Dow down almost 400 points

cycloneML · 06-07-2008, 08:24 AM

Do we blame this on CyFan13 and Ms. Cleo also?

ISUAlum2002 · 06-07-2008, 08:48 AM

Hey guys, just remember, we're not in a recession. Not by the definition of recession, anyway.

twojman · 06-07-2008, 09:06 AM

Originally Posted by ISUAlum2002

Hey guys, just remember, we're not in a recession. Not by the definition of recession, anyway.

Yeah forget the unemployment rate went from 5% in April to 5.5% in May. Forget that the banks have BILLIONS more in writedowns to disclose. Forget that construction will be coming to a halt. Another thing I like is how the goverment (when they report inflation #'s) does not include things like oil and food. We are having the wool pulled over our eyes right now. Things are much worse then what everyone thinks. We are in for a long protracted downturn. From all sources I have seen 2010 Q1 will be when we will start to see a turnaround. Sorry to bear the bad news to everyone.

brianhos · 06-07-2008, 09:12 AM

Originally Posted by cycloneworld

I hear ya. I know I'm in it for the long haul with my 401k (I'm 26), but I still cringe when I've got my last couple 401k statements.

Wait 10 more years, you will see even more crazy swings, $20k per month if you watch it closely. But then I always temper it that I do not need this money for another 25 years, so short term fluctuations mean nothing.

jpete24 · 06-07-2008, 11:20 AM

Originally Posted by twojman

Yeah forget the unemployment rate went from 5% in April to 5.5% in May. Forget that the banks have BILLIONS more in writedowns to disclose. Forget that construction will be coming to a halt. Another thing I like is how the goverment (when they report inflation #'s) does not include things like oil and food. We are having the wool pulled over our eyes right now. Things are much worse then what everyone thinks. We are in for a long protracted downturn. From all sources I have seen 2010 Q1 will be when we will start to see a turnaround. Sorry to bear the bad news to everyone.

HAHA. Ok man, yeah you mean 2010 is when we see you pay off your credit card debit so then you can go out and SPEND SPEND SPEND!!!!! Saying this has something to do with Bush is giving the guy too much credit. It has everything to do with personal finance. Go look at the number and how many people have credit card debit. I don't feel the effects too bad because I'm living within my means....with ZERO credit card debit, and no car payments, and a house that we can afford, not some 450k-500k monstrosity.

It's also bad because fuel prices are driving costs up, (and fuel is up because of GLOBAL demand) and it's bad because of media hype. Somebody said it earlier, the "sky is falling syndrome" and then it just sends people into a downward spiral. The market goes UP and DOWN because its the market.

Besides my solid investment in Regency Homes is going to pay off soon....oh yeah

Phaedrus · 06-07-2008, 11:25 AM

Originally Posted by twojman

Yeah forget the unemployment rate went from 5% in April to 5.5% in May. Forget that the banks have BILLIONS more in writedowns to disclose. Forget that construction will be coming to a halt. Another thing I like is how the goverment (when they report inflation #'s) does not include things like oil and food. We are having the wool pulled over our eyes right now. Things are much worse then what everyone thinks. We are in for a long protracted downturn. From all sources I have seen 2010 Q1 will be when we will start to see a turnaround. Sorry to bear the bad news to everyone.

5.5% unemployment??? You're right. The sky is falling. The country is in worse condition than in the Great Depression. Blah, blah, blah.

(But we STILL haven't entered a recession. No matter how much one wants to believe the election-year hype....)

jimmy22 · 06-07-2008, 11:37 AM

Can't you all see that the stock market dropped yesterday because of global warming?

farmerbrent · 06-07-2008, 11:46 AM

Call me crazy but didn't the stock market go up 100+ on Thursday? I guess 24 hours can change everything so panic is the only answer. Anyone want to make a wager on how much it goes up Monday.

ISUAlum2002 · 06-07-2008, 11:59 AM

Originally Posted by Phaedrus

5.5% unemployment??? You're right. The sky is falling. The country is in worse condition than in the Great Depression. Blah, blah, blah.

(But we STILL haven't entered a recession. No matter how much one wants to believe the election-year hype....)

A half percent change in one month's time is very bad news. Do we need to wait until unemployment is at 8-9% before we consider it a problem?

Why is it such a bad thing to state that we are heading straight for a recession even if we're not technically there yet? We have all the indicators for it, there is no reason to put our heads in the sand about it.

Phaedrus · 06-07-2008, 01:25 PM

Originally Posted by ISUAlum2002

A half percent change in one month's time is very bad news. Do we need to wait until unemployment is at 8-9% before we consider it a problem?

Why is it such a bad thing to state that we are heading straight for a recession even if we're not technically there yet? We have all the indicators for it, there is no reason to put our heads in the sand about it.

Well, first of all, month to month employment indicators are notoriously inaccurate. They even adjust quarterly figures all the time.

Second, "all the indicators" are politically motivated, reported by bubbleheaded media idiots who don't even understand what they are reporting. Add to this that "all the indicators" have ALWAYS spelled gloom and doom during election years, especially when Republican presidents are in office.

Third, what, precisely are "we" supposed to "do about it"??? The government doesn't affect this, except negatively.

Unless you are gullible enough to believe that the gov't needs to steal more money in the form of taxes and "do something" by throwing it down the welfare/entitlement toilet....

Bottom line, getting all excited about it won't help. Now, if you want to make yourself "recession-resistent" by eliminating all personal debt and building an emergency fund, God bless you....

This is what I've done. Guess what... the price of gas as well as the possibility of a recession don't really bother me at all. So, why should I care if other people are less wise? Except that they will ask the gov't to steal more of my money so they can screw up again, that is...

Wesley · 06-07-2008, 02:55 PM

Originally Posted by ISUAlum2002

Hey guys, just remember, we're not in a recession. Not by the definition of recession, anyway.

Warren Buffett says for all practical purposes we are in a recession. He must be wrong.

Wesley · 06-07-2008, 02:58 PM

Originally Posted by farmerbrent

Call me crazy but didn't the stock market go up 100+ on Thursday? I guess 24 hours can change everything so panic is the only answer. Anyone want to make a wager on how much it goes up Monday.

The big hitters claim Thursday of 100 points was a non event. Yet Friday was a major turn. The speculators are driving up the oil price basically with no bad news. It could be a wild Monday. Watch the international markets on late Sunday. The market could act like the weather.

jbhtexas · 06-07-2008, 03:19 PM

Originally Posted by Phaedrus

Long term, Roosevelt effectively killed the US by introducing socialism and the entitlement state....

Originally Posted by Phaedrus

.5% unemployment??? You're right. The sky is falling. The country is in worse condition than in the Great Depression. Blah, blah, blah.

So, is the sky falling, or isn't it?

Greed, excess, and fiscal irresponsibility will kill the US well before any of FDR's originally implemented policies will. Greed, excess, and fiscal irresponsibility devastated the US once already, which is what led to FDR getting elected in the first place.

Originally Posted by Phaedrus