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  1. #1 Dow plunges more than 660 to fall below 9,000 
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    Thursday October 9, 4:13 pm ET
    By Tim Paradis, AP Business Writer

    Dow falls more than 660 points to trade below 9,000 in late afternoon sell-off

    NEW YORK (AP) -- Stocks plunged in the final minutes of trading Thursday, sending the Dow Jones industrials down more than 600 points to their lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors Corp. The Standard & Poor's 500 index fell more than 6 percent.

    The selloff came as Standard & Poor's Ratings Services put GM and its finance affiliate GMAC LLC under review to see if its rating should be cut. GM has been struggling with weak car sales in North America.

    The action means there is a 50 percent chance that S&P will lower GM's and GMAC's ratings in the next three months.

    General Motors Corp. led the Dow lower, falling about 30 percent.

    The Dow fell more than 660 points, or 7.2 percent, to about 8,586 in late dealings. The blue chips hadn't fallen below the 9,000 level since Aug. 6, 2003.

    http://biz.yahoo.com/ap/081009/wall_street.html?.v=33
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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    STFU you doom-and-gloomer. You don't know shit about stocks. I'm the three time winner of the American Idol Stock Market Whiz contest!!! And I know that everything's just fine, you dumb shit. And my house value just went up and the economy's booming here. Besides, everything's Jimmy Carter's fault.
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    There are people out there who are hurting through no-fault of their own such as job lost due to the collapse of big corporations. I feel bad for those folks. Wall Street and lenders got greedy, but so did the American consumer. There are very few who talk about personal responsibility these days. I don't feel sorry for people who live beyond their means. People who had tons of equity in their home used it like an ATM to buy luxury cars, flat screen TVs, designer clothes, vacations and other stupid crap. Other people bought more home than they could afford because of image or they thought they could flip the house. What took 20-30 years to acquire in previous generations, today's generation wants it all right now...instant gratification.

    Here in Orange County, the OC Register used to feature different families who were about to lose their home. Well, when you read the articles, you can see why and how stupid these people were. Instead of getting sympathy, most of comments were negative towards these families.

    The stock market dropping like this doesn't bother me even with my IRA down 50%. I'm actually buying up more of the stock. Warren buffet is out there buying up preferred stock like crazy because of all the bargains out there. The doom and gloom attitude is for those who don't understand the economy and have no faith in the fundamentals of our financial system.
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    Quote Originally Posted by cat714 View Post
    There are people out there who are hurting through no-fault of their own such as job lost due to the collapse of big corporations. I feel bad for those folks. Wall Street and lenders got greedy, but so did the American consumer. There are very few who talk about personal responsibility these days. I don't feel sorry for people who live beyond their means. People who had tons of equity in their home used it like an ATM to buy luxury cars, flat screen TVs, designer clothes, vacations and other stupid crap. Other people bought more home than they could afford because of image or they thought they could flip the house. What took 20-30 years to acquire in previous generations, today's generation wants it all right now...instant gratification.

    Here in Orange County, the OC Register used to feature different families who were about to lose their home. Well, when you read the articles, you can see why and how stupid these people were. Instead of getting sympathy, most of comments were negative towards these families.

    The stock market dropping like this doesn't bother me even with my IRA down 50%. I'm actually buying up more of the stock. Warren buffet is out there buying up preferred stock like crazy because of all the bargains out there. The doom and gloom attitude is for those who don't understand the economy and have no faith in the fundamentals of our financial system.
    I understand that, on average, what stocks you bought yesterday, you lost around 7% on today. I work on Wall Street. I understand a few of the dynamics.
    Last edited by Cold Warrior; 10-09-2008 at 05:30 PM.
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    Quote Originally Posted by cat714 View Post
    People who had tons of equity in their home used it like an ATM to buy luxury cars, flat screen TVs, designer clothes, vacations and other stupid crap. Other people bought more home than they could afford because of image or they thought they could flip the house. What took 20-30 years to acquire in previous generations, today's generation wants it all right now...instant gratification.
    Gee - didn't another guy in here from the OC say that home equity was the "single engine driving the GWB economy?"
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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    Quote Originally Posted by LogansPapa View Post
    Gee - didn't another guy in here from the OC say that home equity was the "single engine driving the GWB economy?"
    Who said that???
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    Quote Originally Posted by cat714 View Post
    Who said that???
    Me. ;)
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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    Quote Originally Posted by Cold Warrior View Post
    I understand that, on average, what stocks you bought yesterday, you lost around 7% on today. I work on Wall Street. I understand a few of the dynamics.
    I don't work on Wall Street, but I work for an investment banking firm, which is a term often misused in certain industries. My firm is like a Goldman Sachs, but on a much smaller scale and we work only with institutions, not individuals. As a long term investor, I don't worry about what happens now. If you were hoping to make a fast buck being a day trader, then you're screwed right now. Unless I sell my stock, I have lost nothing. I don't know what you do on Wall Street or what industry you work in, but it sounds like you don't believe the market will make a rebound.
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    Quote Originally Posted by cat714 View Post
    I don't work on Wall Street, but I work for an investment banking firm, which is a term often misused in certain industries. My firm is like a Goldman Sachs, but on a much smaller scale and we work only with institutions, not individuals. As a long term investor, I don't worry about what happens now. If you were hoping to make a fast buck being a day trader, then you're screwed right now. Unless I sell my stock, I have lost nothing. I don't know what you do on Wall Street or what industry you work in, but it sounds like you don't believe the market will make a rebound.
    No, you're incorrect. I do believe that this market will rebound (I think the bottom, as I've said here before, is probably 8). However, you have lost, given the assumption of a steadily progressive incoime of x% per year. You have been set back several years in the process. You know that, as a yardstick, a market that has lost 33% will need to recover 50% (of the original value) just to be even.

    I've done work for some institutional funds management companies as well. One, in fact, that gave away a fairly large check representing an investor institution's pension funds to a rather squirrley kind of CEO. :D
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    Quote Originally Posted by cat714 View Post
    I don't know what you do on Wall Street or what industry you work in, but it sounds like you don't believe the market will make a rebound.
    So Im not going to see grandma and grandpa pushing the Mexicans out from behind the counter at McDonalds cause the have to go back to work, at 75, because their fucking 401k in the toilet bowl?
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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