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I have a feeling today is going to be the worst day for the economy since October 29, 1929. After today, we will no longer be talking about a "mild recession", but a severe depression as has not been seen since the 1930s. Get ready for 20-30% unemployment.
Then they will open again and the selloff will continue. I seriously don't get the trade halting dealy. It just creates more panic because it introduces a psychological effect things are that bad that you actually have to intervene and prevent trading from occurring. The benefits don't outweight the problems, IMO.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,763,471 times
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Quote:
Originally Posted by Shazam72
Then they will open again and the selloff will continue. I seriously don't get the trade halting dealy. It just creates more panic because it introduces a psychological effect things are that bad that you actually have to intervene and prevent trading from occurring. The benefits don't outweight the problems, IMO.
That is not true. It gives people time to think and to reflect on what they are doing and it gives government and media more time to try to calm the markets down. If the market had been opened yesterday, it would have been worse than it will be today.
That is not true. It gives people time to think and to reflect on what they are doing and it gives government and media more time to try to calm the markets down. If the market had been opened yesterday, it would have been worse than it will be today.
Yes, but the overall losses will be greater in the long run with trading curbs. It's all academic anyway.
I saw on tv that citi bank lost 18 BILLION .
An anylist was asked if citi bank didn't see warning signs. The anylist replied--"Yes, they saw the warning signs but they chose to ignore them"-----"There were huge profits to be made and Wall Street was happy"
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,763,471 times
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Quote:
Originally Posted by Driller1
I get automatic e-mails with excessive training either way. I see I have 8 new messages already.
I do too. Text messages. I used to set mine to 100 points either way- up or down but it went off so much I changed it to 150 points. I knew today was going to be a roller coaster with wild point swings though.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,763,471 times
Reputation: 3587
Quote:
Originally Posted by marmac
I saw on tv that citi bank lost 18 BILLION .
An anylist was asked if citi bank didn't see warning signs. The anylist replied--"Yes, they saw the warning signs but they chose to ignore them"-----"There were huge profits to be made and Wall Street was happy"
That sounds like a lot of money to me and you but to a big bank like Citi, it is a blip. They can lose 10 times that and sneeze at it- just like GM has.
I saw on tv that citi bank lost 18 BILLION .
An anylist was asked if citi bank didn't see warning signs. The anylist replied--"Yes, they saw the warning signs but they chose to ignore them"-----"There were huge profits to be made and Wall Street was happy"
I read that Citi actually fired two guys who brought this to their attention three or four years ago.
That sounds like a lot of money to me and you but to a big bank like Citi, it is a blip. They can lose 10 times that and sneeze at it- just like GM has.
pfft. tell that to the 20,000 people citibank announced they were going to lay off along with this loss, and tell that to the govt's of singapore and saudi arabia, where we got billions from to bail them out. even the biggest bank in america (citibank) doesn't sneeze at a $20B loss. that's a big flippin deal. especially cause if you lost that much this quarter, chances are you aren't going to make it up next quarter. or the one after that...
taking the attitude of this being a "blip" is what gets them into a situation like this in the first place.
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