OK... Who didn't panic???

[Cajuncowboy]

http://ichart.finance.yahoo.com/instrument/1.0/%5EDJI/chart;range=1d/image;size=239x110


:D

[iceberg]

we still got a long way to go, and this mess is far from over, but more on the story...

Stocks surge on recovery hopes

Wall Street jumps, with Dow gain topping 450 points, on talk that the government is considering a longer-term solution to the current crisis. Financials and homebuilders surge.

By Alexandra Twin, CNNMoney.com senior writer
Last Updated: September 18, 2008: 3:52 PM EDT


NEW YORK (CNNMoney.com) -- Wall Street rallied Thursday afternoon, finding some momentum near the end of a choppy session, on talk that the government is wokring on a more permanent solution to absorbing bad debt.

Also helping lead the advance: reports that China will cut out taxes on stock purchases.

The Dow Jones industrial average (INDU (http://money.cnn.com/quote/quote.html?symb=INDU&source=story_quote_link)) added 450 points, for a rise of 4.2%. The Standard & Poor's 500 (SPX (http://money.cnn.com/quote/quote.html?symb=SPX&source=story_quote_link)) index jumped 4.6% and the Nasdaq composite (COMP (http://money.cnn.com/quote/quote.html?symb=COMP&source=story_quote_link)) gained 4.3%

Small cap stocks rallied even more with the Russell 2000 (RUT (http://money.cnn.com/quote/quote.html?symb=RUT&source=story_quote_link)) jumping 6.5%.

Stocks swayed on both sides of unchanged throughout the session, but spiked in the last hour on a news report that Treasury Secretary Henry Paulson is looking to create a more long-term solution to the current credit crisis, perhaps creating an independent agency to take bad loans off bank balance sheets.

The market was "definitely rallying on the Paulson rumors," said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams. He said that the hope would be that if the government takes the bad assets off the banks' balance sheets, they'll start lending again.

The Treasury Department denied that he had made any comments and said it does not comment on rumors.

Market breadth turned positive. On the New York Stock Exchange, winners topped losers by seven to three on volume of 1.87 billion shares. On the Nasdaq, advancers beat decliners by a similar margin on volume of 3.4 billion shares.

Volume was particularly heavy ahead of Friday's options expiration, a quarterly event in which stock index futures and options and individual stock futures and options are all expiring simultaneously. This is a process that can lead to big gyrations in the underlying stocks.

Here's a look at what was moving before 3:30 p.m. ET.
Central banks inject billions: In the aftermath of the Federal Reserve's $85 billion bailout of AIG, central banks around the world agreed (http://money.cnn.com/2008/09/18/news/economy/central_banks/index.htm?postversion=2008091814) Thursday morning to infuse as much as $180 billion into global money markets in a coordinated attempt at taking the edge off nervous markets. That's in addition to the $67 billion that was previously announced.

The move helped, but investors remained wary.

"It's still a dangerous environment," said Michael Church, senior portfolio manager at Church Capital. "Despite the liquidity that the central banks have put into the system, banks are still reluctant to lend to each other."

Stocks plummeted Wednesday after the government's emergency rescue of AIG (AIG (http://money.cnn.com/quote/quote.html?symb=AIG&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2469.html?source=story_f500_link)) amplified fears about the stability of financial markets. The Dow lost 449 points in its second worst session of the year, and ended at its lowest point since November 2005. The S&P 500 and the Nasdaq composite both plummeted nearly 5% and closed at multi-year lows as well.

Morgan and Goldman: Morgan Stanley (MS (http://money.cnn.com/quote/quote.html?symb=MS&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/3515.html?source=story_f500_link)) and Goldman Sachs (GS (http://money.cnn.com/quote/quote.html?symb=GS&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/10777.html?source=story_f500_link)) tumbled Thursday, building on Wednesday's selloff on worries about the companies' financial well-being, even though both announced better-than-expected quarterly reports earlier this week.

Investors are edgy about Morgan Stanley amid reports that it is considering a merger with Wachovia (WB (http://money.cnn.com/quote/quote.html?symb=WB&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2543.html?source=story_f500_link)) or another bank.

"Maybe if Goldman and Morgan are able to convince people that they can hold up, that would help provide some reassurance," Church said.

Meanwhile, shares of Washington Mutual (WM (http://money.cnn.com/quote/quote.html?symb=WM&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2801.html?source=story_f500_link)) gained on reports that Wells Fargo (WFC (http://money.cnn.com/quote/quote.html?symb=WFC&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2578.html?source=story_f500_link)) and Citigroup (C (http://money.cnn.com/quote/quote.html?symb=C&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2927.html?source=story_f500_link)) may be interested in buying the mortgage lender. WaMu has seen its shares pummeled recently on worries about its ability to stay afloat in the housing market collapse.

AIG: Dow Jones & Co. said Thursday that insurer AIG will be tossed from the Dow Jones industrial average beginning next week, to be replaced by Kraft Foods (KFT (http://money.cnn.com/quote/quote.html?symb=KFT&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/293.html?source=story_f500_link)). AIG has been a component of the 30-share Dow since April 8, 2004.

On Tuesday, the Fed said it was granting a two-year, $85 billion (http://money.cnn.com/2008/09/16/news/companies/AIG/index.htm?postversion=2008091710) bridge loan to the troubled insurer in exchange for a stake in AIG that could reach 80%. AIG will have to pay back the loan in full by selling off some of its assets.

AIG was on the brink of collapse before the Fed rescue, a development that would have had far-reaching consequences (http://money.cnn.com/2008/09/17/news/companies/aig_explainer/index.htm?postversion=2008091715) for financial markets around the world due to the breadth of AIG's businesses. AIG shares have plunged 96% since the start of the year. Shares gained 4% Thursday afternoon, giving up bigger morning gains.

Earlier this month, the Fed seized control of mortgage lenders Fannie Mae and Freddie Mac and also helped facilitate Bank of America (BAC (http://money.cnn.com/quote/quote.html?symb=BAC&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2580.html?source=story_f500_link))'s purchase of Merrill Lynch (MER (http://money.cnn.com/quote/quote.html?symb=MER&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2487.html?source=story_f500_link)) in a $50 billion stock deal.

The Fed did not step in to halt the bankruptcy filing of Lehman Brothers (LEH (http://money.cnn.com/quote/quote.html?symb=LEH&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/10312.html?source=story_f500_link)) early Monday, the biggest bankruptcy (http://money.cnn.com/2008/09/15/news/companies/lehman_brothers/index.htm?postversion=2008091516) in history. The fallout from that bank's failure was seen as less detrimental to the broad financial system than AIG's potential bankruptcy would have been.

On Tuesday, Barclays said it will buy Lehman's North American investment banking and capital markets businesses for $250 million, and its New York headquarters and two New Jersey data centers for $1.5 billion. (Full story (http://money.cnn.com/2008/09/16/news/companies/barclays_lehman.ap/index.htm?postversion=2008091621)).
Eye on short-sellers: Stocks responded positively to an afternoon announcement that Britain's Financial Services Authority (FSA) said its banning the short-selling of shares in publicly-traded financial companies at least through mid-January of next year.

Short-selling refers to the process by which traders sell shares short to take advantage of a falling market.

The news of the British ban lifted U.S. stocks because it sparked bets that the U.S. will follow suit, said Joseph Saluzzi, co-head of equity trading at Themis Trading.

"This will stabilize the market temporarily, because when there's a selloff, the shorts exacerbate the decline," he said. However, he said that short-selling has a positive side too and any ban of it would not stabilize the markets longer term.

On Wednesday, the SEC put into place rules (http://money.cnn.com/2008/09/17/news/companies/sec_short_selling/index.htm?postversion=2008091711) to limit so-called "naked" short selling.

Company news: In another sign that the credit crisis has expanded beyond the financial services sector, troubled utility Constellation Energy has agreed to a buyout.

Constellation (CEG (http://money.cnn.com/quote/quote.html?symb=CEG&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2055.html?source=story_f500_link)) has agreed to be bought (http://money.cnn.com/2008/09/18/markets/markets_newyork/2008/09/18/news/companies/midamerican.ap/index.htm) by MidAmerican Energy Holdings in a $4.7 billion cash-and-stock deal, after the stock plunged over 60% this week on concerns about its solvency. MidAmerican is owned by Warren Buffett's Berkshire Hathaway.

In earnings news, FedEx reported (http://money.cnn.com/news/newsfeeds/articles/apwire/d41cdc003fccbfb0441294768669dbac.htm) weaker fiscal first-quarter earnings that met estimates on stronger revenue that topped estimates. The package delivery firm also forecast fiscal second-quarter earnings that are above analysts' current estimates. FedEx (FDX (http://money.cnn.com/quote/quote.html?symb=FDX&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2008/snapshots/2067.html?source=story_f500_link)) shares fell nearly 2%.
Fuel prices: Oil prices were volatile after rising over the last few sessions as investors had looked for safer places to put their money than stocks.

U.S. light crude oil (http://money.cnn.com/data/commodities/index.html) for October delivery fell 31 cents to $96.85 after topping $102 a barrel earlier in the session. (Full story (http://money.cnn.com/2008/09/18/markets/oil/index.htm?postversion=2008091815)).

Oil prices had been plummeting since peaking at $147.27 a barrel on July 11, as investors bet that sluggish global growth will diminish oil demand. But over the last few sessions, prices have been bouncing back, with oil rallying $6.01 per barrel on Wednesday.

COMEX gold (http://money.cnn.com/data/commodities/index.html) for December delivery rallied $56.50 per ounce to $907 after jumping $70 per barrel on Wednesday.

Economy: A report showing surprise strength in the manufacturing sector helped pace the early advance, but it was trumped by other mixed readings on the economy.

The September Philadelphia Fed index, a regional reading of manufacturing, rose to 3.8 from a reading of negative 12.7 in the previous month.
Economists surveyed by Briefing.com thought it would only improve to a reading of negative 10. Any negative reading shows weakness, while a positive reading shows strength.

Another report, the Conference Board's index of leading economic indicators (LEI), improved in August to a reading of negative 5 from the previous month's reading of negative 7. Economists expected it to improve more, to a reading of negative 2.

Earlier, the Labor Dept. said jobless claims rose to 455,000 last week from 445,000 the previous week. Economists thought the number of Americans filing new claims for unemployment would drop to 440,000.

Other markets: In global trade (http://money.cnn.com/data/world_markets/index.html), European and Asian markets ended mostly lower.

Treasury prices (http://money.cnn.com/markets/bondcenter/index.html) were little changed, erasing early losses. The yield on the benchmark 10-year note stood at 3.42%, up from 3.41% late Wednesday. Treasury prices and yields move in opposite directions.

In currency trading (http://money.cnn.com/data/currencies/index.html), the dollar fell versus the euro and gained against the yen.


Gas prices (http://money.cnn.com/2008/09/18/news/economy/gas_prices/index.htm?postversion=2008091806) fell overnight, dropping for the first time in 9 days, according to a national survey of credit card activity. http://i.cdn.turner.com/money/images/bug.gif (http://money.cnn.com/2008/09/18/markets/markets_newyork/index.htm?cnn=yes#TOP)
First Published: September 18, 2008: 10:35 AM EDT

[hairic]

I panicked... in January. At least I'm likely to save about ~$30k over the next 10 years because of it (more if inflation hits, which I imagine it will). Oh well, yay for dirt.

[WoodysGirl]

Stocks surge on report of entity for bad debt

Thursday September 18, 4:20 pm ET
By Tim Paradis, AP Business Writer

Stocks end sharply higher on report that government will create entity to hold banks' debt


NEW YORK (AP) -- Wall Street rallied in a stunning late-session turnaround Thursday, shooting higher and hurtling the Dow Jones industrials up 400 points following a report that the federal government may create an entity that will take over banks' bad debt.
ADVERTISEMENT


A report that Treasury Secretary Henry Paulson is considering the formation of an entity like the Resolution Trust Corp. that was set up during the savings and loan crisis of the late 1980s and early 1990s left investors ebullient. Investors hoped a huge federal intervention could help financial institutions jettison bad mortgage debt and stop the drain on capital that has already taken down companies including Bear Stearns Cos. and Lehman Brothers Holdings Inc.

Worries about financial land mines on companies' books have hobbled the world's financial markets and led to the intense volatility in the markets this week.

"It's going to take a lot of the bad debt off the balance sheets of these companies," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York, commenting on the possibilities of an entity akin to the RTC. It could alleviate many of the pressures causing the credit crisis, he said, and open up the credit markets again. But Fullman noted, "the devil's in the details."

"Bear markets are very sensitive to news. And on a scale of 1 to 10, this one is a 13," he said.

The report gave direction to a market that had bolted in and out of positive territory for much of the session as investors shuttled between the safety of Treasury bills and gold and the bargains posed by stocks that have been pounded lower.

According to preliminary calculations, the Dow soared 410.03, or 3.86 percent, to 11,019.69, surging 560 points from its low of the day, 10,459.44.

Broader stock indicators also jumped. The Standard & Poor's 500 index rose 50.01, or 4.32 percent, to 1,206.60, and the Nasdaq composite index advanced 100.25, or 4.78 percent, to 2,199.10.

The report of a broader government bailout proved more reassuring to investors than moves before the opening bell Thursday by the Federal Reserve and other major central banks to inject as much as $180 billion into global money markets. The moves were an attempt to keep the credit crisis from worsening; the Fed added another $55 billion in overnight loans Thursday.

But it was only the prospect of a more comprehensive vehicle to sweep up bad debt that emboldened investors. Congress established the RTC in 1989 to buy $394 billion worth of real estate, mortgages and other assets of hundreds of failed savings-and-loan institutions. The corporation operated for several years disposing of the associations' assets, and then went out of business.

That could help alleviate the grinding gears in the world's credit markets have driven up the cost of borrowing for businesses; banks have become hesitant to make loans even to other banks for fear of what institutions might be hobbled by soured debt. Investors are also contending with fears that more big-name financial companies could falter.

[iceberg]

so - i do miss theogt's input in this. he's usually good with economic translations.

[WoodysGirl]

so - i do miss theogt's input in this. he's usually good with economic translations.
Really? I've only got the vibe from him that economy isn't as bad as it's been made out to be from a historical perspective.

[iceberg]

Really? I've only got the vibe from him that economy isn't as bad as it's been made out to be from a historical perspective.

i didn't say i agreed with him. i also don't think he ever talked much about this type of a fallout. he has said it's a soft recession and to date it has been, to date.

we're on some rough times but what does that really mean? short and long term? i see a lot of speculating going on and wanted to get his input also to help me make up my own mind. may not agree with what he says but i do like to get his thoughts just the same.

respect doesn't equal agree. : )

[WoodysGirl]

i didn't say i agreed with him. i also don't think he ever talked much about this type of a fallout. he has said it's a soft recession and to date it has been, to date.

we're on some rough times but what does that really mean? short and long term? i see a lot of speculating going on and wanted to get his input also to help me make up my own mind. may not agree with what he says but i do like to get his thoughts just the same.

respect doesn't equal agree. : )
Didn't say you agreed/disagreed. It's just hard for me to look at the economy's current failings and hold on to the "what me, worry?" position that theogt seemed to hold. Recession is only soft if you're not directly affected by it.

While I'm not strong on the economy, these bailouts don't exactly spark alot of confidence right now. Especially since I bank with one corp that's seeking a buyer and invest in another that just got bought out. Very questionable.

[iceberg]

Didn't say you agreed/disagreed. It's just hard for me to look at the economy's current failings and hold on to the "what me, worry?" position that theogt seemed to hold. Recession is only soft if you're not directly affected by it.

While I'm not strong on the economy, these bailouts don't exactly spark alot of confidence right now. Especially since I bank with one corp that's seeking a buyer and invest in another that just got bought out. Very questionable.

well these bailouts have got to be paid for. people ran up credit, ran out on responsibility, and left us holding it. the system seems to have been setup to do just that so maybe we need tigher control of credit itself and unfortunately, let creditors who make bad calls suffer the same as any other business that makes bad calls.

but we have to insure those, yet we seemed to have wanted to ensure money was easy for all so their dreams could come true. i respect the intent but not the judgement here in what has happened.

like you i'm not an economist, so i have no idea and was kinda looking for translations on it to help me understand.

i'll keep reading and talking with everyone to get broad input. :)

need input....

[ninja]

Consider it like hurricane Ike. The media made it out to be a huge storm. After all is said and done, not a whole lot of damage for most in the US. Some lost a lot though. A few lost everything.

This financial "storm" will pass and the media will latch onto the next "storm" and try to scare everyone which in turn drives up their ratings. But, the media may soon be learning that if you keep pushing these doom and gloom financial storms and it pushes the economy into a recession, even though your ratings will go up, your pay is coming down with the fewer advertising dollars available because of the media-induced recession.

Hold your money into the stock market for the long run. Where else are you going to put it? 2% interest at the bank? Oil is up and down, hit or miss? Put your money into some home improvements? Good luck with that. You can put your money into the bank at peanut interest rates, put your money into real estate (a declining market), commodities (too difficult and risky for the avg investor), or stocks.

[Dallas]

Didn't say you agreed/disagreed. It's just hard for me to look at the economy's current failings and hold on to the "what me, worry?" position that theogt seemed to hold. Recession is only soft if you're not directly affected by it.

While I'm not strong on the economy, these bailouts don't exactly spark alot of confidence right now. Especially since I bank with one corp that's seeking a buyer and invest in another that just got bought out. Very questionable.

Closing above 11k kinda knocks this part of your post off the map now doesn't it?

U.S. stocks (http://www.bloomberg.com/apps/quote?ticker=SPXL1%3AIND) rallied the most in six years on prospects the government will formulate a ``permanent'' plan to shore up financial markets, while regulators and pension funds took steps to curb bets against banks and brokerages.

The Standard & Poor's 500 Index (http://www.bloomberg.com/apps/quote?ticker=SPX%3AIND) climbed 4.3 percent as 68 companies in the gauge rose more than 10 percent.

Wachovia Corp. (http://www.bloomberg.com/apps/quote?ticker=WB%3AUS) soared 59 percent, Citigroup Inc. (http://www.bloomberg.com/apps/quote?ticker=C%3AUS) added 19 percent and Bank of America Corp. jumped 12 percent, sending the KBW Bank Index (http://www.bloomberg.com/apps/quote?ticker=BKKX%3AIND) to its biggest gain since July. Morgan Stanley (http://www.bloomberg.com/apps/quote?ticker=MS%3AUS) erased a 46 percent tumble and Goldman Sachs Group Inc. recovered most of a 25 percent slide after the nation's three largest pension funds stopped loaning shares of the brokerages to investors betting on their declines.

The S&P 500 advanced 50.12 points to 1,206.51, recovering most of yesterday's 4.7 percent tumble. The Dow surged 410.03, or 3.9 percent, to 11,019.69. Both the S&P 500 and Dow posted their biggest percentage gains since October 2002. The Nasdaq Composite Index (http://www.bloomberg.com/apps/quote?ticker=CCMP%3AUS) jumped 100.25, or 4.8 percent, to 2,199.1. Seven stocks climbed for each that fell on the NYSE, its broadest rally (http://www.bloomberg.com/apps/quote?ticker=.ADLR%3AIND) since April.

`Elevated Pressures'

The S&P 500 (http://www.bloomberg.com/apps/quote?ticker=SPX%3AIND), which fell 4.7 percent twice this week, rebounded from its lowest level since May 2005. Stocks opened higher after the Federal Reserve said it authorized global central banks to auction funds ``to address the continued elevated pressures in U.S. dollar short-term funding markets.''
The benchmark index for U.S. equities then swung between gains and losses as concern over the health of Morgan Stanley and Goldman dragged on financial shares (http://www.bloomberg.com/apps/quote?ticker=S5FINL%3AIND), before Schumer's proposal spurred a rally in the last hour of trading.

Russell 2000 Rally

The Russell 2000 Index (http://www.bloomberg.com/apps/quote?ticker=RTY%3AIND) of small-company stocks surged 7 percent, the most since two days after the stock market crash in October 1987. Financial shares in the measure jumped 12 percent, led by a 88 percent gain in Newcastle Investment Corp., a real- estate investment trust.

About $3.6 trillion of market value was erased from global stocks this week before today, triggered by the bankruptcy filing by Lehman Brothers Holdings Inc., once the fourth-largest U.S. securities firm. Today's rally restored more than $600 billion in value to U.S. stocks, according to Bloomberg data.

Wachovia, the fourth-largest U.S. bank, rallied $5.38 to $14.50, its steepest advance since at least 1983. Citigroup, the biggest, jumped $2.62 to $16.65, its largest gain (http://www.bloomberg.com/apps/quote?ticker=C%3AUS) in 10 years. Bank of America, the No. 2, added $3.38 to $30.58. MGIC Investment Corp., the biggest U.S. mortgage insurer, rose 75 percent for its best rally since July.

The KBW Bank Index (http://www.bloomberg.com/apps/quote?ticker=BKX%3AIND) added 14 percent as 22 of its 24 companies advanced. The S&P 500 Financials Index (http://www.bloomberg.com/apps/quote?ticker=S5FINL%3AIND) climbed 12 percent, with 79 of its 86 companies rising.

[trickblue]

well these bailouts have got to be paid for. people ran up credit, ran out on responsibility, and left us holding it. the system seems to have been setup to do just that so maybe we need tigher control of credit itself and unfortunately, let creditors who make bad calls suffer the same as any other business that makes bad calls.

Any company that's too mammoth not to bail out, is too mammoth to manage...

[Sasquatch]

Steady as she goes.

[WoodysGirl]

Closing above 11k kinda knocks this part of your post off the map now doesn't it?Should I have clarified...in me?

[hairic]

I see why the stock market went up. Wall street is off the hook, and now it's up to everyone to pay for it. The government just raised everyone's taxes; they just socialized a huge section of the housing market.

Privatize the profit, socialize the loss ftw.

[Dallas]

I see why the stock market went up. Wall street is off the hook, and now it's up to everyone to pay for it. The government just raised everyone's taxes; they just socialized a huge section of the housing market.

Privatize the profit, socialize the loss ftw.


Your taxes just went up? When? Where? LINK? If you don't have a pic it never happened.

[BrAinPaiNt]

I see why the stock market went up. Wall street is off the hook, and now it's up to everyone to pay for it. The government just raised everyone's taxes; they just socialized a huge section of the housing market.

Privatize the profit, socialize the loss ftw.

Gotta love it don't ya.

Screw a poor man but when the big wigs need a helping hand.:laugh2:

[hairic]

Your taxes just went up? When? Where? LINK? If you don't have a pic it never happened.

??? The articles are already listed here.

Edit: A pretty picture.

http://davies.lohudblogs.com/files/2008/07/0725davies.jpg

[ABQCOWBOY]

I see why the stock market went up. Wall street is off the hook, and now it's up to everyone to pay for it. The government just raised everyone's taxes; they just socialized a huge section of the housing market.

Privatize the profit, socialize the loss ftw.

Yeah Dirt?

[REDVOLUTION]

http://ichart.finance.yahoo.com/instrument/1.0/%5EDJI/chart;range=1d/image;size=239x110


:D

Human manipulation of the market doesnt make me panic. Its all a video game.

[EveryoneElse]

If the economy was "That Bad", i doubt you would be able to turn on the tv and see packed stadiums(football/baseball) around the country. If we we in a recession, I think the first place you would notice is extra ciricular activities, ie. Sporting events that cost an arm and a leg to take your family to.

Theres no doubt we're in a slow down, but the sky isn't falling, and everything will rebound when the election is over.

[junk]

I see why the stock market went up. Wall street is off the hook, and now it's up to everyone to pay for it. The government just raised everyone's taxes; they just socialized a huge section of the housing market.

Privatize the profit, socialize the loss ftw.

Tell me about it. This really annoys me.

[Sasquatch]

Is it bad for a taxpayer who invested money in financials when they were bottoming or for the taxpayer whose 401k is finally starting to recover some of its massive losses?

I think the "private profit, socialized liability" and the "taxpayer is getting hosed" attitude is a bit too simplistic.

[Yeagermeister]

Why should I panic? I'll never get to retire. I'll be 80 and still trying to fix a computer. :o: