Looks like it's gonna be "Meltdown Day"...

[regnaD kciN]

Asian markets down around 10%, Russia in freefall, UAE down 8%, the U.K. and German markets now getting hammered (around 6%-8% down), Dow futures already down 204 points...as much as I may have doubted it until now, this really may be the day the global economy collapses, 1929-style.

:scared:

[lligrd]

1. Looks Like A World Wide Meltdown This Time

I would frankly, feel better if it was just us.

[regnaD kciN]

2. Actually, it was back then, too...

People here just weren't so aware of it, because not all that much of the economy was globalized.

[pnwmom]

3. We would be much better off it was just us.

Recovery will be much harder and longer if there is a serious global recession.

[Boz]

4. Actually conceptually, we are better if it crashes global because monetary equality is maintained

If all money is worth less its still more equal than if we crash and other countries money is worth more.

In many ways the money that is "disappearing" is the fiat speculative not real assets, so its almost a giant market correction, rather than a crash. Although its still going to do the damage commonly associated with a crash it is nowhere near a '29 style crash.

[endthewar]

6. So it would appear on the surface,

but it only guarantees that the upcoming depression will last longer. You need to remember that the US is a debtor nation. As funds around the world dry up, it will be harder to borrow from other countries and other countries will want to charge the US more interest to borrow.

[pnwmom]

8. If other countries are in a recession too then they will be that much less able

to buy our products and/or to hold our debt.

[WinkyDink]

7. Me, too! There goes my clever "let's put some retirement $$ in 'Emerging Markets'" decision.

[lligrd]

9. Didn't Cheney Do The Same? nt

[bluestateguy]

5. And Fox News will still be yapping about Bill Ayers

nt

[alwysdrunk]

10. No it doesn't

A lot of the speculative value has "burned off" in the markets but there is definitely still real value there. People sounding like they are rooting for our economy to fail are really starting to piss me off.

[regnaD kciN]

11. Look, pal, I'm not "rooting for our economy to fail"...

I've got an 89-year-old widowed mother who needs round-the-clock live-in care, and is paying for it from my late father's investments. If we get another 1929-style crash, we're in big trouble.

I'm hoping for the best, too. But I did read that the average P/E ratio over the years was 14:1, and, right now, it's 20:1 -- suggesting that the "burning off" wouldn't logically be complete until the DJIA dropped all the way to 6,000. Like I said, I hope they're wrong.

(Although I wouldn't be too unhappy to see the economy not start to move back up until the day after Election Day...)