Market down 450+ pts

[Coach Bryant]

Re: Market down 450+ pts

I think Alabama should send Nick Saban to Washington D.C. so he can get us out of this mess!

[SportsTop]

Re: Market down 450+ pts

Lost in the bailout stock drop were a relatively large gain against the Euro and an absolutely HUGE drop in oil price.

As for the market and bailout, ya'll should have been on Capital Hill today. It was pretty damn exciting.

Yep, oil dropped $11 today and it's going to fall more tomorrow. The US dollar had the single biggest gain in 15 years.

Strange times....

[J0nnD0ugh]

Re: Market down 450+ pts

So why isn't gas dropping?

[superjames1992]

Re: Market down 450+ pts

So why isn't gas dropping?

I believe this is because of the fact that supply is short due to our refineries still being offline down in Houston.

Once those are back up, expect to see sub-$3 gas again if it stays like this!

[superjames1992]

Re: Market down 450+ pts

Lost in the bailout stock drop were a relatively large gain against the Euro and an absolutely HUGE drop in oil price.

As for the market and bailout, ya'll should have been on Capital Hill today. It was pretty damn exciting.

And the US dollar gained nearly five cents on the British pound today!!!

And to the person who wanted to see this stuff, simply watch CNBC because it has the ticker thing at the top which shows the DOW, NASDAQ, S&P 500, bonds, futures, commodity prices (gas, crude oil, natural gas), ect...

[superjames1992]

Re: Market down 450+ pts

Dow futures are up a hair over $30 now, so that is a good sign for the stock market.

[stewaat]

Re: Market down 450+ pts

The market should have a nice bounce tomorrow because everything was terribly oversold today IMHO.

I bought some financial stock on the huge drop and I hope to make a nice profit tomorrow. We shall see.

[p_rushing]

Re: Market down 450+ pts

I also don't support buying out AIG and others, but something has to be done for the people who paid for insurance and 401k, etc. These accounts should be guaranteed as these people shouldn't suffer and lose all their savings because of the incompetence of these CEOs. If you put your money into stocks, bonds, money markets, etc, you knew there was a risk, so sorry on those too. You can't bail out one company and then decide not to bail out the others.

Hopefully this will teach people to live within their means. We need to get back to being a nation of tightwads and not buying everything because it is new and we have to have it, no matter if we have the money or not.

[SPTO]

Re: Market down 450+ pts

Here's something I found interesting (and learned about last week) apparently in the US during the boom years it was totally easy to get loans for houses and such. Even if you don't have the capability to pay it off they'd give you a loan so long as you make a paycheck.

In Canada, if you want a loan from a bank they ask for every iota of information about you and it's like a rectal exam.

It's no wonder the housing crisis happened.

[Cebby]

Re: Market down 450+ pts

Here's something I found interesting (and learned about last week) apparently in the US during the boom years it was totally easy to get loans for houses and such. Even if you don't have the capability to pay it off they'd give you a loan so long as you make a paycheck.

In Canada, if you want a loan from a bank they ask for every iota of information about you and it's like a rectal exam.

It's no wonder the housing crisis happened.

Dude. I mean, you're generally well informed, but this has been common knowledge for several years. The mortgage, banking, and credit crises are a team effort of horrible decisions by banks and others and common man idiots taking loans for things they had no way of coming close to paying for. All of them are idiots.

[superjames1992]

Re: Market down 450+ pts

Here's something I found interesting (and learned about last week) apparently in the US during the boom years it was totally easy to get loans for houses and such. Even if you don't have the capability to pay it off they'd give you a loan so long as you make a paycheck.

In Canada, if you want a loan from a bank they ask for every iota of information about you and it's like a rectal exam.

It's no wonder the housing crisis happened.

That is a large reason for this collapse. Basically, it stems down to political correctness and the mentality that everyone should be able to get a house, when this should not be the case since some people simply cannot afford them. The government pressured the mortgage industry into giving loans to people who could not afford them, which largely created the sub-prime crisis. And now the government, which caused a lot of the problem, wants us to think that they can suddenly cure it! No way!

[SportsTop]

Re: Market down 450+ pts

Dude. I mean, you're generally well informed, but this has been common knowledge for several years.

No doubt.

Stated income loans were the norm a few years ago.

[superjames1992]

Re: Market down 450+ pts

Dude. I mean, you're generally well informed, but this has been common knowledge for several years.

Well, he is Canadian, so cut the man some slack! :wink:

BTW, Squint, I love your avatar! Those commercials crack me up!!!

[SportsTop]

Re: Market down 450+ pts

That is a large reason for this collapse. Basically, it stems down to political correctness and the mentality that everyone should be able to get a house, when this should not be the case since some people simply cannot afford them. The government pressured the mortgage industry into giving loans to people who could not afford them, which largely created the sub-prime crisis. And now the government, which caused a lot of the problem, wants us to think that they can suddenly cure it! No way!

I'm not endorsing this article because, to be honest, I have no clue either way, but your opinion has some opposition:

http://www.businessweek.com/investin...g_blogspotting

[stewaat]

Re: Market down 450+ pts

Bottom line: greed

People trying to get their houses appraised for more so they could take out more and use their house as a credit card. Whatever happened to saving up for something and buying it when you had the resources to pay for it? This goes for moderately priced assets, not cars and such.

If people had any idea how to manage a budget and plan their financial decisions we would be in much better shape.

Why don't high schools teach this?

That's it I'm going straight to congress tomorrow to make sure we get "Financial Planning" classes in high school!