So Is The Stock Market Going to Crash Today?

[leftyladyfrommo]

Value of the dollar is in freefall. Global markets are all in freefall.

Do you know how long I have waited to get over the big crash of 2001? My accounts like my 401K are just now getting back on their feet.

The huge deficit and the trade deficit and coming back to haunt us.

So just what is Congress going to say about this one - what will the new spin be? I can just hardly wait to hear how this is all Clinton's fault. Or how none of this has to do with the cost of The War. Or all the tax cuts for the rich.

Remember just six years ago - we had a huge surplus? That surplus seemed to huge that no one could touch it. But we weren't counting on dimson, were we?

[fasttense]

1. Remember when Greenspan, the father of this mess, was saying that too

much surplus was not good, and it could hurt this country if we paid off our deficit too quickly? What a jackass he was. Congress and the crazy king george will be pointing fingers at Clinton, the media and China. They might even blame Iran for their proposed Euro based oil bursar but of course they wont take responsibility.

[SammyWinstonJack]

24. Remember when Cheney said that deficits don't matter?

This mess belongs to him and King George. Not that they give a rat's a$$, what with the millions they have stolen from us. :argh:

[Taxloss]

2. We'll find out very shortly.

The FTSE dropped more than 2% this morning, recovered slightly, and is now falling again.

[Harper_is_Bush]

3. I instructed the brokers who administer my pension investments

to move every cent out of the USA 3 years ago.

It's all Canadian now, and it's doing very well.

[malaise]

23. Mine is in Euros

Like you I made the switch thankfully.

[dipsydoodle]

4. Things look pretty much stable

today. Tomorrow who knows ?

[leftyladyfrommo]

5. So what is the stock market doing this morning?

Is it holding it's own?

[REP]

11. Doesn't Open Until 6:30 PDT/9:30 EDT

My stocks aren't any activity in extended-hours trading, which is good. None is better than DOWN!

[Cyrano]

12. Wall Street has nothing to do with Main Street.

I learned many years ago that the stock market is just one more rigged game designed to fleece the average person. Yeah, I know, every once in a while you can get lucky and get in on the ground floor of companies like Apple, Microsoft, or Google. But don't hold your breath. Guaranteed that far more people bought ENRON and other phony stocks of this nature, than those mentioned above.

Although many may take issue with this statement, the stock market is not there to help you. They're there to get every single dollar out of you that they possibly can.

And if that sounds anti-capitalism, it is. The unregulated capitalism that exists in this country today is just a license to steal.

Carve this into your memory and don't forget it. The world is made up of fuckors and fuckees. Most people who invest in the stock market are fuckees. Those who reap the profits are fuckors. Before you give any broker one cent, get a picture of Ken Lay fixed firmly in your mind.

[REP]

14. Yes, It's Gambling and Who Uses a Broker?

Please!

And companies like Apple are still worth buying - especially when the market is down. Last year it was at $33; today it's $67 - and that's *low.*


Edit: verb much?

[Cyrano]

17. Think what you like, but let me leave you with this thought. Oct. 24, 1929

Were this to happen again, may I advise you to stay away from open windows and rooftops.

[dipsydoodle]

22. No

avoid pavements under open windows and rooftops.

[earth mom]

34. If you don't have money to lose then don't play the stock market.

That's what my daddy always used to say. Good advice and that's why I agree 100% with your post and am convinced the stock market is exactly as you stated-a shell game that the rich can manipulate at the expense of the little guy. It is obvious that they have lured the little guy in with investment brokers on every street corner-heck, I even saw a name brand investment office in one of the worst parts of my town, where it is well known that no one has a dime! :wtf:

[dipsydoodle]

20. Small slide in London

I meant that the $:£ commercial exchange rate seemed stable and the price of gold had dropped slightly. I don't exactly use rocket science - I use BBC teletext service on TV which gets updated every 20 minutes so.

[dipsydoodle]

29. Latest I could find for you

http://news.bbc.co.uk/1/hi/business/4771495.stm

[RB TexLa]

6. The only American stocks I kept after 9-11

were the oil company stocks I bought after the SC chose the president. I moved everything else as soon as the markets re-opened after 9-11.

[izzie]

7. Gee I hope not , 1/4 th of my retirement just started making money

My bank said they would save it when Bush came in(MY bank said Bush was bad for this fund?????) and it never lost money but after growing through the 8 years of a Dem. Clinton and not moving at all in 6 years with the stock market Republicans and Bush It is looking good.

[leftyladyfrommo]

9. I know. Mine are just atarting to look decent again.

I think I lost over half of what I had before the big dip.

[izzie]

35. Well I was lucky as my bank, who is in control ,called me and

said with Bush things are going to get bad so we are going to do this so you will not lose any money. I did lose income. I almost fell over, As I could not believe a bank would say such a thing about a Republican president. So the fund is now finally growing once more and the income is better. To think one is better in the stock market with Dem. in power is really odd. Maybe I had been brained washed. It was a 5 year stand still on the account so I guess one can say that was not to bad. You really have lose but it could have been a fix where the account went down so staying the same seemed good.

[REP]

8. I'm In for The Long Term

I don't have funds; I have individual stocks, and Friday hurt and I'm sure today will bring Deep Hurting, but I'm in it for the long term ... but Ow. I lost a good 2% Friday. Am preparing myself for much Deep Hurting.

[leftyladyfrommo]

10. I just read that the value of the dollar is going up again.

That should help.

[REP]

13. From Your Lips to the Big Board...!

Still, I'm preparing. My biggest investment, knock wood, didn't lose value, knock wood, knock wood.

[AngryAmish]

39. Not really

American manufacturers/farmers want a low dollar. There is nothing wrong with the dollar going lower.

[leftchick]

15. apparently the chimp wants a dollar drop...

<snip>

A report in Monday's Wall Street Journal claimed that President George W Bush's administration is "quietly acquiescing" to a dollar drop because it wants a weaker currency to boost foreign sales of US-made goods.

Analysts said that US policymakers are signalling they are happy for the dollar to decline by not aggressively talking up the currency.

A falling dollar would benefit the US economy by making US exports cheaper.

That could help reverse the $700bn trade deficit with the rest of the world.

However, the dollar's fall could also increase the cost of US imports, thus fanning inflation and forcing the Fed, the US central bank, to continue to increase interest rates.

http://news.bbc.co.uk/1/hi/business/4771495.stm

[Recursion]

33. About damn time

The overvalued dollar has been a huge burden to the US's manufacturing and agriculture and a large factor in jobs being sent overseas. Let the dollar weaken some (slowly!!!) and we'll all be in a lot better shape.

And, yes, imported items will cost us more, especially gasoline. And interest rates will probably go up. It won't be pretty, but it's a lot better to bring the dollar down now, under control, then next year, in a collapse.

[Jeffersons Ghost]

16. I'm talking out of school but I feel Wall Street is no economic indicator

I think Big corps in the DOW can do well as average Americans suffer economic hardship.

Job creation is another modern myth: If we create retail jobs in WallMart while exporting high-paying tech jobs to India it's not "job growth." With jobs it's quality not quantity that matters.

When unemployment benefits run out for an unemployed person, they are no longer counted as "unemployed." Unemployment figures only count the people drawing from the public funds.

[leftyladyfrommo]

40. Oh, I agree. I'm just worried about the money I have on the

market. For the first time in years it was starting to do well.

[Coexist]

18. You might want to keep an eye on this daily Stock Market thread:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=2284771&mesg_id=2284797

[originalpckelly]

19. Market in negative terroritory, but nothing like last week.(n/t)

[lpbk2713]

21. You and I are in the same boat.

I rolled over my 401K and invested my lump-sum retirement when I retired in April 2000. It was like throwing a switch. The markets took a nose dive and I'm still trying to reach the break-even point. The timing of it makes me sometimes wonder if I was the cause of it all. :shrug:

[leftyladyfrommo]

25. Maybe we can just blame you and not Clinton

Fortunately I just moved most of my stuff over into less risky stuff. I was afraid that the markets might start to really be affected by all of this turmoil everywhere. There just isn't any good news.

I did read where overseas investors were investing in our stock market again - caused by the drop of the value of the dollar.

Too complicated for me. I would just like to have some money left over when I retire.

[mnhtnbb]

26. Sold all our single stocks last Friday

We had about 75% equities, 25% junk bond funds. Of the 75%, half were single company stocks and half were mutual funds. Friday I sold ALL of the single stocks, keeping the mutual funds which have historically done well in down markets.

It has taken us since 2001 to make back what we lost. We're looking at possible retirement in 2 years. We're building a place in Panama. We have an economist friend, retired, who got out of the market in 2000. He is VERY cautious right now. I've been worried about whether the market could go much higher for a couple of months.

I slept better Friday night than I have in a LONG time. Now we don't have to worry about financing the Panama house or the timing on raising the cash needed when it's completed. And if the market does tank, well then we'll have some cash to buy bargains, right?

Don't forget the adage, 'sell in May, go away'. Apparently there is some truth to the myth that the market is in the doldrums during summer months.

[stop the bleeding]

27. right now the market is slightly red,

I think we may be finding some form of support but it is too early to tell,

Did you find out about selling short? like the last time we talked, selling short is good for right now.

[Sammy Pepys]

28. Eh, let it....

I've got time. In fact, I might go buy some right now.

[MallRat]

30. Last week, I moved a big chunk of my 401k into international.

(eom)

[alfredo]

31. at 1045 the Dow is up 24.33 Nas and S&P are down a bit.

[SmokingJacket]

32. No. Greed will out.

In fact, I think the market will skyrocket today. It's not based on reality, anyway. It's based on how much profit certain people believe they can squeeze out of the system.

[RebelOne]

36. I hope not. My 401K and IRA have been doing

quite well lately. I am trying to build up enough capital to retire soon.

[patcox2]

37. Oh yeah, I heard the Loch Ness Monster liquidated his holdings;

He heard from his friends the Bilderbergers that the Rove Indictment would begin a panic sellof that would intensify when we nuke Iran.

[AngryAmish]

38. we all should help out underwater ally

[upi402]

41. I'm buying gold. I was called a gold bug, but... I want to sell my stocks

Look at GOLD now! Just a few months ago DUers were nearly flaming me for my gold post.
The US house of cards can't stay up forever -as the fiat dollar drops, gold will rise in relation. I want to cash out my common stocks. I've been dollar cost averaging for many years, even thru 9-11.

Now, it's different I think...
I have my house for sale, and I've owned it for 25 years.
I want to be out of the US scheme no matter who says that we're too big an economy, or too important, or that the world would collapse if the dollar collapsed too far.
I've never said real estate was a bad bet, but I am now. Here anyway.

[DemReadingDU]

42. Wed, it dived 214 points

http://money.cnn.com/2006/05/17/markets/markets_newyork/index.htm?cnn=yes