The Dow Jones index fell 733 points to 8,577 points, in its biggest percentage fall since 26 October 1987. http://news.bbc.co.uk/2/hi/business/7670987.stm 1929 ^
I have a .50cents TV dinner for supper.....but i am still not poor. I would never claim that I am poor even if I lived outside in a tent like above.
So much doom and gloom. In the great depression the government sat back and took and don't interfere policy. This time around the government is pulling out all the stops. I don't think we are looking at another great depression scenario.
Government is sucking every last penny out of the citizens wallets. Government needs to be trimmed down and made more effective. Look at this financial crisis. They are throwing hundreds of billions of dollars at it, but yet all the existing laws are on the books that allowed their greed to go unchecked. And the politicians could not even pass a bailout that did not contain $100+ billion in pork. Hopefully people will vote the politicians out of office that did nothing while the financial storm grew. Anyone with half a brain saw this coming. I wonder why the great leaders of this country did not? Maybe they just turned a blind eye on the problem so their corporate buddies could reap massive profits. It's not the great depression yet. But everything Bush touches seems to turn to shit. How this $700 billion is spent will probably result in a massive amount of wasted money with the underlying problems still placing downward pressure on the economy...
If you look further than the chart you showed, the Stock Market not only recovered, it made many millionaires. If you look at any 10 year span in the history of the market, there has never been one that the market did not make money. This is pure panic spread by people like George Bush which is driving the market to drop. Do you really think companies like Walmart are worth less than they were three weeks ago? It is pure panic and the best time in recent history to buy stocks. The more people panic, the more the American Government will move toward a socialist republic by trying to control the private market. If you are in a panic, pull all your money and stuff it in your mattress, as for me, I am riding the wave and all my investments are staying put.
^^ I'm European and I've been reading about this mess for over 2-3 years. This is for real and this is only the beginning, beware of it.
During the start of the Great Depession there was plenty of food. However, much food was left to rot in the fields due to the low prices. Roosevelt also paid farmers not to grow crops which further aggravated the situation.
What goes up must come down and vice versa although some swings are bigger than others things will sort themselves out soon enough i dont think it is the end of the world.
Yea but that $7.50 you have will not buy much anyway! Good thing you kept that other $2.50 in a good investment.
Hey, that $2.50 turned into 2.75 this week...SUCKER!!!! Actually all of my stock $ is in now in Google- ha ha ha!
No doubt...no doubt. If you haven't looked at your balance recently...don't for a while! I have an IRA which I switched from an aggressive portfolio to a much more conservative one. But for the most part, I don't even touch or worry about that money. I change it around just a few times a year based on advice from my consultant. (I've been with him for ten years and he's been really helpful.)
ROFL I moved my IRA out of stocks and mutual funds eight months ago because I saw this financial storm coming. Too bad the politicians did not see the writing on the wall (or chose to ignore it). Now all I have to worry about is my financial institution collapsing. No problems at all. Nothing like a roll of quarters stuck up your ass while you try to sleep! lol It's probably safer to keep the money in the bank. FDIC insured up to $250K and no bed bugs chewing on your money...
Who Is Warren Buffet? http://en.wikipedia.org/wiki/Warren_Buffett What is he doing with his personal investment account (article written just a few days ago)? http://www.nytimes.com/2008/10/17/opinion/17buffett.html?em