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I really haven't concerned myself with the recent stock market drop because we were due for a "correction" (a fancy word meaning "it needs to come down some because its been going up a lot.)
But today we've got some over-correcting going on, and I'm a little worried were going into the ditch. And that Countrywide news doesn't help.
19 comments:
I work for a fairly large mortgage lender in the Dallas area and the mood is very nervous around here. I have my box sitting next to me as we speak just in case.
Expect a drop on the DJIA to about 12,000 before you see a correction in the correction. JMHO
And to think these big banks send my college-age daughter (=no means of fiscal support) AT LEAST 2 credit card offers each week in the mail! I guess judgments on unpaid credit card accounts really bring in the money (big sarcasm here)!
Hmmm...anyone on this blog been commenting for the past couple years that there are too many "takers" in our country and not enough "givers". Folks, you can't have incomes going down and millions more entitled people each year to take care of without the poop hitting the fan. Wal Mart just the other day says it's customers are maxed out. Watch for a gigantic credit collapse on the heels of this mortgage collapse. Then, when housing stops and commercial activity slows down, retail sales slow down, travel slows, etc....what in the hell do you think the tens of millions of illegal immigrants are going to do when jobs run out?
For once, got about half the stuff out of the market early in the month. Will just put it in a couple of CD's. Probably don't understand it but I don't believe stock price has anything to do with the value of companies anymore.
Don't worry, the government will step in and bail out all these banks and hedge funds who have issued all this questionable debt. Why? Because the Republicans who like to make big bucks also demand that the government (us taxpayers) bail them out when their business goes bad. Then they turn around and say that big government is the bad guy. Huh? Don't they understand that we can actually see thru their avaricious charade?
3:28....Any chance the credit crises is because Democrats are defaulting on their loans? That statement makes just as much sense as yours. When you paint with a broad brush, it only makes you look stupid and petty.
You're right 3:28PM.......
The Federal Reserve flexed its financial muscle again Thursday, injecting 17 billion dollars into the US banking system to ease a credit crunch triggered by fears over the ailing mortgage market. The central bank has pumped a total 88 billion dollars into the financial markets in the past week to stop the country's banking system from gumming up.
Pay no attention to 4:44PM - it is just an idiot neo-con.
I personally am VERY concerned. However, it is about time big business felt some of the pain the middle class has been feeling for a while. Our jobs are all being exported. Our goods are all being imported. If people weren't losing their jobs and having their HOMES go into FORECLOSURE Countrywide wouldn't be in this fix. NAFTA has ROYALLY SCREWED US ALL.
You don't loose money till you buy high and sell low.
The sky is falling, the sky is falling. I love the liberal weenie mindset.
And you make money when you buy low and sell high so this is a great time to invest instead of scream about how bad things are.
9:51 - Just a minute - Isn't it the Republicans who see boogie men and potential terrorists everywhere? Remember all the color-coded terror warnings whenever the Bushies wanted a distraction from their various failures or scandals? But you have to admit that it is the banks who issued loans to many under qualified people that are now requiring taxpayer $$$ to bail them out. So government involvement is good when it bails out bankers' excesses.
Countrywide got really greedy by making sub prime loans to people who didn't have good credit and didn't require the borrowers to put anything down on the loan! Duh?
Then the loans were bundled up and sold as securities. Guess what? Your 401 bought the bad loans.
Taxpayers shouldn't bail out Countrywide. The homeowners lost their homes because they didn't lock in a fixed 30 year mortgage and now they can't pay the higher interest rate.
Also, they probably bought more than they could afford.
But, debt doesn't matter. Who said that?
Didn't we learn something in the 80's and the S&L collaspe?
10:30, Yes we do see boogie men and terrorists. They are invisible to liberal weenies. You can thank us later for being on the defensive and trying to save your pathetic little life.
The liberal mindset---I'm going to lose all my money that daddy left me and I can't go anywhere because all the bridges are in such disrepair! What will I do? What will I do?
Have you recognized the intellectual depth of some posters who dismiss things they don't understand by using meaningless phrases like "liberal weenies"? Pretty impressive, huh?
6:48.....Idiot Neocon? Take that liberal arts education of yours and add a few business/economics classes and you may be able to comprehend the problem. The wealthy in this country will pay twice on this deal. Not only have they lost money in the credit crunch, they will bear the burden if there is a government bailout. As a percentage, the wealthy pay a disproportionate share of taxes. Before complaining about the wealthy in this country, maybe you should get off their teat and stand on your own two feet for a change.
Now what do all of you liberal weenies have to say after todays spike in the market. Hey, here is a simple economic lesson. The markets go up, the markets go down, then they go back up again. Watch out, that chunk of sky is gonna fall on your head when you pull it out of your ass.
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