The Stock Market Meltdown

[Merkwürdigeliebe]

The meltdown continued overnight in Asia. If you click on the link
Major World Indices - Yahoo! Canada Finance - Share Prices, Charts, News and more you will see what
happened in Hong Kong, India, Japan etc.

A 4.25% decline in Toronto means that over $70B of wealth was wiped
out in just one day. Hence, the reason why a recession is more likely
now than it was two weeks ago. It is not a sure thing, however.

I remember reading a good quote somewhere "A recession is when your neighbor loses his job. A depression is when you lose yours." I'm sure it was Reagan.

 

[veedubfreak]

Yet another reason i like having a government job.

 

[Kharn]

I hope any one here didn't take to much of a hit.

 

[Vaanish]

FTSE lost 323 points, £77BN. OUCH!!!

 

[Trotter]

One guy at work took a $9K hit in his stocks in his 401K, and that was just today.

Investors are WAAAAAAAAY too antsy. Somebody farts and the market drops. They need to get a grip. Even if the US hits a recession, we have been through them before and we all survived.

 

[veedubfreak]

This is why i dont even look at my IRA, because i dont plan to touch it until i plan to retire, so no point in getting all worked up about a drop now.

 

[Jorsoft]

Exactly, no point in getting worked up. market economies swing up and down--basic economics. You want stability, move to Cuba. I'm not sure if that recession is coming or not. A lot is really hinging on how consumers and investors feel about the economy and everyone is extremely nervous. So when the Federal Reserve does something like drop a key interest rate .75% everybody panics. I think it was just that kind of day, though. Even the NYSE, which lost like 450 points in the first few minutes of being open, closed out at something like a 120 point loss, so it eventually recovered quite a bit. Things are very tense right now since we're not sure which way the economy is going to slide.

 

[Pdawg]

I'm actually thinking it might not be a bad idea to buy soon. It's all pretty cyclical. Remember 6 months before ol' Clinton left office we were going through the same talk. I agree, investors need to get a grip. Good news is oil is down to something like $86 bucks a barrel. A weak dollar can mean stronger exports. Like that song in Monty Python's 'Life of Brian' goes... "Always look on the bright side of life *whistling*"

 

[veedubfreak]

All i know is that for once, i'm actually going to be at the right time and right place for something. I'll be buying a house or condo in the next 6 months and right now with the housing market in the crapper and interest rates way down, i should be able to pick up something really nice on the cheap and get a good rate.

 

[Nagasama]

^^definitely^^ a good time to buy property.
ANY kind of property. interest rates are through the floor right now, and haven't been as low as they are going to get (probably) in like...forever.
property is a much wiser investment than stocks right now, it usually is.