[Iria]

Stocks tanked Thursday afternoon - with the Dow falling nearly 700 points during the session - as panicked investors dumped stocks across the board.
____________
Source: CNN

[Iria]

Ironically, one year TO THE DAY that the DJIA set its all time high.

[Vikingod]

Ouch. Makes me happy to be poor. I have nothing to lose!

Now, if I could only not understand how bad all this is, life would be bliss.

[[hobo]eclipse]

viking, spread the good word. what do you see in the 1 month, 6 month or 1 year future?

[Robert McClelland]

Updated now down 678.91 Final number.

[Vikingod]

Originally Posted by [hobo]eclipse

viking, spread the good word. what do you see in the 1 month, 6 month or 1 year future?

I don't see much improvement over the next 12-18 months. It's going to be a good 6-8 months before the bailout funds even reach the market. I'd like to think that the collaberation between the major economies of the world, which resulted in yesterday's rate cuts, would have some positive impact, but nothing seems to shake the fear all around. All the crap over the last few days isn't looking good, and shows the market isn't reacting positively to the governments actions, including the bailout. A lot of this is based on emotion, imo, which is hard to predict, but some of the fear is rightfully felt. I mean, no one even knows yet how the hell the government is going to select which securities its going to buy and which it's going to let die. In effect, those involved don't have any firm evidence who/what this is going to help.

Bottom line (to me), we are in a world-wide recession (gasp!). Everyone knows this and has no concrete ideas on how to deal with it (maybe admitting it is the first step?). It's scary as hell, but I think once capital, which isn't gone, just frozen, gets freed up and people start acting logically, things will start to improve. Until then, it's going to get worse before it gets better. A lot of banks of varying sizes are going to fail, and those that took risky bets are going to get burned.

I'd say 24 months at the least before the train is back on the tracks.

[Judas]

falling falling falling... keep that dow falling......

and people figured it was only gonna drop 15% maybe 20% at most.... while few others claimed a 25% minimum....


sigh......

[Judas]

just a question..


what would you rather have... gold or food?

Gold can lose it's value very very quickly soon as people realize how utterly useless it is. I mean you can't eat it, it's far to soft for any logical application aside from a few connection electically......

And if you think gold is going to buy you food, it would be quite amusing to realize that someone isn't going to give away thier food only to stare at gold that doesn't do anything for them.

[craig5320]

How fast is your food gonna rot tho? Tins? Well you'll need some gold to buy my can opener

[Judas]

what?

where do you think food comes from? stores? in cans and plastic wrap, on or in styrofoam packages of some kind with cardboard boxes?

Grain stored in bins do not rot... they do not age, they do no deteriorate. There is already pretty high demand for food considering the costs of food have been increaseing considerably. Without food, everyone is dead, without gold, no one is dead (well except for those that think something so useless is precious... aka, hanging themselves, jumping out of windows.. whatever)

A single grain bin (typical here is about 5000 bushels which is several tons) of peas/wheat/durum would last a considerable amount of time for a large family.


If i were to wake up tomorrow and see my bank accounts frozen solid, my wallet gone, i would be able to easily survive.

How many of you would be prepared for that? Got enough fuel in your vehicles to get the hell out of the urban centers (for those that do)? Know a friend that GROWS food for a living that won't shoot you on sight if it all tanks in that manner? I mean there is only so much fuel around or other supplies, it doesn't take very long for the power to be cut off and the stores to either run out of food/supplies or have the food rot without power. What about water? Sewer?

What about the military? will the big guys pull a stalin and start essentially STEALING the food producers food for themselves? Who's going to do the stupid thing and start the chaos?

What's serprising is that a number of people think that most of well... canadians are unarmed when they couldn't be further from the truth..... people may think they can just come on out here and start pleading for it, and there will be a point where there is to many people to feed to make it through the year to manage enough food to last another year. At which point how many are going to go "ok, i understand" and move on? Probably not many, even with guns pointing at them. Thousands of civilians are better armed then the military.... it wouldn't take much to cause an all out war.

[CDsDontBurn]

8,700 points?! i haven't seen it that low since the late 90's!!!

[Vikingod]

Judas, all you're missing is a street corner, a cardboard sign, and some a few biblical passages to shout at people walking by on their way to work.

At least you still have that shelter you built stocked with food from December 1999.

[CDsDontBurn]

Originally Posted by Vikingod

Judas, all you're missing is a street corner, a cardboard sign, and some a few biblical passages to shout at people walking by on their way to work.

At least you still have that shelter you built stocked with food from December 1999.

!!!!!!

[OmegaRED]

I wonder how low it will go this week. Part of me wants to see it go lower and lower and watch the people on Wall Street descend into madness and despair, the other part of me is hoping for a miracle

Christopher Hitchens has an entertaining piece on this state of affairs. The plus side of this financial ruin is that it gives him some great material
America the Banana Republic: Politics & Power: vanityfair.com

[Judas]

Originally Posted by Vikingod

Judas, all you're missing is a street corner, a cardboard sign, and some a few biblical passages to shout at people walking by on their way to work.

At least you still have that shelter you built stocked with food from December 1999.

sorry i didn't beleive the Y2k thing at all...

so we didn't do anything besides setup some needed anyways, generator breakers and cabling to go with it.


Actually we are figuring on putting up one of those giant windmill things at the farm, we'd go geothermal.. but the costs of drilling that deep aren't exactly affordable with the number of other things we've already got going.


My posts are out of concern for others, not a scream that "the sky is falling".... hardly, but raising legitimate questions the i've ran into daily with some people that can't seen to to comprehend how food could be worth more then any other useless material...

Money is useless.. it means nothing...
Gold is not quite as useless, but it only has a FEW applications in nessessary real world enviroments.

All my sisters have a general plan of what they do, grab, whatever if something happens so they can get out of the cities as quickly as possible. How many of you have a preplaned "emergency excape" with a known location that is likely to be safe? I betcha at the very least 95% would say "wtf would i need that for"....

I've always attempted to be prepared for any circumstances no matter how improbable or seemingly impossible or how many people swear that it would never happen.

[Judas]

in responce to some of the amusing bad rep i've already received from this thread...

GOLD! GOLD! Always believe in your soul....

in what way does that even remotely sound intelligent?

Hahaha, is there anything you can't do? Who are you?

Anyone that thinks someone else will in no way be able to do any specific thing should be shot. Sorry but anyone can do anything they strive for, in any positive manner. It's not a matter of what I or anyone can't do, it's a matter of what i or anyone "won't" do. The real question is who are you?

[Vikingod]

Ok Judas, you win.

We would appreciate it if you could keep all this confined to one thread though. It seems to me that the last few threads that have something to do with politics or the economy end up turing into "The Vance Show". You've made your point, money is worthless and we are going to be reduced to a trade-and-barter system because of all this. Now let's let others discuss what they think. Thanks.