So I'm watching MSNBC..
And they’re rolling on the vote for the bailout plan. The DOW was somewhere near 500 points down, but when the nays hit 220, it went down to -750 in under a minute.
And in the time it took me to type that, its back up to 500 down.
Now, working at CNBC I pick up tidbits of what all this crap means and how it works. But when one looke at where the DOW is, all I can think is that is a total panic meter. Now its -450. It’s almost like the people doing all the buying and selling are like a bunch of 6 year olds playing soccer, chasing the ball around in a group instead of actually playing soccer. Now -350. Combined with all the causes of our current crisis, it makes me wonder if anyone is even capable of thinking ahead. It’s like long term these days refers to the next 15 minutes.
Thoughts?
Comments
this is pretty intense..
Is anyone else getting some sort of bizarre enjoyment out of this? It’s not shadenfreude, per se, as I’ve got money in mutual funds that I’m losing all the same. It’s just this whole “watch it all come down” sort of kick. It’s exciting.
No, because it really will all come down on the middle and lower economic rungs. When these companies (whose stocks are going down as a result of this) that are tanking because of this happening need to figure out ways to cut costs to meet their numbers, they’re not going to get rid of the high paid ceos and executives. They’re going to move manufacturing out of the country…they’re going to lay off workers and figure out how to do more with fewer people. There’s just no way this is good for anyone.
That’s not to say the Bill they were voting on was perfect, or even good, but it was something. The problem is that the republicans who need to vote yay on the bill didn’t vote against it because they want more punishment for the executives or because they have some sort of populist issue with it. So any changes they’re going to demand to get this passed are going to be in the OPPOSITE direction.
Should I empty my ING account?
Other than that, yeah, I’m enjoying this happen. It’s something new and exciting in the world of the money-hungry. It’s nice to see them squirm.
And all the congressman can do is point fingers at the other parties. Forget your fucking partisanship and fucking do the right thing, whichever it may be, cause I got a C in economics.
Paris said:Should I empty my ING account?
Hahahahahhaahah RUN ON THE BANKS! GO GO GO GO!
I wish I knew something about economics. I’ve been trying to take a “crash” course (Ah ha ha!) lately, but I can’t make the concepts stick. I plan on picking the brainmeats of my finance degree friend when he visits this weekend.
My 401K has probably vanished into thin air (I don’t even want to think about how my parents are doing right now), but I do get a sick and wonderful thrill from watching everything shatter into a bazillion pieces. But the longer this goes on, the more I’m going to realize that I prefer my post-apocalyptic scenarios to be less abstract and not drawn out over a period of years. Bring on the alien invaders!
Don’t worry… if memory serves, these sort of events lead to rich old men being put out on the streets of Queens. But eventually a wealthy African prince in the form of Eddie Murphy will nonchalantly toss a fortune at their hobo-shack and open a door to a sequel.
So today probably isn’t the best day to start looking for a job? Is it possible for this to affect the unemployment benefits I have been graciously accepting for the past month?
The market will rebound. This was just a reactive day. I’m not saying it won’t go down more, but it’s not like these companies whose stock goes down are going out of business, and unless you were planning on using the money to retire tomorrow, chances are most of it will recoup.
Today was the biggest drop since….2001. So really, ultimately not that long ago. When they start throwing out statistics that show things happening that haven’t happened since the depression then I’ll start worrying more.
O.K. I guess I didn’t read prior to posting that this was the single biggest 1 day point drop. Yikes.
Well, it’s not even in the top 10 stock market drops percentage-wise. And the digits currently stand at 2006 levels.
So the sky hasn’t fallen just yet. But tomorrow should be whimsical.