Market today
 

Financial taking a beating, as expected.

AIG down 58%
Lehman down 95%
Bank of America down 19%
Wash Mutual down 22%
Citigroup down 15%
Wachovia down 22%

Not good news for sure...the nation(and the world) balance precariously on the whims of the Stock Excanges....mighty long way to fall.....almost makes me glad I'm not wealthy...almost

Rumor has AIG being sold around here.

The fed has already come out and said that it wouldnt back stop any deal involving AIG.

Who would want the contingent liability that comes with an insurer. Its not like you can book the losses and write them down. You wouldnt even know where your losses are yet.

But hey, if it gets done, that would be a huge deal.

And the market is tanking hard at the end of the day which makes me think that a huge bounce tomorrow isnt as likely.

Oil is dipping back under 94. People need cash and are dumping all long positions with any value.

wow..you're ambidextrous..I'm impressed

Dont hijack this topic. To borrow a line from BTW:

Shhh...the grownups are speaking.

(whispering)....spoken like a true hijacker!

Down 504, ouch!

Damn..I didn't see the finals....

Someone help me out here please.

Any indication as to why Merrill Lynch was traded so heavily...especially in the early part of the day?

Bank of America is supposedly buying Merrill Lynch from what I heard from the rumor mill.

I thought they were rumored to be buying someone else?

Buying opportunities?? I know it seems like the sky is falling but the other sectors that fall in almost a "death by association" mentality will have value if one is prudent. Gotta hang in there and not freak out although watching losses of this magnitude will tighten your sphincter for you....

I'm just an idiot...It was Merrill they bought. No sure why I was thinking it was someone else:wf :zz:

Correct and that is why the pressure from the govt to get the deal done NOW. Merrill is a dow component. Can you imagine what the market would have looked like without Merrill stock jumping on news of the deal?

The market was doing fine, ranging in the 200's until Paulson spoke...and then it started to tank.

Now the FED is asking (coercing?) Goldman and JP morgan to invest in a consortium to raise capital for AIG. desperate times.

its all good ;) Go Eagles!

http://www.marketwatch.com/News/Stor...mn=Bond+Report

you're absolutely correct. also, remember that the averages are weighted and the number of financials in the dow/s&p will make the numbers jump more in both directions, than they normally would. 4 of the 30 dow stocks are the financials that were down big, so that makes the average go down more.... if you look at what the average would have done without those 4, it would have only been down about 150, not 500.

Wrong... Merrill is NOT a dow component.

Here's the list of the 30 of them....

http://www.cnbc.com/id/26272770/site/14081545/

I will not check my mutual fund balance...I will not check my mutual fund balance...

not an idiot...with everything flying around..rumors and whatnot..you really can't keep up with all.

You are correct. I was wrong. I had them confused with Lehman.

largest drop in 1 day since 9/11/2001

I definitely think there is a lot of guilt by association and there are some good buying oportunities again. It will be interesting to see if the Fed cuts rates now. I personally hope they don't but it may happen

Bro..can you loan me a hundy..(G's)?:D

Go ask the Fed they seem to be the lender of choice. 200 billion to fannie and freddie. It will be interesting to see if they bail out GM next. GM definitely has their hands out waiting...

AAHH...yeah, good point there..prolly hafta wait in a long line. But the IRS is clammering for their(not) 379 bucks cuz my tax guy put the wrong # in my childs' SS # in '06!

Yikes... My 401k is now 104k ! :eek:

Yeah like GM losing 12% of it's value today is definitely "Guilt by ...." Although the financials are clearly necessary for most people to buy a car this shouldn't have been the value lost. The mind blowing thing about all of this is that we used to think when something (a large Corp.) went bad it would be an erosion but these things AIG,JP Morgan, BOA happened essentially in a single day of trading. I don't think Black Monday had decay like this within hours time. My prayers for the suits trying to make a living with these corporations.

And we think we have bets of consequence on a horse racing site.....how'd you like to be a mutual fund manager today who has to explain why he/she
lost tens of millions with things like GM/BOA and Lehman in your port folio for say a small/midsize pension plan. White collar suicide deaths spiked today in NYC ER's ......crazy **** on the physician hot lines today!!

It's easy when you could just print out however much you need.

I still got the 2 dollars in my pocket.
Nothing leaked out.

Opportunities abound.
The rats come to feed on the carcus of the dead bull.

People talk about opportunities. I agree. But those opportunities are 1 in 10 within those falling knives. You wanna guess a bottom? a near bottom?

This isn't a stock buying opportunity. Things are much, MUCH worse than the stock market has priced in yet.

It's been a long time comin', eh Phil? :(

I think it has. Wall Street has brought the blood upon themselves with unrealistic expectations and increasingly exotic and difficult to value transactions.

Having spent 14 hours at the office today trading out of now defunct derivative contracts with said bankrupt broker dealer, I wanna just shoot myself!

i read earlier this evening on the news ticker that AIG needs $70 billion-yes folks, with a B-to avoid a downgrade on their rating. downgrading of course makes it harder to get future loans....
not good, not good at all. i saw early this morning that the dow was down about 250...didn't see anything else til tonite, the 502 drop....a black monday for sure...

.....I must have missed that year!:zz:

They need it by Wednesday or it's going bankrupt according to CNBC.

I will by S and P Index.
Its a wonderful time.

Lets talk in 5 years.

And heck no I wont catch the bottom.
Does not matter.

even better...
i hadn't seen any further news since about 5 pm yesterday....haven't watched/heard anything today either. only thing i did see when i got home was that the dow ended up, but not even a third of what it was down yesterday.

Government just approved 85 billion dollar loan (bailout) of AIG.

So let me get this straight. In the space of 6 months, the Us Govt is now in the Investment banking, mortgage and insurance business. Heck, we are even in the process of getting into the automobile business.

So much for free market capitalism. Its interesting that an administration that wanted no regulation is quick to bail corporations out of their unregulated mistakes.

People complain about socialized health care but where are the complaints about socialized corporate care?