2008 Stock Market Crash

[jcrash]

Figured I'd get this one started.

Going to be ugly going forward.

 

[AllieVi]

... Going to be ugly going forward.

Sure looks that way. I just posted a note in the Pit that the DOW futures as of now (midday Jan 21) indicate it will open tomorrow at about 11,600. That's down about 500 points from Friday's close that ended a week that was down 500. Markets all over the world tumbled today, but we won't see the effects until tomorrow due to our holiday.

Investors all over the world appear to believe that the U.S. will enter a recession (if we're not already in one) and that its effects will be widespread. The prospects will cause investors to dump stocks with the expectation of getting back in later at a lower price. I expect it will be a self-fulfilling prophecy.

 

[tigerfan33]

crash-nope

roller coaster-yep

 

[Paradox-SJ]

It cant crash.....they wont let it....

 

[Neutron]

It is a scary time in the economy. It's our own fault though. We spend spend spend but don't think about the repercussions we reek on the economy. It doesn' t help that the US Debt is at an all time high.

I miss the economy we had in the 90s.

 

[goaliebob99]

Im actually investing right now.. Stocks are down... Its a great time to buy... This time next year when we get the heck out of this resession, it will be a great time to sell. hopefully doubling my money.

 

[mikew]

I'm very pessimistic about the proposed tax rebate. This sounds like a desperate "quick fix" that will really do nothing in the overall scheme of things. With the national debt continuing to soar, where does this money come from? The current mess is much deeper than giving everyone $800-$1600.

 

[Neutron]

I can't believe how much my company's stock has dropped. It was hovering around $16 a share this time last year, now its at $11.50

We had a nice profit last year as well. Doesn't make sense.

 

[Neutron]

I'm very pessimistic about the proposed tax rebate. This sounds like a desperate "quick fix" that will really do nothing in the overall scheme of things. With the national debt continuing to soar, where does this money come from? The current mess is much deeper than giving everyone $800-$1600.

Our "rebate" will go straight to paying down debt.

 

[MikeD-C05]

It is a scary time in the economy. It's our own fault though. We spend spend spend but don't think about the repercussions we reek on the economy. It doesn' t help that the US Debt is at an all time high.

I miss the economy we had in the 90s.

I miss the economy and the administration we had in the 90s . We had surpluses that were being fought over for about 3 - 4 years there. If we had stayed on course with the taxes under Clinton, we would of paid off all debt by 2013. I don't even want to talk about the differences in this president vs the former.

I got a raise about every year and I could fill up on my gas tank for $10.00 a week. My electrical bill was under 100.00 and my food bill was about $500.00 a month for a family of 2 +2dogs. Now my elec bill is leveled at 200.00 a month, I spend close to 180.00 a month on gas for two cars, 750.00 for groceries a month for a family of 3 + 2 dogs.Oh and now if I get a raise its about once every 4 years and my last one was $50.00 a month .

Who would of thought that the 90s were the good old days.

 

[Neutron]

My last raise was early last year. 3%.

I moved to a new job category (2 levels higher than where I was) this year and was told that we're on a wage freeze. So now I'm doing a job 2 levels higher at the same pay yet I have a ton more responsibility, plus now that I'm on call more, more gas consumption every month.

 

[Stargazer]

So basically your making less money since you moved up in the company. That is pretty rough.

You know, we can only afford so many 300-500 point per day losses before it really starts showing up. If we lose 500 a week for several months there will be nothing left. If we go down then so will the other markets that rely on us. Maybe that will plunge the dollar down so low that these companies will no longer want to outsource a lot of the work due to the labor end up being cheaper here (if there was any business left). We would have to be in pretty bad shape though if that were to happen.

 

[goaliebob99]

Neutron Who do you work for... I want to go buy there stock. I should have some money coming on on wed into my etrade account that I want to invest prior to switching the account over to TD Ameritrade. I have only had my account for a month and allready tired of Etrade. They are refusing to give me my stock in Sats they owe me.

 

[AllieVi]

Im actually investing right now.. Stocks are down... Its a great time to buy... This time next year when we get the heck out of this resession, it will be a great time to sell. hopefully doubling my money.

I wish you luck.

If you think now is a good time to buy, I suspect you'll become even more ecstatic over the next couple months…

 

[Stargazer]

I have wanted to get into the stock market / mutual funds but I think I will wait until the stocks takes it's nose dive or crashes or whatever it is going to do then show that it is going to improve before I invest in any.

Would this still be a good time to invest in different currency as the dollar is sure to drop more?

 

[B_Kranski]

As long as they can't get a hold of the oil prices and rising other costs the economy is going to keep faultering. Food prices are going to continue to rise, Gas prices keep on showing trends of rising again this summer, some say past the $4 mark. Which means the cost to travel, deliver goods, and electric will continue to rise. Unchecked we will continue to have our dollor fall off in value. Also when we keep on just printing more and more money to fund the war costs our dollor goes down. As far as the crashing goes on the stock market, no it can't crash, but it can keep falling for a long time.

As far as international currancy...Look at our friends to the north, they are what now....$1.38 vs our $1 now? All my life we were always about $1.10 us vs $1 canada and now we are 38% behind?

 

[Stargazer]

If this economy does not shape up with the way things are going, the gas going up is going to play a big role in putting us into a resession. It will affect some areas more than others. Some local economies are already struggling. Around here $8-10 is a good paying job and most start you out minimum wage if you can even find a job. Wal-Mart, McDonalds, grocery stores, etc start you out minimum wage here. Gas prices has hurt some quite a bit.

I am thinking that investing in something like the Euro would be a good investment as the dollar continues to drop, unless it will get affected by our stock market dropoff as well, or perhaps some type of foreign stock not affected by our economy.

I'd think that if our economy starts hurting really badly and we drive less that it would help the gas prices drop. They are dropping now. I guess it would take a pretty big hit to do such a thing as we are so dependent on the oil.

 

[jcrash]

Where I live, everything is going great. Home Prices are still going up, albeit slowly, and employment is fine. As far as the minimum wage places, ALL of the local minimum wage businesses have a sign up advertising that they are "NOW hiring".

I think the stock market doom and gloom is overdone based on fundamentals. The problem lies in the fact that if you EVAPORATE everyone's nestegg, they cut back significantly and then you have a consumer led recession.

 

[Skibum]

I'm glad I live a 15-minute walk from work, where I burn through 600-1000 miles a week on the company's gas card. XD In the meantime, I'm still making above average wages for the area, so I'm living pretty well. I'm interested to see how this will all play out though.

 

[Van]

33 mins to a potential dooms day, the news this morning for other world markets is not good even for India and China. Goalie I really do wish you luck considering that you've bought up stock, I'd hate to see you take a serious hit from this specialy with having a kid recently.