January 22, 2008

FED PANIC!!!! Open thread to talk about today's housing-crash-caused stock market crash / rally / craziness


UPDATE: AS PREDICTED BY HP'ERS THE FED PANICKED, DROPPED RATES 3/4 POINT - AND JUST MINUTES BEFORE THE MARKET OPENED. WILL IT WORK?

YOU'RE WATCHING THE PLUNGE PROTECTION TEAM IN ACTION NOW!! BUT HOW MANY BULLETS DO THEY HAVE LEFT IN THE GUN? CAN THEY STOP THE PANIC? OR IS THEIR PANIC GOING TO MAKE PEOPLE PANIC EVEN MORE?


_________

Sometimes being on the sideline with buckets of cash is the best place to be.

Let the movie start already! Man, two days of a worldwide stock market crash and the US hasn't even opened yet, it's gonna be interesting. PPT? Helicopter Ben? Trading curbs?

One more time, for the newbies:


The final phase is a self-feeding panic, where the bubble bursts. People of wealth and credit scramble to unload whatever they have bought at greater and greater losses, and cash becomes king.

151 comments:

ForeclosureBoy said...

gonna be a long long long way down to get housing back to historical median.

looks like a good week to be in FDIC insured CD's renting a room. weeeeeeeeeee

Anonymous said...

From Option Addict:

http://www.optionaddict.net/

Here is my game plan for tomorrow...

Note: This is subject to change without notice.

I am going to look to take profits on all my bearish positions tomorrow. I will reduce the number of contracts, if not close out entire positions.

Cut loose losing bullish positions at the open. Forget the headache of waiting for a certain time, or a certain price...I am selling. There is too much to lose if I don't.

Have a healthy lunch; likely sushi.

I am going to use the Mini S&P to ride the rallies and short the declines that will take place during the day. There will be some great waves to catch if you are disciplined.

Aside from that, no new positions will be opened until the dust settles. None.

The good news for you bulls is that this needs to happen in order for the market to go higher. No longer will we see the weak-kneed gains in the morning followed by big sell-off's each day. This time we get to see the big sell off up front in its glory, and hopefully some consolidation thereafter. However, make no mistake...don't bargain shop here. If you bargain shop, it will be the end of you. Don't listen to the analysts like Doug Kass telling you to buy bank stocks hand over fist here. Don't buy a damn thing except portfolio insurance and alcohol. Leave it to the professionals to catch the falling knives.

In the meantime, get your armor on and get ready to go to war.

keith said...

Remember DOPES mocking us for being in CD's? And I quote:

"Keep holding your money in 5% cds suckers"

DOPES - stay away from open windows today. Should have listened to HP (and Manias, Panics and Crashes) and not Larry Kudlow and Mike Norman

Anonymous said...

he New York Stock Exchange (NYSE)said Monday it will implement new circuit-breaker trigger levels for first-quarter 2008 effective on Wednesday.

Circuit-breaker levels are set quarterly as 10, 20 and 30 percent of the Dow Jones Industrial Average (DJIA) closing values of the previous month, rounded to the nearest 50 points, said the exchange in a news release.

In first-quarter 2008, a 1350-point drop in the DJIA before 2 p.m. will halt trading for one hour and halt for 30 minutes if between 2 p.m. and 2:30 p.m. There would be no effect if the drop happen after 2:30 p.m..

A 2700-point drop in the DJIA before 1:00 p.m. will halt trading for two hours and halt for one hour between 1:00 p.m. and 2:00 p.m..

A 4,000-point drop will halt trading for the remainder of the day regardless of when the decline occurs, said the exchange.

http://news.xinhuanet.com/english/2008-01/01/content_7345984.htm

Anonymous said...

Scene from the floor today

http://www.youtube.com/watch?v=n6cZUCa6Kyk

Princess Mononoke said...

Holy COW! The Global markets ARE tanking....

You know, Bush, Paulson, Bernanke, Sub-prime CEOs, Global Money Managers, B(g)anksters, the Elitist etc. waited YES deliberately waited until January to cash in on their bonuses and to cash in ALL of their market gains. A-holes!

Ask yourself, why would everybody mentioned above intentionally keep the sheeple believing that everything was PEACHY up until they were ready to let the dogs out!

This IS soooo Titanic being played out right before our very eyes! These people make me sick! They have absolutely NO remorse for the damage they have caused due to their GREED!

Princess Mononoke said...

These people ARE rapist, molesters, shameful, a dis-ease to HUMANITY!

And Bush has the nerve to offer us an expensive $800 dinner after this! F&*k YOU MR. President

Anonymous said...

Paulson, the senile speaker, will try to talk his way out of the crash at 8 AM with some BS. Oh yeah, we believe anything that you have to say, CDO articulator.

Hoo-wee, the crooks on Wall Street are coming up with earnings this week. So no matter how the PPT tries to band-aid this funk, there'll be many more shoes to drop (i.e., retail bank earnings, bankrupt bond insurers, credit card mess, Alt-As, pink slips galore, etc, etc, etc).

Anonymous said...

How often do you get to watch a crash when you know before it's gonna happen? The sound of the opening bell will be the executioner's signal. Buy Food and Gas!!

Anonymous said...

Hey kids, if you're just an egg or sperm in 1987, you haven't seen how a market crash is ugly. Put your legs up and enjoy the show.

We didn't have PPT back then, but the only thing that PPT does is postponing the inevitable, so if it's not today, it'll be tomorrow or after. This time the situation is more more critical than in 1987. Strangely enough, it was another Tuesday.

The PPT is already working with Europeans to control losses there as we speak. So the crash won't happen today, especially because CNBC is tooooo happy.

Princess Mononoke said...

And it's a FULL moon in Leo to boot!

Anonymous said...

Resist The Urge To Buy

Oversold and due for a bounce. While reading some of the messages and market commentaries by local experts in the Australian market, this appears to be the general premise: the market is overdue for a bounce with stockbrokers allegedly waiting for any pause in the panic selling to jump on all those value opportunities that have now opened up.

Don't believe it, says Dennis Gartman in today's edition of his daily The Gartman Letter, this panic selling can go on for several days still. His advice to investors is: "strength is to be sold, not weakness bought. Repeat that often to yourself when the urge go buy becomes overwhelming".

http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=A138F139-1871-E587-E1D0F86448F25B7B

Anonymous said...

What is PPT?

Brown shirts and frog marches?

Anonymous said...

And it's a FULL moon in Leo to boot!

-------------------

Ok, Princess, you just lost *any* credibility right there.

Why don't you go feng shui your portfolio before you tell us what your tea leaves say about gold?

Ed said...

Europe is up this morning. This was a 2 day Asian freak out show.
I'm buying this morning after the initial 30 minute panic sell.

If you really think the powers that be will allow a full blown market crash in an election year as well as the Chinese Olympics year you're nuts. They'll take interest rates to negative territory if they have to, at least until November.

I bought heavily last year when the dow lost 400+ points one day following the 9% crash in China the day before. It fell a little more the rest of the week and I kept on buying. By May not only had that loss been wiped out, I was up about 15% when I sold it all and gleefully watched the markets tank.

I've been as bearish as the next guy for the last 9 months or so. But just like trees don't grow to the sky markets don't fall forever.

Princess Mononoke said...

BofA will be claiming a $5.28 billion dollar write-down this week. There is NO way they are acquiring Countryslime. They NEED to focus on their core business to stay alive!

BofA already had un-protected sex with Countryslim aka Mozillo. They are NOT going to taking the same risk again! Right?

james said...

"Bank of America's quarterly net income plunges 95% to $268 million, or 5 cents a share, far below estimates. More soon."
money.cnn.com

Princess Mononoke said...

>>>Ok, Princess, you just lost *any* credibility right there.
January 22, 2008 11:45 AM
===================

Dude! Full moon's ARE significant! I don't care what you believe. Imagine if you will on a normal day people act loony/strange during a full moon cycle.

Our bodies are made up of mostly water and just as the MOON control's the tides of the vast oceans, the moon also control our emotions!

Anonymous said...

Ok, Princess, you just lost *any* credibility right there.

Why don't you go feng shui your portfolio before you tell us what your tea leaves say about gold?


But I bet you believe that an invisible bearded man lives in heaven, Jonah lived inside a whale, and Adam & Eve lived before the dinosaurs, right?

Princess Mononoke said...

This just came to me...

Pandora's Box has been opened!

"In Greek mythology, Pandora's box is the box carried by Pandora that contained all the evils of mankind — greed, vanity, slander, envy, pining — and hope." ~ Wiki

Anonymous said...

Anonymous said...
Ok, Princess, you just lost *any* credibility right there.

Why don't you go feng shui your portfolio before you tell us what your tea leaves say about gold?

But I bet you believe that an invisible bearded man lives in heaven, Jonah lived inside a whale, and Adam & Eve lived before the dinosaurs, right?

January 22, 2008 12:23 PM

---------------

ZINGER!!

Anonymous said...

Loved the youtube clip, still laughing my ass off!!!!!

One of my favorite movies.

Anonymous said...

But I bet you believe that an invisible bearded man lives in heaven, Jonah lived inside a whale, and Adam & Eve lived before the dinosaurs, right?

-------------

Maybe I do, maybe I don't. Could be that I believe in the Aztec prophecy that the world is going to end in 2012.

In any case, I'm not spouting crazy voodoo shit and coming across like Walgreen's mixed up my lithium prescription with some preschooler's ritalin.

keith said...

3/4 rate cut minutes before the market open

Nah, the Fed isn't interested in the stock market and traders

Hilarious!

Ed said...

75 cut announced...and it begins...

Ed said...

On CNBC Rick Santilli saying another 75 is expected now next week. Perfect.

Bryan said...

75 basis points
3/4% of a percent
Here be dragons, er I mean inflation.....

Princess Mononoke said...

Unbelievable! The Fed just cut 3/4 bps right now and the U.S. market hasn't even opened!

I actually threw up listening to Paulson. He was so jittery reading the lies written for him.

Anonymous said...

Goodbye dollar. It's been nice.

cobra2411 said...

RE: The FED Cut...

When all you have is a hammer...


It's fading. It spiked almost 40 handles on the S&P futes... Now it's up 12...

If this fails we're more #$@#ed then we were before...

Thanks Ben!

DOPES said...

3/4 CUT BABY!!!

OUCH, THOSE 4% CD'S JUST TOOK ANOTHER DUMP!!!!

I TOLD YOU YA FOX HAD BEN IN THE MAKEUP ROOM FOR MY RATE CUT!!!!

ME AND ANGELO ARE ROLLING AROUND IN OUR ORANGE MONEY!!!!

DOPES!!!!!!!!!!!

Anonymous said...

Cut the f@cking interest rate to 0%
and get this crap over with so we don't have to listen to these cry babies call for rate cuts anymore.

Paul E. Math said...

As predictable as this was I still feel outraged. How more obvious does it have to be that the fed is just Wall Street's bitch? Hey, ever heard of Main Street, you bearded whore?? Ever heard of people who actually WORK for a living, rather than relying on asset appreciation??

The fed has a dual mandate of promoting economic growth and minimizing inflation. The fed exists because of an act of Congress - Congress never instructed the fed to manipulate interest rate policy to maximize stock prices and backstop stock price declines. But that is exactly what it is doing, sacrificing inflation in order to support stock prices.

I want Ron Paul to absolutely kick Bernanke a new a-hole the next time he testifies.

Anonymous said...

Bernanke is peeing in his pants as we speak. What a coward!

Anonymous said...

Dopes cheers a 3/4 inch band-aid applied to gaping wound. Comical.

happy homeowner in the stix said...

3/4 pt already?

I think I'm gonna refi my 30 yr to a 15 year....same payment if mortgages are around 4.75.

I don't care what the rest of you think....I LOVE Ben!!!

DOPES said...

YOU BOYS BETTER LOG INTO ING DIRECT AND BUY SOME MORE ORANGE CD'S BEFORE THEY CUT THE RATES TO MATCH UNCLE BEN'S!!!!

YOU DO LIKE ORANGE RIGHT????

DOPES!!!

LauraVella said...

The FEds cut by 3/4 BP.

OMG, it's going to be a crazy day. The unexperienced stock traders think this move will help stocks...they dont know it yet, but it wont.

Buckle up!

Anonymous said...

Nobody's buying it!

http://www.marketwatch.com/news/story/us-stock-futures-point-heavy/story.aspx?guid=%7BE5A56BAA-EC63-48FA-94CF-67AAB6BF3A40%7D

U.S. stock futures pointed to heavy losses on Tuesday, with an emergency move by the Federal Reserve not enough to prop up sentiment as fears over a recession grow and as overseas stock markets dropped sharply over the last two days.

Even after the Fed cut, the outlook was bleak for U.S. markets on Tuesday: S&P 500 futures dropped 45.2 points to 1,280.10 and Nasdaq 100 futures fell 55 points to 1,794.50.

Dow industrial futures traded 381 points lower. Overnight, the Dow industrials contract traded as much as 650 points lower.

Anonymous said...

PANIC!!!!!

Fed tries to stop bloodbath

The central bank announces emergency rate cuts after markets around the world plunge on worries about a U.S. recession. Bank of America's profit plummets. Yahoo will reportedly slash jobs.

After two days of global market tumbles, the Federal Reserve is trying to save Wall Street.

The Fed this morning cut the federal funds rate, the rate at which private banks lend to other banks, by three-quarters of a percentage point in an emergency move. The Fed also cut the discount rate by three-quarters of a percentage point.

The decision by the Fed to make an inter-meeting rate cut followed a worldwide slaughter in the markets.

http://articles.moneycentral.msn.com/Investing/Dispatch/080122markets.aspx

Patrick said...
This comment has been removed by the author.
french toast w/side of bacon said...

chop 3/4's!

Stocks DJ panic crash -780!!!!!!!!!

Anonymous said...

Maybe I do, maybe I don't. Could be that I believe in the Aztec prophecy that the world is going to end in 2012.

So you did watch the History channel last night. I tell you one thing, by Dec 21 2012, I'll be in my organic farm high in the mountains, just in case.

Anonymous said...

I don't care what the rest of you think....I LOVE Ben!!!

January 22, 2008 2:01 PM


----

You might have a change of heart when gas is $7 a gallon this summer.

And mortgage rates are based on LIBOR not Fed funds rate.

Anonymous said...

gold and oil down as well, people are selling everything

Anonymous said...

Hey the crooks on Wall Street are waiting for the fools to jump in the market, just to shave them on the high. Step forward DOPES!

decaffeinated said...

Paul E. Math:

How more obvious does it have to be that the fed is just Wall Street's bitch?

Bingo.

Bernanke is rolling the dice here. He's gambling that he can save the stock market without trashing the dollar. Good luck on that bet.

The big losers here are the Asian bankers who were stupid enough to buy USA paper. How does it feel, chumps?

Anonymous said...

Welcome to the New Depression.

Brought to you unarguably by the Worst President Ever, George W. Bush and his band of Merry Men and Woman.

Bush single-handedly killed America in 8 short years.

Welcome to America.

Welocme to HELL.

borkafatty said...

Well, the good news is that once our dollar hits C$0.80 and E0.60, maybe the Treasury can implement an "emergency stimulus measure" that involves flying Canadians and Europeans over here to do some of our consumer spending for us!

brokersleaveyoubroke said...

The MSM is all abuzz about the "surprise" rate cut. Of course it was no surprise to HP readers since it was predicted here yesterday.

Malcolm said...

The 75 drop will help us get through today, but it doesn’t alter the fact that the fundamental issues are still there.

It stops the traders from jumping out of windows today, but what happens in a few weeks when it drops again?

If they were to take interest rates down to zero, we would still have the underlying issues. What then?

We are treating the symptom, not the disease.

Princess Mononoke said...

Holy Moly!!!! DJIA is down 440 pts and it's on 6:33am PST!

GT said...

um what's going on??

DOW JONES INDUSTRIAL AVERAGE IN (DJI:^DJI) Edit
Index Value: 3,919.38 ??????
Trade Time: 9:38AM ET
Change: Down 123.94 (3.07%)
Prev Close: 12,099.30

Anonymous said...

>> And it's a FULL moon in Leo to boot!

We've got enough bullshit to deal with, thank you. Please stop with the astrology nonsense.

-- The management

Princess Mononoke said...

I see: THEIR PANIC IS GOING TO MAKE PEOPLE (Sheeple) PANIC EVEN MORE!

The Sheeple are such extreme loyalist that if their masters lose confidence, THEN they lose confidence!

What's disgusting is Bush, Paulson et al ARE still saying that WE have a SOUND economy with STRONG fundamentals! BULL$hit... And yet, they are calling for an economic stimulus package and deep throat cut in rates!

Don't actions speak louder than words??????? Hopefully, the Sheeple wake up to this no-brainer!

Bryan said...

Last night I watched "As Good As It Gets" and got nostalgic when they showed the characters pulling out of a gas station with Regular Unleaded at $1.199.

Last January I am buying 4-week T-bills (MD state-tax free) at around 5% APR and this January I am just glad to be able to lock in 3- and 6-month CDs this morning at 4.3% APR.

But the house down the street is still $515,000, down $110,000 and vacant one year.

DOPES said...

I SMELL A HEDGIE FUND BLOWING UP TODAY BOYZ!!!

GET THEM ORANGE CD'S BEFORE IT'S TOO (KEN) LAAATTTTEEEEE!!!!!!!

DOPES!!!!!!!!!

Mammoth said...

Princess M. said...
"Ask yourself, why would everybody mentioned above intentionally keep the sheeple believing that everything was PEACHY up until they were ready to let the dogs out!"
-------------------------
Isn't this what landed the top brass of ENRON in jail?

Why shouldn't Bush, Paulson, Bernanke, etc. follow in their footsteps?

-Mammoth

Ed said...

what did I tell you? rally is on. insiders know the game and know how it works.

I bought in right at the open and glad I did.

Anonymous said...

Gold shot up $30 oz, Gold is the ONLY safe haven now. This is going to get really ugly and end in complete anarchy in about 2 years.

I wonder if the Unibombers cabin is for sale?

Anonymous said...

As I noted on one of your previous discussions, GOLD is taking a beating, oil too, all commodities are.

Stick to the shorts and you will win.

Danny

DOPES said...

FOX NEWS HAS BUSH READY TO GO ON CAMERA!!!

HE'S GONNA ANNOUNCE THAT THE CIA HAS UNSPECIFIED INTELLIGENCE WARNING OF SOME HUGE TERRORIST ATTACK AGAINST AN UNKNOWN TARGET!!!

GAME, SET, MATCH!!!!

I WIN AGAIN!!!

DOPES!!!

Mammoth said...

Not that anyone should take another HP-er's advice, but this may not be a bad time to scoop up some Boeing stock, seeing how:

- the plunging dollar makes Boeing airliners a better buy than Airbus,

- this spring Boeing will finally get the DOD refuling tanker KC-767 order (NO WAY is the US going to buy a fleet of Airbus refuling tankers for the US military,

- the new 787 will fly this year, and so will Boeing when this happens.

...then again, a couple of arabs with box cutters can put a bit of a chill on Boeing stocks.

Just sayin', and no I don't own any.
-Mammoth

Anonymous said...

real panic will come in, when FED run out of bullet.

DOPES said...

______________
"Stick to the shorts and you will win.
Danny
______________

Oh Danny boy, your shorts your shorts are faaallllen...

PPT in overdrive this AM and all is well as the big market crash of 08 has been postponed, much to the chagrin of a pack of losers on a blog called HP.

Um, er, DOPES !!!

Anonymous said...

"Last night I watched "As Good As It Gets" and got nostalgic when they showed the characters pulling out of a gas station with Regular Unleaded at $1.199."



Awww how sweet. Did you also get nostalgic for sweet sunshine and lollipops?

Princess Mononoke said...

Cramer keeps asking for the FED to cut rates down to 2.5%... His reason is so that we will be able to help homedebtors refinance their homes!

At this point Cramer, the rate cuts are NOT going to help the real estate crisis... EVERYBODY I repeat EVERYBODY is upside down or about to be! They owe more than their house is worth.

The rate cuts are only pro-longing the life of the banking system that has been existing on life support! The BANKS have been HEMORRAHAGING and the FED is wasting blood/lifeline that could better be used elsewhere!

Princess Mononoke said...

PPT in overdrive this AM and all is well as the big market crash of 08 has been postponed, much to the chagrin of a pack of losers on a blog called HP.
Um, er, DOPES !!!
January 22, 2008 3:45 PM
============================

Just wait until 3:00pm EST

Bitterrenter said...

Capitalism really taking it in the shorts today!

I hope it collapses and, following a brief period of wealth confiscation, we engage the world in GLOBAL SOCIALISM!

If nothing else, I hope the rioting kills off as many republicans as possible. Remember people, don't take it out on each other, go for those living behind gates and on hills. Wait for them as they leave their towers of luxury and take their money with the aid of a tire iron. Destroy their possessions. Overturn their cars.

Know the real enemy.

Princess Mononoke said...

An avalanche is an avalanche!

Needless to say, a boulder placed in its path will NOT be able to contain its descent...

Anonymous said...

They hate us for our MLK day.

LauraVella said...

The PPT's stepping on the gas big time...one second ago the dow was
-291, nows it +25!

Anonymous said...

Henceforth, let it be known that Bernanke's official name is "Wall Street's Puppet".

Anonymous said...

Question for the experts:
My thrift (401K) plan has a large percentage invested in the C fund. Should I change this to a smaller percentage in hopes of not losing the amount of money that is in there now?

Thanks for you guys advice.

Princess Mononoke said...

If you're watching CNBC right now, look at the bottom ticker. You'll see 10k to 25k block shares being traded right now. These are institutional investors buying in at the lows.

thomas jefferson said...

BERNANKE!
HELICOPTER MAN!

NC lady said...

Get ready! double digit inflation,double digit interest rates and double digit unemployed. I hear the last, dying moans of the dollar, slaughtered by our very own Fed. But, we can always check in on CNBC (maybe your neighbor might still have cable) and they'll have some expert tell us that things are looking up,you may just get to eat next week!

Anonymous said...

"If nothing else, I hope the rioting kills off as many republicans as possible. Remember people, don't take it out on each other, go for those living behind gates and on hills. Wait for them as they leave their towers of luxury and take their money with the aid of a tire iron. Destroy their possessions. Overturn their cars."

Assuming that the 3:56 post from Bitterrenter is not sarcasm, which I doubt based on previous posts, I would like to request that that commenter be banned. Imagine that comment headlining on CNN.

Anybody remember how the French Revolution turned out? What about the October Revolution? What about the Cultural revolution? I could go on but why bother?

Anonymous said...

Headline:

"US budget deficit is about to BALLOON"

It started when men in caves told NORAD to stand down on 911, then a Chimp lied us into war. June 03 lowest rates, sheeple tripped over each other to buy junk housing for 500K.

Worst financial meltdown in modern history about to happen. Buy physical gold, and do it now.


Good Luck to Everyone

Anonymous said...

princess moonbat please stick to reading palms and stay away from discussing anything to do with money

Anonymous said...

bitter renter is the JP jester. Just laugh at him and he goes on his merry way

Anonymous said...

Just got to find that level of interest rates to keep people borrowing and in debt. Instead of a nation with a high minimum wage, we have a nation of people hooked on debt, slaves. When will America stop borrowing 2 billion a day, and start paying off its 9 Trillion in debt.

Anonymous said...

"Anonymous said...

Question for the experts:
My thrift (401K) plan has a large percentage invested in the C fund. Should I change this to a smaller percentage in hopes of not losing the amount of money that is in there now?

Thanks for you guys advice."

I'm 35, 65% L2040 and 35% I, and no longer in the Federal Government. I'm letting it ride because again, it's 30 years until I touch it.

You're ___, in C to some percentage. Most never choose and will shocked to see what 100% in G has done for them. There are only ten options in the TSP; figure out how to protect what you have but also how to distribute new contributions to take advantage of current trends.

Pointing anon because we should both GBTW.

Anonymous said...

Panic must be in effect - servers at TD Ameritrade have melted. You can't log on to their site.

keith said...

You know how we joke here about the ATMs not working one day, and to make sure you could get by?

Well, in a related vein, the Ameritrade website has been down all day, and they can't handle the calls on their 800 line. In other words, if you're an Ameritrade customer, like I am, you're f*cked.

Thankfully I wasn't planning any trades after the open. But if I was, I'd be PISSED!!! People got screwed and screwed hard today because they trusted their online broker

Here's more on their crash today

http://tinyurl.com/2t7g9k

Anonymous said...

3/4" crack rock has worn off on Wall Street. Back to the selloff. LOL.

Anonymous said...

giant idiot bitterrenter said
"If nothing else, I hope the rioting kills off as many republicans as possible."

Every time I think about democrats I get a vision of people like you. I am a conservative/libertarian. All I can say his I hope people like you get what you deserve. Having known people that have lived through socialism (aka communism) they will tell you, the rich don't get poor, the poor get poorer. Your just stupid. Do you really think the Clintons, Bush's, Gates, Rockefellers, etc are going to start working 9-5's like the rest of us? They will always have money and always be rich regardless of what form of control is implemented on the rest of us. People who pray/preach for socialism are just naive idiots. Grow up and get smart.
Bob

Anonymous said...

Thankfully I wasn't planning any trades after the open. But if I was, I'd be PISSED!!! People got screwed and screwed hard today because they trusted their online broker


E-Trade shut down on the Sept 17th FED announcement day. Get out of all online trading, all banks. You must now be your own banker, your own central banker.
Physical Gold that you possess, only.

hamsterhouse said...

This is like watching a Coen Bros movie with the dim-witted characters making one bad decision after another and before you know it, the whole town is blown up! Not pretty.
This morning, after reading about the housing bubble for over a yar, I came to the realization that we've been tossing around a misnomer, calling our homes ATMs. When I go to the ATM I am withdrawing money that is mine, which has been earned, taxed and deposited into my bank. So if I choose to withdraw it all and play the slots, big deal--as long as I can pay the rest of my bills. But what people are doing here, is speculating that their home is worth something more, taking a second mortgage, or refinancing at that speculated amount and taking out the difference and spending the money. They still owe it, it was never theirs free and clear, it's just assuming a greater debt until you actually sell the home and realize its "increased" value. Maybe we should be calling homes our "stupid cash advance checks that the credit cards send us to trick us into spending money that we dont really have." Either way, when it comes to paying the piper, seems that too many are hosed. But, I will concede, ATMs is a snappier and easier to understand term. ps. you probably can withdraw money that you don't really have in an ATM with your credit card, but I've only done that abroad when my bank card didn't work. Still had the money in the real account to pay it off :)

borkafatty said...

http://www.itulip.com/images/3econstooges.jpg

Anonymous said...

i want my stimulus handout now!

Anonymous said...

All you doomsayers predicting a market meltdown are missing the big picture. This is a crack-up boom, not a deflationary spiral. The U.S. markets will go UP to record levels even as the Fed cuts interest rates to zero! Repeat, we do not have free markets anymore. They are being manipulated and everyone in the world knows this.

Ty Andros spelled it all out last year in his series of articles and it's unfolding just like he predicted. If you're going to short anything, short the U.S. dollar or Asian stocks as their markets aren't rigged - yet.

Princess Mononoke said...

Anonymous said...
>>>princess moonbat please stick to reading palms and stay away from discussing anything to do with money
January 22, 2008 4:42 PM
===================

Listen A$$hole, I have more experience in this area than YOU have wiping the snot off your face!

Anonymous said...

What a self created disaster

Anonymous said...

Stocks are on sale.

Buy Buy Buy.

There are great deals right now.

When the masses are fearful, BE GREEDY!

Anonymous said...

Does this mean that NOW IS A GOOD TIME TO BUY?....

Ha HA HA HA HA HA HA.........

DEAD AMERICA

Bitterrenter said...

Gee, looks like the capitalists are the ones getting what they deserve!

I got my revenge over the last 30 years as the union bohunks who backed Reagan's "Revolution", the so-called "reagan democrats" lost their cushy jobs and are now folding clothes next to their wives at WalMart for $5.15/hour! I get to watch the middle class who swallowed conservatism's lies sink like a ROCK.

Now I get to watch as the rich soak you little people just a little more.

I stand by my hatred of republicans, conservatives and fully promote the agenda of sterilizing their young.

Anonymous said...

The emergency rate cut may have less to do with stocks and more to do with major bank failures. The banks are just hanging by a thread.

ABE said...

All you doomsayers predicting a market meltdown are missing the big picture. This is a crack-up boom, not a deflationary spiral. The U.S. markets will go UP to record levels even as the Fed cuts interest rates to zero! Repeat, we do not have free markets anymore. They are being manipulated and everyone in the world knows this.

Listen idiot the markets have always been manipulated. There is no such thing as free markets the way you describe.

And the US was never founded on free trade. The US was founded on the American System of Political Economy. Free Trade=British Empire
American System=United States.

These two opposing systems and view of man have been at war with each other since this nations founding.

ABE said...

Listen A$$hole, I have more experience in this area than YOU have wiping the snot off your face!

January 22, 2008 5:17 PM

I agree. I enjoy reading your posts.

anon said...

I want my stimulus handjob now!

Anonymous said...

Dollar devaluation in progress.

DO NOT DISTURB!

Anonymous said...


Capitalism really taking it in the shorts today!


This is how the markets work, you moron socialist. Markets go up and down. I wouldn't expect an idiot like you to understand though. Capitalists are shorting the market and making money on the way down too. Capitalists made money when the market crashed in 1987.

The ones who really took it in the shorts are socialists in the old USSR and formerly Red China, which is now Green China. You socialist utopias have been relegated to Cuba and Venezuela. That's all you moronic socialists will ever amount to - two tinpot dictators swirling around in the own muck. You've failed everywhere else. Even you beloved "socialist" Sweden has a stock market and McDonalds everywhere.

Capitalism survived the Great Depression and it will outlive any socialist tinpot dictators and banana republics. There are not enough sheeple who want their lives controlled by Hitlary and Stalin

Anonymous said...

No panic buy Apple (AAPL) price target $210 a share. Ipods and Iphones for everyone when we get our government rebate check.

Anonymous said...

Romney says BUY BUY BUY!!!!

http://tinyurl.com/3yg4z9

"Getting serious -- and optimistic -- Romney said: "I can tell you from my own personal experience that every time I've seen things really get scary and the markets really collapse that I put aside that fear for a moment and say, 'Ah-ha, is this a buying opportunity?' Because my experience has always been what goes down, comes back up.""

Beignet said...

I didn't know where to put this.

It is the FUNNIEST thing I've seen in a long long time.

This has to have it's own headline.



http://www.jibjab.com/originals/big_box_mart

area 51 said...

BofA profit wiped out.

$10B in losses.

Has to raise capital (read: BORROW) to maintain it's Tier 1 capital ratio, meet obligations on LaSalle Bank acquisition and CFC acquisition.

S&P MAINTAINS BUY RATING

This is wonderful comedy...

Anonymous said...

I hope to God that riots soon will kill off all the Republicans. The sooner the GOP is eliminated from the nation, the beter

area 51 said...

Speaking of ATMs and Ameritrade being down today.....

So is the facebook.com search engine............

NOW I am *REALLY* pissed!

Anonymous said...

The market will nosedive tomorrow or after. Its inevitable.

(Have you noticed that once in a while this blogger site has a bug that doesnt allow us to apply accents?)

Bitterrenter said...

About, oh I dunno, 1000 years ago, the fuedal lords were dismissing the idea of democracy. "After all", they said, "the Greeks tried that and it failed!"

Socialism will make a dramatic comeback with the necessary component of commerce, which is not pure capitalism. Our brand of capitalism will die a painful death alongside those who won't abandon it. You will see much greater redistribution of wealth, the restructuring of economies and the exile of conservatism.

Meanwhile, many of you will cling to the failed systems of central bankism and "free market" capitalism. Hell, those both died this past year.

Enjoy the trip down. I know I will!

PS. KILL THE RICH. STERILIZE THEIR CHILDREN.

Anonymous said...

So have you Republican-Reagan whores had enough of the bullsh!t Reaganomics yet?

Another 7 years of Reaganomics crap and once again this pathetic concept has failed miserably.

I dont know whats sh!ttier, Reaganomics or Regan himself. Thank god that tool is dead and suffered a lot before dying. Must be burning in hell as we speak.

Anonymous said...

Borkafatty said...

Well, the good news is that once our dollar hits C$0.80 and E0.60, maybe the Treasury can implement an "emergency stimulus measure" that involves flying Canadians and Europeans over here to do some of our consumer spending for us!

Thanks, but we're REALLY getting tired of the anal probes and being tasered every time we cross the US border.

But I've heard that they're planning on replacing the probes with cow prods so that they can do it all at one time more efficiently as you go through customs.

Gotta love American ingenuity!

Anonymous said...

Listen A$$hole, I have more experience in this area than YOU have wiping the snot off your face!

Wow, Princess is a real HP. Punch that a$$hole in the mouth, princess. LOL

area 51 said...

JNJ profit and earnings up 10%.
US revenue up 9%, international up 15%+11%exchangerate=26%.
Repurchasing $10B in stock. ($3B completed)
Solid 2008 earnings projections.
Consumer staple.

STOCK DROPS!

BofA profit plunges 95%.
Acquiring VD infected CFC.
Begging for capital infusion.
Carries $Billions in toxic CDOs, >$5B losses so far.

STOCK JUMPS!

Bitterrenter said...

Reagan was one of the most evil men to have lived in the last century. he destroyed our sense of community and infected even more people with the unbridled greed and selfishness of the savages.

Glad to have seen the people who voted for him suffer. I laugh at what Michigan is going through. All those union guys who voted republican thinking that cutting off the poor and sick would give them something. They're now totally FUCKED.

Frank@Scottsdale-Sucks.com said...

It's time to just press the proverbial reset button and get this thing over with already.

Anonymous said...

If you're watching CNBC right now, look at the bottom ticker. You'll see 10k to 25k block shares being traded right now. These are institutional investors buying in at the lows.

No, they are not the institutional investors buying. They are the plunge protection team buying using the government fund to pop up the market. I wonder how long this will last. The institutional investors are busy selling to cover their arses from losses in the mortgage market.

Anonymous said...

Thank GOD American Idol is on tonight! I need to relax a bit after today...

Anonymous said...

CFC up 7% today and almost 20% off its session low.

BWA

HA

HA

g said...

I wonder how DOPES is feeling with the Dow DOWN after a 75 pt cut.

Anonymous said...

Bitterrenter said...
"Socialism will make a dramatic comeback with the necessary component of commerce, which is not pure capitalism."

We will be just like China.... They'll own us anyway so, when in Rome.....

Anonymous said...

Look at the foam in the mouth raving leftards spewing vitriol. They are like vicious mad dogs. Call in Michael Vick LOL. I hope the WaPo is reading this embarassment of a blog. Actually I bet it's the same seething leftard bitter renter posting under different aliases in his mom's basement. All of the posts carry the same psychotic socialist theme. He must have just visited the dailykooks website, which usually sends those types into a wacked out frenzy.

Anonymous said...

Hey bitterrenter, if our system sucks so bad, why are you still here?

There's still a few "socialist paradises" out there. Cuba's kind of nice, with warm weather and fine cigars. Pack some dollars, they'll still come in handy.

Sure, the Russians, Germans and East Europeans couldn't make it work. The Chinese and Vietnamese aren't really doing it, either.

But YOU. Ah, you brilliant bastard. YOU are going to make it work this time! Over a billion people lived under it, but no one figured it all out until YOU came along, right?

As for the millions of Cambodians who died for "crimes" like wearing eyeglasses or being able to read...well, fuck 'em, right? And all the rest of socialism's victims....fuck 'em, too, right? You pathetic prick.

You have to be some dumbass college instructor. No one else is stupid enough or isolated enough from the everyday world to still believe that shit.

Anonymous said...

Reagan was one of the most evil men to have lived in the last century. he destroyed our sense of community and infected even more people with the unbridled greed and selfishness of the savages.

Glad to have seen the people who voted for him suffer. I laugh at what Michigan is going through. All those union guys who voted republican thinking that cutting off the poor and sick would give them something. They're now totally FUCKED.

January 22, 2008 7:03 PM

I think Reagans success getting elected had alot to do with the staunch FDR democrats hatred of Jimmy Carter followed by Walter Mondale. These guys put "Dutch" in office.

Andrew Hac said...

So is the Americano economy toasted or what ?

Will Joe6Pack and JaneZinfandel cash out their car equity now ? (Haaaaa, haaaaa, haaaaa, CAR EQUITY...)

What will happen to all those big-ass tank F250, Chevy Silverado, Hummer and craps like that ?

Will the Americano be toasted as a snapper turtle skewered on a stick from head to ass sizzling nicely on a bed of red hot charcoal ?

Will the Americano ever find the WMD in Iraq ? And if not, will they proclaim that Iran is now having WMD ?

Ooooo, weeeee !!!

Bitterrenter said...

Capitalism only appears to succeed because the definition of success is so vague. Pretty much if one guy gets rich, capitalists declare victory.

As for Cambodia: Funny how we recently signed a trade deal with those horrible monsters over there. Either america the shithole will deal with anybody for a buck or the Vietnamese really weren't that bad. In any case, america has this apthological need to paint their enemies as genocidal maniacs, particularly when they LOSE.

And Bitterrenter only posts under one name. Of course there are similar posts, I'm not alone in my distaste for this country and this culture. I find it humorous how "living in Mom's basement" seems to be the most insulting thing some people can think of!

PS. I stay here because I was born here, have neither the stomach nor the mobility to leave. And why should I? No one wants Americans anyway.

Anonymous said...

Anonymous Anonymous said...

Reagan was one of the most evil men to have lived in the last century. he destroyed our sense of community and infected even more people with the unbridled greed and selfishness of the savages.

Glad to have seen the people who voted for him suffer. I laugh at what Michigan is going through. All those union guys who voted republican thinking that cutting off the poor and sick would give them something. They're now totally FUCKED.

January 22, 2008 7:03 PM

I think Reagans success getting elected had alot to do with the staunch FDR democrats hatred of Jimmy Carter followed by Walter Mondale. These guys put "Dutch" in office.

January 22, 2008 8:45 PM<<<

mondale made a big mistake. he spoke the truth about economic matters. this sort of truth is not good politically. the american sheep want to hear lies and have someone tell them how great we are, etc. they don't want to hear the truth. this is why ron paul is not going to be president. how can he be? if the american people do not understand what the man is saying, then how in the hell can he govern? he can't. reagan used to be communist but changed over to conservatism when it was politically expedient to do so. sound familiar? well fast forward till today and the neocon trotskyites....in order to get their project for a new american century... platform moving forward, they changed their stripes and became what was politically expedient to do. they needed the christian right, so they hired all the so-called christian soothsayers to help them in their quest. and on top of that stew that they cooked up they added a measure of , ...we are God's chosen...to sweeten the pot.......and whola....we have Christian zionsism and Judeo Christianity. Its a wonderful world isn't it? Get out your freedom sticks boys. its going to be a long day tomorrow....

Anonymous said...

So is the Americano economy toasted or what ?<<<

yes, and it is never coming back the way you have lived it either....never...the lie is over and what is left of it is dying before our very eyes. there is no tomorrow for this lie. it dies now. dying lies are a good thing. it reinvigorates the soul. In the Bible book of Ezekiel 37:1-14 we find the vision of the Old Testament Prophet Ezekiel and the valley of the dry bones. Today america is a valley of dry bones. we need to be put back together again as we once were. It would be my hope that somehow, we as a country can imerge from this finanical catastrophe , proud and strong as we once were, and a beacon of hope and righteousness for the world. God can only know if this can come true.

Anonymous said...

bitter idiot once again wins retard of the week honors...for the 47th week in a row

yet another HP record

Bitterrenter said...

Poor anon, has nothinig to add to the debate. One little idea to my 100.

I'll bet you voted republican all these years, didn't you? But I'll bet you also take every handout from the government you can get your hands on.

formosan80 said...

I wonder if a class action lawsuit could be brought against Ben and the Fed. We could claim that the Fed is unfairly helping people who profit from stocks climbing, versus those who short stocks.

Anonymous said...

"Everything comes to an end."

Carmela Soprano talking to Tony in episode.

Anonymous said...

I don't care if we're going back to planet of the apes, as long as I can watch Erin Burnett on CNBC. ERIN BURNETT. MMMMM

Mitesh Damania said...

The Baby Boomer retirement purses got raided.

Retirement home on that island gooooooo bye bye.

The baby boomers will be working a bit longer and will have to retire more modestly.

First the Vietnam War and now this. When will they learn to elect honest politicans?

Anonymous said...

Bitter Renter said:
"Capitalism really taking it in the shorts today!

I hope it collapses and, following a brief period of wealth confiscation, we engage the world in GLOBAL SOCIALISM!

If nothing else, I hope the rioting kills off as many republicans as possible. Remember people, don't take it out on each other, go for those living behind gates and on hills. Wait for them as they leave their towers of luxury and take their money with the aid of a tire iron. Destroy their possessions. Overturn their cars.

Know the real enemy."

The corrupt system we are suffering under has nothing to do with capitalism. When this system collapses lets give real capitalism a shot.

And as far as killing of the repugs f*ck that. Those b!tches gonna be mowin' my lawn and cleaning my toilet after their house of cards comes crashing down.

First basic rule of capitalism-if you want to eat you got to work.

Keyser Soze said...

Area51 - I think BAC is up because Lewis said they would earn $4/sh in '08. This comes to ~ $22b.

getyourselfconnected said...

I think the FED really panicked today and cut rates along with cutting the cheese. The problem with cutting when you are in a panic is that you can get a nasty surprise!

From Wikipedia on Flatulence:
"Nerve endings in the rectum usually enable individuals to distinguish between flatus and feces, although loose stool can confuse the individual, occasionally resulting in accidental defecation also known as "wet farts", "sharting", "varting", "gambling and losing", "Leaky Pete" or "following through"

Hope the FED has fresh undies for the rest of the week.

Anonymous said...

AAPL is gonna crash the market tomorrow

Ed said...

Rule #1 Don't fight the fed.

Rule #2, see rule #1

Asia is up huge tonight. Australia is up 6% at open.

Today was the bottom. Anyone who didn't buy today, lost out.

Che's dead, get over it said...

I stay here because I was born here, have neither the stomach nor the mobility to leave. And why should I? No one wants Americans anyway.

As a group, no. But individually? It depends on the American in question.

Based on your posts here, you're probably as welcome as a shit in a punchbowl wherever you are. That has nothing to do with being American, but everything to do with being a jackass.

$649,000 3-bedroom ranch. said...

Time to start planning and building new 300-unit $250 million dollar condo-towers!

Its time to start building new homes again investors!

The 2008 construction boom has just begun!! Thanks Ben!

Weeeeeeeeeeeeeeeeee!!!!!!!!

Anonymous said...

Ed,

I will be laughing at you soon. The bottom?

You dont know the bottom even if you were smacking it.

The bottom will take a couple of years and a couple of thousand points off the DOW. Say ahhhh I dont know, 5,000.

I wouldnt say that the market will crash from here. But it will definetely keep going down and down for a while.

I say, short the market.

Anonymous said...

DOPE,

4.5% doesnt seem so bad when the market is down 20%.

Heck, I'd take 2% or even 1%.

My guess is that you are heavy in equities and are taking a nasty beating.

Danny

Anonymous said...

''anonymous said...
Borkafatty said...

Well, the good news is that once our dollar hits C$0.80 and E0.60, maybe the Treasury can implement an "emergency stimulus measure" that involves flying Canadians and Europeans over here to do some of our consumer spending for us!

Thanks, but we're REALLY getting tired of the anal probes and being tasered every time we cross the US border.'"

Yeah I agree, coming into the US is a real fucking chore. After flying 11 hours into PHX, the useless fucks at immigration had us stand in line for one and a half hours so they could scan our retinas and take our fingerprints, and when they did open some more windows they waved over the people from BEHIND us!

Anonymous said...

market will be up for the next 3 days, another rate cut 30th will hold it for a few days into Feb, then it will fall hard and fast.

Anonymous said...

this thread is a hoot! look at all the hate! our country is obviously terribly devided and what is most interesting is that its mainly the lefties spewing the hate and the righties responding with hate and disdain-very interesting - the left haters seem to be pissed off that the right haters have more $ than they do-looks like classic class envy shrouded in a false rightious indignation of the downtrodden and dispossesed - pretty transparent though!

the awnser is obvious - lefties-get better jobs and you will become republicans! problem solved.

Anonymous said...

"Today was the bottom. Anyone who didn't buy today, lost out."

Keep clicking Dorothy.

Anonymous said...

"the awnser is obvious - lefties-get better jobs and you will become republicans! problem solved."

Like dude getting a real job would be like selling out to the man.

Ed said...

OK keep shorting the market. And when another 75 cut is announced next week, we'll see how your shorts are doing...I suspect they'll be full of something nasty and brown.

Anonymous said...

Ed-

There's no place like home.
There's no place like home.

;-)