 5:49 pm

Dow falls 679, ends below 8,600

I heard Jim Cramer the other day say 8000 was the bottom. Suspect

Guest Fri Oct 10, 2008 8:26 am

I dont know how anyone can predict the bottom... I dont think anyone predicted the DJIA losing nearly 40% in a single year...

I'm guessing today is going to be very ugly as well...

Guest Fri Oct 10, 2008 3:40 pm

pez wrote:I dont know how anyone can predict the bottom... I dont think anyone predicted the DJIA losing nearly 40% in a single year...

I'm guessing today is going to be very ugly as well...

prescient

Guest Fri Oct 10, 2008 4:03 pm

heh... bleeding and bleeding badly.

I was on the way to the doctors office today and was listening to NPR, one of those 3-4 minute news breaks they have every hour. At the beginning of the break they reporting that the DJIA was down 430 pts, and had a small story on it, then at the end of the break (3-4 mins later), they reported it down 550 pts...

in the end, this is a good thing...

**Cincy Fan 44** Fri Oct 10, 2008 4:16 pm

pez wrote:heh... bleeding and bleeding badly.

I was on the way to the doctors office today and was listening to NPR, one of those 3-4 minute news breaks they have every hour. At the beginning of the break they reporting that the DJIA was down 430 pts, and had a small story on it, then at the end of the break (3-4 mins later), they reported it down 550 pts...

in the end, this is a good thing...

Well I was going to report that it was 'up' to being down 200 pts, but in the time it took me to type that, it's now down 250 pts. Check that, 211 now. Crazy! Hey, now we're at -150 pts.

Guest Fri Oct 10, 2008 4:27 pm

pez wrote:heh... bleeding and bleeding badly.

I was on the way to the doctors office today and was listening to NPR, one of those 3-4 minute news breaks they have every hour. At the beginning of the break they reporting that the DJIA was down 430 pts, and had a small story on it, then at the end of the break (3-4 mins later), they reported it down 550 pts...

in the end, this is a good thing...

I guess, but its hard to accept that position when you've lost 1/2 of your retirement in a few weeks. Can't touch it for another 25 years or so, so I guess I shouldn't panic but not being a millionaire it's kind of scary. I worry about people like my parents who just retired but I think my Dad said they weren't too affected. Probably the age where most of it is in safe stuff with slow growth. He told me that in the past two years they haven't touch the principle but that was a few weeks ago so I'm not sure how they fared the latest downturn.

**Cincy Fan 44** Fri Oct 10, 2008 4:30 pm

Now it's in positive ground...up 26 pts. drunken

Guest Fri Oct 10, 2008 4:38 pm

I was just watching google news and took a link to a report that says AIG is the biggest loser.

Could the mass dumping of AIG signal an additional taxpayer loss if AIG goes bankrupt? Is it $105B they borrowed or have available to borrow? What happens if they borrow that money, pay it debtors and then declare bankrupcy? Hmm...

**Mort** Fri Oct 10, 2008 5:02 pm

Those bastards probably went on another so called junket Dow Falls Below 10k 637412

's!

**Cincy Fan 44** Fri Oct 10, 2008 8:58 pm

Guest Sat Oct 11, 2008 12:07 am

IrishGuy wrote:
Jugomugo wrote:I have almost nothing in investments, so I'm not losing anything. Score.

Sweet, when you're 75 we'll be paying for you to live somewhere. Score.

Doesn't that make you feel like a sucker? I really enjoy that feeling. If and when I do accumulate assets, I'm going to pay to have them placed overseas or hidden from taxes in some manner. Heck with Amerikkka. I'm just here to abuse it.

Markwes Sat Oct 11, 2008 12:58 am

Jugomugo wrote:
IrishGuy wrote:
Jugomugo wrote:I have almost nothing in investments, so I'm not losing anything. Score.

Sweet, when you're 75 we'll be paying for you to live somewhere. Score.

Doesn't that make you feel like a sucker? I really enjoy that feeling. If and when I do accumulate assets, I'm going to pay to have them placed overseas or hidden from taxes in some manner. Heck with Amerikkka. I'm just here to abuse it.

Hey, good luck with that. I'm buying low right now, so I think I'll be rich as hell someday. But you never know, if you don't get screwed by someone overseas you just might come out ahead.

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