Atlanta Metro News

By amy

October 9, 2008 4:19 PM | Link to this

Someone I just talked to accross town in another building said “It’s a good thing there’s windows in these buildings or else people’d be jumping out.” People are freaking out.

By H from Marietta

October 9, 2008 4:20 PM | Link to this

First!!! I’m going to have to switch to the Yen and Pound soon…

By CJ

October 9, 2008 4:21 PM | Link to this

I am sick of this whole thing! Wall Street, investments, credit bureaus and mysterious credit scores, and all the rest need to be scrapped and we need to start fresh with a system that WORKS! It’s all a big mystery and doom and gloom. Enough is enough!

By CJ

October 9, 2008 4:22 PM | Link to this

I don’t know what my co-workers and friends are doing, but I’m buying. Buy, buy, buy. In the long run, this downtown is going to make me extraordinarily rich. The more the Dow falls, the better the deals, the wealthier I’ll be.

By Jake

October 9, 2008 4:23 PM | Link to this

It’s the death knell for the American dream now that capitalism’s fatal flaw has been exposed. Best guess is the markets will eventually accurately price this economic disaster somewhere around DOW 3000.

By Rick

October 9, 2008 4:26 PM | Link to this

Unless people sell now… they haven’t truly lost a penny. If I had extra money available, I’d be putting more money in - rather than taking my money out.

The market will bounce back. People who stand firm for the long-term will get back everything they’ve “lost” and more.

By MV7

October 9, 2008 4:26 PM | Link to this

Just vote Obama and a democratic majority in the house and senate in there and wait and see what we get. This isnt nothing yet! Depression, no jobs, high taxes on the “rich” 5% who provide all you gutter dwellers with jobs. Just think who the first to cut back will be when these taxes hit? Trust me, it will be just as patriotic to lay your a*******es off as it will be to pay your taxes.

By MV7

October 9, 2008 4:29 PM | Link to this

Just vote Obama and a democratic majority in the house and senate in there and wait and see what we get. This isnt nothing yet! Depression, no jobs, high taxes on the “rich” 5% who provide all you gutter dwellers with jobs. Just think who the first to cut back will be when these taxes hit? Trust me, it will be just as patriotic to lay your a*******es off as it will be to pay taxes.

By SU

October 9, 2008 4:30 PM | Link to this

Like me … freaking out.

And you know I read the other day that in order for the market to stop trading for the day it would have to drop 3,350 points - my question is that if it dropped that much who would be around to halt it?? Everyone would probably have already killed themselves.

By Anti-Jake

October 9, 2008 4:33 PM | Link to this

I’d be willing to place a large sum of money that Jake is WAY off. What do you say…the over/under at 3500? I hear Cuba’s looking for more residents…”Capitalism’s fatal flaw”…commie

By TC

October 9, 2008 4:35 PM | Link to this

Folks on Wall Street, Congress and the Senate should be going to jail over this complete fiasco! They’ve known and seen this trainwreck coming for years and nobody thought one minute to save the American public from seeing our life’s savings and investments (401k’s) go down the toilet in one weeks time. This is an outrage. Barney Frank, Chris Dodd, Charles Schumer should be being led away in handcuffs!! Wake up America! It’s time to throw the bums out of Washington.

By Maniac is accurate

October 9, 2008 4:35 PM | Link to this

Well, all of my colleagues leaped from the roof of the building. I did too, but they made a nice, soft landing pad so I’m OK. See, I didn’t mean to fall, but slipped in a puddle of tears and slobber.

By Marbles

October 9, 2008 4:39 PM | Link to this

Jake, you’re wrong. Go learn a thing or two about capitalism before commenting again. For that matter, go learn a thing or two about ANYTHING before commenting again.

MV7……..your name says it all. Anyone still glorifying MV7 is obviously out of touch.

Everyone, stay calm. After this election, regardless of outcome, some sense of normalcy will return.

By SU

October 9, 2008 4:41 PM | Link to this

MV7,

I hate to be the one to break it to you, but McCain is the one if elected is going to drag this country even further down. The tax policy center says his tax plan will add $1.3 trillion to the debt over 10 years plus he will tax those that have employer health benefits (either that or he’ll give a family a tax credit of $5,000 when the same tax plan will cost them $7,000 more). Not to mention he wants to invest social security in the stock market (can you imagine if Bush had already done that … most people wouldn’t have any left). Don’t get me wrong, I have a 401K and a Roth IRA, so I am not depending on Social Security, but it would nice if some of that money I have put into the system since I started working when I was in high school would still be around when I retire. Also, think about who their economic advisors are … McCain has Carly Fiorina (who ran HP into the ground) vs. Obama who has Warren Buffett.

By MARCUS

October 9, 2008 4:43 PM | Link to this

Why not trace where the problem stems, then go from there. If it was a corporate CEO, send him a bill to give back to the American taxpayer. Also all political leaders that caused this mess, find out how they have been voting, then vote them in or out on this election. For President, Make sure you vote for one that will live long enough to make things happen. It took 8 years to bring us down, may take 8 years to mend this.

By LB

October 9, 2008 4:43 PM | Link to this

I haven’t heard much panic around the office, even from Chicken Little who sits in the next cube.

I’m sitting tight, its painful and I know that on paper I have some huge $$ losses (25 years of 401(k) and IRA contributions add up (or they did)). T

The bottom line is I still own a piece of each of the companies I’ve invested in and I have been very selective. OK so I should have ditched Merrill Lynch even after Thain said they were well capitalized, but I still own a piece of it and hopefully BOA will eventually make it up to me before I want to retire 17 years from now.

By Dutch

October 9, 2008 4:44 PM | Link to this

It’s an old concept that has repeated itself over and over again. Anybody selling now is an idiot. Now is the time to buy.

By Tom

October 9, 2008 4:45 PM | Link to this

I think Congress and the President need to rethink the bailout. It is obvious the bailout package is having no effect on Wall Street. We should redirect this money back to Main Street, refinancing the existing mortgages, etc. into low interest loans that people can afford.

By Ashley

October 9, 2008 4:47 PM | Link to this

Unless you are planning to retire in the next few years, leave it alone. You have not lost anything unless you decide to sell low. Then you have lost. The market will come back and those who waited it out will be okay. Those who panic will live to regret it.

By CJ

October 9, 2008 4:50 PM | Link to this

A couple of clarifications—

First, I’m the CJ at 4:22, not to be confused with the CJ at 4:21.

Second, I meant “downturn”, not “downtown”.

Third, perhaps I was a little cold, but the message I was trying to portray is that, unless you need the money in the short-run (e.g. retirees), continuing to invest in stock mutual funds via our IRAs and 401(k)s will, in the long run, be the better approach.

The people who are selling and driving the markets down are retirees (like my father) and others who should have known better than to have their short-term savings in the stock market…and speculators who aren’t long-term investors like most Americans.

FDR was right when he said that, when it comes to our economy, we have nothing to fear but fear itself. If we don’t panic and keep saving for retirement as we always have, then the market will bottom out and most of us will have gotten some great deals in the process.

Good luck!

By Georgia Gal

October 9, 2008 4:50 PM | Link to this

Nervous, but holding on and just waiting it out … I figure I have about 20 more years until I can take it out without any penalties, so I may as well hang on tight! I think the thing I’m really concerned about is the credit markets and how it is effecting companies being able to pay their employees. I mean if they can’t pay their employees then they’ll have to layoff.

By Allen

October 9, 2008 4:54 PM | Link to this

What are the people in my office saying about the DOW being down? �Well Duh! It�s the Stock Market!� This is why the average dumb American should never have a 401K, they think the Stock Market never goes down. Then when it does they think the Stock Market will never go back up.

Those of us who were around in �87 remember this: �Oh how the world is ending!� Now it�s time for the young, wet behind the ear types to learn the same thing we did in �87. Markets can�t stay down forever.

Another thing they are saying it that it must be a slow news day for the media.

By ThankJimmy Carter Community Reinvestment Act and ACORN

October 9, 2008 4:56 PM | Link to this

I’m glad I can fall back on my religion and guns!

By Another point of view

October 9, 2008 4:56 PM | Link to this

For those that think this another downturn think again. The system itself is collapsing. Before this is over the market will hit 5 or 6000 and stay there, where it should be. The market was overvalued from the beginning, just like the home market.

Buy in now if you like but you haven’t seen the bottom yet. This thing is just starting. I’d recommend the yen or euro if you want somewhere to park.

Big problems and no leadership in sight is not going to be pretty.

By LB

October 9, 2008 4:58 PM | Link to this

Everyone wants to refinance the mortgages of people who got in over their heads, took out 125% mortgages (how dumb is that) and then turned around and pulled out the equity every chance they got.

There was a story on the news about a guy in California who has taken over $240,000 in refinances and equity cash outs. He put the money in CDs because he was afraid he was going to get foreclosed on.

Let’s see, if he can get his mortgage refinanced for what his house is worth now (instead of what its mortgaged for) and get an low interest loan too, then I’d say he is the smartest guy around. He got a $240000, the house, and a low interest mortgage at the expense of the American taxpayer.

I guess it doesn’t pay to stay out of debt and behave in a fiscally responsible way.

By Paul

October 9, 2008 4:59 PM | Link to this

As George Bailey said in “It’s a Wonderful Life”, when he was trying to stop the run on his building and loan company and the economy was dissolving around everyone: “Potter’s not selling, he’s buying!” Hang on folks, it will get better.

By Jake

October 9, 2008 5:08 PM | Link to this

All you morons that don’t understand why housing prices just can’t keep going up 25% a year every year, please shut up! I’ve got a degree in business administration. It’s an economic system based on greed that requires constantly increasing growth, that’s the flaw. Birth rates down, not enough comsumers to keep the housing market hot? Simple, just let in 20 million illegal consumers and make NINJA loans to everyone breathing! If you think this is a temporary 40% correction, you’re nuts. BTW all you buyers, weren’t you the same geniuses that jumped on the dot.com boom around the peak at NASDAQ 5000? That was more than ten years ago! Please tell me when the NASDAQ will close over 5000 again? It’s the end of the world as we know it, expect food riots by mid-2009. Buy guns and hoard food now, while you still have some money left!

By JIM

October 9, 2008 5:10 PM | Link to this

THE RAT RACE IS OVER—— THE RATS WON!!!!!!!

By blondie

October 9, 2008 5:14 PM | Link to this

Why? what’s going on with the country??

By Cassandra The Prophetess of Doom

October 9, 2008 5:17 PM | Link to this

Y’alls cash ain’t nothin but trash honey! By 2010 y’all be wipin your butts wif it or burnin it to stay warm. Maybe y’all find some fool to sell you a lof a bread for a bushel basket full!

By atlkevin

October 9, 2008 5:24 PM | Link to this

I have found if you drink excessively, you tend to forget about how your 401k has been shredded up.

After reading about the AIG group’s “retreat”— and cost of >$400k— AFTER their bailout, I’m ready to slap tight rules around this industry. I’ve always been a free-market guy, but this has proven to me that you can’t let this industry regulate itself.

By Another point of view

October 9, 2008 5:27 PM | Link to this

For you Republicans remember Mccain was a major player in the last financial fiasco. The S&L debacle. He’s sold out his office before and he’ll do it again.

Here’s the doomsday scenario. A few more “corrections” and folks will start making a run on the banks. They can raise limits all they like but FDIC is in trouble too. See, thats the problem. The government itself is teeterring and about to collapse. They throw out numbers like 8 to make it seem the debt is manageable but if you throw in their promises the real number would be like 50+ and thats before the bailout money.

after this is all done the wealthy will be wealthier and we’ll be stalking our neighbors for food and gas.

I wish this was a few hundred years ago when folks really cared enough to drag a guy on the carpet. Now we vote him in and then let him run roughshod over the nation. SMH

By Bush is King

October 9, 2008 5:28 PM | Link to this

Bush WHACKED

By ms obvious

October 9, 2008 5:30 PM | Link to this

All I have to say is that I have (or should I say had) stock in Wachovia… the end.

By B6542

October 9, 2008 5:35 PM | Link to this

A BUY opportunity like this only comes around once or twice in a lifetime.

By keefer

October 9, 2008 5:35 PM | Link to this

I just did what ANY person with half a brain would do in these times: Logged into my 401(k) and maxed out my contribution percentage. Buy low! Sell High! I have 25 years to retirement and this is a DREAM COME TRUE to be able to buy at these low prices that will probably never happen again in my lifetime.

By yelladawg

October 9, 2008 5:44 PM | Link to this

The hedge funds-derivatives-credit default swaps (CDS) represent $62 Trillion in alot of shaky, risky, debt. The bad housing debt that has been included into the various CDS has caused the whole debt structure to become unglued. It is not hard to fathom that the whole structure could collapse. Wall Street, Washington, and the Media have been reluctant to tell the whole story. The DJIA is and has not been a good barometer for several years.

This collapse is too big for the Federal Reserve to handle. It is an international problem.

CDS are a form of re-insurance designed to spread risk. However, they were called swaps to avoid being classified as insurance. If they had been packaged and sold as insurance then the sellers would have been required to register them and establish a reserve fund to cover potential losses. So, the real problem with these debt instruments (that Warren Buffett referred to “financial instruments of mass destruction”) is that no one knows how many there are or how much debt there really is - there has been no inventory. If one doesn’t understand the problem or know the extent of the problem, it is difficult to begin to solve the problem - $62 Trillion is an estimate. That’s why Buffett said what he said about these CDS.

A likely way out will be for the world banking gurus to default the value of the CDS to 1� on the dollar and move forward with a more manageable start-over — world-wide. Who knows what they’ll try next. It’s kind of like the little Dutch boy trying to hold back the bursting dam.

Incidentally, if you are in mortgage trouble, many of the mortgage banks can’t prove that they own your house or mortgage. Don’t give anyone your mortgage information or documents and makke the forecloser prove in court that they own your mortgage. The system is a mess and I have heard that as many as 60% of the banks don’t have their paperwork in order.

As for the stock market. If you need your money, don’t listen to the brokers. Quietly, get out before you lose more than you can afford. If you don’t need the money, let it ride!

Good luck and remember: it’s only money and life is a lot more precious. As Orphan Annie always said: “The sun will come up tomorrow”. Be there!

By DJ

October 9, 2008 5:46 PM | Link to this

They aren’t saying anything. They’re crying!

By Another point of view

October 9, 2008 5:49 PM | Link to this

Keefer they’re bamking on you thinking like you are. Sell high to who? The guy who would be buying is going broke as we speak, as is his company.

Don’t panic but just watch the market over the next few months. If you haven’t by then you’ll correct your 401k.

People, this isn’t your average correction we’re going through. This is years upon years of greed gone bad. Now its time to pay for those that have profited so much.

By Jake

October 9, 2008 5:55 PM | Link to this

The pre-crash peak in 1929 was surpassed in what year? Of course, that was a 90% correction, we’re only at 45%. So far. Very good post yelladawg, but if we can still rebound like we did last century that sun won’t come up tomorrow but more like 2033! The answer is 1954, 25 years later!

By jerry w

October 9, 2008 5:55 PM | Link to this

ha ha ha i took all my money out about 2 years ago and found out if i would of kept it in i wuld of lost $500,000 from then to now so im not hurting a bit im rather happy im so smart

By jerry w

October 9, 2008 5:56 PM | Link to this

ha ha ha i took all my money out about 2 years ago and found out if i would of kept it in i would of lost $500,000 from then to now so im not hurting a bit im rather happy im so smart

By jerry w

October 9, 2008 5:58 PM | Link to this

ha ha ha i took all my money out about 2 years ago and found out if i would of kept it in i would of lost $500,000 from then to now so im not hurting a bit im rather happy im so smart

By jerry w

October 9, 2008 5:58 PM | Link to this

ha ha ha i took all my money out about 2 years ago and found out if i would of kept it in i would of lost $500,000 from then to now so im not hurting a bit im rather happy im so smart

By DJ

October 9, 2008 6:06 PM | Link to this

The upside is that oil prices are finally dropping…. Downside is that people are scared to spend money so they aren’t purchasing cars. Awww, why is there always an unbalance.

By DJ

October 9, 2008 6:06 PM | Link to this

The upside is that oil prices are finally dropping…. Downside is that people are scared to spend money so they aren’t purchasing cars. Awww, why is there always an imbalance.

By DebtFree

October 9, 2008 6:33 PM | Link to this

3 years ago, I made the last payment on my credit card, and have paid cash for everything ever since. I am paying down my mortgage, and hopefully will have it paid off in 6-7 years. Then I will be totally debt free. I am watching my 401K dwindle, but since I have another 25 years before I retire, I am not touching my 401. I have a 2 savings account, 1 with a bank, the other with a credit union,an emergency fund, and a couple Roth IRA’s where I put my money at. I have increased how much I am putting in my savings accounts and emergency funds, and if it all collapses, I hope I will be OK. I am not depending on social security and my 401 to retire on, I am relying on cash.

Cash is king!

By Pete

October 9, 2008 6:42 PM | Link to this

Greed……..corruption…….deceit. The NEW cornerstones of America. And the new phoney politicians who promise CHANGE will be even worse. Remember Germany in the early 1930’s. They wanted change……….and got it !! We are beyond pathetic as a nation, worshiping entertainers, cell phones, and remote controls. May God help us !!

By DH

October 9, 2008 6:44 PM | Link to this

Well, all I’m going to say is start checking everything from 401k to your regular accounts cause this might be a replay of “It’s a wonderful life”.

By ron

October 9, 2008 6:47 PM | Link to this

I removed my money from stocks in November of 2007 and reinvested it in things more secure.If and when I see a solid upturn in the market,I’ll reinvest.In the meantime while, I’m not making much,but I’m not losing anything.

By cooter

October 9, 2008 6:59 PM | Link to this

I have been through this type meltdown a few times. The difference is this time I am retired. I lost about 10 years of living expenses in one year. Fortunately, I had a cushion when I retired because I knew the market would eventually correct 20-25% but I didn’t figure 40% or more would ever happen. I do believe that most of the sellers have capitulated and the bottom is near. When everyone looks at their portfolio and hurls it’s usually a good time to start buying again. To sell at the bottom is probably a big mistake. So I am hanging in for the next bull.

By Mr. Natural

October 9, 2008 7:16 PM | Link to this

What stock portfolio?

By Time for an overhaul

October 9, 2008 7:50 PM | Link to this

Selling is not the thing to do. It will only make things worse. Like Cooter, I’ve been through this a few times. I’m not very happy that 40% of my 40lk is down the toilet - AGAIN. I went through the 2002 tanking.

Selling isn’t going to help anything at this stage of the game, it’s just going to increase the damage. If you can stomach the ride, hold on and buy low…it will come back.

Don’t hold your breath that the incoming President, be it Dem or Repub will make a hell of a lot of difference one way or the other in the market in the near term.

The President’s real influence is not nearly as powerful as that of the Congress and the Senate. That’s the group that can either help or really screw things up.

By Gus

October 9, 2008 7:55 PM | Link to this

All you smug jerks who took your money out some time back, guess what, the government is going to take it from you and give it to the rest of us! Keep laughing, while you can.

By a

October 9, 2008 8:14 PM | Link to this

The media and everyone else just needs to calm down. Things will turn around. The country is not going to die and the market will eventually come back and be even stronger than it was before. STOP FREAKING OUT!! It only makes things worse. keep your money in the stock market.

By catlady

October 9, 2008 8:20 PM | Link to this

One of those times when being poor may be good. The house is paid for, the cars are paid for, no credit card debt, no 401k or stocks. However, also no savings of any kind. Am I smart or dumb? Had some money in the market when the dot com bubble burst and lost quite a bit. Never again. Had hoped to retire after 35 years (now) but guess I will work till things get better. Have a good (48k/yr) pension coming but will try to wait a little longer and perhaps (now that I have put 3 kids through college) I can save a little. People like me have little choice but to keep on keeping on.

By CaptKudzu

October 9, 2008 9:08 PM | Link to this

Why is it if Sear’s or Macy’s has 37% off sale, everyone rushes in to buy, but if the market drops 37%, many rush in to sell? This is the time to continue to add to retirement account, not bail out.

By MARK

October 9, 2008 9:18 PM | Link to this

Wow!!!! Some bloggers want to kill themselves, God help us. >> But hey! Before you jump, can you toss your purse or wallet that you have left????? Just kidding, people we have got to stay calm and not trust in money only to survive. We need to stay focused and ask God to help us.

By yelladawg

October 9, 2008 10:57 PM | Link to this

When the collapse occurs, it may be bigger than 1929. It will take 10-15 years of market growth for you to get back to where you are now. Like Jake said earlier, it took the Market until 1955 to reach the point that it was when the 1929 collapse happened. If you need your money before then (2023), remove it from the market, now! If you don’t need it, let it ride! The collapse is inevitable, because there is no policy established about what to do about the enormous derivatives - $50 to $65 Trillion - “the ticking time bombs” that will be unravelling over the next several months. It is the failure of the derivatives and the credit default swaps (CDS) that are causing the freeze in the credit markets. The Fed does not have enough money or clout to stem the eruptions that are in process, internationally. Makes the $785 Billion Bailout look like peanuts. The nature of how the derivatives or CDS were structured is a major part of the problem. Bad and very bad loans were batched with good loans and then sold as a way to reduce the risk of the investment. Almost all the batches have some very, very bad loans included and rather than reducing risk as they were designed, the CDS are causing some of the holders to default because they don’t have the assets that they once had.

If you take your personal position related to the market and multiply it negatively times 50, you may be close to the problem that some investors are experiencing. Because of their condition, they will be a long time returning to good health or investing in the financial instruments generated by the boys on Wall Street (although, the CDS mechanism was developed by a young woman — 25 yrs old at the time). They, including China, will move their money to safer places.

The good old US is no longer the safest port for the world’s money.

Remember, it’s only money. Use your head, work hard and be there when the sun comes up!

By CBL

October 10, 2008 10:21 AM | Link to this

Screw the market. Vote in Obama, keep Pelosi, let them fix Wall Street and we’ll march in line for bread and soup. Workers unite!

By Edie

October 10, 2008 10:33 AM | Link to this

If AIG and others like it, would have paid their payables (instead of throwing outrageously expensive parties), they might have saved a lot of small businesses from going under, who patiently waited for these monster sized company to pay their bills. What a serious lack of morality! What a crime.

By Portia Folio

October 10, 2008 10:37 AM | Link to this

Great time to BUY! I’m betting on energy stocks myself, as its something we’re going to need increasingly, regardless of the current drop in crude oil, and this temporary malaise.

By Jake

October 10, 2008 10:46 AM | Link to this

Like a gambler on a losing streak, you’ll take unlimited losses because you can’t accept the 40% loss you already have. It’s very hard to do but it’s the smart thing to do. 60% of what you used to have is better than the 20-30% you’ll have left in a few months if you stay invested. Better to move to stable fund investments, take the sure 3-4%, and wait until stability returns to the banks, then buy back in. It’s going to get worse before it gets better, maybe a lot worse. BTW, owning a home is good because you don’t have big payments. But it’s a lousy investment. Your $300k home will be worth $200 and you won’t be compensated. Now if you have a $300k mortgage, that’s a great investment because the socialist US government is going to

By Its Me

October 10, 2008 10:58 AM | Link to this

MV7 you are an idiot, like all the other McCain supporters. It’s really ashame, becuase it is nothing but racism and greed why everyone in this country is not supporting Barack Obama. What else does this country have to go through for you all to finally ADMIT that Bush F*&^% this country up and McCain’s sole purpose is to follow suit. Obama is offering change from this tragedy that most Americans are experiencing and people actually have the nerve to want this country to continue going downhill just because this Black man is far more intellegent than his white running mate in achieving his goal in getting this country back where it should be - healthy??? That’s why this world is the way it is because of people like you…The hate and jealousy is really ashame and you all need to really get over yourselves. PEACE!

By The Fix

October 10, 2008 11:01 AM | Link to this

The republican employees in my office are saying: We gotta get businesses to come back to America. Stop taxing them so they can bring us jobs. Helo, it will work. Businesses coming to a location to build the economy has worked thru out all of history. The democrat employees are saying: This is all the rich folks greed causing this. We need to raise taxes and help all the poor folks that have been taken advantage of.

By bonny

October 10, 2008 11:07 AM | Link to this

Stop selling, that’s causing the downturn! Let’s all band together and buy, buy, buy! I just upped my deductions from my pay to my 401K! People panic way too much and the panic only spreads! It’s the same effect you get at a great concert where everyone screams at the sight of a star or the song! You wouldn’t stand in front of your television screaming at the top of your lungs all alone in your house but when hundreds or thousands of others come together this need to do what they do begins to well up! That is what’s happening in the market right now. We are reading the news and they aren’t saying to us, “sit tight” like they did after 9/11 they are bored and want to report doom. ignore the media, look at the buying prices of the stocks as they are right now and buy up a few. this will cause the price to rise, people will notice and then the rock concert theory begins anew but in a better direction!! someone needs to make the first step and I am logging on to fidelity now! see you at the top people!!

By JennyATL

October 10, 2008 11:23 AM | Link to this

You think you have problems now. go on and elect the muslim Obama for President. The anti-christ. You will see the fall of this country and plot of socialism so fast your head will spin. If You elect Obama, it will be the end of the US as a free and powerful country. Get ready for communism and no money.

By Gigi

October 10, 2008 11:23 AM | Link to this

I work for a technology corporation and everyone here is hopping mad — mostly about the bailout! No one feels it’s fair or right that the taxpayers have been forced to pay unspeakable amounts of money when the bailout has been universally admitted to be only a temporary measure (some say it will give us only about 18 months reprieve).

By Gigi

October 10, 2008 11:26 AM | Link to this

I work for a technology corporation and everyone here is hopping mad — mostly about the bailout! No one feels it’s fair or right that the taxpayers have been forced to pay unspeakable amounts of money when the bailout has been universally admitted to be only a temporary measure (pundits say it will give us only about 18 months reprieve at best).

By Gigi

October 10, 2008 11:26 AM | Link to this

I work for a technology corporation and everyone here is hopping mad — mostly about the bailout! No one feels it’s fair or right that the taxpayers have been forced to pay unspeakable amounts of money when the bailout has been universally admitted to be only a temporary measure (pundits say it will give us only about 18 months reprieve at best).

By Gigi

October 10, 2008 11:26 AM | Link to this

I work for a technology corporation and everyone here is hopping mad — mostly about the bailout! No one feels it’s fair or right that the taxpayers have been forced to pay unspeakable amounts of money when the bailout has been universally admitted to be only a temporary measure (pundits say it will give us only about 18 months reprieve at best).

By Gigi

October 10, 2008 11:26 AM | Link to this

I work for a technology corporation and everyone here is hopping mad — mostly about the bailout! No one feels it’s fair or right that the taxpayers have been forced to pay unspeakable amounts of money when the bailout has been universally admitted to be only a temporary measure (pundits say it will give us only about 18 months reprieve at best).

By Gigi

October 10, 2008 11:27 AM | Link to this

I work for a technology corporation and everyone here is hopping mad — mostly about the bailout! No one feels it’s fair or right that the taxpayers have been forced to pay unspeakable amounts of money when the bailout has been universally admitted to be only a temporary measure (pundits say it will give us only about 18 months reprieve at best).

By Blue all the Way

October 10, 2008 11:40 AM | Link to this

Jenny

He is not muslim

You must like Hasselbeck on the view also..unbelieveable what people will say

Wonder what all these hateful people going to do when he is president???

By wendy

October 10, 2008 11:41 AM | Link to this

I strongly believe we need to humble ourselves and ask for God’s forgiveness. whether, we like it or not everybody is going to be affected by the time this economy drops to the bottom. we need to be prayerful. We need to pray to God to give us a God fearing man to lead this great country.

By EMMA

October 10, 2008 11:47 AM | Link to this

I’m not distressed yet, I think the market will turn around. Does anyone have any suggestions to what I should buy right now? Thanks. I am though kind of fearful for my mom she had a lot of monies tied up. I’ve been afraid to call because I don’t want to cry with her sooooo I really need some suggestions so I can give my mother some hoep. Thanks again!!!!

By Chuck

October 10, 2008 11:59 AM | Link to this

The Demos have called upon FRD for advice Then use his three programs 1.the NRA; 2 The PWA and 3 The CCC 1Is already in place using 700 billion. 2 PWA was used to fix the infrastrucre. 3 CCC was use to clean up the woods, underbrush,etc (no big forest fires then or soon after soon after.) The last last 2 sets of programs used the unemployed. We may have problems now that were not in existance then.I hope that this is not the case. Good luck MY COUNTRY.

By Snakes in the Pulpit

October 10, 2008 12:02 PM | Link to this

** new book —SNAKES IN THE PULPIT

WWW.SNAKESINTHEPULPIT.COM

WWW.REUBENARMSTRONGSHOW.COM

SNAKES IN THE PULPIT

By Beth

October 10, 2008 12:02 PM | Link to this

Technically, if you don’t sell out of a fund you haven’t lost but you are betting on time and the market to restore what is lost. However, how long will it be before the market stops deep bleeding and how long before you returns are at 8% again? If your company can’t weather the next 3 to 18 months and you end up needing to rollover your balance or cash out though not your intention now, then you have lost significantly because time has not been on your side. Question is by staying in how deep will you have taken yourself by betting on time and the economy. Everyone needs to evaluate their tolerance for risk and then live with that.

By SU

October 10, 2008 12:02 PM | Link to this

You know it really appears that the McCain-Palinnites just believe whatever they want to believe … it doesn’t really matter if there is any truth to any of the rumours or not.

And just so some McCain supporters know … not all of us voting for Obama are 100% Democrats. I voted for Bush in both 2000 and 2004 (sorry now that I did) and have never in my 22 years of voting straight Republican or straight Democrat … I vote for who I believe will be the best candidate. So please stop assuming that everyone that votes for Obama is an ultra left-wing liberal.

By JennyATL

October 10, 2008 12:13 PM | Link to this

I cant wait for all of you Obama supporters to get your socialized medicine. The government will be in charge of your healthcare and ask anyone from Canada what it is liek to wait 1 year for an appointment to see a Dr. after you are diagnosed with cancer. The list is that long. Oh yes, and wait! You dont get to see a Dr. then. You just talk to him on the phone. Ask my uncle who is dead and gone as he waited in Canada for that Dr. apt. 1 year people!!!!

By Brad

October 10, 2008 12:15 PM | Link to this

People the key is to diversify, like me I have 25% in cash 3, 25% in fantasy five, 25% scratch offs and 40% in mega millions. I learned all of this in Georgia public schools.

By Jake

October 10, 2008 12:20 PM | Link to this

Please take the political comments to Wooten or Bookman where they belong. Both parties and other greedy unethical capitalists caused this mess and I don’t see either candidate talking about balancing the budget as part of a long-term solution. So you go into the ER spurting blood from an artery and the doctor says, “be patient, don’t do anything and eventually it will stop!” Yeah, after you lose about 75% your heart will stop and so will the bleading! EMMA - Move it all to stable funds, FDIC-backed certificates of deposit, things of that sort. Preserve what you still have, don’t buy stocks in a raging bear market. Those idiots that recommended buying yesterday are now down about 4.5% in just one day and there’s much worse to come, none of the $15T in CDS’s has been resolved yet!

By SU

October 10, 2008 12:28 PM | Link to this

Jenny,

Atleast with Obama I’ll still have healthcare and/or won’t have to pay taxes on it. Right now I get it through my job, but if McCain becomes President I will either have to pay taxes on it or I will lose it and then have to pay the difference between the $2,500 credit they give me and what it will cost for me to buy health insurance on my own (I don’t know what the difference is for individuals, but most people agree that under the family plan they’ll have to pay $7,000 more to get the same plan they had through their job). Obama’s plan isn’t perfect, I don’t deny that, but given what McCain’s plan is it is a heck of alot better than his.

By Blondie

October 10, 2008 12:30 PM | Link to this

Stay calm and look up, because that is where God is.

By MoPeaches

October 10, 2008 12:31 PM | Link to this

Bad news for all of you…look up the definition of ‘Socialist’…The current Administration, Obama, McCain are all socialist…Thinking everyone deserves and should benefit from everything…The government should take care of us all….Wake up! Our Founding Fathers are rolling over in their graves…knowing what has happened to so many of you who want the government to save you

By JennyATL

October 10, 2008 12:34 PM | Link to this

SU, the credit is $5,000. Just remember that when you cant go to a Dr. when you need to and you have to go to who they say go to when you do get an appointment. I work in the medical field and I have always refused to have an HMO because I wanted to be in charge of my own medical care (not have to get a referral) and not have someone sitting behind a desk in Minnesota California make decisions with my health. However, HMO’s look pretty darn good compared to Socialized medicine.

By Me 2

October 10, 2008 12:42 PM | Link to this

I have always made my house payment even when times were hard, I continue to make my payments first to ensure that I had a roof over my head. My being responsible hasn’t gotten me crap!!…the goverment is bailing out those who didn’t use common sense when purchasing a house. Whats my motivation. I think I’ll stop making my house payment and use the “i was taken advantage of” excuse. Oh yeah, people in my office are p** off just like the ones in your office. Can we call off the elections?

By Gee

October 10, 2008 12:48 PM | Link to this

Well for 30 years we’ve had a dollar that had been supported by nothing but faith in the US Govt. Thanks to that faith the Govt printed lots more dollars, while real incomes didn’t go up. (Yes I know you earn more dollars now, but they still buy the same stuff). So to pay for all those promises the govt basically stole an extra 5% from everyone every year. (You only get a pay rise once a year and that is after the inflation, you have to wait another year to get that back). All this inflation created a false sense of prosperity which people then borrowed based on, (way beyond their means to repay). Now the rubber hits the road, you got to pay your way. The rest of the world doesn’t want our toxic dollar, or our useless debts any more, they want real stuff like oil, iron and gold. So, the market will always adjust boom turns to bust and the more artificial the boom the bigger the bust.

By Ima Dummy Seller

October 10, 2008 12:48 PM | Link to this

Congrats to you weak handed dummies who went to MM funds-you are making 1 1/2% and will be making same next year while smart, non panicky investors will be making 10-12%.

Read about panicky sellers at www.vanguard.com

By Gee

October 10, 2008 12:53 PM | Link to this

Get yourself some cans of soup, some wood and a gun with lots of ammo. If this continues the depression will look like a walk in the park.

By SU

October 10, 2008 12:54 PM | Link to this

Jenny,

You have your facts wrong. It’s $2,500 for individuals and $5,000 for families and with Obama’s plan I’ll still keep my healthcare with my job and won’t have to pay taxes. With McCain’s either I’ll have to pay taxes on my healthcare or I won’t keep it and will have to pay the difference between the $2,500 and whatever it’ll cost for me as an individual. You can read here for more details … http://www.cnn.com/ELECTION/2008/issues/issues.healthcare.html. I like the healthcare I get through my job and would like to keep it without having to pay anymore than I already do.

By David S

October 10, 2008 12:54 PM | Link to this

Well I have been forwarding articles from www.lewrockwell.com and www.mises.com to my coworkers for years now. Those, along with transcripts of Ron Paul speaking to the congress have helped my coworkers be educated on this matter. They understand that this is not the failure of capitalism - because we have not had free market capitalism, and that this is the direct result of the presence of the Federal Reserve in our economy.

They understand that the fiat money system under which we are forced to live enables the government to print money at will and thus devalue the dollar. They understand that the abundance of cheap money in the system has led to horrible malinvestment on the part of every sector of the american economy, especially the housing sector. They understand that the Community Redevelopment Act (passed under Carter and made worse under Clinton) essentially forced banks to make loans to folks who had no business owning a home, etc. and that efforts on the part of the republicans to correct these problems were fought by folks like Barney Frank. They also understand that the trillions that we waste trying to police the world are also part of the problem and reflect the failure of the republican side of the equation.

They also understand that the bailout would not work and that the only thing that will is a massive cut in spending, an end to the Fed, and a return to a gold and/or silver currency system.

They also know that the Austrian economic school is based on such solid principles that they were able to predict this inevitable day since 1913 and have been attempting to warn people that entire time - to no avail. They also know that Ron Paul is the only candidate that advocates the correct approach to the problem and that he will not be on the ballot because the two major parties have chosen a fascist and a communist as thier candidates.

My co-workers are scared of what the government will do in response to a public that recognizes who the real culprits are. They have seen the history books about Nazi Germany, the Soviet Union, and China and know very well that our leaders are just as ruthless and as uncaring about the population as any other madmen in history.

My coworkers now know what their previous poor choices in voting have brought upon them.

By SU

October 10, 2008 1:03 PM | Link to this

Try posting that link again …

http://www.cnn.com/ELECTION/2008/issues/issues.healthcare.html

By Dee

October 10, 2008 1:12 PM | Link to this

I�m frustrated! My 401K is dwindling, the politicians are making money, and workplace supervisors and managers are �bullying� employees to resign rather than terminating them to avoid unemployment compensation. Yes, there should be oversight when dealing with these bailouts but at what point did these corporation follow Sarbanes-Oxley in financial reporting?

By Spirit Side

October 10, 2008 1:12 PM | Link to this

Thank God there’s no money or bills in heaven to create such a mess. I would hate to enter heaven and a bill collecter is waiting. There’s peace for us all to look forward too. Nothing bad happens forever people, this rain storm will blow over into clear skies again……

By Daxter

October 10, 2008 1:16 PM | Link to this

The real problem is that American confidence is in the tank because we know the Government has been bailing out too many people with no real currency to back their bailouts. There has been NO talk of holding people accountable for mismanaging these corporations. Why should the American people feel confident when the government looks the other way? Which company is next? Where will the money for the next bailouts come?

By jb

October 10, 2008 1:18 PM | Link to this

The chickens are finally coming home to roost. Anyone with a dab of common sense knows that if you (or anyone) continues to spend more than you make, at some point you have to “pay the piper”. I have no sympathy for those idiots who bought houses and cars they KNEW they could not afford. I do feel bad for the children that will suffer but I really don’t care if the parents lose their shirts. I, for one, have always lived below my income level and now I own my home and don’t own anyone a dime. We have plenty of food, pleanty of gas, 2 reliable cars and we always can grow some veggies if we need them. Oh, and I also have plenty of armament and ammo to protect what I own.

By jb

October 10, 2008 1:20 PM | Link to this

The chickens are finally coming home to roost. Anyone with a dab of common sense knows that if you (or anyone) continue to spend more than you make, at some point you have to “pay the piper”. I have no sympathy for those idiots who bought houses and cars they KNEW they could not afford. I do feel bad for the children that will suffer but I really don’t care if the parents lose their shirts. I, for one, have always lived below my income level and now I own my home and don’t own anyone a dime. We have plenty of food, plenty of gas, 2 reliable cars and we always can grow some veggies if we need them. Oh, and I also have plenty of armament and ammo to protect what I own.

By lovelyliz

October 10, 2008 1:30 PM | Link to this

I am playing the ostrich right now.

I started a new job several months ago and made the decision to NOT invest in the company 401K for the first year. I wasn’t sure about the job working out, they don’t match any funds and with my life in flux, I wanted cash avaialable until I figured out how my income/expenses were going to change. Smart move and several of my coworkers have stopped investing tin the plan until things pan out.

I still have, or should I say had, a decent amount winvested in the 401K plan with my old employer and when I left, I kept it where it was. The ostrich part comes in because I won’t even look at my plan right now.

By C from Marietta

October 10, 2008 1:31 PM | Link to this

LOL. 90% of these posts are very funny. Talk about drama. What ever happened to staying calm and doing your job well? Oh no, we have to blame others for our own bad decisions. The sky is not falling. I am buying right now. This is a good opportunity for anyone under 50. Go ahead and panic. Put a socialist in office. Just rememeber America under captialism kicked socialism’s butt for the past 60 years.

By robo

October 10, 2008 1:40 PM | Link to this

Gut check time!!! Stop whining and do something about it. You still live in the greatest country that has ever been. Food is plentiful…you don’t have to go into the woods to pick berries; you freakin weaklings go to Publix for your berries. No other country, including Russia, really wants to push us too far and certainly not invade our homeland. Our citizens are armed, and even the liberal gun nuts would pick one up if we were really threatened…not to mention our nukes. Who wants to mess with that? Americans, quit whining and go to work.

By Ben

October 10, 2008 1:52 PM | Link to this

The abn on short selling is what is causing so much of the volatility. Stupid and shortsighted and painful, like most government interventions into the economy.

By Stop alarming people

October 10, 2008 1:55 PM | Link to this

Yes 401Ks and other investments are facing big declines. But they will improve. That’s the nature of any market. Stop panicking! Don’t sell or cash out. Buy buy buy.

By Elle

October 10, 2008 2:12 PM | Link to this

At the end of 2006, I moved all of my 401K money to a money market fund. No stocks or bonds and my account at AIG keeps dwindling. I wonder if someone at AIG is stealing it?

How can a money market fund go down? None of my other MM accounts do. Who can I call?

By Elle

October 10, 2008 2:14 PM | Link to this

At the end of 2006, I moved all of my 401K money to a money market fund. No stocks or bonds and my account at AIG keeps dwindling. I wonder if someone at AIG is stealing it?

How can a money market fund go down? None of my other MM accounts do. Who can I call?

By Elle

October 10, 2008 2:15 PM | Link to this

**At the end of 2006, I moved all of my 401K money to a money market fund. No stocks or bonds and my account at AIG keeps dwindling. I wonder if someone at AIG is stealing it?

How can a money market fund go down? None of my other MM accounts do. Who can I call?**

By SaveOurRepublic

October 10, 2008 2:17 PM | Link to this

My co-workers are like most, a little upset & worried about this debacle…yet not obsessed over it. Thankfully, many are informed enough to know this isn’t total happenstance.

In my estimation, this entire ordeal is largely by design to more quickly implement the Globalist Elite’s long planned socialist dystopia….first via the North American Union/SPP & ultimately via a One World government. Through the Rothschild founded & led Central Banking Cartel, fiat currency & fractional reserve banking, the Elite designed this “house of cards” to be easily manipulated. Add to this key fact, that most of these “smoke & mirrors” investments are pegged to fiat currency (controlled by the Central Banking Cartel). By pulling the plug on the economy, the Elite makes the populace more pliable (for their agenda). Just have a read of “Brotherhood of Darkness”, “Hope of the Wicked” & “The Creature from Jekyll Island”. My advise is move your fiat dollars out of the ponzi scheme that is Wall $treet and into assets with real value like precious metals, diamonds, collectibles & land. Prepare yourselves for the worst!

http://www.infowars.com

By Alex

October 10, 2008 2:21 PM | Link to this

I am 52 years old and like most of us, I have never witness such a fall in the stock market.I do think, based on history, that the “Dow Jones Industrial Average” will return to previous highs.It will take some time and there will be some rally’s that will be short lived.If you don’t need the money you have in quality stocks in the near term,I bet that you will look back at this time in history as a good buying opportunity.

By Jim M

October 10, 2008 2:30 PM | Link to this

The only thing anyone should be buying now is guns, ammunition, food and maybe some kerosene or heating oil. Winter is coming and the lights are going out and this time they aren’t coming back on. “When the music’s over, turn out the lights.”

By Rufus Paige

October 10, 2008 2:31 PM | Link to this

If we want to get out of this mess we need to make sure that the administration that got us in this mess doesnt have another 4 years. People realize that its the green color that matters and nothing else. We all want to retire , have jobs and homes. We need the man that has only shown that he is for the people who are losing and suffering. We know the right choice. Barack Obama 2008. God bless America and the people who cant see the light. The first shall be last and the last shall be first. Its time for a change seriously.

By David

October 10, 2008 2:33 PM | Link to this

Saw on the news this morning, the market hasn’t been this low since 2003. Well, we all seemed to survive it being this low 5 years ago. We’ll survive this. Don’t sell. Hold or buy. I buy every week. When the market comes back I’ll have more than if it hadn’t gone down.

By Ines

October 10, 2008 2:37 PM | Link to this

Since there are no aliens coming from off planet to collect from us I say the IMF should hold a world meeting with the UN, we all declare ourselves solvent and the following Monday we start fresh! Is this possible?

By Jake

October 10, 2008 2:41 PM | Link to this

Wait I just read Bush says not to panic and the finance ministers and central bankers are going to find a solution over tea and crumpets this weekend. Now I feel much better.

By Why

October 10, 2008 2:49 PM | Link to this

did anyone believe an economy of 300 million could hold up the world? The US oversold itself, everyone bought in and we knew if they cashed in we’d be in a mess. Time to check the U.S.A’s ego at the door.

By Alex

October 10, 2008 3:43 PM | Link to this

We will have something out today

But the alternative is to take no risk and earn negative real returns after taxes

Do you think the world is coming to an end?

The equity risk premium is now much larger than before with stocks down and T-bill rates down/

We have seen this behavior before, it is called convex investing, buying high and selling low.

Did you take too much risk? Did you not consider that while this was unlikely it was not impossible? If he took too much risk he should sell, but make sure it is the head and not the stomach making the decision. Keep in mind that the world knows how bad this is and it will not stand idly by as it did in the Great Depression. The Central Banks are taking aggressive actions which are likely to result in a resolution, but not certain. That is the nature of risk.

By Taylor

October 10, 2008 3:46 PM | Link to this

Do most of you people realize how ludicrously insane you sound?

Time to buy…buy guns, food, ammo, heating oil? The basic infrastructure of the country is not falling apart.

Sell! Sell! Sell! Sell??? Are you kidding me? You don’t realize your losses until you sell, and then you’re really losing double: you realize the actual losses from the 40+% drop over the past year, but you also lose the opportunity to gain that back and more when the markets rebound if you have removed yourself and your money from them. Stocks are tiny pieces of paper representing personal ownership of companies in the US and around the world, these companies are not going to all stop producing, innovating, selling, buying, working and whatever else they do (some of them may, but that just opens room for a new company to fill or an existing one to expand); in fact, they will expand and improve their processes to grab a bigger piece of the rebound in investments. Unless you are about to retire, say in the next 3-5 years, this downturn will not affect your long term wealth potential; if anything, it could improve your chances of gaining real wealth by offering everybody an incredible opportunity to buy in at low, low costs. I’ve got some time left myself, 30 or 40 years, depending on how quickly I save, or, conversely, how quickly I become a crazy, crotchety old man.

On another, separate but related note: Do everybody a favor: stop preaching politics of hate and ignorance. OMG! Barack Obama knew Bill Ayers! OMG! McCain is old and Palin is dumb! Dude, did you hear that Obama is a Muslim and hangs out with terrorists, how else would he have learned the dreaded ‘terrorist fist jab?’(So you know, he isn’t a Muslim and he’s no buddy to terrorists…I don’t want to inadvertently give some mush head the wrong idea) None of this helps anything. Stop parroting FOXNews talking heads and CNN robotic mannequins. If I wanted their opinions, I would watch them (and I do watch them from time to time, but for humor’s sake, rather than to inform myself).

America, I beg of you, learn the substance of each candidate’s opinions, make informed choices, do not vote by blindly following party lines, and most importantly be proud of your choice when you finally make one. Be able to respectfully discuss foreign, domestic and fiscal policy without bringing up how many houses someone owns, or whether or not Obama eats babies for breakfast.

To return to the point of the article, as I’m sure you can guess by now, I’m concerned with the current economic situation. Who isn’t? But I’m not selling anything except common sense. Maybe I buy Kentucky Gentleman instead of Jack this weekend, or PBR 12 oz cans instead of the regular 16 oz tall boys. It’s time to cut back, be reasonable and live within your means, rather than buy a house you can’t afford and a car so big you can barely fill up the gas tank.

Judging by some of the other posts, logic probably won’t work for everyone, but those of you who do use your evolved monkey brain for higher thinking - don’t get stupid all of a sudden and realize paper losses by selling investments at, or towards, the bottom of the market. Don’t let your emotions or fears override the powers of reasoning and logic that separate men (women, and children) from beasts (and rocks).

And now there’s only a little more than an hour left in the day.

By Taylor

October 10, 2008 4:03 PM | Link to this