Toe Jam Posted November 20, 2008 Share Posted November 20, 2008 I'm tired of posting all these as separate threads so let's consolidate. S&P 500 sinks to lowest level since 1997 NEW YORK (CNNMoney.com) -- Wall Street slumped Thursday afternoon and the S&P 500 closed at an 11-1/2 year low as fears of a prolonged recession sparked a massive selloff. The Standard & Poor's 500 (SPX) index lost 6.7% according to early tallies and closed at its lowest point sine April 14, 1997. click link for more The rest of you are welcome to post other stories in this thread too. Link to comment Share on other sites More sharing options...
DeanCollins Posted November 20, 2008 Share Posted November 20, 2008 last time I checked, we're still on Dubya's watch. Worst president ever. Link to comment Share on other sites More sharing options...
McD5 Posted November 20, 2008 Share Posted November 20, 2008 Mkt down over 25% since Obama and Clinton elected in just two weeks. Largest drop in history. Incredible. But wait! There is good news.... wait for it..... wait for it..... it's coming..... Let's Raise Taxes!!!! Link to comment Share on other sites More sharing options...
RyansRangers Posted November 20, 2008 Share Posted November 20, 2008 last time I checked, we're still on Dubya's watch. Worst president ever. right cause this is Dubya's fault not the blind eye that clinton turned to his buddies in Enron, Tyco, Worldcom which in turn led to the last recession wich in turn led the unregulated wall street which led to the housing crisis... but yea its Bush's fault he and not the democratic house really made sure fannie and freddie did their job Link to comment Share on other sites More sharing options...
FanboyOf91 Posted November 20, 2008 Share Posted November 20, 2008 Bernanke May Find Deflation Is Back as Fed Concern (Update1)By Steve Matthews Enlarge Image/Details Nov. 20 (Bloomberg) -- Five years after Federal Reserve Chairman Ben S. Bernanke helped stamp out the risk of deflation, the threat is returning as the financial crisis and a worsening economic slump pull inflation lower. Fed policy makers now predict the U.S. economy will contract until the middle of next year, according to minutes of their Oct. 28-29 meeting released yesterday in Washington. Government figures showed that consumer prices excluding food and fuel costs fell for the first time since 1982 last month. The minutes, along with a slide in financial stocks to the lowest level in 13 years, increased the odds that the Fed will cut its benchmark interest rate next month. Bernanke may also need to revisit the unorthodox policy options, such as purchases of U.S. government debt, that he outlined as a board member in 2002-2003, Fed watchers said. ``The Federal Reserve put deflation back on the table as a significant policy concern,'' said Vincent Reinhart, former director of the Fed's Division of Monetary Affairs, who is now a visiting scholar at the American Enterprise Institute in Washington. ``There does not appear to be any barrier to lowering'' main rate below the current 1 percent level, he said. .... link Link to comment Share on other sites More sharing options...
Burgundy Burner Posted November 20, 2008 Share Posted November 20, 2008 In the meantime... Oil is now under $49 a barrel. Gas is trading at $1 even - this means that gas will fall another 40 to 50 cents in most areas by Christmas. Could fall even further after the first of the year. Also, there will be a lot of good buying opportunities. Looking forward to adding more to my blue chippers that pay great dividends. Always look for the good news... Link to comment Share on other sites More sharing options...
Buford T. Justice Posted November 20, 2008 Share Posted November 20, 2008 Every thread turns political. :doh: In terms of this economy, I think the govt should sit back and watch these companies fail. Yes it will cost people jobs, but ingenuity is what the USA is about right? Why put the faith of the entire economy in so few people's hands? I would love to see US automakers make cars that are reliable, look good, and be on the forefront of technology. I would love to see airlines that operate safely and reliabiby while turning a profit. On the plus side if the govt gets out of the bailout business, bureaucracy will shrink, prices will fall, and a college education will actually mean something. Link to comment Share on other sites More sharing options...
Hooper Posted November 20, 2008 Share Posted November 20, 2008 The worst has yet to come, I fear. Not even close. Too much time spending what we couldn't afford -- both the country and the average citizen. The bill is due and it's going to get real, real ugly. Link to comment Share on other sites More sharing options...
SnyderShrugged Posted November 20, 2008 Share Posted November 20, 2008 You gotta love Central economic Planning, works like a champ huh? (wait, thats right, I forgot I'm a kook for thinking this way. All is well) Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted November 21, 2008 Share Posted November 21, 2008 You gotta love Central economic Planning, works like a champ huh?(wait, thats right, I forgot I'm a kook for thinking this way. All is well) To think, every single thing the good Dr said over the past 2 years came to fruition He of course said it after a good family friend of mine told me these same things back in 2005 How was I so stupid as to not bet on this and position myself better to take advantage? :doh: This is going to go on for quite a while, unless the "green bubble" actually emerges Link to comment Share on other sites More sharing options...
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