The Day The Economy Died...
 

I know that title sounds a little alarmist and ridiculous, but you have to wonder...

http://money.cnn.com/2008/10/24/mark...ion=2008102406

The most worrying out of that report is:

"U.S. stocks joined a worldwide selloff at Friday's open, with the Dow down about 400 points, as a wave of anxiety about a global recession sent investors heading for the exits."

"Today might be the day where everybody throws in the towel," said Peter Cardillo, chief market economist for Avalon Partners. "People are saying 'I've had it, I can't take it anymore, I'm selling everything."

"Markets were so jittery early Friday that the New York Stock Exchange felt it was necessary to post a statement on its blog confirming that trading would open as normal at 9:30 a.m. ET, saying it felt it was necessary to answer widespread rumors that the open would be delayed."

The NYSE also posted updated details of so-called circuit breakers, which would halt trading for certain periods of time if the Dow Jones industrial average falls 1,100 points during the trading day. It said it was posting that information with "the fervent hope we won't need them."

Today will be very interesting day and I am curious as to what the next week or so has in store for us.

Will the Economic Crisis, both local and worldwide, be enough to freeze not only the market but the 2008 Elections as well?

I believe this year will mark historic firsts in more ways the one...

It's crazy to see these numbers.
Dow 8,322.56 -368.69 (-4.24%)

I woke up this morning thinking it would be a good time to buy, but I'm waiting.

Agreed.

The problems are just starting. It's gonna get real bad before it even hints at getting better.

The markets have only been down a short while. They may continue to fall but as in history, the real economy falls after the markets do.

it's going to get a lot worse before it gets better

Sounds reasonable by why throw a towel? Hows that gonna help?

They were expecting a massive drop at the open and it only fell around 400 pts so like...... at the moment were only down 400 pts. Ive seen plenty of shares with EPS higher than the stock price some with decent divident yields.

Glad I went with the cock market instead of the stock market! Been having a great day selling clips.

This too will see bad times........They will hit and hit hard and back to McDonalds for you:helpme

I think alot worse than the optimists want to admit. I think it is funny that people are pushing away the thought of recession by sheer blind ignorance. What will they say when we jump straight to another depression?

I hope it doesn't get that bad but I can see if doing so very easily.

youre not wrong...

it sucks indeed
bad news scares people making it a self fullfilling profacy (did I spell that right?)

Great... Record lows in the World Market on Monday.

Wonder how hard we are going to get hit today... again. :Oh crap

Almost a month gone by since I made this thread and it only got worse.

yeah trying not to care :2 cents:

Right now I am feeling hopeless in our economy. Being so worried on how it goes everyday.

Fast forward a month and 8322 seems good. Hopefully you are still waiting.

Japan's markets have yet to recover from their highs of over a decade ago. Nasdaq is only about 1/3 of what it was at peak nearly nine years ago...

Anyone figuring on a quick market turn-around would do well to read up on the U.S. Depression or the nasty bear / sideways market of the 1970s.

The markets will likely get better eventually, but one should think in decades length timeframes.

Ron