Markets open down in a big way...there's a bear chewing on my leg

[HereSince1628]

the Dow is off over 130 and the Nasdaq is off over 40.

[displacedtexan]

1. When Greenspan said "Possible recession,"...

those in the know probably understood the real meaning: "Recession is already here."

[HereSince1628]

The sell-off apparently started in the Shanghai market overnight...

Folks have been anticipating the "correction" for months. Everyone wonders is this the 10% drop we've been dreading.

[JackRiddler]

7. Western economies only ever exist in two possible states:

1) It's not a recession yet.

2) The recovery has started.

[SpiralHawk]

2. "Don't worry, war profiteering is way up." - Commander AWOL

"Me and my cabal of corrput republicon cronies are doing fabulously well, so nothing to worry about. Oh yeah, too bad about you proles and working stiffs. Life's a bitch. You should have invested a a couple of million in Halliburton when you had the chance."

- Commander AWOL

[w8liftinglady]

3. must be true-Laura said so on Larry king last night

[goclark]

4. Should I start pulling out my pennnies? nt

[A HERETIC I AM]

5. Hey! Stocks are going on sale!!! Really, think about it.....

When Target announces "Everything in the store marked 5% off!" do people run TOWARDS the store or away from it?

[the other one]

6. 5% is not a sale. 50% would be a sale.

And if I don't need it I don't buy it from target unless its 75% off. I just stocked up my wardrobe at Kohls for 80% off, and I really should have done my 07 xmas shopping.

[A HERETIC I AM]

9. LOL...fair enough..

The point i was trying to make is that the stock market is one of the few markets of any kind where the perception of a down trend in prices is seen as something inherently bad. In any other market, a dip in prices tends to be seen as a positive. It is just an observation, nothing else.

[no_hypocrisy]

8. Even gold fell almost $10 an ounce. n/t

[Blackhatjack]

11. Now that is interesting. You would expect gold to go up ..... n/t

[no_hypocrisy]

16. Status report: Gold is back at today's high, $684.00/troy ounce. n/t

[Blackhatjack]

10. The bill for Iraq is coming due, and housing market results is a dark financial cloud...

WE are in for a lot of financial pain before it gets any better.

And Greenspan's remarks show how disingenuous he was when he was that the helm. He got out because he saw this coming.

THe next shoe to drop will be reduced monthly US debt purchases by foreign creditors, like CHina. When the dollar drops in value, it will send chills through other world markets.

In this environment, attacking Iran would be the financial A-bomb, and would create a worldwide recession.

[KoKo]

12. Chalmers Johnson author of BlowBack and Nemesis said Bankruptcy is the only

thing that can save the American Empire from ruin. Says it will be tough, but we can get through it.

He also wrote "Sorrows of Empire" and was on C-Span's Booknotes a couple of weeks ago. He doesn't see Bush/Cheney and policies being reigned in by anyone...said when we go Bankrupt it will stop.

China, Japan and others will keep us afloat (because we are important to them in purchasing their goods) but they could start to pull in plug in ways that could curb us without causing collapse.

Who knows. If we can't save our selves we will need help.

[Dr.Phool]

13. He has a long interview with Amy Goodman today on Democracy Now!

I caught it this morning. I'm gonna TIVO it for my wife.

[KoKo]

17. Thanks...he's well worth the listen... even if what he says sends chills.

[lectrobyte]

21. Sadly, I think he's right. I've not read Nemesis, but after reading

Blowback and Sorrows, I went around around for about six months trying to find someone that could convince me his predictions were wrong, or just point out some flaws in his logic... No luck yet.

[Skidmore]

22. He's supposed to be on Talk of the Nation on NPR today.

[TahitiNut]

14. Impossible. How can they run out of Greater Fools in Cheney/Bush America???

:silly:

Just remember, that P/E of 30 is a "good thing". :eyes:

[NorthernSpy]

24. lol...

Ziiiinnng!


:rofl:

[roamer65]

15. When America finally pulls out of Iraq and Afghanistan, it will turn on itself.

This country has always needed a "bogeyman" to stay unified, and when we lose our external ones, we will invent internal ones.

[MilesColtrane]

19. Yup, you'll notice that after the Berlin Wall fell and Communism in Europe...

...receded, US militia groups started rising in number, eventually leading to Tim McVeigh.

[MilesColtrane]

18. I heard a stat the other day....

...that the present bull market has gone on 30% longer than the historical average.

We're past due for a downturn.

[w8liftinglady]

20. did I see that right-down 207?

[krispos42]

23. So it begins

<sigh> Well, better go stock up on toilet paper and MREs.

I guess this means the $839.74 in my 401(k) is about to go bye-bye.