http://www.cnbc.com/id/44017828

Obviously the US debt and fear (valid fear I might add) of global recession stemming from a failiure of the US economy is taking it's effect finally. The US is basically pulling the global economy downwards it would seem. I sort of figured when we bailed out the banks that a double dip recession would likely occur. Hopefully I am wrong, but this very easily could be the beginning of the 2nd (and much bigger) "dip".

October?

Cornys is doing really well today.

And the headline says 500, not 450.

The market is up and down all of the time though, a couple of days ago (or weeks, I lose track of time) it had climbed by 700 points. You didn't see massive headlines about it. Just keep your knickers on and your debts in order, then you have nothing to worry about.

Quote from P5YcHoM4N :

And the headline says 500, not 450.

The market is up and down all of the time though, a couple of days ago (or weeks, I lose track of time) it had climbed by 700 points. You didn't see massive headlines about it. Just keep your knickers on and your debts in order, then you have nothing to worry about.

500pts on the Dow is a BIG DEAL (TM).

It is a big deal, it's down to or even below 2008 levels today..

It's no where near 2008 levels, or 2009, or 2010... but 500 in a day is a lot.

http://www.forexpros.com/indices/us-30-advanced-chart

Quote from CSF :

Cornys is doing really well today.

Honestly, I'd tell you how bad my day's been, but nobody cares.

To get back on topic: In my eyes, this plunge is a pretty big deal. Of course I'm calling for a double dip, so... yeah.. I suppose I'm bias. Also, I posted that before the markets actually closed so the page has likely been edited.

Some CNBC pundits believe that this could just be a "market correction", suggesting that many stocks and commodities are overbought. If it goes down Friday also, look at things like the jobs report due out, if it's negative, expect it to plunge further. If it's better than expected, I expect the markets to pick up.

Most of all, I'd say if you can spare any, and would like to buy into something, buy during a dip, each time there's a dip. Then when it springs back, watch the profits you'd gain if you average down your position.

So the large amounts of fiscal stimulus and money printing didn't work?




No shit! ... and what's on the table from the Fed.... more of the same... more debt lol

This was all entirely predictable hence why my avatar, despite recent supposable 'gains' in the stock market, has always stayed strong. No one believed that the Eurozone or US was on some sort of recovery

Quote from U4IK ST8 :

It's no where near 2008 levels, or 2009, or 2010... but 500 in a day is a lot.

http://www.forexpros.com/indices/us-30-advanced-chart

Woops, dunno where I got the 2008 from In my mind, at least, I meant that it was back to or even under what we had in the beginning of 2011. Guess I mixed it up with 'biggest drop since 2008'.

Quote from U4IK ST8 :

It's no where near 2008 levels, or 2009, or 2010... but 500 in a day is a lot.

http://www.forexpros.com/indices/us-30-advanced-chart

Factor in the 'stimulus' and money printing and it's subsequent inflationary consequence we are probably at 2008 levels, if not worse.

^ Yeah.. Just because the stock market's looking good doesn't mean we're there. Honestly I think we're not any better off than we were in 2008 even if the stock market numbers are looking better. Stocks were staying pretty even last time I checked them thanks to the fact that unemployment went down to the lower 9% area.

Edit: At noon it is down another 160 pts

Everything is worse. private debt of banks is now been placed on the public. It's a disgrace.

Pay for jobs is largely staying the same while inflation is raising prices as well. This is the largest problem for the middle class that I'd seen other than the lack of jobs. I doubt that this will change very quickly. Thus my prediction of double dip.

I thought all hell would break loose when the European markets opened today. I'm glad the EU decided not to bail out Greece and friends again.

There is no double dip recession, It's a depression. There never was a recovery to dip again from. The recovery was just an artificial consequence of QE and stimulus, which has been proven to be a complete and utter disaster.

Had the politicians been brave and let the banks go bankrupt in the first place we might (I stress might) be seeing some form of real recovery now or in the near future. Shoulda copied Iceland.

Well sort of.. double dip as in the attempt to save the recession temporarily helps the market, and then the markets go lower than they ever did partialy because of the attempt to pull out of the first wave of downfall.

politicians including Obama don't have the balls to let their wall street buddies lose money. The evidence that there was no recovery is the 10% unemployment rate in the US, which is now a stagnant figure. Now we've raised the debt limit again even though we have more than enough money to run the gov. at a greatly reduced capacity (perfect) and afford to pay all social security and military pay, which Obama scared the public into disbelieving. now he's on a week-long bus tour of the Midwest, raising money for his reelection campaign. If only he were so adept at raising money for the country.

All of this was to preserve the US AAA credit rating, which we don't deserve because we're now borrowing almost 100% of GDP.

Quote from flymike91 :

All of this was to preserve the US AAA credit rating, which we don't deserve because we're now borrowing almost 100% of GDP.

That worked well.

from what i can tell, the TSX was the only north american stock composite index to lose any points today... the nasdaq and the nyse composite indicies were both up today.

edit: i just checked the dow jones index, it was only down 100 points overall today. blah.

I just saw that now. It was inevitable. The whole 'debt deal compromise' consisted of the left getting exactly what they wanted and pinning an eventual downgrade or default on House Republicans. The same Republicans who came up with a plan that would have cut trillions immediately, capped spending at a percentage of GDP and required the US gov. to balance the budget every year. But that was too crazy for Democrats to even bring up for debate in Congress, they wanted to cut maybe a trillion, maybe within the next ten years, and maybe that will get us back on track. Not good enough for the American people to believe, and obviously our creditors don't believe that BS either.

Quote :

i just checked the dow jones index, it was only down 100 points overall today. blah.

My father just dumped all of his stocks (5 hours before this announcement) after losing $2000 in just two days. He's not a huge investor by any means so that is a considerable loss. Using that money, we've just bought a third rental property, which is a much safer investment IMO.

some lols

http://www.youtube.com/watch?v=5stftd5qv3M

http://www.youtube.com/watch?v=LyePCRkq620

http://www.youtube.com/watch?v=rK0De210TBQ

Quote from boothy :

http://www.youtube.com/watch?v=LyePCRkq620

lol, indeed.

Quote from flymike91 :

The whole 'debt deal compromise' consisted of the left getting exactly what they wanted and pinning an eventual downgrade or default on House Republicans. The same Republicans who came up with a plan that would have cut trillions immediately, capped spending at a percentage of GDP and required the US gov. to balance the budget every year. But that was too crazy for Democrats to even bring up for debate in Congress, they wanted to cut maybe a trillion, maybe within the next ten years, and maybe that will get us back on track. Not good enough for the American people to believe, and obviously our creditors don't believe that BS either.

What ridiculous bullshit. There were 59+ House Republicans actively lobbying for default. The vast majority of voters are in favor of at least some tax increases to balance the budget, but Republican hardliners were willing to lead us to this conclusion to prevent any kind of tax increase.

http://fivethirtyeight.blogs.n ... ide-political-mainstream/