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by anon on October 6th, 2008
down at least 500 during the day, likely close to that at the close...conservative estimate for the week...dow closes friday at 8500...
people need money, there is no "credit" available, people are wary of wall street (as shown by e-trade's over 13% drop today) and want to get their money out of the market and into less riskier investment strategies...
the asian markets continue to fall tonight...the nikkei already fell below the 10,000 within an hour of opening, and though it has rebounded a bit, there is the possibility it too will close below that magic number...russian and brazilian markets closed early to keep the panic in check yesterday...markets around the world are suffering...
paulson promised "500,000-900,000" jobs by the end of this year (because of the economic stimulus package of 2008), and yet we have seen a loss of jobs in the nation EVERY month this year, including another 159,000 for this past reported month...
bernanke has okayed another $300,000,000,000 for loans to banking institutions throughout the world, with another $600 billion possibly added to that by the end of the year...the dollar is already inflated, and his solution is to inflate it more by pumping more (already) inflated dollars into the global market...this doesn't even count the $700 billion he already released prior to the bailout package, which was another (as we all know) $700 billion on top of that...
once you have filled a balloon with too much air, and it develops a hole, putting a patch on it and trying to inflate it more is ludicrous...even a pre-schooler understands this basic economic idea...
banks are only required to hold $10,000 in deposits in order to make $100,000 in loans...you don't even have to know anything about math or economics to see that this is russian roulette...the money isn't there...and creating more money (that isn't backed by anything in the first place) to pump into markets that are dying because they are based on flawed economic stratagies is suicide...
the united states, and when it happens, the rest of world will follow, is headed for worse than depression...it's headed for bankruptcy...if you don't believe me, try these strategies in your life and see how long before your own balloon pops...there is no way to stop it...the money is no good, and there isn't enough to cover the loans and investments that are out there, so they make more money, which inflates the currency even more...slippery slope to economic devastation, the likes of which we have never seen, nor will we ever see again...hyperinflation overnight, when all of this comes crashing down...
this is just the tip of the iceberg that we are now seeing...
ironically, the only commodity that didn't lose value today...
gold...
the standard that formerly backed the dollar, until the federal reserve system took over...
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Comments
thank you.
by proven delusion on October 6th, 2008
yw...pray that i'm wrong...
by anon on October 6th, 2008
damn i'm good..."down at least 500 during the day, likely close to that at the close"...dow closed down 508.39 today...
http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches-100708.aspx
and i still haven't gotten a single damn point for this...
by anon on October 7th, 2008
the dow can have a good day tomorrow (relative to what it has been) and i'll still nail the conservative side of my prediction for the week...anybody listening yet...?
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this is just the tip of the iceberg...
by anon on October 9th, 2008
the figures on the federal reserve loans are not precise...i gave this answer from what i remembered reading over the week or so prior to giving this answer...the numbers may be off a couple billion or so, but the point remains the same...
http://news.bostonherald.com/business/general/view/2008_10_12_Timeline_of_major_federal_actions_on_financial_crisis/srvc=home&position=also
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as for the fractional banking system example i gave, it was only meant as a simple illustration to explain how the system creates money out of thin air...obviously one would have to know the exact percentage required to be reserved (which varies from nation to nation)...for a bit more detailed explanation of how this works, check the link below, and scroll down to "clarification"...
http://morphinedreams.com/blog2.php?p=28&more=1&c=1&tb=1&pb=1
by anon on October 15th, 2008