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Hey! what the Fook! Isn't the market suppose to shutdown at 500 points. It look like the market is still trading. What's going on?
The shutdown is on a percentage basis. Maybe 5%-- I'm not sure. But it can crash up to around 1,000 points, I think.
It's whipsawing, so there's buying going on. That's encouraging. Otherwise, it would have been a parabolic drop, precipitating as it triggered electronic stop losses. Then it probably would have shut down.
It may crater still. I wish it would. The sooner we shake out the weak hands, the sooner we can find the next floor.
Lets all be measured and calm. Now the people's voice has been heard we should not lend ourselves to panic in the face of this crisis.
I'm not panicking or withdrawing all my funds. I'm going about my work (and C-D) just as I was before the vote. Just last week, my bank approved me for a new credit card with a $5K limit, so it must be in decent shape.
By "meltdown", I did not mean complete and utter chaos at the societal level; rather, I meant that the course of bank failures would probably run itself out, the bad elements would be weeded out, and the system would build itself up again once confidence is restored. I am a pretty big believer that the market will do this all much faster and more efficiently than the government could.
I fully agree that if people remain calm and rational, things won't be that bad.
Maybe all the notes/calls the members of the house and senate received from John Q Public are having an effect. Holding the folks on Wall Street and the banks accountable to some degree.
There will be a financial meltdown, the inefficient structures and people that have been propped up for far too long will be weeded out, and the system will rebuild itself on much more solid ground.
That's assuming that most people retain at least some confidence in the basic underpinnings of our society.
If that assumption is false, well, your guess is as good as mine.
I have to agree with your opnion here.
Yes: I would be a lyin' fool if I said I was not worried............I definitely spooked. Just that this is no 1929---------more like the Great Depression in 1938 (which was dying of old age by then).
And; quite a few jobs, even of the minimum wage variety would open up if there were a concerted effort to catch/deport any illegal immigrant out there.
The shutdown is on a percentage basis. Maybe 5%-- I'm not sure. But it can crash up to around 1,000 points, I think.
It's whipsawing, so there's buying going on. That's encouraging. Otherwise, it would have been a parabolic drop, precipitating as it triggered electronic stop losses. Then it probably would have shut down.
It may crater still. I wish it would. The sooner we shake out the weak hands, the sooner we can find the next floor.
Agreed: we as a nation need a catharsis----------get it over with. The long term pain would be much less.
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