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  1. #1
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    10.27.17 @ 06:31 PM
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    Default Major stock market indexes fall to 1997 levels

    Major stock market indexes fall to 1997 levels

    By SARA LEPRO – 1 hour ago

    NEW YORK (AP) — The major market indexes have staggered to their lowest levels in a decade, pulled lower by investors rapidly waning confidence.

    The Standard & Poor's 500 index fell to April 1997 levels Monday, while the Dow Jones industrial average, down about 215 points, reached its levels of October 1997 as investors succumbed to their growing worries about a recession that has no end in sight.

    "People left and right are throwing in the towel," said Keith Springer, president of Capital Financial Advisory Services.

    Most financial stocks were pounded even as government agencies led by the Treasury Department said they will launch a revamped bank rescue program that includes the option of increasing government ownership in financial institutions without having to pour more taxpayer money into them.

    Although the government has said it doesn't want to nationalize banks, many investors are clearly still concerned that this could be a possibility as banks continue to suffer severe losses because of the recession. They're also worried that banks' losses will keep escalating as the recession sends more borrowers into default.

    "The biggest thing I see here is the incredible pessimism," Springer said. "The government is doing a lousy job of alleviating fears."

    The Treasury and other agencies issued a statement after The Wall Street Journal reported that Citigroup is in talks for the government to boost its stake in the bank to as much as 40 percent. Analysts said the market, which initially rose on the statement, wanted more details of the government's plans.

    "It's only a very partial picture of what we may get," said Quincy Krosby, chief investment strategist at The Hartford. "This proverbial lack of clarity is damaging market psychology."

    Meanwhile, technology stocks are also falling after The Wall Street Journal reported that Yahoo Inc.'s new chief executive is planning a companywide reorganization. But the selling came across the market as pessimism about the recession and its toll on companies deepened.

    "There's no where to hide anymore," said Jim Herrick, director of equity trading at Baird & Co.

    The market's decline extends massive losses from last week when the major stock indexes tumbled more than 6 percent. The major indexes plunged through the lows they reached in late November, at the height of the credit crisis.

    In the final hour of trading, the Dow dropped 215.76, or 2.93 percent, to 7,149.91, after earlier falling to its lowest level since Oct. 28, 1997.

    The Standard & Poor's 500 index fell 22.12, or 2.87 percent, to 747.93. Earlier, the S&P fell to its lowest level since April 1997.

    The technology-laden Nasdaq composite index dropped 44.60, or 2.41 percent, to 1,406.46.

    The Russell 2000 index of smaller companies fell 13.08 or 3.18 percent, to 397.88.

    Declining issues outnumbered advancers by about 5 to 1 on the New York Stock Exchange, where volume came to a light 1.03 billion shares.

    Among tech stocks, Hewlett-Packard Co. fell $1.56, or 5 percent, to $29.68, and Intel Corp. dove 67 cents, or 5.2 percent, to $12.11.

    Other big decliners included General Electric Co., which dropped to a 14-year low of $8.80, but later traded down 48 cents, or 5.1 percent, at $8.90. Alcoa Inc. tumbled 43 cents, or 6.8 percent, to $5.86.

    Some financial stocks managed to hold on to their earlier gains, including Citigroup, which rose 33 cents, or 16.7 percent, to $2.28, and Bank of America Corp., which gained 30 cents, or 7.9 percent, to $4.09.

    Bond prices were mixed. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.78 percent from 2.79 percent late Friday. The yield on the three-month T-bill, considered one of the safest investments, rose to 0.28 percent from 0.26 percent Friday.

    The dollar was mixed against other major currencies, while gold prices fell.

    Light, sweet crude fell $1.90 to $38.13 per barrel on the New York Mercantile Exchange.

    Overseas, Britain's FTSE 100 fell 0.99 percent, Germany's DAX index fell 1.95 percent, and France's CAC-40 slipped 0.82 percent. Earlier, Japan's Nikkei stock average fell 0.54 percent.

  2. #2
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    10.27.17 @ 06:31 PM
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    Things are getting bad, if they weren't already. Rumor is that the government is about to give AIG another bailout, even though they have posted the biggest loss in US corporate history of 60 billion.

    I just don't know. I pulled all of my money and retirement out of the stock market last August (thank God) but this thing needs to turn around. The Phoenix housing market is hot as far as home sales, they are flying off the market, prices are in the gutter though. I own a home here, and need this thing to turn around. Seems like every time Obama opens his mouth, the DOW drops 200 points. I know you can't blame him, or Bush, or any other single entity for this mess, but we are headed down a very bad road in the last month. Ever since Obama signed the stimulus, the market has dropped 10%.

    DOW closed down 250 points today.

  3. #3
    Good Enough VH Wahoo's Avatar
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    08.31.15 @ 02:01 PM
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    Yep...

    That "economic" stimulus plan sure did wonders turning things around and reviving investors' confidence, didn't it?

  4. #4
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    11.03.17 @ 01:35 PM
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    Welcome to The Great Depression V2.0
    11/05/78 Hollywood Sportatorium
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  5. #5
    Atomic Punk bsbll4's Avatar
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    12.14.17 @ 08:12 AM
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    Everytime I think things are bad, I go to the mall and see the Ipod store full with 40 people trying to find new ways to flush their money down the toilet.

    Things aren't even close to being bad.

    When we are standing in bread lines and standing around like the illegals at Home Depot just waiting to be given the opportunity to work for the day, THEN it's the Great Depression v2.0.

    When unemployment hits 24%, THEN things are really bad (people are crapping themselves just thinking about double-digits, even though we saw those levels [10%+] as recently as last decade).

    People need some fucking perspective in this country. We're a bunch of pussies.
    CNN may think my opinion matters, but you shouldn't.

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    11.03.17 @ 01:35 PM
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    The difference between ten years ago and today is vast though. Banks and insurers are bleeding like crazy, to say nothing of manufacturing. Jobs are being lost in wholesale fashion right now, and to be honest, there's no end in sight. I don't mention the depression lightly, but when relatives of mine who were alive before and during the depression and are saying that's where this Nation is heading, I tend to take it with more than a grain of salt.
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  7. #7
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    12.13.17 @ 03:10 AM
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    Quote Originally Posted by VanHalenRules View Post
    Welcome to The Great Depression V2.0
    If we are all still here posting, wasting time reading this bs on line than we are not in a depression. When a majority of Americans have had to cancel internet access, cell phones and cable tv, stop buying over priced concert tickets, stop eating out, trade in your flashy ride for a bus pass just to get by than yes maybe just maybe that is a depression. Right now not so much. Yes times are tough on a lot of people but not like the depression.
    I used to jog but the ice cubes kept falling out of my glass.

  8. #8
    Atomic Punk bsbll4's Avatar
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    12.14.17 @ 08:12 AM
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    Quote Originally Posted by VanHalenRules View Post
    The difference between ten years ago and today is vast though. Banks and insurers are bleeding like crazy, to say nothing of manufacturing. Jobs are being lost in wholesale fashion right now, and to be honest, there's no end in sight. I don't mention the depression lightly, but when relatives of mine who were alive before and during the depression and are saying that's where this Nation is heading, I tend to take it with more than a grain of salt.
    I also don't want you to think I was attacking your thoughtline there. What you mentioned is the prevailing sentiment throughout the country that things are so bad, it's like a depression. The problem is, we aren't anywhere close to those levels, but it doesn't sell magazines and newspaper and grab Neilsen ratings to say it's just a recession.

    Things have been spectacular in this country as recently as 2 years ago by economic indicators (and generally were so for the previous 15 years), the problem is the media was selling everyone the line that things were bad (because of the general feeling of the War, our vulnerability in the world, our image abroad, etc.) Now, when things are really bad, they certainly can't come back and say: "Well we were just bullshittin' you before, now things are bad." Now they have to say: "Holy SHIT! Things are really fucking bad...and you know what? They're getting fucking WORSE!!! AAAHHH!!!"
    CNN may think my opinion matters, but you shouldn't.

  9. #9
    Damage your reputation seenbad's Avatar
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    11.30.17 @ 06:15 PM
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    Quote Originally Posted by bsbll4 View Post
    Everytime I think things are bad, I go to the mall and see the Ipod store full with 40 people trying to find new ways to flush their money down the toilet.

    Things aren't even close to being bad.

    When we are standing in bread lines and standing around like the illegals at Home Depot just waiting to be given the opportunity to work for the day, THEN it's the Great Depression v2.0.

    When unemployment hits 24%, THEN things are really bad (people are crapping themselves just thinking about double-digits, even though we saw those levels [10%+] as recently as last decade).

    People need some fucking perspective in this country. We're a bunch of pussies.
    Bravo!
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  10. #10
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    06.25.15 @ 09:06 AM
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    Quote Originally Posted by seenbad View Post
    Bravo!
    I second that.

    What was the unemployment rate in the depression? 30%? And where are we now? 8% at the worst.

    Check and mate. I know people are suffering from this recession, but it's gonna be awhile before it's Great Depression 2.0, folks.
    "I respect that youre passionate about this but what your saying is complete idiocy..." - MF5150 on McDonald's "preying" on young kids.

    "He was born a human, he's a horse's ass by proxy." - It's Mike on Eddymon.

  11. #11
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    11.03.17 @ 01:35 PM
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    Quote Originally Posted by bsbll4 View Post
    I also don't want you to think I was attacking your thoughtline there. What you mentioned is the prevailing sentiment throughout the country that things are so bad, it's like a depression. The problem is, we aren't anywhere close to those levels, but it doesn't sell magazines and newspaper and grab Neilsen ratings to say it's just a recession.

    Things have been spectacular in this country as recently as 2 years ago by economic indicators (and generally were so for the previous 15 years), the problem is the media was selling everyone the line that things were bad (because of the general feeling of the War, our vulnerability in the world, our image abroad, etc.) Now, when things are really bad, they certainly can't come back and say: "Well we were just bullshittin' you before, now things are bad." Now they have to say: "Holy SHIT! Things are really fucking bad...and you know what? They're getting fucking WORSE!!! AAAHHH!!!"

    Nope, not thinking you're attacking at all, and, to be quite honest, I've tuned out a lot of the media (both TV and newspapers) when it comes to a lot of this stuff anymore. The biggest difference I have seen over the last 6 months (aside from my own experiences) is the fact I hear from friends and aqaintances at a somewhat alarming rate about job loss, salary cuts, layoffs, etc. In my nearly 25 years of being out of high school, I can't remember ever seeing jobs being lost on such a scale.

    H Ross Perot was correct back when he said that we are losing our manufacturing base. When you set your society up to be little more than consumer, rather than manufacturing driven, you're setting yourself up for a disaster. It's been mentioned in the California sucks thread about how manufacturing was essentially driven out of the state...then the taxes on corporations from the Fed helped push the jobs out of the country, to say nothing of EPA and safety regulations that drove the spending for auto manufacturers through the roof.

    There is so much blame to go around, it's crazy. Banks, realtors, regulations, stupid people taking out stupid loans...the list could go on literally forever.

    But, your statement about the press running around running like Chicken Little is spot on...and it's yet to really bottom out.
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  12. #12
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    02.15.10 @ 08:33 PM
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    Quote Originally Posted by bsbll4 View Post
    Everytime I think things are bad, I go to the mall and see the Ipod store full with 40 people trying to find new ways to flush their money down the toilet.

    Things aren't even close to being bad.

    When we are standing in bread lines and standing around like the illegals at Home Depot just waiting to be given the opportunity to work for the day, THEN it's the Great Depression v2.0.

    When unemployment hits 24%, THEN things are really bad (people are crapping themselves just thinking about double-digits, even though we saw those levels [10%+] as recently as last decade).

    People need some fucking perspective in this country. We're a bunch of pussies.
    Can I "third" that?

  13. #13
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    07.10.17 @ 08:25 AM
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    Quote Originally Posted by vhrocks2005 View Post
    I second that.

    What was the unemployment rate in the depression? 30%? And where are we now? 8% at the worst.

    Check and mate. I know people are suffering from this recession, but it's gonna be awhile before it's Great Depression 2.0, folks.
    And i'll third it.

    And while you are correct in saying it may be awhile before 2.0, it might not be that long awhile.
    And the average person still isn't getting it. The comment above about the Ipod store is right on the money,
    I was in a mall in the big city two weeks back, and i was dumbstruck by the crowds and the indiscriminate spending going on.

    There are many chickens on the way home, and there is much roosting to be done.
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  14. #14
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    10.27.17 @ 06:31 PM
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    I wouldn't say we are in another Great Depression, I don't think we'll be standing in food lines anytime soon. When I say things are getting bad, I'm mainly referring to the rate the government is spending money trying to "correct" things. I really don't think people understand the amount of money the government has authorized itself to spend in the last 8 months. People throw around billions and trillions like it's nothing.

    If I hear another person state "I guess they'll just print more", I'll scream. Folks, we aren't printing any of this, we are selling debt. Our kids are gonna be in BIG trouble if we don't quit spending at this rate.

  15. #15
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    As far as the indiscriminate spending going on. I personally don't give a fuck if Joe Blow buys IPods, plasmas, cars, etc., as long as he faces the consequences and the government doesn't use our tax dollars to bail him out.

    The biggest indiscriminate spender is who is worrying me, and it appears I'm not the only one.

 

 

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