Stock Market Selloff- No end in sight?
I've seen the market go through some massive downturns in my day. I still don't think that I've seen anything quite so depressing as the tech bubble that burst a decade ago and took 50% of the value of the NASDAQ with it.
But another week like this and I'll be forgetting about that minor correction.
The stock market lost 600 points today. Bank of America investors lost 20% today- those losses alone eliminated 16.8 BILLION dollars. And that was just BofA and that's just TODAY. Other companies did worse of course.
The headlines I see today include:
"Looking for market bottom? You could have a long wait"
"Second US Recession Could Be Worse Than First"
"S&P500 Extends Worst Slump Since 2008 Bear Market"
"Central Bankers Confront Decision on Which Economic Risk Scares Them Most"
Do any of you have a reason to believe that there is a blue sky behind all of these clouds? I can't even imagine what could reverse this trend and bring back some of America's wealth. And I don't see it as likely if I can't even imagine it...
Yeah, I can't even think of any pie-in-the-sky scenarios where things start to look better.
I can, but it involves a lottery win and me buying an Island in the Caribbean
Originally Posted by BACnet
Don't forget to vote for Hillery
Replacing Air Force One with a broomstick would mean tens of millions of dollars in savings for the taxpayers!
I've gotten lucky a couple of times. I pulled about half out of the market in 07.
I pulled all but 10% out two months ago. I'll buy some back when I think it's close to bottom, but I'm not going to get very deep in it for a few years.
Common sense isn't very common anymore.
Yes.Company earnings this Quarter came in blowout.Oil droping,a major plus.Dividends too high not to buy.Much of the selling is computer generated and people on margen.I can not say its over yet, we will know after labor day,like I said I am buying.
Originally Posted by BACnet
The sell off LMAO.
Maybe just maybe Uncle Ben and his McDonalds discount drive through window should not have been loaning to primaries with only US holdings.
If you think for a second this does not affect our economy,which in turn is now directly affecting Wall St.you have cobwebs for brains.
You always start buying on the way down.
But this time it's going way down.
Like spiraling out of control down.
Once you get downgrade certain groups of investors can't buy treasuries.
And as the credit rating drops that means less and less investors that can buy treasuries.
What that means is even if you can take on debt no one will buy it.
It gets worse and worse.
The more the government has to downgrade the faster the GDP drops and if it drops over two quarters you're in a recession which you're probably already in.
The longer a recession/depression, the worse off our social safety net gets, in their already $108 trillion in unfunded liabilities.
We've been living out of our means for 110 years, it's going to be tough thing to deal with.
If I had to make a quick assessment of what that means I would come to the conclusion that as our SOL drops theirs rises. The more people that populate the earth the more finite the resources.
The more life searches for it and makes claims on it.
The more other people want it.
With higher standards of living and 80 million people a year being born in Asia you got a mighty large problemo on your hands essay.
You better start taking on as many North and South Americans as will come your way.
You need to give them blanket amnesty and tax them all on a progressive scale. Even something like 1% up to $2000/year just so everyone has a say and some pride in the country.
You have to abolish minimum wage.
You have to open your borders to anyone that wants to come in.
Remove any regulations regarding starting businesses.
Have the government fund the newest innovations in whatever is efficient. I mean only if it increases efficiency.
Build the railroads back up and remove all of that wear and tear from truckers on the roads. It's much more effcient to transport by railroad.
Abolish corporate taxes.
If you did those things you'd see the greatest decrease in unemployment in the history of time.
The zero hedge,you know how they make money,by scaring you out of yours !
Originally Posted by the mojo
Nice try,think it through and you will get the whole picture.
Originally Posted by coolperfect
Last year May June and July there was such a big stink in Europe about systemic risk and then it died down.
Ben the Globolender that is rich.
This is the race to the bottom - enjoy the ride.
Originally Posted by BigJon3475
With the way things are going I don't have much hope the government will be able to effectively fund anything that might distribute the wealth anywhere but up so the infrastructure improvements and innovation will be left up to the major corps and they won't spend it here when there are more lucrative opportunities elsewhere.
Fox News - Rich people paying rich people to tell middle class people to blame the poor.