Riots in the streets 2008-2013 style.

[michaelb]

I remember that day as well!  Were the futures off by 300 points before the day started though?   


Can you imagine if the stock market fell by 22% now?  The tsunami sirens would be going off and even the cartoon network would have 'special reports' on  "The Great Stock Crash 2011"!


Fathertime!

opps, I missed the word "futures" in your post that I was responding to....tell the truth, I couldn't say, but probably not.

[Alabamaboy!]

I really think this mess is much worse than 1987 because this is a worldwide recession. There are more and more countries that need to be bailed out, and fewer and fewer who have the cash to provide assistance.

It reminds me of our economic situation here in the States where we have more and more Medicare, SS, and Medicaid recipients, and fewer people paying for those benefits than ever before.

The US is like a big bloated, diabetic, hypertensive, chain smoking, hard drinking, slob who was told by his doctor 20 years ago to go on a diet, get some exercise, and take care of themselves....but instead kept on with the unhealthy ways. And while he gets sicker and sicker, he goes into more and more debt to take care of all his various ailments.

[Researcher]

I hear ya, Colgando ... my comment was from coming off a high after watching one of those motivational speakers who is an immigrant (ducking from the tomatoes). But listen, I was thinking about this for the past couple of days. It seems alot of entrepreneurial websites are claiming you can make it big by using Facebook and other social networks, blah, blah, blah to advertise your small business of doing freelance writing, etc. So it's apparent to me that the crafts/trades are dwindling. We hear alot about how the younger generation doesn't know how to do very much except operate an X-Box and utter the words "Can I take your order?" So if someone does know how to weld, build houses, or do even a trade that is specialized, etc. why can't he be successful? I realize you weren't saying that. And it will in fact be a tough go of it for the masses. But dare I suggest, and shame on me, that many within those masses who do have some talent and skill are just plain lazy and/or unmotivated...

         The whole problem is the jobs just aren't there and aren't going to come back. The new global economy has changed things permanently. The very foundation of our economy has been shipped out of the country and it is a matter of time before everything is affected.We have more and more people supported by the government and we have less people paying taxes. It is no wonder we have the financial problems we do.

      Researcher

[Alabamaboy!]

Just checked in on the Dow.....it is down -375 right now. It is going to be a long day.

Brazil's market is down 5.12%!!!!!!!!!!! Incredible. A country that is super rich in natural resources, labor force, everything going for it, but just because of the gluttonous US and Europe going down the tubes they are going down as well. Year to date as of Friday their market has plummeted 23.6%, so with today so far, they are at 25.72%!!! Outrageous.

The best performing stock market? Venezuela....up 42.3% since beginning of the year!!!

[Researcher]

    I'd say a QE3 is very possible.Whenever the props are removed everything starts to sink.This just proves we haven't been in recovery and most likely won't be anytime soon.

    This recent downgrade is just warning also.Another downgrade will happen in 6 months if nothing changes.

        Researcher

[Alabamaboy!]

IMO "QE" is crack. And we gotta put down the pipe. This is a market driven economy and as long as we interfere with the normal function of the markets, trying to avoid the unavoidable drop to the bottom, we will never be able to build it up again. QE is just smoke and mirrors. It has not worked. It is just throwing money down the toilet.

We need an serious overhaul of the entire system, not just throw dollars at it, and hope it goes away.

[thekfc]

The last time I checked which was about 1/2 hour ago, the following were reported:


The Dow was down 350 points and it have gained a little and now now 287 points.
London was dropping 2.3%.
Frankfurt was losing 2.8%.
Hong Kong's Hang Seng declined 2.2%.
Japan's Nikkei also closed 2.2% lower.
Energy stocks and conglomerates were getting hit the hardest.
Consumer staples were seeing the mildest losses, with Procter & Gamble, Coca-Cola, Kraft Foods, Johnson & Johnson and Wal-Mart trading near the top of the Dow. 
Gold is at an all-time high - above $1,700 an ounce.
Oil prices sank below $84 a barrel.
Investors were still turning to Treasuries despite the U.S. downgrade. The benchmark 10-year Treasury jumped 1 24/32, diluting the yield to 2.368%. The dollar strengthened against a basket of currencies, with the dollar index up by 0.3%. 


On another note:
AIG plan to sue Bank of America over mortgage-related losses of more than $10 billion.
45K Verizon workers on strike.

[Researcher]

IMO "QE" is crack. And we gotta put down the pipe. This is a market driven economy and as long as we interfere with the normal function of the markets, trying to avoid the unavoidable drop to the bottom, we will never be able to build it up again. QE is just smoke and mirrors. It has not worked. It is just throwing money down the toilet.

We need an serious overhaul of the entire system, not just throw dollars at it, and hope it goes away.

  I agree with you AB and they need to start with tax reform!

   Researcher

[Alabamaboy!]

Damn....Brazil's market is down 7.41% in just one day!!!! Jesus Cristo!!! I wish I would have taken the rest of my cash off the table. Most of it is in Brazilian ETF's.

[Colgando]

Ouch...Dow down 630, bloody.


Market timing doesn't work in the long-run for the majority of people.....asset allocation is the way to go.....building all weather portfolios is the best idea for most people.....

[Alabamaboy!]

I should have followed my instincts today and jumped on SDS which was up 15% today (including after hours trading.

[fathertime]

Obozo has done a good job of stretching out the timeframe on this crisis here in the USA...right now parts of London are on fire.  I predicted riots in the streets quite a while back, and If London is on fire, the reality is it can happen anywhere.   


I find it mildly amusing when I hear a TV commentator say how we are 'suffering' here in the USA.  We are not suffering, we are living high on the hog still, I liked AB's description earlier in thread about the bloated diabetic   slob, soon we may actually be suffer mildly as a whole, if we get hit with austerity, which is a real possibility now.



Fathertime! 

[Colgando]

I should have followed my instincts today and jumped on SDS which was up 15% today (including after hours trading.

Interesting, I read up on the SDS, a way to short the S&P 500 index and get 200% of the index....

[euforia51]

Obozo has done a good job of stretching out the timeframe on this crisis here in the USA...right now parts of London are on fire.  I predicted riots in the streets quite a while back, and If London is on fire, the reality is it can happen anywhere.   


I find it mildly amusing when I hear a TV commentator say how we are 'suffering' here in the USA.  We are not suffering, we are living high on the hog still, I liked AB's description earlier in thread about the bloated diabetic   slob, soon we may actually be suffer mildly as a whole, if we get hit with austerity, which is a real possibility now.



Fathertime!

I wonder how anyone who lived in the Depression would be taking this dilemma now ... laughing at what fools we are because the big gripe is no jobs? As bad as it is, I still have yet to see a breadline on my way to work everyday.
 
ABs description was great. I laughed when I read it last night; but really, it's quite sad and it seems an accurate mindset for a good percentage of the population ... the young, the old, and the entitled. To say we are suffering is a joke and an insult. Go check in with Somalia if you need to see real suffering ... where the people are too weak, sick, and dying to be rioting in the streets.
 
And as for those pesky riots in the streets, it's been done before and will be done again ... Rodney King ... the NHL riots in Vancouver this year ... the riots in London happening now ... and countless others. And for what? What good did they do? Did they fix anything? Did they change the course of history for the better?

[fathertime]

I wonder how anyone who lived in the Depression would be taking this dilemma now ... laughing at what fools we are because the big gripe is no jobs? As bad as it is, I still have yet to see a breadline on my way to work everyday.

Yup no bread lines because we have almost 46 million people utilizing food stamps and those didn't exist in the 1930's....there would be some mighty long lines without the welfare programs of today.  When those cuts eventually come, it will not be pretty.


Fathertime!

[Researcher]

    I think the S&P downgrade is a good thing.It seems to have been a slap in the face to these politicians here close to an election year.Maybe they will wake up at least a little before we get downgraded again in 6 months.

      Researcher

[Jeff S]

http://usdebt.kleptocracy.us/

[Researcher]

http://usdebt.kleptocracy.us/

   Thanks for the link Jeff S.Those are very sobering images. Too bad the government thinks the solution is:


                     


Researcher

[michaelb]

Remember,  only governments can take such valuable commodities and fine paper and quality inks, and by processing them with skilled labor and precision machinery render of them worthless. 

[euforia51]

Yup no bread lines because we have almost 46 million people utilizing food stamps, driving Cadillacs, buying liquor, and paying cash and those didn't exist in the 1930's....there would be some mighty long lines without the welfare programs of today.  When those cuts eventually come, it will not be pretty.


Fathertime!

Blindsided!    Good point, FT. See how far we've come since then? We don't need lines anymore.

[fathertime]

I don't believe a recovery has ever happened.  A lot of people have dropped out of the construction business and I see a lot less illegal aliens in front of home depot!


The last couple weeks I’ve had 3 requests to loan money.  All 3 had some pretty dire circumstances I almost always say NO to money loans.
The one friend I decided to loan the money to presented me a mortgage statement on his 480k home loan showing he was 2 months   behind.    He is a master tradesman, truly highly competent and he is always winning bids and working.  So I asked why the money problem?  He said, he is having a helluva time collecting money he is owed from the companies that he has done work for.  It is typical to an extent but nowadays when 60 days turns into 90 or 120 days there is no room for people that are owed the money.     Well anyway, I know he is good for it and am happy to help since he has 4 kids and I had the cash, which I was thinking of pissing away anyway!  In the end, he will insist on paying me extra and I'll probably take it!
The ironic part is he is married to a Latina and actually has an emergency fund, but is terrified his Latina wife will see that he raided it! 


Fathertime!

[fathertime]

It is amazing to see the Riots in London now. 


We had a pretty odd race riot in Milwaukee a few days ago.  It is odd that that the mainstream news won't cover it.  I think they are afraid if they give it press it would probably incite more riots.  Here is a story with video.   Normally when events like this happen there are videos are all over UTUBE, in this case it seems that all the video has disappeared.


http://www.todaystmj4.com/news/local/127276733.html


Fathertime!

[Bob_S]

I don't believe a recovery has ever happened.

There was no recovery.  Only a brief lull in the wind speed of hurricane Obama that has parked itself over the continent.

[piglett]

The one friend I decided to loan the money to presented me a mortgage statement on his 480k home loan showing he was 2 months   behind. 

Fathertime!

480K why did he choose to dig such a big hole?? what are the payments on that size loan ?3k a month ?? better him than me  .
 
 
pig

[Colgando]

There was no recovery.  Only a brief lull in the wind speed of hurricane Obama that has parked itself over the continent.

There def was a recovery, at least in the realm of finance and economics and with people who run money.