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Author Topic: Dow falls through 9,000 and picks up speed  (Read 4387 times)
LyricFox
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« Topic Start: October 09, 2008, 05:35:12 pm »

Dow falls through 9,000 and picks up speed
Stocks continue seven-session free fall amid sluggish credit markets

NEW YORK - Stocks plunged in the final minutes of trading Thursday, sending the Dow Jones industrials down more than 675 points, or more than 7 percent, to their lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors Corp. The Standard & Poor’s 500 index also fell more than 7 percent.

http://www.msnbc.msn.com/id/3683270/
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« Reply #1: October 09, 2008, 06:02:42 pm »

Dow falls through 9,000 and picks up speed
Stocks continue seven-session free fall amid sluggish credit markets

There were good reasons why there was so much opposition to privatizing Social Security -- and this market is a perfect example of one of those reasons.
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« Reply #2: October 09, 2008, 09:21:06 pm »

There were good reasons why there was so much opposition to privatizing Social Security -- and this market is a perfect example of one of those reasons.

It's also an example of why many individuals should not take their pension buy-out.  We had one guy who got a lumpsum about 2 months ago in lieu of a 25 year pension.  I don't know what he'll be doing.

I know I'm looking at selling a few items to buy different ones.  Sad part is I'm sitting on now 2 years of wage income that I've lost in the market since 2000.  Gains have been few and far between.
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« Reply #3: October 10, 2008, 09:16:07 am »

Dow falls through 9,000 and picks up speed
Stocks continue seven-session free fall amid sluggish credit markets

NEW YORK - Stocks plunged in the final minutes of trading Thursday, sending the Dow Jones industrials down more than 675 points, or more than 7 percent, to their lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors Corp. The Standard & Poor’s 500 index also fell more than 7 percent.

http://www.msnbc.msn.com/id/3683270/

I've had the pleasure, as have many others, of watching my 401K disappear. I have a while till retirement, but people like my mother who are retired and invested have watched their money go up in smoke.
That bailout worked really well huh?
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« Reply #4: October 10, 2008, 09:42:34 am »

I've had the pleasure, as have many others, of watching my 401K disappear. I have a while till retirement, but people like my mother who are retired and invested have watched their money go up in smoke.
That bailout worked really well huh?

guess I need to talk to my folks.  According to my husband, this is he time to be investing, assuming the stuff we buy doesn't disappear.  I don't know, I may stop investing for a while, and just put it in saving.  I guess I need to talk to the bank again.
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« Reply #5: October 10, 2008, 09:50:55 am »

I've had the pleasure, as have many others, of watching my 401K disappear. I have a while till retirement, but people like my mother who are retired and invested have watched their money go up in smoke.
That bailout worked really well huh?

I think it's very likely it would have been worse without a bailout.  Although, if it became clear that there was not going to be a bailout, I think that private money would have stepped up to grab the MBS at firesale prices. 

It doesn't help the highly regulated German banking industry went up in smoke, along with a similar bailout in Ireland, the Netherladn (or was it Belgium, I can't keep track of which is which).  Iceland's banking industy is gone.

On the good side, this should help reduce man-made global warming.

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« Reply #6: October 10, 2008, 09:54:35 am »

Dow falls through 9,000 and picks up speed
Stocks continue seven-session free fall amid sluggish credit markets

NEW YORK - Stocks plunged in the final minutes of trading Thursday, sending the Dow Jones industrials down more than 675 points, or more than 7 percent, to their lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors Corp. The Standard & Poor’s 500 index also fell more than 7 percent.

http://www.msnbc.msn.com/id/3683270/

As of 09:50 AM Friday the 10th of October, Dow is down to 8,400.  And that's an UP tick from the opening bell.
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mandrina
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« Reply #7: October 10, 2008, 10:05:13 am »

I've had the pleasure, as have many others, of watching my 401K disappear. I have a while till retirement, but people like my mother who are retired and invested have watched their money go up in smoke.
That bailout worked really well huh?
(went and talked to my folks, who still have pensions, they, and my grandmother, are not tapping their interest (or lack therof,)  and SS and for my mom disability, so they are even up. Heck, my dad is still investing.  )

And the thing to remember, is unless the 401K itself disappears, or everything in it ceases to be a company, it's only paper losses and there is a decent chance that it will rebuild itself before retirement.  Of course, no one will blame you if subsequent moneis that were originally earmarked for the 401K find their way into a savings account instead.
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« Reply #8: October 10, 2008, 10:06:00 am »


It doesn't help the highly regulated German banking industry went up in smoke,


But the SParKase  system is doing just fine. But they have always been extremely conservative and they are owned by I believe provicinal governments.
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« Reply #9: October 10, 2008, 10:40:58 am »

guess I need to talk to my folks.  According to my husband, this is he time to be investing, assuming the stuff we buy doesn't disappear.  I don't know, I may stop investing for a while, and just put it in saving.  I guess I need to talk to the bank again.

I plan on increasing my 401k contributions. Buy low, baby!

But really, try not to look at your 401k as an amount of money--it's simply a monetary valuation of your assets at any given moment in time. You may be losing value right now, but you do not lose the actual stocks. When the market rebounds, those assets will gain value again (unless all of your stock is in bankrupted companies, but hopefully that's not the case).

I've been encountering a lot of people who want to cash out their 401ks to stop the bleeding, but what they really are doing is locking in their losses.

Sasha
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« Reply #10: October 10, 2008, 10:46:54 am »

I plan on increasing my 401k contributions. Buy low, baby!

But really, try not to look at your 401k as an amount of money--it's simply a monetary valuation of your assets at any given moment in time. You may be losing value right now, but you do not lose the actual stocks. When the market rebounds, those assets will gain value again (unless all of your stock is in bankrupted companies, but hopefully that's not the case).

I've been encountering a lot of people who want to cash out their 401ks to stop the bleeding, but what they really are doing is locking in their losses.

Sasha

I know my mom is sitting tight on her stocks right now. She's got a slew of AT&T from when she worked for the Bell System. She just sits on them and doesn't pay much mind to them. Course, she doesn't need them right now, either, but over the years they've ebbed and flowed.
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« Reply #11: October 10, 2008, 11:11:30 am »

I plan on increasing my 401k contributions. Buy low, baby!

But really, try not to look at your 401k as an amount of money--it's simply a monetary valuation of your assets at any given moment in time. You may be losing value right now, but you do not lose the actual stocks. When the market rebounds, those assets will gain value again (unless all of your stock is in bankrupted companies, but hopefully that's not the case).

I've been encountering a lot of people who want to cash out their 401ks to stop the bleeding, but what they really are doing is locking in their losses.

Sasha

I'm trying to decide wether to sell some stock or mutual funds at a loss to raise cash to buy other things.  Still putting money into the 401k, but might have to stop due to the divorce.
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Koimichra
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« Reply #12: October 10, 2008, 11:49:24 am »

I've had the pleasure, as have many others, of watching my 401K disappear. I have a while till retirement, but people like my mother who are retired and invested have watched their money go up in smoke.
That bailout worked really well huh?

If you're not retiring within the next 24 months, don't worry about your 401k; this is probably GOOD for your 401k in the long run, as your contribution will now buy crazy-huge quantities of stock and the market has more than enough time to recover (which it will eventually do) before you retire.

This is bad for people who are very near retirement and can't wait for the market correction, or people who are drawing dramatically off the principle of their retirement savings. But for people with 5+ years to go to retirement, this is a benefit.
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Koimichra
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« Reply #13: October 10, 2008, 11:51:38 am »

guess I need to talk to my folks.  According to my husband, this is he time to be investing, assuming the stuff we buy doesn't disappear.  I don't know, I may stop investing for a while, and just put it in saving.  I guess I need to talk to the bank again.

I would be (and am) anxious about individual stocks, but if you're investing in mutual funds from a stable company (i.e., one that's not going under!), I wouldn't worry too much. "When Wall Street runs with blood" is the best time to buy, they say; but I'd definitely balance that with having enough some stable savings to protect yourself against any personal bumps and bruises from the economic free-fall.
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« Reply #14: October 10, 2008, 11:54:28 am »

I'm trying to decide wether to sell some stock or mutual funds at a loss to raise cash to buy other things.  Still putting money into the 401k, but might have to stop due to the divorce.

Would the tax loss help you out? I tend to weigh selling at a loss against a) whether the tax loss will provide a benefit and/or b) whether I'm cutting my losses or (as Sasha said) locking in my losses.
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