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  1. #1 Dow plunges 630 points after S&P downgrade 
    eeeevil Sith Admin SarasotaRepub's Avatar
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    NEW YORK (CNNMoney) -- Wall Street had its worst day since the 2008 financial crisis, as fearful investors reacted to the United States losing its coveted AAA credit rating.

    All three major U.S. stock indexes sank between 5% and 7%, pushing the Dow below 11,000 for the first time since last November.


    U.S. stocks have fallen 15% during the past two weeks.

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  2. #2  
    Zoomie djones520's Avatar
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    Back in 2009, a friend bet me that by the end of Obama's first term, the dow would be back in the 12,000's.

    Yeah... we'll see.

    Edit: I didn't bet against him on it, but I just think this is an interesting turn of events.
    Last edited by djones520; 08-08-2011 at 04:57 PM.
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  3. #3  
    SEAduced SuperMod Hawkgirl's Avatar
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    Damn...:(
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  4. #4  
    Senior Member Molon Labe's Avatar
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    Quote Originally Posted by djones520 View Post
    Back in 2009, a friend bet me that by the end of Obama's first term, the dow would be back in the 12,000's.

    Yeah... we'll see.

    Edit: I didn't bet against him on it, but I just think this is an interesting turn of events.
    well he was right....it did get back there. Unfortunately your buddy didn't probably understand the bubble would burst today.
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  5. #5  
    Senior Member Space Gravy's Avatar
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    What a mess. I've parked quite a bit in Money Markets and I'm going to look again in 3 months.
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  6. #6  
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    We can thank Obama and the Democrats for their spendthrift ways. These clowns have not passed a budget in two year. I am not going to leave out Clinton, Bush and the old guard who have spent us into oblivious. Every one of these spend freaks should be replaced. That include career politicians of both parties. They have screwed the middle class royally.

    A great 2 weeks for gold and silver. However, I would not be a buyer at these high prices.
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  7. #7  
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    Quote Originally Posted by Space Gravy View Post
    What a mess. I've parked quite a bit in Money Markets and I'm going to look again in 3 months.
    I parked most of mine there and in gold some time ago. I am not one to time the market whatsoever, but this whole thing has been so telegraphed IMHO.

    Not sure when I'll move out of cash. Hell, it may be in CD's if the interest rate hikes I expect materialize.
    "The efforts of the government alone will never be enough. In the end the people must choose and the people must help themselves" ~ JFK; from his famous inauguration speech (What Democrats sounded like before today's neo-Liberals hijacked that party)
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  8. #8  
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    Quote Originally Posted by djones520 View Post
    Back in 2009, a friend bet me that by the end of Obama's first term, the dow would be back in the 12,000's.

    Yeah... we'll see.

    Edit: I didn't bet against him on it, but I just think this is an interesting turn of events.
    When the real estate market tanked, many commentators were quick to tell us that new prices we were seeing weren't "lost value" but "actual value rather than the inflated values."
    The same folks (like Mark Levin, Rush Limbaugh) said that the stock market was insane. Only if you truly believed that Ford, Chase, and Citi had increased in value between four and ten times in the year following the Bush watch crash, should you consider putting your hard earned dollars down the the roulette wheel of the stock market.

    They said that the rise in the DOW was to lure the last of the money and the last of the suckers back in, so "they" could take what they didn't get in the Bush crash (which of course they didn't call the Bush crash).

    I personally think that every couple of hundred years, it's necessary to drag a selection of the economic masters (thieves) through the streets of the empire, to their executions. If nothing else, it makes some folks feel that there is a tad of justice in the world.
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    Senior Member Madisonian's Avatar
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    Quote Originally Posted by Novaheart View Post
    I personally think that every couple of hundred years, it's necessary to drag a selection of the economic masters (thieves) through the streets of the empire, to their executions. If nothing else, it makes some folks feel that there is a tad of justice in the world.
    I may never again agree with anything you say, but I whole-heartedly agree with this.:D
    Start with the politicians, the Fed and your your way down from there.
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  10. #10  
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    You think Linda #'s is popping the champagne cork after today. Probably crying in her beer. As an added insult Berky was downgraded. I guess the S & P did not take too kindly to Buffett's childish remarks about a A ++++ rating. Buffett is losing his mind if he thinks that just because we can print money our rating should remain at that level, and that there are no consequences for out of control spending. :eek:
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