Public opinion is going to undergo a sea change after the Dow falling 800 points

[cali]

Tomorrow people will be clamoring for Congress to do something, anything.

[Fresh_Start]

1. I used to think 11000 was the floor

now I'm thinking 8000.

[Warpy]

8. I said last January it was 7000

Equities have been wildly overvalued since the market boom in the late 90s. Inflation has partially caught up to a stagnant market, but not completely.

[Tallison]

2. Hopefully, yes

And perhaps then Congress will get its act together and pass this thing.

[billybob537]

3. Repukes broke this

Now they don't want to fix it!
No good scumbags!

[zbdent]

10. their poo widdle feewings were hurt, and so they go on the TV and cry about

mean old Nancy P ...

[Not the Only One]

4. This isn't even as bad as the 9/11 drop

If Wall Street wants to scare us, have the balls to get the DOW to 9000 or lower. They won't because they know too many people would start buying at those crazy low prices and send the DOW back up.

[Tallison]

7. It's not about the stock market, it's about credit liquidity

Stocks could buoy, but it won't change the liquidity market, the lack of which is what screws the little guy.

[Not the Only One]

14. Just have patience. Don't fall for another "mushroom cloud" panic campaign.

We are headed for a recession. It's been a long time coming. It's unnatural for an economy to try to get around the business cycle. But, this $700B bailout to Wall Street wouldn't make a damn bit of difference.

[Tallison]

17. Wow...just, wow.

The resignation I see here is reminds me of religious fatalism, as if we're bound for a destiny no human intervention can avert.

If that's the case, why are we on a political activism board?

I'm not waiting for God to provide; smart government intervention works.

[natrat]

45. my god look at these last years and see how utterly incompetent and corrupt both parties are

why would you think these cretins could accomplish anything meaningful and beneficial for the country

[Tallison]

56. Who do you specifically mean by 'these cretins' besides Bush?

I don't believe the Dem party's been utterly incompetent, and I really don't think Paulson's incompetent.

[Tallison]

18. Dupe

[SammyWinstonJack]

25. The *hair on fire* crowd disagrees with you.

:evilgrin:

[fla nocount]

42. That's because they've invested in hair. Hair's nice to have...

but you don't really need it, high maintenance too and these are tough times.

[OmahaBlueDog]

34. That doesn't exactly square with the facts at hand

If there was no cash out there to loan, and interest were at double digits, I might agree

Or, if assets were plummeting in value, or we had hyper inflation -- again, I'd agree

Real Estate has dropped in value, but many folks still have equity to borrow against.

The Dow dropped 7% today, but that essentially makes us flat over 8 years. The Dow is about 25% off the high of 14,000. It is not unusual for markets to sell off 25% in a recession (which we're in). The market is down, but isn't crashing.

If you've invested in commodities in the past few years, you've made out like a bandit. Corn, soybeans, oil, and gold have been good investments while real estate and the market have foundered. That's the nature of the cycle.

My point --- some one out there has money. It will get lent.

[fla nocount]

47. It will get lent...

and in a smaller, tighter, safer circle. You might even know your debtor or your creditor, you might know their kids.

I used to belong to a small town credit union where many loans were secured by your good name. You would start the collection process by saying, "but I trusted you, WE trusted you." Usually worked too.

[DeschutesRiver]

31. When trading reopened after 9/11. the DOW dropped 684 points

today the DOW finally closed at a drop of around 777 points. So we did get a single day point drop that exceeded 9/11.

I am wondering what I'll see if I find a way to check after hours trading. But in some ways, I don't want to know right now.

[ThomWV]

33. According to CNN it is the largest single day drop ever

[OmahaBlueDog]

36. It is the biggest point drop, but far from the biggest percentage drop in a day

<<In financial markets, Black Monday is the name given to Monday, October 19, 1987, when stock markets around the world crashed, shedding a huge value in a very short period. The crash began in Hong Kong, spread west through international time zones to Europe, hitting the United States after other markets had already declined by a significant margin. The Dow Jones Industrial Average (DJIA) dropped by 508 points to 1739 (22.6%). By the end of October, stock markets in Hong Kong had fallen 45.8%, Australia 41.8%, Spain 31%, the United Kingdom 26.4%, the United States 22.68%, and Canada 22.5%. New Zealand's market was hit especially hard, falling about 60% from its 1987 peak, and taking several years to recover.(The terms Black Monday and Black Tuesday are also applied to October 28 and 29, 1929, which occurred after Black Thursday on October 24, which started the Stock Market Crash of 1929. Confusingly, in Australia and New Zealand the 1987 crash is also referred to as Black Tuesday because of the timezone difference.)

The Black Monday decline was the largest one-day percentage decline in stock market history. Other large declines have occurred after periods of market closure, such as Saturday, December 12, 1914, when the DJIA fell 24.39%, ending the four month closure due to the outbreak of the First World War, Monday, September 17, 2001, the first day that the market was open following the September 11, 2001 attacks, and Monday, September 29, 2008 when the market fell a record setting 777.68 points after the proposed $700 billion bail out plan failed to pass by 23 votes.>>

http://en.wikipedia.org/wiki/Black_Monday_(1987)

This is an example of "There are lies, damned lies, and statistics. " I'm not saying my 401K did great today, but this is far from disasterous.

[DJ13]

5. There are less people in the stock market than is advertised

People heard the scare mongering, they still said they didnt want that bill passed.

The answer isnt to force a bad bill down the throats of Americans.

Just write a bill that isnt so narrowly focused on propping up the wealthy, then the people WILL support it.

[Eric J in MN]

6. I haven't changed my position that Congress should hold hearings...

...for months, talk with a wide variety of economists, and pass a bill under President Obama.

[natrat]

46. eactly,something that doesn't stink of massive rip off

[Loge23]

9. Which sets the reich up very well

Obviously this entire fiasco has been political follies of the worse kind.
Now the pukes have the ball in their court.
We'll see what their alternative is soon. If they follow popular opinion, which I agree will be in favor of some bill, they can then ram through pretty much anything they want.
We'll have to watch this one closely.
It may be a little conspiratorial, but this could be a classic case of WS working with their primary enablers.

[Eric J in MN]

11. If Republicans pressure Nancy Pelosi into introducing an even worse bill...

...then I hope the liberal Democrats who voted for today's bailout bill will vote No on that bill.

[donco6]

12. Including most of the "let it burn!" types here.

When they can't get their payroll checks because the money markets the company was holding them in goes on lockdown. They're all tough talk now - just wait.

[katty]

13. The lame, blame game-watching them throw the hot potato around

to see who eats it.

[avaistheone1]

15. I doubt it. Most people would rather not see their children and grand children saddled with debt

good days in the stock market.


I think Main Street will give Wall Street a chance, if Congress can come up with a better plan.

[avaistheone1]

16. I doubt it. Most people would rather not see their children and grand children saddled with debt

good days in the stock market.


I think Main Street will give Wall Street a chance, if Congress can come up with a better plan.

[dkofos]

19. That's all part of the plan.

[Winterblues]

20. Well I won't be one of those people.

There has already been a bunch of whiners clamoring for Congress to save their asses. Why should tomorrow be any different?

[TexasObserver]

21. Suddenly, Southern Florida looks more Democratic.

All over America, people over fifty are seeing their retirement fund drop from $500,000 to $465,000 in this one day. Two more days like that, and their retirement fund will be down to $400,000. That means working longer and retiring later in life for them.

This is a wake up call to those voters.

[lib2DaBone]

22. What I don't understand... we have the same conditions now

as before Bush brought this Paulson Bill out of nowhere. How come there wasn't all this panic credit lock-up talk last week?

[natrat]

48. almost like it's orchestrated

[paparush]

50. Shhhhh..we, the common people, aren't supposed to notice such things.

[lligrd]

55. You Noticed That Too? nt

[zeemike]

23. That is only those in the ivory tower that are scared

They put there faith in a phony market ponze scheme to provide for their family and to make them live the good life.
Out in the real world people have no dog in this fight. They make do with what they have and know how to make a meal of beans and rice.
Those millions are forgotten by all. they are trailer trash in the minds of the investor class...but they survive none the less.

[cali]

24. codswallop. try informing yourself. people in the real world do indeed

have a stake in what happens to the economy.

[zeemike]

38. Edwards was right about two nations.

The one you live in and the other that is to never be spoken of.

[cali]

40. I live in a poor rural community and I live a very, very modest lifestyle

I haven't bought anything new in I don't even recall how many years- with the exception of some underwear. I heat with wood. My house is funky and small. You just made a complete fool of yourself by making asshole assumptions.

[zeemike]

53. You mean like fools and there money are soon parted?

You are only words on a screen to me.
And I can only judge you by what you write.
If it is foolish to judge people by what they say then we have done a great disservice to Palin.

[donco6]

44. Those not in the ivory tower always suffer more.

Always.

[JackRiddler]

26. A piffle. This is what it should have dropped the week before last...

When Paulson first stepped in with the bandaid bailout (actually the last payoff before the getaway).

Saved $700 billion for maybe actually doing something useful after the crash, which was inevitable regardless.

[Subdivisions]

27. No they won't. Everybody knew the DOW would plunge. And, still,

the People were against it.

[cali]

29. lol. I guarantee you that everyone didn't know and in any case

the reality of this is going to smack people right in the face. You may wish to think the People will hold fast. They won't. Just wait.

[tama]

28. Come on

you are the problem, not the solution.

Accept that We The People spoke today, and deal with it. At least if you are a democrat, with small d.

[cali]

30. grab a clue. or try to. I no where said I supported the bailout package

that got shot down today. In fact, as I've written a dozen times or so today, I didn't. But I do support legislation that will help this mess. And I know how poeple operate. And no, I'm neither the problem or the solution. But I sure do get tired of mindless stupiditly.

[tama]

32. Sorry

but thing are happening now. Best to go with the flow.

There are no rules. In revolutionary moments, nobody knows how people operate. We just do.

[whatchamacallit]

35. Bailing out Wall Street does nothing but re-inflate a bubble out of whack with the fundamentals

and riddled to the core with corruption. It will buy us a short stay of execution at best.

[depakid]

37. Not the narrow minded ideologues or the bitter and resentful

They seem to WANT a a global economic meltdown- some out of ignorance of how it will affect them personally- and some because they have the unenviable personality trait that wants to see everyone else suffer the misfortunes that they have.

This applies on both sides of the aisle.

[zeemike]

39. And others that just want justice done.

[depakid]

41. Doesn't sound to me like you have much conception of what justice is

at elast, it doesn't come out in your posts.

[zeemike]

52. I suppose justice is a golden parachute.

when a child does something wrong like blow all his money on candy and has noting left do you bail him out or let him learn the lesson?
Where is the justice in predatory loans to the poor?
Where is the justice in people lousing everything because of medical debt?
Where is the justice in a CEO getting 100 million dollar pay check for firing his American workers and shipping the jobs to China?

[closeupready]

54. Fine one you are to lecture about justice. You wanted to let that Manson woman go free,

the one with cancer.

[donco6]

43. To spite your face, right? n/t

[zeemike]

51. Sure, when your face is being held hostage.

[natrat]

49. yea, down 800 points DO ANYTHING i dont care what it costs,enslave my children with debt forever