DCBob
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Mon Nov-24-08 07:05 AM
Original message |
I predict a big day for Wallstreet today |
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Edited on Mon Nov-24-08 07:06 AM by DCBob
Lots of "positives" -- at least to the market:
-- The Citibank deal -- Obama's announcement of his financial team of Geithner and Summers -- Obama's jobs and economic stimulus program -- Obama may delay the repeal of the taxcuts on wealthy -- Some positive movement toward an auto industry deal -- Overall comfort level rising for the coming Obama administration
However, these may just be short term effect. The underlying bigger problems are still there.
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tekisui
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Mon Nov-24-08 07:12 AM
Response to Original message |
1. The DOW Future has it opening up 150 points. |
DCBob
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Mon Nov-24-08 07:16 AM
Response to Reply #1 |
2. It is hard to predict this crazy market but I would not be surprised to see another +500 today. |
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unless some other bad news pops up.
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Lasher
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Mon Nov-24-08 07:39 AM
Response to Original message |
3. That's just the way I see it. |
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The market might hold up for about a week before it continues its decline.
But I hope Obama doesn't renege on his promise to let tax cuts for the wealthy expire. He doesn't need to do that. Clinton raised taxes to reduce deficits and the market reaction was highly favorable.
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DCBob
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Mon Nov-24-08 07:57 AM
Response to Reply #3 |
5. I believe Obama will not renege on his promise to let the tax cuts expire. |
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I think he is just trying to defuse any issue that might send any negative message towards the financial market right now.
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Skwmom
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Mon Nov-24-08 09:42 AM
Response to Reply #5 |
14. They are saying he will delay the repeal by letting them expire. |
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Edited on Mon Nov-24-08 09:50 AM by Skwmom
Do you think that means he was just planning on letting them expire?
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Skwmom
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Mon Nov-24-08 09:45 AM
Response to Reply #14 |
15. I think a lot of stocks are tanking b/c the company is in trouble. |
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For example, the financial stocks. But I think some other stocks are being pushed down so the big money guys can make a killing when they go back up. If they can get the little guy to dump good stocks that are undervalued, they can make a fortune when they go back up to a more representative value.
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pokercat999
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Mon Nov-24-08 07:47 AM
Response to Original message |
4. I don't understand ANYTHING about the market except it |
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seems to do exactly the opposite of what I expect on any given day. I have thought for a couple of years that the DOW should have never exceeded 7500, and I have been expecting it to drop back to that point for quite sometime. My guess was based on pure gut feelings, not something I'd bet on. I look for another drop today.....so it should go up substantially.
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Raineyb
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Mon Nov-24-08 08:33 AM
Response to Original message |
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The stock market is NOT an accurate measure of the health of the economy.
That Citibank deal from what I've been reading is more giveaway to Wall Street fuckery.
Repealing the tax cuts on the wealthy is NOT good news. Who the hell do you think has been making up the difference? It's the rest of us who are friggin' tapped out. I don't hear a damn thing in the economy that's good for us, the people who work for a living as opposed to the crooks on Wall Street who have been robbing us blind for years and charging us outrageous fees for the privilege.
This corporatist bullshit needs to stop. What's good for the corporations is not what's good for America.
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RichGirl
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Mon Nov-24-08 08:38 AM
Response to Reply #6 |
7. You are right...but... |
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..it is a psychological boost and that helps.
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Raineyb
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Mon Nov-24-08 08:41 AM
Response to Reply #7 |
8. I get no boost from knowing that they've found money to bail out the thieving Citigroup at 12 times |
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the amount that the auto industry was asking for with few strings attached. This is a blatant transfer of wealth from the poor, working, and middle class to the obscenely rich yet again.
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DCBob
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Mon Nov-24-08 08:43 AM
Response to Reply #6 |
9. You would prefer a massive financial meltdown possibly worse than the great depression? |
Raineyb
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Mon Nov-24-08 09:26 AM
Response to Reply #9 |
11. This is the second time that you've made that accusation when I point out that Wall Street is not |
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a good indicator of the health of the overall economy. And it's still false.
It is the firms on Wall Street that has gotten us into this mess. Throwing money at them while letting the rest of us sink does not help the country overall. I see absolutely no reason why we should be rewarding the crooks who have been ripping us off and charging us for the privilege. How the hell does a company that charges loan-shark like interest rates on their credit cards manage to lose money? By getting into the predatory lending business. So we have a company that wrote bad paper and probably also invested in bad paper now comes to us the tax payers for a handout but our government, who is supposed to represent we the people, doesn't do a damn thing to make sure that their despicable behavior changes before handing over a shit-load of taxpayer dollars. So basically there is nothing to force these people to behave differently and we just reinforced the same bad behavior. But Wall Street will be happy so everything is a-okay.
I don't think so. This is complete bullshit. We need to start busting trusts again and I see no reason why we shouldn't start with Citigroup. They obviously can't handle themselves.
Regards
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DCBob
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Mon Nov-24-08 09:29 AM
Response to Reply #11 |
12. You are "right" but the medicine is worse than the ailment. |
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We need to keep these evil institutions afloat for now until we can stabilize our financial system.
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Demeter
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Mon Nov-24-08 09:34 AM
Response to Reply #9 |
13. That Meltdown Comes Bigger and Faster Wtih Every Foolish Thieving Thing They Do |
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I'm sorry, but there is no way to avoid the Greater Depression, the Bush Depression. Just get your affairs in order that you can survive and keep as many good people with you as you can.
As for the crooks, they are going to suffer--the People will insist upon it.
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Dawgs
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Mon Nov-24-08 09:05 AM
Response to Original message |
10. I predict a a teeny weeny bit gain. |
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Investors use days like today to buy big early and then sell late.
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Jeroen
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Mon Nov-24-08 11:07 AM
Response to Original message |
16. AEX Amsterdam now closing at 8% gain |
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