The Meltdown

gooch · 10-09-2008, 08:59 PM

Nope, not a global warming thread

Dow now at 8600

Folks you are witnessing history here, a once "great" nation, at least in terms of it's financial presence is being absolutely rokced to it's core, this is now the second biggest bear market ever i think?

Baby boomers will need to re-evalute their retirement plans, is the US dollar going to die next?

Couch_Surfer · 10-09-2008, 09:03 PM

Still not quite at the 2003 crash level... but pretty damn close.

http://finance.google.com/finance?q=INDEXDJX%3A.DJI

Real question is where is the bottom.... we hit it yet?

Lady Gravity · 10-09-2008, 09:10 PM

anybody jumping out windows yet?

Couch_Surfer · 10-09-2008, 09:12 PM

Quote:

Originally Posted by Lady Gravity

anybody jumping in windows yet?

Yours open? I'll call Heat.

But I hardly see how that's relevant.

Heatmizer · 10-09-2008, 09:15 PM

Quote:

Originally Posted by Couch_Surfer

Yours open? I'll call Heat.

But I hardly see how that's relevant.

It's relevant. If she wants me to jump in her window she'll have to contribute to my gas fund so I can get there

gooch · 10-09-2008, 09:17 PM

Quote:

Originally Posted by Couch_Surfer

Still not quite at the 2003 crash level... but pretty damn close.

http://finance.google.com/finance?q=INDEXDJX%3A.DJI

Real question is where is the bottom.... we hit it yet?

not at the level, but by %, this is now the worst ever are far as i can go back, 2003 crash took a while, and from it's high, it went to 66% of it's value, this one is at 60% value and there is potentially more to come

I thought 8400 would be a good entry point with it dropping to maybe 8200, but if it breaks 8000 I don't think it will stop till 7000

Couch_Surfer · 10-09-2008, 09:20 PM

Quote:

Originally Posted by gooch

I thought 8400 would be a good entry point with it dropping to maybe 8200, but if it breaks 8000 I don't think it will stop till 7000

wow.

Jimmy-James · 10-09-2008, 09:20 PM

i'm not an economist by any stretch or even that smart.

However, am i wrong to be somewhat excited about the opportunity this 'meltdown' will bring? I dont currently have any stocks or funds that i need to worry about but i figure once the bottom is hit, it will be a great time to get some good stocks at a very low rate.

am i wrong?

heckler · 10-09-2008, 09:22 PM

Quote:

Originally Posted by Jimmy-James

i'm not an economist by any stretch or even that smart.

Me neither. What does 8600 mean in laymans terms?

gooch · 10-09-2008, 09:24 PM

Quote:

Originally Posted by Jimmy-James

i'm not an economist by any stretch or even that smart.

However, am i wrong to be somewhat excited about the opportunity this 'meltdown' will bring? I dont currently have any stocks or funds that i need to worry about but i figure once the bottom is hit, it will be a great time to get some good stocks at a very low rate.

am i wrong?

no not at all,

which stocks? when? and whats the bottom?

like i said, i think around 8400 SHOULD be the bottom, but we are now seeing straight up panic selling both individuals and institutions, there have been mini runs on the banks in the states

penn west and penn growth are both paying about a 25% dividend at current levels, it is an insanely good buy in anyones books i would think

Heatmizer · 10-09-2008, 09:27 PM

Quote:

Originally Posted by Jimmy-James

i'm not an economist by any stretch or even that smart.

However, am i wrong to be somewhat excited about the opportunity this 'meltdown' will bring? I dont currently have any stocks or funds that i need to worry about but i figure once the bottom is hit, it will be a great time to get some good stocks at a very low rate.

am i wrong?

Not at all, my thoughts exactly. My buddy had Nortel stock back before their big crash, he lost about $20k. Once all the dust settled and their stock was about $0.30 he bought about $1500 worth and made back all his cash and then some.

It's a calculated riskwith stocks - you take all the knowledge you can acquire and buy or don't, and hope you're right. You could be buying the next Enron for all you know.

gooch · 10-09-2008, 09:28 PM

Quote:

Originally Posted by heckler

Me neither. What does 8600 mean in laymans terms?

it's the level of the djia, the dow jones industrial average

http://en.wikipedia.org/wiki/Dow_Jon...strial_Average

in laymans terms it means people are panicking

Couch_Surfer · 10-09-2008, 09:34 PM

Quote:

Originally Posted by gooch

it's the level of the djia, the dow jones industrial average

http://en.wikipedia.org/wiki/Dow_Jon...strial_Average

in laymans terms it means people are panicking

what he said.
a month ago, it was 10K or 11K depending on the day.

that means if you have money in the market, you've likely lost ~20% in a month.

http://finance.google.com/finance?q=INDEXDJX%3A.DJI

Couch_Surfer · 10-09-2008, 09:36 PM

Video Interview with Buffet from a few days ago about the current state of affairs. Calls this an economic Pearl Harbor.

http://www.charlierose.com/shows/200...warren-buffett

Pretty interesting stuff.

Wayne P · 10-09-2008, 09:41 PM

My father in law is thinking about trying to pick up a little summer house in Washington state, just across the boarder down by Osoyoos Lake.

10-09-2008, 08:59 PM	#1
gooch Team JRA Join Date: Nov 2002 Location: Whistler Posts: 23,013 Rep Power: 505017	The Meltdown Nope, not a global warming thread Dow now at 8600 Folks you are witnessing history here, a once "great" nation, at least in terms of it's financial presence is being absolutely rokced to it's core, this is now the second biggest bear market ever i think? Baby boomers will need to re-evalute their retirement plans, is the US dollar going to die next? __________________ meh

10-09-2008, 09:03 PM	#2
Couch_Surfer Registered User Join Date: Feb 2003 Location: Ivory Tower Posts: 12,756 Rep Power: 10189615	Still not quite at the 2003 crash level... but pretty damn close. http://finance.google.com/finance?q=INDEXDJX%3A.DJI Real question is where is the bottom.... we hit it yet? __________________ Last edited by Couch_Surfer; 10-09-2008 at 09:05 PM.

10-09-2008, 09:36 PM	#14
Couch_Surfer Registered User Join Date: Feb 2003 Location: Ivory Tower Posts: 12,756 Rep Power: 10189615	Video Interview with Buffet from a few days ago about the current state of affairs. Calls this an economic Pearl Harbor. http://www.charlierose.com/shows/200...warren-buffett Pretty interesting stuff. __________________

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10-09-2008, 09:10 PM	#3
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10-09-2008, 09:41 PM	#15
Wayne P resident dirtbag Join Date: Nov 2004 Location: Kamloops. Posts: 11,283 Rep Power: 494774	My father in law is thinking about trying to pick up a little summer house in Washington state, just across the boarder down by Osoyoos Lake.