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Black Monday in stock exchanges in Europe and Asia

Discussion in 'Sports and News' started by poindexter, Jan 21, 2008.

  1. jgmacg

    jgmacg Guest

    Asia's way down again, Poin, but Europe seems to have stabilized. Where's Wall Street go today?

    And as an aside, let's not forget that whatever nickel-and-dime feelgood package is proposed for helping foreclosed homeowners will pale in comparison to the bailouts going to the banks that knowingly wrote, sold, repackaged and carried all that bad paper to begin with.
     
  2. HackyMcHack

    HackyMcHack Member

    Democrats always shoot down the line-item veto because old-timers like Sen. Robert Byrd want to hold on to their pork-barrel projects. And once the line-item was shot down back in the '90s, the Republicans jumped aboard the gravy train as well.

    Warts and all, and there are some mighty big warts there, I'm liking Ron Paul more and more every day. Economically, it's time to think outside the box. And with the likelihood of a split RNC convention growing with every primary, anything is possible.
     
  3. Football_Bat

    Football_Bat Well-Known Member

    Dow is gonna be a bloodbath today.

    Futures were down 500 points overnight; they were back up to -450 last I heard.

    The Fed might call a pre-market-opening emergency meeting and decide to lower interest rates.

    The Fed will probably have to drop it 3/4 of a percent to stop the bleeding. Of course, that opens the inflation can of worms. But have you seen a gallon of milk lately?
     
  4. Twice. And Hacky, the last person who did it was that well-known Democratic pork-barreller, William Rehnquist.
    It's also a terrible idea at this point in our history to give the Executive MORE power.
    I like the notion that the way to get out of a recession is an everybody-over-the-side I-got-mine festival of pure selfishness.
     
  5. HackyMcHack

    HackyMcHack Member

    You're right. It was the Supreme Court that struck it down the last time. Which means it has to be written up as a constitutional amendment.

    I'd be for a line-item veto that has a simple majority override. Make Congress vote on things separately if the President objects.
     
  6. Congress has the purse strings for a reason.
    Take that away, and you've got a king. Sorry, a stock market plunge isn't that.
    Moving along, how's the notion that we should hand social security over to the fucking geniuses in the financial-services industry looking this morning?
     
  7. jgmacg

    jgmacg Guest

    "We've found a way to re-monetize your 401K, grandma! Let the rising tide lift all boats!"
     
  8. HackyMcHack

    HackyMcHack Member

    Fed has cut interest rates .75 percent. And it still won't do any good, I fear....

    I'm in my early 30s, so I have 8-10 boom-bust cycles to go through before I retire. Grandma? I hope she isn't in stocks right now.... (I believe in the 100-minus age rule for investing: Subtract your age from 100, and that should be the percentage of your portfolio that should be in stocks.)
     
  9. poindexter

    poindexter Well-Known Member

    There shouldn't be any bailouts of:
    consumers/idiots who over-leveraged themselves
    financial institutions/idiots who over-leveraged themselves

    Funny how certain capitalists want to keep government out of the process - until it's time for a bailout. And don't even get me started with the bonuses handed out to these financial "geniuses". I've started threads on this two years running. It makes me sick to my stomach. Not figuratively - I mean literally.

    The "bailout" theme is a funadamental problem with this country. Whether consumers or corporate, the minute that there's bad news, people run to Daddy to make things all better.
     
  10. Football_Bat

    Football_Bat Well-Known Member

    Dow opens down 455. If it stays there, we'll be doing damn good.

    Quick update: At least it's trying to rally, up to -384. I think it will probably end up -250-300 at the end of the day. The Fed rate cut has to help, doesn't it?
     
  11. OnTheRiver

    OnTheRiver Active Member

    Yeah. Plus, remember that the market is already down around 8-9 percent from the start of the year. It's possible that the rest of the world was just catching up with us.

    (U-S-A! U-S-A!)
     
  12. OnTheRiver

    OnTheRiver Active Member

    I like how CNN's got the exchange's tally board in the lower right part of the screen. Makes me feel like I'm waiting to see an imminent murder.
     
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