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Dow plunges more than 660 to fall below 9,000

Discussion in 'Political Discussion' started by Holy Diver, Oct 9, 2008.

  1. Holy Diver

    Holy Diver Rookie

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    #80 Jersey

  2. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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  3. mcgraw_wv

    mcgraw_wv Rookie

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    This is reaching epic proportions...

    14100 to 8579 in exactly 1 year... a 40% loss in value over a year...

    This crisis event may scar the market and stocks for a decade after a loss like this... I believe stagnation is next... am i right?
    Last edited: Oct 9, 2008
  4. Fogbuster

    Fogbuster Rookie

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    And it could drop even more before it turns around.


    Thank the CRA and stupid policies of easy credit, started under Jimmy Carter and made much worse under Bill Clinton. Opened the door to the national ponzi scheme of house flipping and dead-beat buyers. Recipe for disaster.


    //
  5. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    If a RECESSION is prolong enough you get stagnation but its not as severe as a DEPRESSION
    Last edited: Oct 9, 2008
  6. mcgraw_wv

    mcgraw_wv Rookie

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    LOL!!!​

    You are a constant Running Joke.. ​



    Sean? Is that you? Hannity? Are you posting on here now?

    FACT: The US was running at a surplus when a Republican took over
    FACT: The US Economy was STRONG when a Republican too over
    FACT: SubPrime Mortgages didn't exist under Clinton ( atleastt at the main street level )
    FACT: This mess all occured and happened under a REPUBLICAN DOMINATED GOVERNMENT... HOUSE, SENATE, PRESIDENT... all REPUBLICAN... Excuse that away all you want... THIS will be stamped on Republicans for decades... but keep repeating the same crap you need to, to sleep at night....

    Your conservative, fiscally sound party does not exist anymore...
    Last edited: Oct 9, 2008
  7. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    LOL. Amazing how some righties refuse to take responsibility and blame anyone and everyone, even someone who was President a generation ago. But, it's not surprising that someone like Fog would condemn a program designed to make banks provide mortgages in the areas where those banks operate. It's also not surprising that he has ignored numerous posts explaining the lack of relationship between the CRA and the foreclosure crisis, namely that the CRA only affected about 15% of mortgages, and most of those mortgages worked out fine.
  8. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    Fog doesn't care he just likes to hear himself pontificat
  9. Real World

    Real World Moderator Staff Member

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    I'm right here bro. Positivity? More like reality. Obvioulsy the drops are concerning, but like housing, it usually means that there is money to be made. People are pulling out cash cuz they're fearful. That's what this represents. Once it stabilizes, or bottoms, probably sometime inside, or after the first 100 days of the new administration, my guess is it will begin to spike upward. Turn on a TV, and see the fear that's being spewed. We're a television, 20 minutes or less, drive thru society now. PEople are panicing, and you're seeing that in the markets. The market isn't my main concern. My #1 concern is banks. Picture these drops, which is basically a run by people cashing out their stock investments, happening to the banking system. If that happens, all bets are off, and I'll honestly go pick up one of my bro's rifles, and stash it someplace inside my home. I'm serious about that. A run on banks is the biggest fear I have. The market, while obviously a concern, is not. Where was the market post 9/11, under 8,000 right?
  10. Real World

    Real World Moderator Staff Member

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    Sorry, but your "FACTS'' are incorrect. We never experienced a surplus, since the revenue totals included excess SS taxes, that are borrowed, with interest. The US government hasn't been in the black, in any single year, since the 1950's. Furthermore, the economy was in recession at the end of Clinton's presidency. I don't say that to discount anything he accomplished mind you. I just want to correct what is fact or not.

    The subrpime market began with the CRA in 1977, and was fueled by language added in the 1999 deregulation act that passed 90-8 in the senate, with the support of both republicans, and democrats, one of whom was Bill Clinton himself.

    All that being said, republicans are no where near fiscally conservative. You are 1,000% correct when saying that.
  11. mcgraw_wv

    mcgraw_wv Rookie

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    Can we ask Congress for our money back? It's obvious that the 700 billion dollar bail out has done nothing to restore the confidence in the market... there is no stopping fear, no matter how much money...

    Before it is spent, we need to recoup it...
  12. Fogbuster

    Fogbuster Rookie

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    When the bottom finally comes -- and hope that is soon, for everybody's sake -- it will be seen that the sub-prime disaster has its roots in the CRA. There's no sense in running from that. It's a fact. This is no joke. Nor is this partisan. Obama made it partisan by labeling the problem all belonging to Geo Bush and John McCain. If you have a problem with "partisanship" then talk to your buddy, BarackO.

    If he was honest and came clean about this sub-prime mortgage/banking disaster, we could start the needed clean up, but Obama wants to win so bad he is willing to sacrifice America's people living in more and more disaster. Shameless.

    BarackO is NOT the one. Louis Farrakhan is wrong.

    //
    Last edited: Oct 9, 2008
  13. mcgraw_wv

    mcgraw_wv Rookie

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    You know... Russia's aggressive stance in their region these days is really Reagan's Fault. If he would have demanded more than just tearing down the wall, they may not be able to bully people around...

    Damn you Reagan... you weak un-Mission Accomplished moron... Thanks for leaving Russia for us to deal with 30 years later!

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