Standard & Poors.......

[BraggSurvivor]

............ put GM and GMAC on credit watch negative...in other words, they don't expect the patient to make it.

This is really amazing, I'm seeing $4.76 for the close. Last Friday it opened at $9.29. It's lost 48.8% of its market cap in a week!

I mean, everyone knows that GM's is struggling and will continue to do so, but none of that's really new in the past 5 days. For a blue chip stock to lose half its value in one week, with no earthshattering news--things are getting mighty weird.

[laughing beetle]

people are scared. the ride is getting wilder by the minute...

[Rick]

Cheap stocks is what it is. Now is the time to be BUYING. I've said it before but if Wal-Mart was having a half price sale everyone would be flooding into the local Wally World for the great deals. Wall Street has a half-off sale and everyone panics. I'm still buying!

[Sourdough]

Buy Rick, Buy........There will be lot's of sellers. The Dow is down 2000 points in five days. And going much lower. Yesterday you saw the "START" of the redemptions.

[BraggSurvivor]

Cheap stocks is what it is. Now is the time to be BUYING. I've said it before but if Wal-Mart was having a half price sale everyone would be flooding into the local Wally World for the great deals. Wall Street has a half-off sale and everyone panics. I'm still buying!

Good morning everyone!

Rick, I agree with you 100% IF I played the market. BUT, you dip a toe in with this environment, you could lose your whole foot. Be-careful there buddy. ;)

[Rick]

A business correction. That's it. Stocks are taking the brunt of it but that's what dollar cost averaging is all about. You buy cheap stocks when the price is down and make great dividends when they are up.

If no one saw the housing correction coming they had to be blind. Same thing for stocks. They were as over valued as houses. My financial planner and I discussed this correction 18 months ago. We both knew it was coming. The lending correction I didn't see but was long overdue in my book.

The Feds will have to shore up the dollar to stabilize it but that's one of the things needed to entice folks back into the market. And don't think for a minute they won't come back in droves. Once prices start to rebound everyone and their kid sister will want in on it. They always go where money is to be made....you know that.

[Sourdough]

Sorry Rick, the $72,000,000,000.00 (Seventy Two Billion Dollars) that mutual fund investors have just extracted (Redemptions), shows the party (CON) is over, they ain't coming back ever.
It will come back when the earnings are real, not lies, the whole market is a lie, the books are cooked, when the Dow hits 3,100 some bottom feeders will return, more will come when it hits 2,600.

I like you Rick, I think you are a good person, but this market is toxic. And I fear you may be hurting others unintentionally, by being a market cheerleader.

[BraggSurvivor]

The Feds will have to shore up the dollar to stabilize it but that's one of the things needed to entice folks back into the market. And don't think for a minute they won't come back in droves. Once prices start to rebound everyone and their kid sister will want in on it. They always go where money is to be made....you know that.

Shore with what? More debt?

That 700 billion for instance? When all said and done that 700 billion will add 7 trillion dollars more debt to your already 10 trillion. The 10 times effect. Thats why Bush said "It will take time, be patient"

Scary!

I'm going riding fellers, have a good weekend eh!

[Rick]

And I see it just the opposite. You guys are panicking folks unnecessarily. We have not even approached the near 15% rates of inflation or 12% unemployment we saw in 1983-84. Folks said the market would crash then, too. It's a lot more resilient than either of you give it credit for. If nothing else, think about this. All of the greed and corruption and conspiracy you guys talk about...do you think for one minute all of "those" evil folks would allow their free ride to evaporate? Call it what you want but the world's economy is built around the dollar and it's not going anywhere.

[BraggSurvivor]

Halliburton is your friend Rick. Go to the light...

[Rick]

No, they aren't. I know your joking but it's not a reasoned response. I do concur that a lot of changes need to take place on a lot of fronts but there was and has been no conspiracy that prompted folks to over extend their finances, buy more house than they needed or forget how to save up for what they wanted. That's all on us. Now that they have to sell short to cover losses or let their homes go back isn't on the government either. That's still on us.

It's the easiest thing in the world to blame all this on big business or the government or banking cartels or whoever folks deem are evil and at fault. That's easy. That way we don't have to take responsibility for just being dumb and childish and wanting everything handed to us right now. This mess is our own fault. Period.

[Sourdough]

No, they aren't. I know your joking but it's not a reasoned response. I do concur that a lot of changes need to take place on a lot of fronts but there was and has been no conspiracy that prompted folks to over extend their finances, buy more house than they needed or forget how to save up for what they wanted. That's all on us. Now that they have to sell short to cover losses or let their homes go back isn't on the government either. That's still on us.

It's the easiest thing in the world to blame all this on big business or the government or banking cartels or whoever folks deem are evil and at fault. That's easy. That way we don't have to take responsibility for just being dumb and childish and wanting everything handed to us right now. This mess is our own fault. Period.

You are 100% correct on this, it is "OUR" fault, mostly greed, and laziness. But your children, and grandchildren will pay the price.

[BraggSurvivor]

No, they aren't. I know your joking but it's not a reasoned response. I do concur that a lot of changes need to take place on a lot of fronts but there was and has been no conspiracy that prompted folks to over extend their finances, buy more house than they needed or forget how to save up for what they wanted. That's all on us. Now that they have to sell short to cover losses or let their homes go back isn't on the government either. That's still on us.

It's the easiest thing in the world to blame all this on big business or the government or banking cartels or whoever folks deem are evil and at fault. That's easy. That way we don't have to take responsibility for just being dumb and childish and wanting everything handed to us right now. This mess is our own fault. Period.

I rarely joke when it gets this serious regarding economics. I've seen this coming for years.

You just need some meds Rick. Go to your friendly family physician while you've still got enough money for the copay and he'll prescribe you some of Big Pharma's finest. :D

[Rick]

Sorry. I had to go pick up a chain saw...

I agree with you Hopeak. The National Debt, energy policy, medical care, education and a half dozen other things all need to be fixed. Most of all, the debt. We have handed our future generations a terrible legacy. However, the 10.2 billion a month we are spending in Iraq sure would be a nice payment toward that.

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