Big day ahead!! dow futures will open down 535 points today!!

dang,

i wish i wasnt so broke.

if i had some money to invest, i'd buy a bunch of euros RIGHT NOW..

theyre bound to jump back up to at least $1.50 per 1 euro, if not eventually inflate up to nearly $2.00 for 1 euro.

at $1.25 per euro, thats a steal.

Originally posted by toepick
They just announced on CNBC a few mins ago that GM is going to be laying off 25% of its white collar workers.

Ouch

You mean Chrysler right? They're still separate companies so it's important to post accurate information.

Along the same lines as the other poster who claimed that premarket trading was halted this morning. Totally wrong. Trading of market futures was halted this morning in premarket; but trading of stocks in premarket was alive and well.

reply to post by titian


you are correct, Chrysler..they didn't make it clear on TV when they said that..

DETROIT – Ailing auto maker Chrysler LLC delivered a new blow to Detroit on Friday when it told employees it will cut 25% of its white-collar jobs next month

Chysler to make deep job cuts

Originally posted by infinite

Were not just hitting a recession, the signals are showing a Depression.

GDP declined 30% during the Great Depression and unemployment was 25%. We are no where near that.

So, what are those "signals" then pointing to a depression?

YOU STILL HAVE TIME to gather foods, supplies, seeds, energy generators, etc

Idiotic and puerile pro-panic buying threads will make the situation far worse. Do you want that? Want to create a food supply problem as well?

Hmmm, maybe the economic sadist should put the keyboard down

FINALLY!!!....Thank you....I see you have some common sense in this room of panic dooms dayers....
People... What in the world are you drinking? This is called a market correction..... This is what happens when everyone decided to inflate a global economic market to a point where the majority of working people being 95% of the world couldn't afford to buy things they need to operate on a daily basis.... Guys you are looking at this from a trickle down stand point???? Look Warren Buffet didn't get rich buying stocks and companies when the market was over inflated.... He makes his money in economic corrections. Buy low..i.e... NOW! hint, hint, for all of you loosing your minds. Sell HIGH!...Hello...a capitolist market 101 if your goods cost $1.00 to make and $1.00 to produce and sell then you need to sell at $6.00 to profit by 2. In a global "meltdown" when stock has dropped below its average...BUY IT! Cause it will return to its average and you will make money! And stop watching the dooms day news for christ sake....Pick up a money history book and read it and then look at the market.... Research!

Depression , correction, a fall, It doesn't matter how you say it, because its the #s that speak for themselves.

Yeah a depression wont be like it was in the 20's, jobs haven't been cut yet, the companies are still trying to hold on o their workers but they are soon going to be forced to cut workers as they lose sales and will have to slow down or in some cases even stop production to cut costs.

Also i wouldn't invest in the euro. The Euro is having some problems at the minute.

And im not saying go bum rush your grocery store and spend $1000 in food. But be prepared, because if something happens it will be too late to protect yourself, but my purpose of saying that is that if the dollar starts to collapse or any currency, those items will become the best investment if you aren't a millionare. They are supplies most stores may not have and hey are supplies people would pay a premium for. They would give you a lot of trade bait. And if there are food shortages and such its WONT be because i posted this. Ger real, im not that powerful. If that happens it would have happened regardless of wheither you uys did this. As many of you are realizing most people don't care about this. They think its just boring and that it wont affect their lives, so most people wont bother to protect their money when the big fall happens.

I mean some one people will want Toilet Paper. You can only use leaves for so long!

I think some folks live for this. They don't despair when markets come crashing down, they have a party here instead. They love the gloom and doom. How bizarre.

As far as the market goes: I got some gas on the way home, it was cheaper than usual. I went to the store. They were like, completely stocked. Huh, weird! I went into work today, no signs of slowndown, we have plenty of work.

So.. for those folks in the bad luck of being in jobs where economic cutbacks by families (entertainment, large purchases, etc) might effect their sales, they might be out of work. But that's a fraction of the population. If you don't work in those industries, and are not a serious investor, you are probably seeing next to nothing. Are prices going up fractionally? Here and there, sure. But this isn't the great depression. There is no drought. For most folks, the horror of this so far is: eating out less, not splurging on big purchases, buying generic vs. name brand. Probably nothing you shouldn't be doing anyways.

The sky really isn't falling.

Was that a pre-emptive strike by the PPT we just witnessed? Is there anything else that can explain a 300 point upswing in a matter of a few minutes time? If that was the case, what the hell must they be anticipating will happen in the final hour?

Market Closed at

Dow = 8,376.48 -314.77 -3.62%
Nasdaq = 1,552.03 -51.88 -3.23%

I dont love it or hate the crash. I am still making killer gains in the market. Since im not investing hundreds of millions of dollars i can really take advantage of the crazy ups and downs. Ive never made so much as a day trader ever! Its great as far as im concerned. Trading ALOT of oil, and financials.

I enjoy it because the stock market is usually pretty boring. So its something to perk my spirits.

I've thought hard and looked into purchasing gold,or silver but if money was to become worthless think about it,would someone trade you gold for food if food was hard or impossible to come by?,if things got that bad all I would be left with is the materials to make some cool jewelry,which is ironic because I never wear any,I'm thinkin buy the farm literally

Hello.

This is my first posting so hope this is ok.

I have been following the recent economic crisis and also with what is happening in the firm I work for. I am a Brit and work for a company that has one division that imports from US heavily.

So far the crisis has had this effect on me personally:

1. Pensions forecast down.
2. Firm suffering to lost sales to China due to strong $ vs £.
3. Imminent job lay offs due to 2.
4. No bonuses to be paid at Christmas so that impacts how much I spend this year on presents.
5. Already told work longer hours / new contracts / no pay rises in 2009.
6. Negative equity on house I bought in December 2007. Now we can manage mortgage fine, just when we come to reneogiate at end 2009 that could be crippling for us.

So thats perspective one brit on the street so to speak. Lots of worry and no good news and thats the same everyone I talk to.

Personally I dont believe we will see global armageddon or end of world scenarios - just worried about my family. Its hard times out there and lucky I will hopefully keep my job in 2009. I think that reflects the mood overall here in my little bit of it and from people I know.

Anyways - first post so hope I did ok.

reply to post by Maya00a


I'm sure there are people that ARE clueless, but I think most people feel like I've felt my whole life: Life is #ty...what can I do? I mean, I already have plans in place so that I can move to a variety of countries and disappear with some friends, and I can survive in lots of conditions, but it's not time for that yet. I need more information, more life, before I know. Sitting around freaking out won't do anything. I have plenty of friends like that and you know what they do? Nothing. A lot of talk and "plans" but they don't have the skills and connections to carry any of it through. We are a nation of talkers. I'm doing it right now, ironically.

For me, it's better to continue my life as I have been (I have no money, few belongings, and I was raised in a very poor family; it will take a while before I have to live differently...I live the life others are fearing right now, and I'm probably happier than they are). Plus, I'm a teacher - - I can't just abandon my kids so I can run away or freak out. I actually MATTER to people, and I can't do ANYTHING alone. I NEED to live in the "real" world in order to understand what we need to do to get rid of the government, survive, thrive, resist the NWO, etc., because you can't do ANYTHING from the outside. I realize that the bulk of the population are pathetic idiots, but there are a LOT of bright and expanding minds out there, particularly at schools like my own. Nobody knows what the future holds and what these kids will do as adults (if we make it that far).

At the end of it all, the worst thing that can happen to any individual, I think, is death. Heck, death may be a relief in some situations. We all die anyway, so we might as well do something until then.

What is it exactly that you propose we all do? I don't have a plan. I may be smart, but apparently I'm not smart enough to come up with one.

[edit: I forgot it was Friday]

I am afraid to look at my 401k......I think I am developing an ulcer. At least I still have a job and a depreciating roof over my head.

[edit on 24-10-2008 by Karlhungis]

reply to post by ghostlandseller


I see it differently: my goal isn't to exploit my neighbors. I already know that I'm more capable and adaptable than most of the nation. Heck, the life I live is probably what a lot of people are AFRAID to live. Those that work only to exploit those around them are only going to postpone their defeat. Best case scenario, they die with lots of stuff and nobody gives a f*&#.

I think people like myself and my acquaintances will be the ones that prosper in whatever gloomy world you are imagining. We all have valuable skills we can contribute, and we can work together. We can live in whatever environment we want to. We can make a lot out of a little. If you are the kind of person that has made your own road and realized what is really important, you'll be ready for anything. Money is only worth what value we give it. It will lose its value. Same goes for gold, silver, diamonds, etc. Eventually, all that stuff I "stocked up" on and used to rip off my neighbors will be gone...then what?

This is not the depression. The world is different. Yes, history repeats itself, but I think we live linearly as well...everything has a beginning and an end, including nations. The way we treat each other and enrich ourselves is ultimately what will impact our level of happiness...if life's not about joy and leaving a positive impact, then what does matter?

Tangent alert:
I think the above is part of the reason XTC is becoming bigger again; for some it is the only thing that triggers a belief in shared joy, and I think we as humans have a need for shared joy. (sorry for the tangent, but young adults and teens today are just miserable; they have so much "stuff" (literally and figuratively) and no true connections or real love. they are so used to the things that are supposed to provide happiness that they mistake that feeling for ACTUAL happiness. at that point of desperation, they'll get it anywhere they can.)

reply to post by Karlhungis


The portion of my retirement funding which I have no real control over shocked the hell out of me when I saw my quarterly report in the mail yesterday. Granted, it only went to Oct 1, but it actually gained 0.0079%. ordinarily that would leave me feeling like crap, but considering how horrible I expected it to be I was pretty pleased. Of course I expect the last 3 weeks have been murder on it, but it managed to survive Sept. 29th which I guess is something.

reply to post by Trsati


Thanks for your very honest post. May I recommend a solution to the Christmas presents problem? Don't give them. If there is something you or someone you love actually NEEDS, then provide it for them now; you don't need a tree to do it. If you have enough money, take a small vacation to somewhere inexpensive you've always wanted to go and make that your present; I did that with my parents (they'd never been on a plane before) before I moved to a different state after college, and I will never forget it. Just the memory of it makes my heart swell.

If you don't have enough money for a trip, just get together with your loved ones and make a list of all the things that you wanted to do but never had the time or drive and use a little money to actually do them. Agree together to give each other gifts whenever you feel moved to, instead of once or twice a year. My partner and I do that and it's awesome. It makes it all more meaningful.

I am a teacher and I do give gifts to some of the other teachers and the custodians and the office staff, but they are not extravagant ones; they're just a little something thoughtful, usually accompanied by a note about how much I value them and stuff like that.

If you have a partner and young kids, instead of buying expensive gifts hire a babysitter for a night or two and spend some time in a comfortable hotel in a nearby town. See a movie, eat some dinner out or in, dance, whatever you want, then just spend the night and the next morning together doing whatever you like to do. If you make the arrangement with another couple, you won't have to pay for a babysitter at all; you can just trade weekends. If there's a couple with a very little one, everyone gets a chance to take care of them, which is fun (in my opinion) for about a day and a half.

If you have kids, don't forget to find out what they REALLY want. All kids want stuff, but you'd be surprised how much they want OTHER things too, like to go here or there, or to have a big sleepover, or to redecorate their room (not as expensive as you'd think, plus then they have to clean it) or to learn to play the guitar.

All the best to you and those in the same situations.

reply to post by Oldtimer2


I say avoid metals. Farms are iffy. Maybe a little ranch with a big garden.

Yeah, my parents live in the country, and have about 10 acres. They spent the last few years making gardens. We have a lot of flood plain by the creeks too and they make the best gardens because the soil is so rich. You jsut have to watch out for flooding washing away all the plants and all the snakes by the creek. A lot of copperheads and water mockisins (this is a hard word to spell!)

But its great if something ever happens. We have a well with nearly endless water supply, lots of land for cattle, lots of very fertile soil from the creek which we can haul to higher ground for gardens, Lots of trees for fire wood, large house on the top of hill that overlooks ever direction for about 10 miles so you can spot people coming from miles away. Storage barn, fruit trees. All sorts. Its out side of a very small self contained rural town.

But i do think metals can be a good buy. It will hold its value. Its always been precious. Even before the invent of money. Gold and silver are always going to be worth something. But its a good buy right now, or maybe in a few weeks or months, but once we start getting inflation, silver and gold will race up. And im pretty sure we are setting us up for some harsh inflation here in the next year or so. Because were FLOODING the country with cash to keep deflation down. That will come back to bite us, but if your holding lot of silver and old bought at these very low prices, they will be a good investment. But then again you pretty much have to pay 50% premium on silver spot price to buy some since its in such demand.

What I dont understand about all this is how the US dollar continues to increase in value against all other currencies when it is the collapse of the US financial system that caused this mess in the first place???