There goes the stock market

[Norelco]

Down 400 points already at the starting bell.

http://www.cnn.com

[Ryko]

Holy shit.

[Senoska]

oshit

[Chips]

:O... Bound to happen sooner or later?

[Guyverarmor]

My dad does investments , and called me this morning to turn on CNN before work, I was wow

[izembo]

well thats no good =/

[Correction]

Don't worry everyone, the president's checks are in the mail and will fix everything!

[Jedimasta]

I like how Ron Paul has been talking about this for a long time and people only realize how bad it is till every class starts to lose money.

[Ryko]

I like how Ron Paul has been talking about this for a long time and people only realize how bad it is till every class starts to lose money.

http://www.stealthbadger.com/content/images/gtfo.jpg
Please god don't turn this into one of those threads.

[Kyreth]

Fiscal irresponsibilty is finally biting the economy in the ass, hard.
(Namely, the entire loan/credit industry- again.)

Fed looks like it's going to 1-2 punch the lending rates with the pre-meeting cut done now and another 1/2 point later.

Plunge should veer off some later today, though. Think there's enough confidence in the market that people are going to bargain hunt...and besides, this is intertia built up from the day off for the market yesterday- when the world stock markets dropped off sharply.

(The bad scenario will be if the two keep feeding off each other and we get to see a huge crash.)

Personally, I see this as what happens when you feed all the tax breaks to the corporations and rich folks. It's the middle and lower class people going down the tubes that's fueling this collapse.

Anyone missing Bill Clinton's presidency lately?

[Delta_9]

gg savings, credit, and good old American consumerism.

[SwampdonkeyPLD]

Fiscal irresponsibilty is finally biting the economy in the ass, hard.
(Namely, the entire loan/credit industry- again.)

Fed looks like it's going to 1-2 punch the lending rates with the pre-meeting cut done now and another 1/2 point later.

Plunge should veer off some later today, though. Think there's enough confidence in the market that people are going to bargain hunt...and besides, this is intertia built up from the day off for the market yesterday- when the world stock markets dropped off sharply.

(The bad scenario will be if the two keep feeding off each other and we get to see a huge crash.)

Personally, I see this as what happens when you feed all the tax breaks to the corporations and rich folks. It's the middle and lower class people going down the tubes that's fueling this collapse.

Anyone missing Bill Clinton's presidency lately?

If your blaming this on the mortgage crisis, then blame congress. It was their fiscal irresponsibility, not the peoples. Congress passed a law stating that lenders had to lend money to people they normally wouldn't lend to because they couldn't pay back the money. What happened? They couldn't pay back the loans LOL. If not, then just ignore me.

http://www.rushlimbaugh.com/home/menu/i ... guest.html That might be true, but that's not what Bush did. Slam the site all you want, but that data comes from the IRS.

[Norelco]

Well maybe companies should stop making crap and I'll buy something. =P

[levish]

If your blaming this on the mortgage crisis, then blame congress. It was their fiscal irresponsibility, not the peoples. Congress passed a law stating that lenders had to lend money to people they normally wouldn't lend to because they couldn't pay back the money. What happened? They couldn't pay back the loans LOL. If not, then just ignore me.

I blame people overpaying for P.O.S. houses that they couldn't afford in the first place just because they thought it'd be a safe investment.

Yea sure that 600,000 "starter home" and "fixer upper" is worth the money and sure I can pay for it even though I don't make nearly enough to cover the mortgage + the upkeep on the house + the taxes and actually do something else like EAT and HEAT THE HOME IN THE WINTER

LOLZ

[Olo401]

I like how Ron Paul has been talking about this for a long time and people only realize how bad it is till every class starts to lose money.

I like it how Ron Paul gets credited for things that were common knowledge outside the rose-colored bubble that rich people live in.. This economy has been garbage since before Bush took office, thanks largely to the free-money economic policies of Alan Greenspan. Regular people know this, they feel it in their wallets.

If your blaming this on the mortgage crisis, then blame congress. It was their fiscal irresponsibility, not the peoples. Congress passed a law stating that lenders had to lend money to people they normally wouldn't lend to because they couldn't pay back the money. What happened? They couldn't pay back the loans LOL. If not, then just ignore me.

http://www.rushlimbaugh.com/home/menu/i ... guest.html That might be true, but that's not what Bush did. Slam the site all you want, but that data comes from the IRS.

Uhh.. first off you're linking to a blatantly biased and unapologetically partisan source, and I don't mean Rush the Magic Gasbag - I mean the Bush Administration's Ministry of Plenty. Second, Congress never passed any such law - lenders were getting money from the Federal Reserve at 0% interest on the Fed Funds rate for YEARS, and even when Greenspan's gang started finally raising rates they only did it a quarter point at a time. With all that free/cheap money floating the economy, mortgage lenders thought they could get away with giving mortgages to people with no collateral and poor credit histories. Guess what.. they fucked up, and now all that cheap money's coming back into the market in the form of worthless paper. And what's Bush's answer? GIVE AWAY MORE WORTHLESS PAPER. Where does it end?

I've been watching this shit for years now waiting for the reality check. I'm amazed it took this long. Seriously, the best thing you can do right now to save yourself, family and friends from financial ruin is to dump your investment account and possibly your savings into Euros TODAY, before the exchange rate goes sky high. Not everything you've got.. you'll need to save some dollars for immediate expenses.

[MisterBob]

This is hardly a "there goes the stock market" situation.

[Charla]

Fiscal irresponsibilty is finally biting the economy in the ass, hard.
(Namely, the entire loan/credit industry- again.)

Fed looks like it's going to 1-2 punch the lending rates with the pre-meeting cut done now and another 1/2 point later.

Plunge should veer off some later today, though. Think there's enough confidence in the market that people are going to bargain hunt...and besides, this is intertia built up from the day off for the market yesterday- when the world stock markets dropped off sharply.

(The bad scenario will be if the two keep feeding off each other and we get to see a huge crash.)

Personally, I see this as what happens when you feed all the tax breaks to the corporations and rich folks. It's the middle and lower class people going down the tubes that's fueling this collapse.

Anyone missing Bill Clinton's presidency lately?

If your blaming this on the mortgage crisis, then blame congress. It was their fiscal irresponsibility, not the peoples. Congress passed a law stating that lenders had to lend money to people they normally wouldn't lend to because they couldn't pay back the money. What happened? They couldn't pay back the loans LOL. If not, then just ignore me.

http://www.rushlimbaugh.com/home/menu/i ... guest.html That might be true, but that's not what Bush did. Slam the site all you want, but that data comes from the IRS.

O RLY? Now you might be referring to this, but I hadn't heard it linked to subprimes until now.

[Jedimasta]

I like how Ron Paul has been talking about this for a long time and people only realize how bad it is till every class starts to lose money.

Please god don't turn this into one of those threads.

I'm a democrat, don't worry. I only brought up Ron Paul cause he is the only I have heard with any real change to economic policy.

[Woozie]

Me and a friend in the laboratory nearly shit ourselves simultanously when we saw this a few hours ago.

[Olo401]

Actually it's not as bad as it was.. Dow's only down about 150 points at the moment. Investors just saw what was going on overseas and went a little crazy in the future trading. The Fed's emergency rate cut helped calm things down too, even if it's a horrible move to "flood the engine".