Dow 11,893.69 -146.70 -1.22%

[nadinbrzezinski]

WOOHOO WE DID IT!

Oh wait....

THis is what I feared... we are now OVER that precious psychological barrier.

Oh and to those telling e a 1.22 percent loss does not matter... yeah you are right... until you realize what the HIGH of this market was, well over 14,000 points

So are you now finally going to admit this is a BEAR market and quite possibly worst than it looks?

Oh and trust me, this gives me no joy. After all my RETIRED parents now live from this fucked off market.

[CountAllVotes]

1. excuse me ...

but if your "retired parents" have all of their money wrapped up in this B.S. game, they are fools.

It was at 11,800 in October of 2000 FYI. Profits?

[nadinbrzezinski]

2. Buddy they are not fools

in fact, they know a lot more about things such as living within their means than most people in this site do today

Morevoer, how or where their actual assets are is NONE of your stinking bidness, suffice it to say... part of their money is in the US Economy, but being diversified ain't gonna do a damn thing if the world economy sinks

Perhaps then, you who are throwing stones from your glass house, may learn a lesson or two in humility.

Oh and this is NOT PROFITS... AT ALL, this is NOT TAKING PROFITS... worst case scenario can you say depression?


This is the kidn of fall, albeit in slo mo, seen in in October of '29

I hope you can buckle up from the inside of your glass house.

Damn some of the judgement in this place makes me at times go WTF? After all, why would an eighty someting who started with the shirt on his back have a right to a secure retirement?

[Warpy]

3. The bulk of the crash has already happened

but since it was caused by the fall in the value of the dollar, few people noticed at the time. Now that everything that is imported and/or needs imported oil to run, they're sure noticing now.

The slide will continue as the crash of hedge funds becomes known. Institutional investors will be left holding a large, mostly empty bag.

I said a few years ago that I wouldn't be surprised by a 7000 Dow by the time Stupid finally leaves office. I just hope I wasn't being optimistic.

The problem is that deregulation allowed thieves to set up exotic investments made out of thin air and wishful thinking, investments that were traded as though they were real, pumping paper profit all the way. Now everybody is finding out they never had any intrinsic value and the crash that started in August is now well underway.

Wealth is built from the bottom up, and the bottom is the sector that has been robbed and starved for the last 38 years. Collapses always happen from the top down when deregulation allows thieves to set up shop as long as they provide short term paper profits. This is what has happened to our country again. Getting out of it this time will be more difficult because we're nearly bankrupt and can't borrow out of it and our industrial infrastructure was looted and scrapped and we can't produce our way out of it.

The only way to get out of this one is to scrape what's left of the obscene wealth at the top and recirculate it at the bottom to start building a new industrial base. Perhaps this time we can design it in a sustainable manner.

[DemocratInSoCal]

4. Scrape The Obscene Wealth At The Top?

Warpy, you say...."The only way to get out of this one is to scrape what's left of the obscene wealth at the top and recirculate it at the bottom to start building a new industrial base. Perhaps this time we can design it in a sustainable manner."

Do you really think that's ever going to happen? Besides, how much of that wealth at the top has already been spent on multiple cars, multiple houses, multiple yachts, multiple plasma tv's, etc. In other words, it's already gone.

And what's left, is never going to be given up. They'll DIE before they give up one cent of what they've basically been given by this corrupt administration. Sure, there are some like Buffett or Gates, with charitable interests, and a conscience, but most of them are like the CEO's who appeared before congress today. And you'll have to pry the money out of their cold, dead hands, before they'll give up one cent of the 100's or 1000's of MILLIONS they made these last few years.

[nadinbrzezinski]

7. We have seen these kinds of restructuring of the US Economy in the past

WIHOUT a bullet fired.

New Deal is the prime example, but so is WWII

And that is just in the last century...

History, a great asset in your toolbox

(and if there is no willful restructuring then there are other means and if you believe Americans will not do that if pushed far enough... yes, yes they will... again history is your best asset. We are NOT separate from history, but fully part of it)

[Warpy]

8. How many plasma TVs do you think Buffet and Soros have?

How deeply did their purchase affect their obscene wealth?

These things you cited are TRINKETS and the truly wealthy aren't affected by their purchase.

Let me explain it this way. A rich man married a beautiful young woman. The only fly in the ointment was that her mother was going to go with them wherever they went, starting with the honeymoon. Not wanting to alienate his beautiful young fiance, the rich man developed a plan: send Mama shopping with $1000/day.

For a million dollars, he wouldn't see the old gal for about three years.

For a billion dollars (the obscene wealth at the top!) he wouldn't see her for THREE THOUSAND YEARS.

That's the difference between a millionaire and a billionaire.

When I talk about obscene wealth, I'm not talking about the upper middle class, the people with 1-5 million. I'm talking about the people with in excess of $100 million in net worth.

This country will have no alternative but to reinstitute a progressive tax system in order to pay down its debt and recreate a national infrastructure. That means that the obscene wealth of the few will be taxed.

[DemocratInSoCal]

9. Not The Obscene Wealth They've Already Accumulated

A new tax structure might help with money they will earn. But money that's already there's will be hard to get to. Especially with Congress suggesting every now and then, the desire to completely eliminate the Estate Tax, which already is so ridiculously high, that most won't be affected anyways.

And yet guys like Buffett are against the elimination of the Estate Tax. Were it up to the republics, all the money they already have, would be 100% there's to keep forever and ever.

[nadinbrzezinski]

10. If you put in a tax of 90% for that level

you will see a restructured economy.

Read history, been done before

And we are over the tipping point for that to happen again

Sure, they can take their money to Lichenstein... or Switzerland... but they will STILL HAVE TO PAY TAXES., why do you think they have been fighting since the Eisenhower Administration to lower those taxes, first from 90 then to seventy and now the new mark is 15%?

[Cruzan]

5. As a practical matter, from a sentiment point of view, yeah this is probably a bear market

Though some might quibble that one technical definition is 20% off the high, which would mean the Dow would have to get into 11,400 territory.

[nadinbrzezinski]

6. When are we reaching it is just a matter of time

mark my words on that one