Will this be Black Friday? - 10/10/08

reply to post by seejanerun




Im just wondering what Bush will be able to say to stop panic here in the US. I will be most definitely tuning in to see what he has to say.


Anyone know what time opening bell is on Wall st? By 10:00 am we may be in free fall mode.

Originally posted by seejanerun
Another point. Monday is Columbus Day so the banks will be closed for the holiday. Who knows what Tuesday will hold. I am not advocating bank runs but if you need some extra cash you may want to hold back some of your paycheck.

Also will Wall Street be open on Monday? I've never had to worry about that before.

CNBC is still saying Bush will speak at 10 AM.

In how many hours is that where you live? Im in Australia but i have access to Fox News (which i dont watch much), so how long till he speaks?

Opening bell is 9:30 AM. We sahll see but right now it is scheduled to open down from yesterday by 272 points.

Srebsta- Our fearless leader(insert sarcasm here) will be speaking in 3 hours at 30 minutes our time.

[edit on 10-10-2008 by seejanerun]

[edit on 10-10-2008 by seejanerun]

Yeah, i am starting to feel a little worried too myself. I was feeling a little optimistic earler today before the US market plunged before closing. Now it looks like everything is hitting the fan again overnight. Theres more fear in the overseas trading than i have seen yet since this whole downfall began.

At least good for me, I live by the University of Texas, and the students here are so bright if the market does go to hell, ill probably be the only person with my head out of my @ss going to the ATM to get my money. Everyone else will be decorating their coolers for the OU/UT game most likely havign no idea anything is going on. haha

mean seriously what is it going to take to get people to realize there is crap happening. You would think even my best friends would listen to me. Ive won tons of stock trading competitions and they know that. And they all still think im just exaggerating this whole market crash. haha

but dang! DOW futures now down 275! Unreal!

So what is the down low here guys, I need a yes this is going to be a day that will live in infamy or will it be bad but not quite as epic?


This is all kinda surreal

reply to post by serbsta




Im on EST so it would be roughly 3.5 hours from now.

If the market opens at 9:30 that means it will give 30 minutes of indication as to how trading will go before Bush takes the podium.

[edit on 10/10/08 by BlackOps719]

reply to post by tensetek




If Asian and Euro markets are any indication this is going to be an absolute blood bath. Not my words either. Take it however you wish.

reply to post by tensetek



I think it will be wrose than bad UNLESS GW pulls a rabbit out of his hat. Maybe temporarily slashing interest rates to 0. I also Lehmans is selling 400 billion in bad credit swaps today at auction. That can't help. It also depends what General Electric will report for their earnings. If they are off by much LOOKOUT.
General Electric met their share goal of 45 cents a share. So that does help some.

[edit on 10-10-2008 by seejanerun]

Originally posted by BlackOps719
reply to post by serbsta

 

Im on EST so it would be roughly 3.5 hours from now.

If the market opens at 9:30 that means it will give 30 minutes of indication as to how trading will go before Bush takes the podium.

[edit on 10/10/08 by BlackOps719]

So thats at 1am here, the market will probably be down by a few hundred by the time he makes his speech.

U.S. stock futures pointing to further losses

Ahead of a Group of Seven meeting of world leaders, S&P 500 futures fell 28.2 points to 884.30 and Nasdaq 100 futures fell 30 points to 1,242.00.
Dow industrial futures dropped 253 points.

www.marketwatch.com...


I'm definitely not a financially minded person. I'm a student with a paperclip's worth of savings, if you could even call them that.


But wow...



[edit on 10-10-2008 by mattguy404]

Wow, well I say crash baby crash! I am ready, I went and spent somewhere around $800 on caned goods and what not, and 500 rounds for my gun. Even though this will be bad, if this is the big one all i can say is FINALLY!!!

DK

WASHINGTON - The worst financial crisis since the Great Depression is claiming another casualty: American-style capitalism.

Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation's wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government.

The Bush administration is considering a partial nationalization of some banks, buying up a portion of their shares to shore them up and restore confidence as part of the $700 billion government bailout. The notion of government ownership in the financial sector, even as a minority stakeholder, goes against what market purists say they see as the foundation of the American system.

MSNBC



Holy crap!!


MSNBC is speculating that this is the end of American style capitalism.

You know you are in dire straits when a news group of that size is running this kind of story on its front page.

Good grief.

reply to post by BlackOps719


WOW...... just ..... wow


This is some * if you know what I mean


Thx for posting this.

[edit on 10-10-2008 by tensetek]

Originally posted by BlackOps719

WASHINGTON - The worst financial crisis since the Great Depression is claiming another casualty: American-style capitalism.

Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation's wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government.

The Bush administration is considering a partial nationalization of some banks, buying up a portion of their shares to shore them up and restore confidence as part of the $700 billion government bailout. The notion of government ownership in the financial sector, even as a minority stakeholder, goes against what market purists say they see as the foundation of the American system.

MSNBC



Holy crap!!

MSNBC is speculating that this is the end of American style capitalism.

You know you are in dire straits when a news group of that size is running this kind of story on its front page.

Good grief.

Thanks for posting that... wow, this is big.

Is there a chance that Bush may be coming on to announce a complete governmental socialization of the entire US banking industry??


IMO once something like that is implemented, we will never get back to a free market ever again. We would never recover from such a takeover.

reply to post by BlackOps719


I don't know if anyone heard what Putin said last night but I was watching and the rough transaltion of what he said (this is not verbatim but what he said) is America caused all of this. That he has spoken with worls leaders and America will never again be in the position to effect the world markets in this way again.

I was yrelling at him but the mods won't be happy if I post what I said.

Haha, i jsut took out my camera to take some pictures of the TV headlines.

I think i will save them with my special belongings on a disk and show them to my kids when i get older. because i don't have kids yet. haha But still, Would be pretty cool to be an old man and have some digital pictures of screen shots of the next great depression actually happening.

Lol this is gonna keep me up all night, I gotta go get a smoke, this is all just to so crazy right now. I am excited to see what comes next but nervous as hell too

DK

reply to post by ghostlandseller




Not just a new Great Depression.


We are witnessing in real time the end of the American way of life as we know it.


Never thought I would live to see the day.

All of those stories my grandad told me about life during the Great Depression I guess I will get to experience first hand.

Bush's address appears to be confirmed...

President Bush has tried to strike an awkward balance between reassurance and reality about the nation's financial crisis. On Friday, he will do so again, but the repetition raises the question: to what effect?

White House Press Secretary Dana Perino says the president will let Americans know they "should be confident that every effort is being taken to stabilize our financial system."

edition.cnn.com...


So... They've gone from "fundamentally sound" to "every effort is being taken..."