Stocks plunge, end day at decade-plus lows

[Pale Blue Dot]

Source: MSNBC

NEW YORK - The major market indexes closed at their lowest levels in more than a decade Monday, pulled lower by investors rapidly waning confidence.

The Standard & Poor’s 500 index fell to April 1997 levels , while the Dow Jones industrial average, down 250 points, reached its levels of October 1997 as investors succumbed to their growing worries about a recession that has no end in sight.

“People left and right are throwing in the towel,” said Keith Springer, president of Capital Financial Advisory Services.

Most financial stocks were pounded even as government agencies led by the Treasury Department said they will launch a revamped bank rescue program that includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them.

Although the government has said it doesn’t want to nationalize banks, many investors are clearly still concerned that this could be a possibility as banks continue to suffer severe losses because of the recession. They’re also worried that banks’ losses will keep escalating as the recession sends more borrowers into default.

Read more: http://www.msnbc.msn.com/id/3683270/

[Hubert Flottz]

1. It's a good thing everybody's Social Security wasn't invested

in the market like "The Decider" wanted to do! Then the crooks would have had your Pension, 401k and Social Security all in one big rip-off.

[ginnyinWI]

2. our social security money doesn't exist yet.

It's only a promise and depends on employees of the future making money and paying into the system just like we are doing for our elders now. We have the government's promise that it will be there for us.

Pensions are also promises, really, dependent on the business paying it out.

Our 401K's are worth what they are invested in. Ours are in mostly stocks so we are really worried, being ten years away from retirement and hoping it will be better by then!

[ret5hd]

13. Well, in 10 yrs you can tell us what was the better promise: SS or 401k.

[Towlie]

3. I pulled my 401k out of the S&P 500 when it was at 1288.

Now it's at 743. At the time I felt foolish that I had waited so long, but now the charts make it look like it was a pretty shrewd move.

[CoffeeCat]

9. We got out when the DOW....

...was around 8,700, and I felt like a complete moron for waiting that long.

I'm so glad we got out.

All of this is such a catastrophe, and I grieve for our entire nation--because no one is immune (unless you're part
of the political-crime syndicate that has destroyed our economy).

[Lucky Luciano]

14. Great Trade! Hats off to you! nt

[Towlie]

15. Never listen to "experts" who warn against selling and "locking in your losses". It's bad logic.

[bemildred]

17. The first rule of Italian driving: "What is behind me is not important".

If you think it's gonna go down, you ought to sell.

[Spouting Horn]

4. It's going to keep crashing

until the Gov't stops borrowing so much money and bailing out all these huge businesses.

We simply cannot afford all this new spending.

[Roland99]

5. I closed a 401(k) in 1997 to buy a house with 10% down.

Since then, I've lost my job twice, including being unemployed at this moment.

Glad to see I at least got to experience a few positive years in a house of my own and could start back investing again below where I left off! WTG, Wall Street!

[truedelphi]

18. Thank you for the optimistic spin.

Optimism is about the only thing left for most of us!

[No Elephants]

22. I hope things turn better for you.

[CatholicEdHead]

6. It was not a pretty day, we are just a bit above 7100

If this keeps up we could break 7000 tomorrow.

[BB1]

7. Worldwide misery, more to come.

Nothing to see here, folks. Move along.

[Number_Six]

8. Truth: It is not a recession, now, is it?

Go on, say it with me:

D E P R E S S I O N

We have arrived.

[NMDemDist2]

10. Warpy (the wise DUer) explains the difference between a recession and a depression

a recession is when you don't have the money to buy goods, a depression is when there are no goods on the shelves

at my grocery store today, I noticed lots of empty shelves and even at the Dollar General, there was whole aisles with long sections of empty shelves. the ladies that work there had a big printout of 'discontinued' items they were discussing

it's getting scary out there folks, better grow some taters and veggies this spring

[truedelphi]

16. That is a great definition. Kudos to Warpy for that.

And to you for posting.

[tama]

12. Well

I've been calling this depression, collapse and systemic crises since August - and in fact, much longer than that...

[debbierlus]

11. Dark times.

[AwakeAtLast]

19. I did the "forbidden thing" and borrowed against my 401K last year

I now look like a genius! I didn't lose that money, I'm slowly paying it back!

[progressoid]

20. It's all Obama's fault.

I heard a guy at the grocery store say so! "Every time he open's his mouth the stock market crashes!"

See? It's Obama's fault.

:eyes:

[No Elephants]

23. So, if Obama says nothing for a week, we'll be okay again? Yippee. Talk about an

easy button.

Some people just could not be more stupid, if they give it their very best shot.

[Individualist]

21. Asian markets are also down tonight

Hang Seng currently down 3.78%, Nikkei down 2.60%.
http://finance.yahoo.com/intlindices?e=asia

[carlyhippy]

24. I threw in the towel 2 weeks ago

I took what little was left of my profit sharing retirement money and put it in a cd, took it out of the market, I lost 1/3 to 1/2 of it just last year. My broker told me I was making a big mistake, I told him if we didn't get it out now there would be nothing left, it's only a 1 year cd, hopefully things will come back up around the time it matures, if not, I will cd the money again.