Well, here's the headline from October 24, 1929, aka "Black Thursday", as history repeats itself...
And here's a recap of that 1929 selling as we close out October 2008, perhaps the worst month for stocks in the history of the world.
Thank you realtors. Thank you mortgage brokers. Thank you bankers. Thank you Congress, SEC, Bush, Dodd, Mozillo, Perry, Fuld, FBI, flippers, appraisers, homebuilders, MSM, housing porn shows, and above all, thank you Alan Greenspan and the Fed.
You Wrecked America.
1929 Stock Market Crash
Three phrases - Black Thursday, Black Monday, and Black Tuesday - are used to describe this collapse of stock values. All three are appropriate, for the crash was not a one-day affair.
The initial crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 28 and 29, 1929) that precipitated widespread panic and the onset of unprecedented and long-lasting consequences for the United States.
The collapse continued for a month.
73 comments:
Today is looking like black friday. Wish I had taken the chance on buying DXD at close yesterday.
I expect some emergency announcements before market open today (Fed to 0%?) but looks like we'll be needing these:
The rules call for trading halts of differing lengths in the event of declines of 10%, 20% and 30% in the Dow Jones Industrial Average based on the average closing value of the blue-chip benchmark over the month immediately prior to the start of the current quarter.
A 1,100 point in the Dow before 2 p.m. halts trading for an hour; between 2 p.m. and 2:30 p.m., it would be 30 minutes; and it won't have an effect after that unless a "Level 2" halt of 2,200 points is reached. The 2,200-point drop would trigger up to a two-hour halt, while a 3,350-point drop would halt trading for the rest of the day.
Shit hit the fan in Europe. Major tumbles in stock and frances largest automaker Renault is shutting down almost ALL FACTORIES for 2 weeks or more, due to poor auto sales. Autoeuropa in Portugal that manufactures the VW EOS and Sirocco is shuting down for 20 days for the same reason. I´ve heard that some futures index has suspended trading today.
Screw the stock market thats monopoly money. Its the real world economy that worries me...
PJ
Rumors on other blogs, the market maynot open at all today. . . .
Yep it's coming alright....put the seatbelts on.
Just a matter of which stocks to short at the bell, it's a guaranteed money maker.
For anyone shorting I wouldn't even get up to catch lunch if I were you, I'm betting the VIX will be over 80 today.
I'm gonna record Bloomberg for the whole Dow session for posterity's sake. This is one for the ages.
Lock-limit down the overnight /ES futures!
Got puts?
I have puts.
Jewish lightning strikes in a Phoenix suburb.
http://tiny.cc/awKJU
Oh crap.
Headline news on Yahoo:
"stocks headed for a blistering fall on recession fears, DOW futures down 550"
Asian markets are down -880
Oh oh....
As we slide through Fear, Desperation and Panic...
I am filled with Dread.
Glad you're here, Keith. Kinda like being in NYC on 9/11.
Keith, you'll like this one about Sarah Palin...
She appointed Kristan Cole, a school friend and a campaign donor, to the Board of Agriculture and Conservation, a farm regulatory position that by state law must go to people with strong business experience. Cole is a real estate agent.
!!!
Looks like the stock market drop is going to be enormous. Who knows what the end of the day will be though up, down, sideways? I predict Dow down 1200. If it does crash I'm going to the NYSE to gloat.
I love the people on Monday the 13th when the Dow rose 900 points, declaring the worst is over, and the bears were sucker M.C.'s.
I think the worst isn't over, it's just started. Take a look again at that 1929 Dow stock market graph. By the end of the year it shows a general crashing trend with lots of volatility. And for the last 5 years our economy has badly leveraged itself, similar to the 1920's.
This isn't just about housing being overpriced. The core problem is that citizens and governments, and to a lesser extent businesses, have borrowed way too much, and cannot support the crushing debt load.
And who would have thought six months ago, OPEC is reducing supply to raise prices?
Forget making money on the stock market, in two or three years, it may be that we'll all feel lucky just to have a job.
This sucker is going down...
WOW. The news channels are acting surprised. The business channels are acting baffeled. And, there's no sign of any leadership.
"Hang on Baby Jesus, this could get bumpy."
Headline: Treasury considers backing mortgages, FDIC proposal aims to help homeowners
We are becoming a housing welfare state. How many measures, bailouts, bills do they need? Are they all poor?! What's so sacred about homedebtors?!!
Wouldn't those trading halts be at levels of about 850, 1700, and 2550?? 1100 points may have been 10% way back in the glory days of August, but not any longer.
You can expect the government to resort to its crudest and final instrument, armed force, as it begins going from house to house to seize the cash of those who were smart enough not to place their trust in banks. Or from apartment to apartment in pursuit of those who were both thrifty AND bright enough not to buy a house.
PPT will save the day.
Obama Loves You.
yee haw
Dow down 400 pt. - sell off offseas
Greed has decimated many societies in the past and unless America can suppress the urge in the future... we may be next.
When I think of pure greed in a profession a Realtor's (R) picture comes to mind. Ten gallon hats & glamor shot pictures on the side of a rolling billboard were the norm in my city. If you had the gall to complain about the 6% commish they acted as if you had just bitch slapped them and spoke badly about their mama. It does not take a degree to figure out 6% was fine when homes sold for $100K or less but the day homes started selling for more than that 6% was crazy. We had a guy that started a "discount" RE service and would sell for 3% Commish. He told me the others tried to blackball him out of the market and run him out of business.
Greed...Its a terrible thing.
Nice, Dow -450. In 10 minutes, is that the greatest drop off in history or what?
Thank God for my shorts!
Jersey Girl
"Big Box Mart"...
http://tinyurl.com/6kzr5y
Not today and not Monday.
Expect the fed and the central banks to drop more money over the weekend. Sell into the next rally.
Oddly, I think we’re getting used to this ‘new normal’ of 500 point swings. Sure, the first few times it happened we were glued to the TV, but after a while, it’s like ‘the dow closed 500 points off, and look, the new season of 30 rock starts next week.’
Maybe it’s like 911-fatague. The human body can only spend so much time in crisis mode. If enough people hit the point of dow-crash-fatague, we may find a bottom some day.
where the hell is Dopes when we need him ? "what a crash" :)
on my side ... i really hope everything will blow up - doom and gloom.
the only way is to build smthg new is on the clean ground.
so ... the worse, the better !
enjoying my popcorn :)
Uhmm..no this isn't an economic crisis at all. It's just a big scam that's coming apart. If it really was an economic crisis your stock market wouldn't keep going up and down, up and down.
At work. Whats going on???
But what about the unexpected good news coming from Mr. Yun.
5.5 % jump in home sales or something.
With Yun calling a bottom.
Doesn't that mean it's all over and we can go back the way things were when Casey Serin wasn't living out of a hotel room and cleaning his bowels with lemon juice?
"...The collapse continued for a month."
Actually, it was 3 years, with 6 sucker rallies lasting several months each.
We are in for a long Darwinian period of tears and bloodshed. Only the well-armed and ruthless will survive. The post-clear-out situation will be something akin to the mob-ocracy of Russia since the breakup of the USSR.
Men will be shooting each other dead, while women will sell themselves to the toughest men. The weak, the frail, those with more education than toughness will perish or be living in refrigerator boxes.
At stake will be the jewels of what is left of the US economy.
I think the American golden age is over, if it didn't end already.
At best a half hour halt. This is the frog being boiled alive thing man. In hindsight this autumn will be a huge crash, but because there are so many gamers playing with the waves, it seems to only go down in 500 point quanta.
I expect a collective "Depends" moment when at the end of this down leg to 4000-6000 the short t-bill bull unwinds and people are completely at a loss for what to do as their last safe haven goes south. I would call that stock market capitulation. Of course RE will lag, so we aren't even in the PANIC stage there yet.
No soup lines yet man. No parked cars at the side of the road out of gas. No boarded up houses filled with squatters. No riots. This is Crash-Lite so far, compared to the 30s.
lets all just jump off the golden gate together ans say f@ck it all.
thank you casey serin's of the world for screwing us all, dumbshits.How is it flipping burgers casey?.
Can't we come up with another name for it besides "black xxxxday"? It's getting old. I think we've already had multiple black versions of each day of the week by now..
But I thought you said we had reached capitulation and dispair.
I thought you insinuated bottom and it was time to buy "when others are fearful".
We backtracked to panic? I guess I missed that post.
You sound a lot like Brinker who makes the data fit the theory and always after-the-fact.....
Keith please continue this blog forever. Well at least for quite some time. I once was a sheeple wish loan in hand. I went as far as to make a few offers. By the grace of god they did not go through. Then I found this site. It has taught me more about financials then ALL of my formal education. It has taught me to look at the bigger, sometimes hidden picture. I have also taken an interest in politics. I never even knew who Karl Rove was before this year! I am 28, married, with 2 kids. Thanks to this blog I was able to move our 401ks, and avoid financial disaster in the housing market. It also enabled me to be there for my children instead of a debt slave paying some freak to raise them. It has allowed me to hold my head high and tell all of our ghettorich "friends" that YES we rent and NO we are not going to but. Thank you for your service, and being a voice in the dark. You and your commentators have saved us....if you are ever in Suckramento CA...please let us know. I would like to drown you in guiness lol! And to think last year we were the stupid lowly renters who were mocked for saying we were waiting for the half off sale. ;)
8:40am PT and it's only around -200. Maybe people are holding on to their stocks or money until the end of the day.
I know people like to compare today to 1929 because it's the only similar type of situation. I'd just like to caution people that it won't play out exactly the same.
That being said, lowering of interest rates to 1% levels will yet be another move by the govt to make your cash savings VERY unattractive.
You'd better have a game plan for investing that cash. Time to change mindsets. Cash is Trash. Cash is Trash. Cash is Trash.
But don't pull the trigger just yet.
"We have now reached a point where fundamentals and long term valuation considerations do not matter any more for financial markets. There is a free fall as most investors are rapidly deleveraging and we are on the verge of a capitulation/collapse."
N. Roubini, October 23, 2008
Can you say MASSIVE MARKET MANIPULATION?
So, every time the Dow futures pointed down, we've normally seen a greater decline by a multiple of 10-20.
This morning, the futures were bottomed out at 550 and lo and behold, the market opens and we sputter around at the 450 range then immediatey recover to the mid 200s where we currently sit. Sorry, I'm calling bullshit
Seoul tripped the breaker at 11% while the Nikkei dropped almost 10%. At one point, the DAX & CAC 40 broke the 10% barrier while the FTSE was around 8.5%.
This sucker should have gone down - way down. Volume is relatively light which is probably a factor as well, but it's most unfortunate what is happening today. The market could have stuck its finger down its throat and purged like there was no tomorrow.
The bargain hunters would have come out of the wordwork for a -1100 point firesale and confidence may have gradually been restored.
looks like they want a Halloween surprise - the day the Hedgies have to shit or get off the pot.
Look out below.
"October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August, and February."
Mark Twain
Hi, all..
I’ve got several pounds of Euros, all colors shapes and sizes
1 US dime per pound
Or 1 US quarter takes it all
Please send coins to:
BBC – EU - hoity toity thermometer protectors
666 Suha Arafat court
Eurotard, Eurabia
Kiefer! People bought more houses last month then any time since 2003. EVEN THO THEY ARE STILL PRICED ALMOST TWICE OR MORE OF WHAT THEY SOLD FOR IN 2000, according to Zillow.
My question is, IS THIS THE f-ING BOTTOM ALREADY?!
Was hoping for sanity...like back to something most of us can afford.LIKE BACK TO WHAT THEY WERE IN 2000 AT LEAST.
whudoyouthink?
I know the stock market is crashing and all, but just take a moment here.
NEWS FLASH:
BUSHCO TOURS COUNTRY TO ASSESS DAMAGE CAUSED BY HIS PRESIDENCY
http://www.theonion.com/content/video/bush_tours_america_to_survey
DIE U PIGS
Best case scenario in my opinion is we hit bottom at 60% off the highs of last October which puts us at 5600. The Asians are already 60% off and Europe will be there soon enough.
The global market sways are mostly hedge funds imploding. The yen tells the story. The yen carry-trade: Borrow from Japanese bank...Sell yen...Buy dollars (or other currencies)...Leverage into an investment.
Now the yen carry trade is revsered: Sell falling investment...Sell currency for yen (yen strengthens)...Pay back Japanese banks.
Overlooked in all of this are the disappearing jobs and tightening credit which are further ratcheting down the market.
Captain Panic comes back from a 2 days hiatus. Down 10%? Yeah whatever Qweefie, try 2%.
Get your hot buttered popcorn while supplies still last and the price is reasonable, this show is just getting started.
Now we'll see how Paulson/Bernanke intend to waste our $700bil+ on their wallstreet/banker buddies.
Problem is, none of this will really help main street.
we have already had the big drops, we are now in the period of general decline.
I expect the decline to have a much longer time constant than in 1929. A lot of people have 401k accounts where they have limited ability to make adjustments, some only one adjustment per quarter.
we are at the point where a lot of people are coming to the realization that the game is rigged. They are going to collect their toys and go home because wall street has not been playing nicely/fairly. They will come back once the market is fair as it is the only game in town.
Wish I had taken the chance on buying DXD at close yesterday.
--------------------------------
it's not too late. even at 90/share you will be up significantly in another month but there will be opportunities over the next couple of weeks to get a better price in the low 80s perhaps.
Just checked into my hotel to see the market didn't have that final, cataclysmic meltdown that's needed. The catharsis.
If we're going to get to recovery, we need disgust. We need people to say, like drunks in the gutter ,that they'll never EVER own stocks EVER again.
Disgust.
And we're not there.
Darn.
But.. we'll see how the rest of the day goes. It's dangerous out there
Some bright news on another bleak day:
Ron Paul is an official write in candidate in California.
I finally have a reason to vote.
Warning: you must read this without laughing! Check out the great news today from the NAR "The National Association of Realtors said on Friday that sales of existing homes rose to a 5.18 million-unit annual rate from the 4.91 million unit pace set in August. Economists had expected sales to rise to only a 4.93 million unit rate." Well that does it, the housing crisis is over!
http://bankimplode.com/viewnews/2008-10-24_NOSPINExistingHomeSalesDOWN96FromAugNotGood.html
No Spin, Existing Home Sales DOWN 9.6% from August.
"HOME SALES TUMBLED IN SEPT posting their largest one month fall in a year. Today’s NAR Existing Home Sales numbers released showing sales up 5.1% were ANNUALIZED, which is not how you have to look at this dynamic market. Month over month reflects the truth about this market. Sept 07 was before the ‘new normal’. The past two months are highly troubling and a leading indicator of more downward pressure."
Nevermind.
"If we're going to get to recovery, we need disgust. We need people to say, like drunks in the gutter ,that they'll never EVER own stocks EVER again."
The issue for why people haven't completely abandoned stocks is that right now there's absolutely no safe alternative. The U.S. Federal Reserve is hell-bent on creating inflation at any cost, making cash and cash equivalents losers. It wouldn't shock me at all if they started printing $1000 bills and started handing them out to people. Given the experience of the Great Depression and Japan's lost decade, the Fed will ensure that nomial GDP starts increasing again, even if in real terms it's declining 10% a year because of inflation. If things get really bad, private possession of foreign currency and precious metals will be outlawed and existing holdings confiscated. In the Great Depression this happened with gold, where people were forced to sell it to Uncle Sam at a steep discount. Real estate in only in the early stages of its collapse and will become a confiscation target (either directly or in the form of property taxes) of governments desperate for revenue. So what else is there?
Private enterprise is really people's last hope. If you've got the cash on hand to start your own viable business that's the best option. (Those who don't have the cash will probably find out they're SOL as a result of the credit crunch). For those who don't have the means or the ability to start their own business, all they've got left in an inflationary environment is to try to invest in some of the companies that make it through this mess. As ugly as equities have been and probably will continue to be for some time, for many they may in fact be the least of all evils.
Cash is king right now, but its reign will be short lived. Unless you can literally print your own money, the cash that's worth something will be taken from you at gunpoint and the remainder about as useful as a note for 100 ZWD in Harare. When cash is specifically attacked by inflationary policies, physical assets are confiscated by governments that can't get enough, bonds aren't worth the paper they're printed on, and the only means of making money in stocks left is by short-selling, then that's Game Over.
In order for things to get better, they don't need to get disgusted at the stock market. The last time the American public was disgusted at the stock market they put blind faith in real estate as their path to riches, leading us to where we're at now. Addressing the symptom rather than the cause will only lead to an even greater bubble in some other type of asset, provided it's even possible to create a bubble now. They need to be disgusted at Washington, London, and the other centers of crony capitalism around the world. "Privatize the gains, socialize the losses" runs afoul of the true captialist mentality shared by many Americans and the true socialist mindsets of many Europeans. If the American philosophy is implemented ideally, each player will win or lose his stake based on his merits; in exchange for staying out of the way of one's success, Uncle Sam's response to a failure would be "you're on your own!" Under the European socialist model, everyone looks out for each other and the success of some yields benefits to all. In exchange, those having tough times can expect a helping hand from the state to see them through. Either model, and presumably many others, is viable if implemented correctly.
In the U.S., we basically have a kleptocracy and it looks as though Europe is having similar issues. Look at what's happening in recent weeks, where AIG executives are vacationing in one of the most exclusive resorts in the country days after accepting an $85 billion rescue package; banks penciling acquisition plans (rather than the intended purpose of lending) with their share of the $700 billion bailout; and the remaining financial firms, many of whom helped or will be helped by the taxpayer, planning to award billions in holiday bonuses during the worst market 1930s. Until this nonsense is reined in to some reasonable extent, things aren't going to get better. The U.S. regulatory environment (a combination of both poorly-written regulations and poor enforcement of sound regulations) has given perverse incentives for gambling with the viability of an enterprise and for growing a business to the point where it becomes "too big to fail".
Keith, I think your sentence needs to be expanded to include disgust at Wall Street, trillion-dollar banks, the credit rating agencies, the SEC, and the Federal Reserve before we'll see change. Attacking one or even several heads of the monster won't make things better; the whole works needs to be stopped.
The 3pm Friday buying is here!
Isn't it good to live in America where we are smarter than the rest of the world? We buy when the world sells.
Dow only -145 today. What's going on? Crash again already!
Read an article on 1873 in the papers two days ago... Some claim it's more relevant than 1929.
A 1,100 point in the Dow before 2 p.m. halts trading for an hour; between 2 p.m. and 2:30 p.m., it would be 30 minutes; and it won't have an effect after that unless a "Level 2" halt of 2,200 points is reached. The 2,200-point drop would trigger up to a two-hour halt, while a 3,350-point drop would halt trading for the rest of the day.
----
OK, lets just take a deep breath. Nothing like that happened.
.
CAN WE ALL AGREE THAT YOU WARREN BUFFETT'S KISS-ARSES JUMPED IN THE MARKET TOO SOON? HOW'S THAT AAPL DOING FOR YOU, GENIUSES. WHAT ABOUT THE IDIOTS WHO WERE HERE, MORE THAN 3 MONTHS AGO, BUYING ON DIPS? OH PLEASE, NOW TELL US TO VOTE FOR HUSSEIN.
DOPES
.
"Mr. Joey said...
We are in for a long Darwinian period of tears and bloodshed. Only the well-armed and ruthless will survive. The post-clear-out situation will be something akin to the mob-ocracy of Russia since the breakup of the USSR.
Men will be shooting each other dead, while women will sell themselves to the toughest men. The weak, the frail, those with more education than toughness will perish or be living in refrigerator boxes.
At stake will be the jewels of what is left of the US economy.
I think the American golden age is over, if it didn't end already."
Lighten up, Francis.
It is moments like this when a metaphor from a movie comes to mind.
During the final act of the 13th Warrior (admittedly a miscast action adventure) the protagonist played by Antonio Banderas is killing the "Bears" as they attack the compound.
After he slays a dozen or so and has a tired yet resigned look on his face he is approached by his friend/adviser among the Vikings who says to him:
"Don't worry little brother...there are MORE!"
With that the bear-men come over the fences in even larger numbers.
Life imitates art sometimes.
Thank you, anonymous 7:55 pm.
Posts like that are why I like reading HP.
Real capitalism has its good points, and real socialism also has its good points.
2008 privitize profits/socialize losses kleptocracy has no good points.
Dow down 312?
People are still in denial. I see a pre-sucker rally in the near future. Nobody wants to accept that there is no bull market anywhere. People want to hold onto the lies of the last decade(oil, housing, Asia's growth, developing markets, etc.). After the pre sucker-rally stocks will drop again. Resistance at 9000-9300, support at 7500, than who knows what will happen. The pressure on the markets is decidedly down. I am out and won't go back till, like it was said already, nobody wants to own a stock.
Just a thought, I wonder if the resistance to a drastic fall today was due in part to large investors trying to prevent another "Bloody Friday"? Warren Buffet bought some stocks to much hoopla a week or so ago, that is the media surely was all over that. I guess they are trying to convince sheeple that it is time by stock. But Buffet probably pulled out his wallet and took the first couple of million he grabbed and called all the news outlets to watch him by some token shares in few crappy companies. "Look at me, mr saavy investor, I bought stocks in a down market, so should you!" Will this bullshit ever end?
Like a forest needs periodic burning to rejuvinate, so do the markets. All the lies need to be burned, no incinerated, and all the liars need to feel the f#cking pain for a long long time.
I was alittle off on my prediction. I thought yesterday was going to be the day the market really collapsed...
There's still one week left of this month. I wonder if the dow will loose 500-700 points on the Great Depression Aniversary??
The interesting thing is that even though the stock market is way way oversold, it still continues to sell off. Every attempt at a rally is met with feverish selling and down we go again. I've said it before an I'll say it again, throw out your charts, throw out all those indicators, those things just won't work anymore. They didn't at the onset of the Great Depression and they won't now. The VIX at 80???? Never thought I'd ever see that. That's one for the books.
Hedge funds are still liquidating and it's anybodys guess as to when that will end. It's as if these guys who run these funds just sit there, like hunters in a corn field, quietly waiting for a rally, then BAM, the trigger gets pulled, over and over again.
Everything is going down: commodities, stocks, and bonds. OPEC cuts oil production but oil STILL goes down in price - over $3/barrel - not sure I've seen that before. You just KNOW it's the massive unwinding of hedge funds causing it. Unprecedented times folks, unprecedented times.....
So the million dollar question remains, are we at "the" bottom yet??? In my humble opinion - no. The two million dollar question: will we get yet another sustained rally before we head lower to the ultimate bottom? On that one I have no idea. I would think so but as long as you have those hunters lurking in the corn field, it really is anybodys guess as to how this market will play out.
All that said, I remain on the sidelines as I have since DJIA 14,000. If we have reached "the" bottom, which I HIGHLY doubt, then it's better to be a little late to the party than too early, in my opinion. The bottom will most likely occur when almost everyone has given up looking for it. Speculators, day traders, and investors will either be broke, or have moved on to something else (most likely be broke). That hasn't happened yet, not even close. Until then, I patiently wait and watch. Popcorn anyone???
Choice posts from this thread:
"You can expect the government to resort to its crudest and final instrument, armed force, as it begins going from house to house to seize the cash of those who were smart enough not to place their trust in banks."
"We are in for a long Darwinian period of tears and bloodshed. Only the well-armed and ruthless will survive.... Men will be shooting each other dead, while women will sell themselves to the toughest men. The weak, the frail, those with more education than toughness will perish or be living in refrigerator boxes."
I have no problem with people being bearish, but guys, be really careful when retards like this start flooding in and are on the same side of the issue as you.
So I was watching UWM (ultra Russell 2000) in the pre-market, and it bottomed but started to rise about 20 minutes before the market opened (it's low was 17.50, I think, and it opened at 18).
I waited for the open just to ket it settle in, and it vacillated around 18 for a minute, but sure enough, it turned up and launched like a bat out of hell. It ran up within a few minutes to 21. From 18 to 21 within a few minutes: not a bad trade if you caught it!
Of course, the heavy volume meant MY charts SEIZED, and I couldn't buy if I wanted as the broker's server seemingly went down! Can't say that's the first time that's ever happened, as it's NOT: a crazy opening like this one is when you really NEED a reliable dealer.
So I'm finding a new broker dealer (actually decided to leave a few days ago, so am demoing InstaQuote 7.0 software), as Optionsxpress is a total joke, with unreliable connections and unstable java-script web-based charts (which ARE nice-looking charts, but take forever to load, and who cares how they LOOK if you can't TRADE reliably!).
They charge ALOT per trade ($15) which I wouldn't mind, IF they offered a stable connection and fast service!
I've literally lost thousands on trades I would've placed (lost opportunity costs) had I been able to place the trade! Grrrr!!!
miss goldbug:
"I was alittle off on my prediction. I thought yesterday was going to be the day the market really collapsed..."
Yawn. Look in the mirror and think for a change.
A goldbug, you are? Bah. Just looked at the charts at Kitco's. 30 and 60 day, 6 month and a year - all down. Some chump bought mine at $900!! Maybe it was you?
"The issue for why people haven't completely abandoned stocks is that right now there's absolutely no safe alternative. "
Yes, this is the truth. Everything is suspect today, no matter what the gm't says.
Dow 20000 by 2010
Dow post 2000 point jump in one day by December 2008
30 Year Mortgages Fall to 3.5% people flock to refinance.
Anyone with a job are allowed to buy homes no credit verifications no down...
Housing Prices Jump until Fed steps in..
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