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View Full Version : Biggest market surge ever?



OwlMBA
09-19-2008, 02:33 PM
We are watching it right now.

Maybe the world is not ending after all?


NEW YORK (AP) - Wall Street extended a huge rally Friday as investors stormed back into the market, relieved that the government plans to rescue banks from billions of dollars in bad debt. The Dow Jones industrials rose more than 375 points, giving them a massive gain of more than 785 points over two days, and Treasurys fell as money flowed into equities.

A new ban on short selling, or placing bets that a stock will fall, was likely adding to the market's gains.

http://www.breitbart.com/article.php?id=D939TRDG0&show_article=1

Molon Labe
09-19-2008, 02:37 PM
I'm still skeptical. We will see what happens by the end of the year once a bunch more of these failed banks tank.

Lager
09-19-2008, 05:03 PM
It's somewhat ironic to me that something so symbolic of the free market as the stock market, gets one of its biggest rallies in response to serious and heavy government intervention in private companies. This isn't the bottom until all the dirty laundry is out there. It's the government trying to put a bandaid on the problem.

jawilljr
09-19-2008, 05:16 PM
This is nothing but a huge short squeeze... thanx to the ban on short selling financials.

Jerry

Molon Labe
09-19-2008, 05:16 PM
It's somewhat ironic to me that something so symbolic of the free market as the stock market, gets one of its biggest rallies in response to serious and heavy government intervention in private companies. This isn't the bottom until all the dirty laundry is out there. It's the government trying to put a bandaid on the problem.

LOL....Bingo!
And if it keeps going this way, what will it mean to call it a "free market" when the fed gov owns every major company on the board.....

LogansPapa
09-19-2008, 05:25 PM
Oh Boy! We get to pay $7,142.85 so the stock market won't tank! Money we'll never see again and have no control over. Yippie!

Cold Warrior
09-19-2008, 05:35 PM
First, remember it's 375 points on a 10000+ market, so the percentage rise is less than 3.75%. Secondly, the surge is because, and only because, of the government has promised your money to write off bad decisions made by "Masters of the Universe," many of whom have taken their profits, bonuses, etc. and are laughing their way to the bank (ain't capitalism wonderful).

Finally, note that nothing that has been done today has corrected any problems; it has merely put silly putty over them so you can't see them very clearly. For example, yesterday's loan to AIG of $85B with an interest rate of approximately 11.5% over 24 months. Can anyone calculate the monthly payback rate? If so, compare it to AIG's previous monthly profits.

Don't worry, be happy. The profit takers are sucking off of the government infusion of money and, after that, we'll all be in the same situation, but without the money the government has infused, because that will have been "redistributed."

Molon Labe
09-19-2008, 05:42 PM
First, remember it's 375 points on a 10000+ market, so the percentage rise is less than 3.75%. Secondly, the surge is because, and only because, of the government has promised your money to write off bad decisions made by "Masters of the Universe," many of whom have taken their profits, bonuses, etc. and are laughing their way to the bank (ain't capitalism wonderful).

Finally, note that nothing that has been done today has corrected any problems; it has merely put silly putty over them so you can't see them very clearly. For example, yesterday's loan to AIG of $85B with an interest rate of approximately 11.5% over 24 months. Can anyone calculate the monthly payback rate? If so, compare it to AIG's previous monthly profits.

Don't worry, be happy. The profit takers are sucking off of the government infusion of money and, after that, we'll all be in the same situation, but without the money the government has infused, because that will have been "redistributed."

It's Herbert Hoover all over again ain't it. Have we learned nothing? :rolleyes:

Lager
09-19-2008, 05:42 PM
. (ain't capitalism wonderful).



It is indeed wonderful. We can film the hanging of the CEOs involved and charge on pay per view for the multitudes to watch it. It will bring in millions.

Molon Labe
09-19-2008, 05:55 PM
It is indeed wonderful. We can film the hanging of the CEOs involved and charge on pay per view for the multitudes to watch it. It will bring in millions.

I hope you don't really think what we have is capitalism as it was intended. It seems that it's government collusion with the market that has allowed so many CEO's to get away with this crime.

I would of course like to see them hung beside the members of our fed who allowed this.;)

gator
09-19-2008, 06:10 PM
The market is still down about 40 points from last week. To recoup the almost thousand points we lost during the week the Feds put us into debt by a trillion dollars.

Lager
09-19-2008, 06:15 PM
...many of whom have taken their profits, bonuses, etc. and are laughing their way to the bank.


And I'm sure it's an off shore or Swiss bank. I don't think even they would trust the ones in this country now. :)

Cold Warrior
09-19-2008, 06:19 PM
And I'm sure it's an off shore or Swiss bank. I don't think even they would trust the ones in this country now. :)

I certainly wouldn't, nor would I trust a Swiss bank. I'd go to Abu Dhabi.

Cold Warrior
09-19-2008, 06:21 PM
The market is still down about 40 points from last week. To recoup the almost thousand points we lost during the week the Feds put us into debt by a trillion dollars.

Be happy, Gator. Most of the people around here won't acknowledge the least bit of a problem if there's the possibility some part of the responsibility might fall upon their beloved Republicans.

After all, it's all Jimmy's fault.

JB
09-19-2008, 06:24 PM
the Feds put us into debt by a trillion dollars.Where are you getting that number?

JB
09-19-2008, 06:28 PM
Be happy, Gator. Most of the people around here won't acknowledge the least bit of a problem if there's the possibility some part of the responsibility might fall upon their beloved Republicans.

After all, it's all Jimmy's fault.The more I read about it, the more I lay it on the Dems. It's becoming clearer.

Cold Warrior
09-19-2008, 06:35 PM
The more I read about it, the more I lay it on the Dems. It's becoming clearer.

Oh come on JB. Who's been in charge for the last 8/6 years? Look at the issue date of the vast majority of the mortgages that are defaulting. When were they made?

Lager
09-19-2008, 06:39 PM
I think there's blame enough to go all the way around. The true test for our country is if we can get beyond partisanship to properly address the issue.

lacarnut
09-19-2008, 06:48 PM
Oh come on JB. Who's been in charge for the last 8/6 years? Look at the issue date of the vast majority of the mortgages that are defaulting. When were they made?

Alan Greenspan screwed the pooch and told Congress that those lending institutions did not need any new regulations or oversight when he was Fed Chairman. Everything was okie dokie. C. Cox head should roll also. Heavens to Betsy, I won't leave Bushy and the dumb ass Democ. and Repubs. out in Congress either. They were all asleep at the wheel. Looks like Fannie Mae lined C. Dodd and Obama pockets also. Must not leave them out either.

JB
09-19-2008, 06:48 PM
Oh come on JB. Who's been in charge for the last 8/6 years? Look at the issue date of the vast majority of the mortgages that are defaulting. When were they made?I'm just really starting to get into it because it's a failure of a system that I believe in. The system has checks and balances and they seem to have been circumvented. I'd like to get to the bottom of it via a 9/11 Commission type investigation. If the regulatory process needs overhauling, fine. If politicians or CEOs need to be criminally charged, then fine.

You have politicians handcuffing regulators and companies making loans that they'd never make if they were thinking clearly. Something (many things) broke down along the way. Unfortunately we got burned big time for it.

LogansPapa
09-20-2008, 12:34 PM
Where are you getting that number?

FOX this morning: 700 billion - just to start. If you think this isn't going to come around and bite every taxpayer in the ass - eventually - you're very foolish.

JB
09-20-2008, 05:09 PM
If you think this isn't going to come around and bite every taxpayer in the assYeah but look at all these great houses we own.

I wonder if any are beachfront. I could use a vacation.