Market down 450+ pts

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  • SPTO
    binging
    • Feb 2003
    • 68046

    #31
    Re: Market down 450+ pts

    Originally posted by Squint
    Interesting.....I'm not an economist, so this is news to me:

    Trump is on Cavuto's show right now saying this is a "cleansing" and that every time something "bad" like this happens oil prices drop like a rock and it's going into a tailspin. He says oil is the lifeblood of the economy and that will be very good for the economy.

    He said if Congress came out and announced a new deal and it was going to be great that oil prices would shoot up.
    Why would oil prices go up if the economy is being propped up? There isn't much logic there. Why would traders dabble in speculation like that after only a temporary fix?

    BTW does Trump actually own any stocks? IIRC he was/is a real estate developer first and foremost.
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    • boomhauertjs
      All Star
      • Feb 2004
      • 5373

      #32
      Re: Market down 450+ pts

      Originally posted by Stumbleweed
      Or why not take a lesser amount, 1-200 billion, and use it to bail homeowners out of bad mortgages so they don't lose their homes? If the real estate market is the source of this armaggedon scenario, why not address that instead of throwing money at a failed financial system?"
      Because that wouldn't benefit the rich executives who screwed these companies up in the first place. It would benefit middle/working class people, and since there are no lobbyists representing them, why should Congress help them?

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      • boomhauertjs
        All Star
        • Feb 2004
        • 5373

        #33
        Re: Market down 450+ pts

        Originally posted by SPTO
        BTW does Trump actually own any stocks? IIRC he was/is a real estate developer first and foremost.
        Whose Daddy was rich and bought him his first investment property. "Born on 3rd, thinks he hit a triple."

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        • superjames1992
          Hall Of Fame
          • Jun 2007
          • 31382

          #34
          Re: Market down 450+ pts

          Originally posted by SPTO
          Why would oil prices go up if the economy is being propped up? There isn't much logic there. Why would traders dabble in speculation like that after only a temporary fix?

          BTW does Trump actually own any stocks? IIRC he was/is a real estate developer first and foremost.
          Because the dollar was going to crash due to this bill. With the dollar being worth less (one of the reasons oil prices are so high), it takes more dollars to buy oil since the international oil market is based off of the US dollar.
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          • bigfnjoe96
            Hall Of Fame
            • Feb 2004
            • 11410

            #35
            Re: Market down 450+ pts

            This is gonna get worst before it gets better. -748 pts is simply stunning.

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            • SPTO
              binging
              • Feb 2003
              • 68046

              #36
              Re: Market down 450+ pts

              Originally posted by superjames1992
              Because the dollar was going to crash due to this bill. With the dollar being worth less (one of the reasons oil prices are so high), it takes more dollars to buy oil since the international oil market is based off of the US dollar.
              Thanks for the info superjames
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              • bigfnjoe96
                Hall Of Fame
                • Feb 2004
                • 11410

                #37
                Re: Market down 450+ pts

                This is gonna get worst before it gets better. -777 pts is simply stunning.

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                • superjames1992
                  Hall Of Fame
                  • Jun 2007
                  • 31382

                  #38
                  Re: Market down 450+ pts

                  Originally posted by bigfnjoe96
                  This is gonna get worst before it gets better. -777 pts is simply stunning.
                  Eh, it's not as bad as the 80s when it dropped 500 points in one day when the market was worth only about 2,000 points, a 25% drop. This is far less. We would have to lose over 3,000 points to drop that much. This is certainly not a good day to own stocks, though...
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                  • SportsTop
                    The Few. The Proud.
                    • Jul 2003
                    • 6716

                    #39
                    Re: Market down 450+ pts

                    Originally posted by bigfnjoe96
                    This is gonna get worst before it gets better. -777 pts is simply stunning.
                    Let's let the market correct itself.

                    From everything I've read, passing this deal would've been MUCH worse in the long run.

                    I know I e-mailed my congressman telling him to vote no.
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                    • callmetaternuts
                      All Star
                      • Jul 2004
                      • 7045

                      #40
                      Re: Market down 450+ pts

                      Worst single day loss in US history (point-wise), but take that with a grain of salt. The numbers are amazing though. If we're in a bad situation now, lets ensure we react appropriately and come up with a sound plan, one that curtails the issues we are seeing now but also one that addresses what we see ahead. No reason to rush this plan just to get something out there only to realize in 15 months or 5 years that we messed up. Lets get this right.

                      Everyone needs to stay calm and tighten their belts, this is bad, it will probably get a bit worse, but hang in there. Dont overextend yourselves, dont run up huge bills and make smart, sound financial decisions. We wouldnt be in this mess if our top companies and gov't officials had taken that advice.
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                      • Stumbleweed
                        Livin' the dream
                        • Oct 2006
                        • 6279

                        #41
                        Re: Market down 450+ pts

                        Good piece on why this bailout is a terrible idea (it's a leftist website, but this is a bad idea from any political perspective) here: http://www.alternet.org/story/100700/

                        And here's Dennis Kucinich talking about some of the details that they were given and why he is voted against the bill: http://www.democracynow.org/2008/9/2...tates_congress
                        Last edited by Stumbleweed; 09-29-2008, 04:07 PM.
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                        • fishepa
                          I'm Ron F'n Swanson!
                          • Feb 2003
                          • 18989

                          #42
                          Re: Market down 450+ pts

                          Now is the time to buy stocks!

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                          • OSUFan_88
                            Outback Jesus
                            • Jul 2004
                            • 25642

                            #43
                            Re: Market down 450+ pts

                            Originally posted by fishepa
                            Now is the time to buy stocks!
                            This man speaks the truth.
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                            • Jackdog
                              Wolverine Soldier
                              • Aug 2002
                              • 7719

                              #44
                              Re: Market down 450+ pts

                              Originally posted by Stumbleweed
                              Good piece on why this bailout is a terrible idea (it's a leftist website, but this is a bad idea from any political perspective) here: http://www.alternet.org/story/100700/

                              Thanks for the link.
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                              • ezekiel55
                                Th*s F*c* C*sh*s Ch*cks
                                • Nov 2003
                                • 2156

                                #45
                                Re: Market down 450+ pts

                                Originally posted by Stumbleweed
                                Good piece on why this bailout is a terrible idea (it's a leftist website, but this is a bad idea from any political perspective) here: http://www.alternet.org/story/100700/
                                That was a great article stumble...the experts quoted in that article are the kind of fresh perspective we need during difficult times like these.

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