Remember The Good Old Days, When The Dow Was Over 9,000?

Consider this an end of the (financial) world open thread.

65 comments

  1. umustbekidding says:

    Why aren’t all of us in DC with pitch forks running ALL of Congress out of town?

    Oh wait – we are trying to hold on to our jobs and homes. Besides it would take an act of congress to get rid of all those jerks! And we know that won’t happen.

  2. SavannahDem says:

    Also, the national debt is up from about 5.7 trillion in 2001 to more than 10 trillion now. That’s more than a 75% jump.

  3. Ga Values says:

    Where Saxby Chambliss gets his money::

    Agri Business—-$1,368,000 Banks, Insurance, Real Estate—-$1,332,000 Lawyers & Individual Lobbyist——$641,000 Misc Business —-$679,000 Other ——$606,000..

    The Agi Business got a gift of $20 billion waste from Saxby’s Farm Bill. The Banks, Real Estate & Lawyers just got a $2 TRILLION gift from the Bail Out the Banks act which Saxby & Johnny voted for. Not a bad return on your money.

  4. umustbekidding says:

    Savannah – Only a dem would spin this mess to be Bush’s fault. I won’t say it’s the democrats alone either. There is plenty of blame to go around but it all originates from the bad loans that CONGRESS set up in the 90’s. Barney Frank should be run out of town on his rainbow colored horse and the rest of them should follow!

  5. Icarus says:

    Chris, I highly recommend a visit to The Tabernacle on Oct 24th to see Daniel Tosh. (www.danieltosh.com). As my favorite comedian, he’s the kind of guy that would get a good laugh out of questions like that.

  6. Chris says:

    I’m with you Doug. I’m thinking 7500-8000 is the bottom of this market.

    At this point I’m shorting everything and loading up on credit. Go Obama!

    The ass-cancers that are Bush, Haster, Frist, Lott, Delay are directly responsible for this nonsense. They were the ones elected to manage the country and they jacked off pandering to bigots and morons on this blog like GOPeach with their abortion and anti-gay bigotry.

    If you read redstate or voted for these worthless Republicans YOU brought this on all of us.

    To hell with them all. Linder, Saxby, Johnny, McCain and Bush. They can all rot in hell. Hopefully while getting buggered by some flaming demon.

    Yes. I’m pissed.

  7. Icarus says:

    Um, I’ll amend the above recommendation to add, I think you should get really, really tanked and then check out Daniel Tosh…

  8. Chris says:

    Cobb: Gas prices have gone way up too!

    But thats what Democrats do – ruin the economy. Wolves eat sheep, cats chase mice, and Democrats destroy wealth. Its part of the eco-system.

    Its the GOP who your anger should be directed at. They were elected to stop this crap.

  9. Icarus says:

    “Its the GOP who your anger should be directed at. They were elected to stop this crap.”

    Ohhh, why didn’t you say so earlier?

    I thought we were elected to keep Terri Schaivo alive and give her dignity and a quality life?

  10. Chris says:

    I just heard on Fox that Ayers tried to blow up the US Capitol. If I were Obama I’d be highlighting that fact.

    Blowing up the Capitol is the Change We Deserve!

  11. IndyInjun says:

    Farris Wrote:

    “Thrift is the next killer-ap.”

    Welcome to my world, just as I change from a lifetime of frugality to embrace the brave new world of the infinite bail-out that will be kicking in to produce hyperinflation.

    BUY GOLD. (among other infaltion protection.)

    Peachpunditeers are about to get whiplash.

    The good news is that all you 20 to 40 y.o’s will make higher salaries than you ever dreamed of.

    The bad news is that is won’t be enough.

    The crooks in Washington and Wall Street have stolen the futures of every single one of us.

    Forget the blame games, folks, it is time to unleash TOTAL FURY ON THESE BUMS.

  12. John Konop says:

    ALL SHOULD READ!

    Is This It?

    by George Will

    WASHINGTON — Time was, the Baltimore Orioles manager was Earl Weaver, a short, irascible, Napoleonic figure who, when cranky, as he frequently was, would shout at an umpire, “Are you going to get any better or is this it?” With, mercifully, only one debate to go, that is the question about John McCain’s campaign.

    In the closing days of his 10-year quest for the presidency, McCain finds it galling that Barack Obama is winning the first serious campaign he has ever run against a Republican. Before Tuesday night’s uneventful event, gall was fueling what might be the McCain-Palin campaign’s closing argument. It is less that Obama has bad ideas than that Obama is a bad person.

    This, McCain and his female Sancho Panza say, is demonstrated by bad associations Obama had in Chicago, such as with William Ayers, the unrepentant terrorist. But the McCain-Palin charges have come just as the Obama campaign is benefiting from a mass mailing it is not paying for. Many millions of American households are gingerly opening envelopes containing reports of the third-quarter losses in their 401(k) and other retirement accounts — telling each household its portion of the nearly $2 trillion that Americans’ accounts have recently shed. In this context, the McCain-Palin campaign’s attempt to get Americans to focus on Obama’s Chicago associations seem surreal — or, as a British politician once said about criticism he was receiving, “like being savaged by a dead sheep.”

    read more

    http://townhall.com/columnists/GeorgeWill/2008/10/09/is_this_it

  13. Vic says:

    Salvation Army
    2955 Broadway
    Macon, Ga
    Tuesday Lunchat 1p.m.
    Everyday Supper 6p.m.

    Loaves and Fishes Ministries:
    651 Mulberry
    Tuesday Sack Lunch 12-1p.m.
    Snacks everyday

    Macon Outreach at Mulberry
    267 First St
    Macon, Ga
    Tuesday Breakfast 7-8a.m .
    Lunch MWThF 11a.m. 12p.m.

    Christ Episcopal Church
    538 Walnut St
    Macon, Ga
    Saturday and Sunday Lunch 12-1p.m.

  14. bowersville says:

    What’s the matter with you people. You’ve hit a bump in the road and now you are ready to get in the soup lines and accept that you have been defeated.

    Get out of here.

    Ronald Reagen, “The stock market goes up, the stock market goes down.”

    When it’s up you see the sun shining on your little delicate @ss. When it’s down, you roll over and die. Swell, give up and die, it’ll save the survivor’s from having to bail your sorry @ss out.

  15. Doug Deal says:

    Chris,

    You joke about ass cancers, but I recently read that my favorite political analyst of all time, P.J. O’Rourke once had a malignant hemorrhoid removed recently. Sounds like this term is the perfect metaphor as to what the US needs in Washington, starting with Pelosi, Boehner, Reed, Dodd and Frank. Although there will be scaring from W, at least we know he is gone come January 20.

  16. Dave Bearse says:

    And if social security were privatized, the very thing happening to 401(k) across the country would be happening to Social Security accounts. Consider the privatization argument dead for a spell. Privatization will be dead for a generation unless there’s a more than full recovery within say in a half dozen years.

  17. Icarus says:

    “Privatization will be dead for a generation unless there’s a more than full recovery within say in a half dozen years.”

    I plan on bringing it up in my next policy solution. It’s what we need now more than ever.

  18. Vic says:

    Nikkei down another 9.6%
    Hang Seng down another 8.1%
    Russia markets closed due to crisis

    AIG executives cancel $1/2 million spa retreat, get an additional $38 billion as reward . Total AIG Bailout so far $123 billion.

    G7 emergency meeting today. G20 emergency meeting this weekend. The governments will save us.

    Bowersville announces to Georgians that all is well.

    Icarus says we should have invested Social Security money in stock market.

    Chris teaches us new words and starts drinking earlier and earlier as the week goes on. FBI scheduled to be at his home later today to discuss flight 93.

    Doug’s push mower appreciates more than the stock market.

  19. umustbekidding says:

    I think our government should cut their spending down to the bare Necessities . We should stop sending money out of our country, clear out the illegals (I hear some are leaving – lets just hope our gov’t isn’t dumb enough to forward their food stamps to Mexico), and we should cut out all the fluff – Arts, nonprofits, pork, all the things gov’t should not be paying for in the first place.
    After that we will know where we stand. We take care of our own like every other country – they don’t give the U.S. anything but headaches.
    This may be extreme but this has been needed for years. We have over spent for too long.

  20. Dow 14000 to Dow 8500, isn’t a speed bump. Nor is it a pot hole (possibly a more apt metaphor). The bloody road was washed away by the Malignant Hemorrhoids in Congress.

    You know why I’m really POed Icky? That Indy and Goldwater and the Ron Paultards are being proved right.

  21. Icarus says:

    “Icarus says we should have invested Social Security money in stock market.”

    No where did I say that.

    “That Indy and Goldwater and the Ron Paultards are being proved right.”

    Yes and No. Being able to see something coming, yes. But specifically with the Ronulans, their “solutions”, (hard to call them that because there is never, EVER, the necessary transition plan outlined to get to their constitutional utopia) would make the problem worse, not better.

  22. Dave Bearse says:

    Correct Icarus, you didn’t say that. Security is the operative word. What if not stocks; bonds, banks, real estate and commodities? I’m looking forward to that policy solution.

  23. Icarus says:

    Easy answer. FDIC insured bank accounts, similar to the original IRA accounts.

    Individuals get private ownership of at least some of their FICA contribution, and commercial banks get much needed deposits to begin shoring up their balance sheets.

  24. IndyInjun says:

    GOLD seems to be having the last laugh as the ONLY monetary system that is reliable. The Constitution provides that money is to be gold and silver. Had money been based upon same, the insane phony money creation scheme that Jefferson and Jackson warned about would never have arisen.

    What NONE of you can face is that your money – even in FDIC accounts, your 401K’s, Social Security payments, teacher retirements, military retirements, life savings of every kind, and the funds for your children are being consumed on a vast burning pyre. The fuel is YOUR MONEY.

    Quit being fooled.

    Quit being complacent.

    The insurmountable problem was not subprime – that was fixable at $350BB. The problem of the mortgage securities was bailable – it would have HURT – at $2 trillion. The DERIVATIVE DEBT is multiples of GDP and piled on top of $62 trillion means total financial decimation of America and her people.

    The CROOKS WHO DID THIS TO US are busily, madly bailing out everything in sight, creating hundreds of billions overnight.

    When you read of these things visualize YOUR FUTURE AND THAT OF YOUR KIDS going up in smoke as the CROOKS, LIARS, and THIEVES feed the bonfire at the expense of AMERICA.

    Anyone who votes for Saxby Chambliss, after his role in this, needs to have his/her ass kicked.

    If the kids find out they might even do it.

    Ron Paul was right on most accounts, even if his ‘tax system’ was a flight of utter fantasy…..

    The kids will know this too.

    NEVER have I been prouder to support a candidate nor more vindicated that he was right.

  25. Harry says:

    Or, maybe the markets really are being played by smart guys who have the tools to trash remaining corporate capitalization so that they can grab and never pay back the “free” federal money (bailout and open window). They have 50 ways to do this.

  26. Tea Party says:

    @rb dem: Econ 101 is all Indy,Gold, and I have ever put forth, its’ not about being right, just not being so durned stubborn about being wrong would have done nicely.

    Don’t try to time the upswing. When P/E’s (yeah, time to dust off the ‘classic business sense’) start to approach 11-12, it may be a perfect time get back in the game. Don’t wait, cause the Dow will probably shoot up like a junkie in A-Dam.

    Plently of folks will make out on this, all is not lost. If anything, perhaps a new breed of prudent leaders will emerge. People ought not vote for anyone without basic business acumen.

    A thoughtful wish to those newly elected leaders in Dunwoody: This is going to be a tough time to do a hard job, keep your heads level and hearts stout.

  27. IndyInjun says:

    Tea:

    You are right.

    However, do not figure on investing for the long term.

    Torching the future to lift a hot air balloon works until the future has been totally consumed.

    All of the $trillions in bailouts and instant infusions of $hundreds of billions will temporarily lift the market…

    Then, as in the 70’s, it will become zombie land for 10 or 15 years.

    This madness may make gold go to $10,000 per ounce and a loaf of bread $25, so why shouldn’t the market soar in NOMINAL terms?

    The question is how good is a DOW of 30,000 when gasoline is $25 a gallon a a loaf of bread $25.

    Yes, me 25/25 plan is now in play…..that being that a couple age 25 will need $25 million to retire on.

    Saxby won’t worry. If he gets another term he will be richly rewarded.

  28. Harry says:

    Goldman Sachs and AIG insiders are going to make out like bandits, which is their their reward for working with Dodd, Frank et al, building the house of cards. The rest of us schmucks will pay, one way or another.

  29. IndyInjun says:

    Harry, you fit the nail on the head….the first one….the next nail has GOP stamped on it…. Goldman Sachs is tied into BOTH corrupt DC parties.

    Until everyone wakes up to this fact, America is being serial raped, first by a thug in red, next by one it blue.

  30. IndyInjun says:

    Bucky,

    Just go to the Fed and tell ’em you are an issuer of commercial paper (this is not a lie if you wiped your butt in the restroom of any commercial establishment).

    This would immediately result in an interest free loan of unlimited size (think BIG and tell ’em you need $50 million) of unlimited maturity and unlimited forgiveness.

    Take the money and buy a farm in Chile.

  31. IndyInjun says:

    “I just heard on Fox that Ayers tried to blow up the US Capitol.”

    Nah, that has been tried via the Fillibuster too many times.

  32. Vic says:

    http://www.contingencies.org/septoct08/mccain.pdf

    McCain Palin Health Care Plan
    -Contingencies Magazine- American Society of Actuaries
    Sept/Oct 08 issue:

    “Opening up the health insurance market to more vigorous nationwide competition,
    as we have done over the last decade in BANKING, would provide more choices of innovative products less burdened by
    the worst excesses of state-based regulation.

    Consumer-friendly insurance policies will be more available and affordable when
    there is greater competition among insurers on a level playing field. You should be able to buy your insurance from any willing provider—the state bureaucracies are no better than national
    ones. Nationwide insurance markets that ensure broad and vigorous competition will wring out excess costs, overhead, and BLOATED EXECUTIVE COMPENSATION.”

    -maybe we can save enough with John and Sarah’s healthcare plan to pay for the bank bailout?

  33. bowersville says:

    Today was the worst day in our lifetime to sell on the Dow Jones etc. but on the other hand with so many losers, it was the best day in my lifetime to make my 5 year old grandchild a multi-millionaire by the age of 21.

    So you weak minds that are cutting your loses, will you please continue to sell Monday and cut your loses? Please.

  34. IndyInjun says:

    With these idiots running things, a couple of million a month will be minimum wage.

    It ain’t the muliple millions that count, it is what they will buy.

    Bushonomics means purchasing power of $US goes to zilch.

    When he gets to 21 how are you gonna explain voting for the GOP, especially Saxby Chambliss?

    I sold a LONG TIME ago. I ain’t hurting. I am keeping my powder dry. It won’t be Monday, but this market will see sub-5000 and there are sectors that have been/will be sold off due to misinformation of the type gobbled up by GOPers and Dims.

  35. Most market analysts say we’re near the bottom, if not there yet. I’m ready to jump in. I’m glad I pulled out half of my 401(k) last year when it began to yoyo in major swings.

    Now that the cat is out of the bag (ie. banking crisis, oil etc.) the market should begin to steady. I’m going for small caps and value. If I’m right it could be a big winner.

    I’m stuck with an emerging market fund but am not quite sure what to do. My guess is to hold it until the market goes up a couple of thousand points.

    In the 80’s I marketed 403(b) plans to schools. We had a jittery 1988. One math teacher who was in retirement and 100% in growth said to me, “as long as we’re still in the free market capitalist system he was staying put”. He was right. When I left the company in 2000 his $100k had grown to over $700,000.

    If Obama and the Dems have there way, all bets are off. Their mantra is “each according to his means.” That scares the living stuff out of me. However, I don’t believe they’ll be able to achieve much of anything they’re proposing. Clinton did the same thing and it crushed the Dems for a decade. Unfortunately, I don’t see a Newt Gingrich in the house or senate. When one does arrive on the scene, perhaps we’ll believe in capitalism again.

  36. Tea Party says:

    Is Obama touting Marxist doctrine, “From each according to their ability, to each according to the needs” or is it campaign rubbish?

    The Ayers thing, Rev. Wrong makes this observer feel pretty sick inside that a candidate for POTUS could even be considered with such ‘patterns of affiliation’ in their record.

    Then I hear John McCain was not as good a fighter pilot as Pres. Bush! Holy Smokes!

    No wonder the world financial markets are in turmoil…

    …Up maybe down, but Left is still not right.

  37. bowersville says:

    How did today’s Monday market go? The bottom was Friday.

    With today’s 990+, my five year old may only have to wait ’till 13, unless we can get Jim Martin to DC to help Chris Dodd and Barnie Frank get the Fannie/Freddie housing market going again.

    Trust Barnie and Chris to get the racist accusations going so I can sell some more worthless paper at taxpayer expense. Vote Jim Martin to help get the race card out so you idiots can pay for your guilt.

  38. bowersville says:

    Kind of like the 11500-12500, it goes down before it comes up.

    What was that I heard before, what goes up, must come down. Before Obama of course.

    You can predict 6500-7500 come Obama, but like McCain said, “There’s no need to be afraid of Obama.”

  39. Chris says:

    President Obama has already been priced into the market.

    What is left to determine is if the Senate will be 60+, and who Obama will pick to be his Treasury secretary. How about Howard Raines? He knows all about buying up toxic assets.

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