DJIA watch
-
This was all fun and games until Bernanke came out today and said that shit was bad. Really bad. And it isn't getting better. Then the market just tumbled all day. It's just over 9500 now and that is terrifying.
http://finance.google.com/finance?q=.dji
The blue dot is on the bailout bill getting signed by Bush.
9449.66 - Close -505.84
They did something with all that money today. And it sure helped.
-
I thought the bill didn't pass the House the first time, because it was a short-term fix and didn't focus on the long-term.QUOTE“While many Members of Congress agree that our unstable economic situation calls for decisive action, an overwhelming bipartisan majority (95 Democrats and 133 Republicans) agreed this proposal was not the action needed,” he wrote. “I have met almost non-stop over the last several days with members of the Treasury Department and former Chairman of the FDIC who cautioned that this plan may not work. Unfortunately, if we spend $700 billion of taxpayer money and it fails, there is no backstop. I believe we should stay in session until we have created a vehicle to give us long term stability and not settle for one that may be a short term fix with a long term price tag.”
sourceQUOTE(US) CNBC’S GASPARINO REPORTS THAT SOME OF THE HOUSE REPUBLICANS ARE PREPARING AN ALTERNATIVE TO PAULSON’S BAILOUT PLAN AS THE GROUP DOES NOT FAVOR THE GOVERNMENT TAKING A BIG ROLE IN MARKETS
- CNBC adds that components of the alternative plan include requiring the Treasury to guarantee, at up to 100%, bank losses resulting from failed MBS originated prior to the plans enactment; Allow companies to carry back losses arising in tax yrs ending in 2007,2008 or 2009 back 5 yrs; Allow a “repatriation window” for profits earned by US firms overseas; Allow banks to treat losses on shares of preferred stock in the GSEs as ordinary losses and not as capital losses; Suspend the capital gains tax rate for 2 yrs; Limit backing of high-risk loans by the GSEs; Schedule Fannie and Freddie for privatization; Suspend mark to market accounting until the SEC can issue new guidelines that will enable firms to mark these assets to their true economic value; Stabilize the USD by repealing the Humphrey-Hawkins Full Employment Act, which some say diverts the Fed’s attention from long-term price stability to short-term economic growth; Require the Treasury to write rules prohibiting excessive compensation to executives of failed companies; Task the SEC with regular, annual audit reports of entities the federal government has brought under conservatorship or now owns.
- Earlier it was reported that the House GOP members were seen supporting the Senate’s bailout proposal.
source
-
QUOTE (mungo @ Oct 7 2008, 04:19 PM) <{POST_SNAPBACK}>The bailout bill is intended as a long-term rescue plan, not a short term economic driver.
Most people feel as if the markets correction will be at 9000.
/that 9000 isn't going to be worth what it used to be... IMO
//9000 sounds about right, but that means most regular folks with mutual funds are going to be in serious trouble.
///execs'll be fine -
You say execs will be fine, when in all honesty, they tend to be smarter and better informed. The information used is public knowledge, and at one time or another everyone starts out ignorant. The common person has no idea what the economic situation is (you're not including in the 'common person,' Andrew) but choose to listen to skeptics who have zero to little knowledge about finance and regurgitate it without question. If people took the time to educate themselves they'd see that it's possible to make money in any type of economy.
-
On the plus side the market looks like today might be a rally day.
I think regular folks were typically coerced into getting into the market by the success it saw in the 90's. "Get a mutual fund and retire on it!" was the best advice ever then. But if you did that then, and you're trying to retire now... Sorry Charlie. I don't think it's for lack of education (though certainly many people should spend more time and energy learning about this crap (finally learned about credit default swaps yesterday/biggrin.gif" style="vertical-align:middle" emoid=":D" border="0" alt="biggrin.gif" />)).
/I remember mutual fund being the it thing to get when I was a kid. So safe, so secure, so consistent, not risky at all... it's like a really high yield savings account! The people who should've been aware of the risks involved with not being able to sell shit for a while didn't do a good job explaining that risk to people because they were interested in the commission.
//I'm conjecturing of course. I don't really know anything about it, I'm just putting together pieces -
QUOTE (Vegeta @ Forever)IT'S OVER NINE THOUSAND!!!!!!
This discussion has been closed.
← All Discussions Howdy, Stranger!
It looks like you're new here. If you want to get involved, click one of these buttons!