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Never thought I'd rep you, triple woof, but that's a good catch. Sh*t.
Thank you, dear Woof.
Yes, in order to avoid Merrill Lynch going under, the government pushed it under the rug by allowing Bank of America to take it over. That's a commercial bank taking over a speculative giant.
But how does BofA know the extent of Merrill Lynch's losses? BofA is responsible for the accounts of millions of customers! I have money in BofA -- and yes, I am taking it out!
I have my money split between ING online and a local credit union. I'm really not worried about my money disappearing, but I have noticed that I'm stockpiling more food and goods than usual...
FYI, everyone, the 777.68 pt. drop is indeed the largest single point drop in one day in the Dow's history. However, no circuit breakers were triggered, because they are triggered at about 10%. For the third quarter, 2008 they are:
1,200 pt. drop between 2:00 and 2:30 Eastern time - Trading halts for 1 hour
1,200 pt. drop between 2:30 and 3:00 - Trading halts for 1/2 hour
1,200 pt drop after 3:00 - No halt
2,400 pt. drop between 2:00 and 2:30 - Trading halts for 2 hours
2,400 pt. drop between 2:30 and 3:00 - Trading halts for 1 hour
2,400 pt. drop after 3:00 - Market closes early
In the event of a 3,600 point drop, the market will close for the day no matter what time it is.
FYI, everyone, the 777.68 pt. drop is indeed the largest single point drop in one day in the Dow's history. However, no circuit breakers were triggered, because they are triggered at about 10%. For the third quarter, 2008 they are:
1,200 pt. drop between 2:00 and 2:30 Eastern time - Trading halts for 1 hour
1,200 pt. drop between 2:30 and 3:00 - Trading halts for 1/2 hour
1,200 pt drop after 3:00 - No halt
2,400 pt. drop between 2:00 and 2:30 - Trading halts for 2 hours
2,400 pt. drop between 2:30 and 3:00 - Trading halts for 1 hour
2,400 pt. drop after 3:00 - Market closes early
In the event of a 3,600 point drop, the market will close for the day no matter what time it is.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,766,887 times
Reputation: 3587
Quote:
Originally Posted by CarolinaCowboy
Dow down over 600! Crazy chit people. This is incredible. We are watching the demise of what is left of our economy right before our eyes. Time to stuff the mattress, I'm pulling out my cash. NUTS! Get your guns ready people, all hell is about to break loose.
Can't trade either, both my Ameritrade and Scottrade sites are down, too much traffic. Amazing!
The sky is not falling, the grim reaper is not at the door and the stock market is NOT "crashing". The market falls and the market rises. The fact is that it has been way overvalued anyway. People have used the market to speculate, short sell and - well to hell with P/E ratios! And now the chickens have come home to roost.
Yes, I too have a 401K and 50% of it is in the S&P indexed fund. I took a hell of a bath today along with many people. But unlike many people, I do not expect my kids to pay to clean out the sewage on Wall Street. Once the markets do what they do best- punish excesses and clean out the dirt, ALL of us will be better off for it.
I think we'll be fine. Yes the mega-corporate banks are failing, but local banks are doing fine. Some are thriving. Why? It's because their loan officers only authorized STABLE loans and mortages and are still sitting on liquid assets. They didn't hand out $300k mortgages to Joe 6pack with a $40k household income like Fanny and Freddy did.
The one problem is those "stable" loans were made to people that had an income at that time, who knows if that'll still be the case next week...
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,766,887 times
Reputation: 3587
Quote:
Originally Posted by HappyTexan
From what I read on bloomberg.com..this was the worst 1 day drop since 1987 and $1.1 trillion was lost in equity valuations.
In total points it may have been but in percentages, I doubt it
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, the market will close for the day no matter what time it is.
