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Thursday, August 9, 2007

While We Were Discussing Pinched-Off Poops, Mechanical Gorillas, and Russian Sex Toys for Children…

posted by on August 9 at 13:31 PM

…the stock market took a tumble.

Stocks on Wall Street today suffered their biggest one-day decline since February after the turmoil in the home-loan market caused renewed concerns about tightening credit worldwide.

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Yeah, privatization of Social Security is a SUPER idea.... (not really a side note when you think of it) Time to really watch my 401K.....

Posted by Cato the Younger Younger | August 9, 2007 1:47 PM

Buying opportunity.

Posted by PA Native | August 9, 2007 2:00 PM

PA Native is right. The market is freaking out, swinging widely high and low, because they're waiting to see what happens with the loan market. It could easily go up 500 points tomorrow, down another 500 on Monday.

Longer-term I'm still betting on trouble. No one really knows for sure how bad the housing thing really is. The loans are not worthless, they're just overvalued. How much? You're a millionaire if you know for sure.

Smart investors don't watch the stock market.

Posted by Fnarf | August 9, 2007 2:05 PM

If I want a stock report, I turn to the Wall Street Journal. If I want an retelling of a telling about an epic wipe resulting from a pinched poo, I turn to The Stranger.

Fortune shines on me... Savage gives me both in one easy to find location.

Posted by The Peanut Gallery | August 9, 2007 2:06 PM

buying on volitility with a downward slant isnt exactly the best idea if you don't know what you're doing, which i can assure you, you don't.

Posted by Bellevue Ave | August 9, 2007 2:15 PM

This is a direct consequence of the fed keeping interest rates artificially low in an effort to buoy the national economy after 911. Despite productivity gains as the workforce was downsized due to technological improvements, the housing market's effect on durable goods and labor demand was really one of the only reasons the economy didn't tank completely. I would expect a deflation of up to 20% in non coastal, non destination cities and a decrease in the rate of appreciation in places like Seattle during the next six years. Inflation and wage stagnation are next up.

Posted by morgan | August 9, 2007 2:25 PM

The Dow Jones Industrial Average only follows 30 of the most widely held stocks, and it's only down 2.83%.

People, please find your cojones.

Posted by Original Andrew | August 9, 2007 2:31 PM

@ 7, you're right. The S&P 500, which follows 500 large cap stocks, is down 2.96%. That's soooo much better, isn't it?

Posted by Matt from Denver | August 9, 2007 2:33 PM

Big deal. The Dow's race to 14,000 was artificially speedy.

Posted by DOUG. | August 9, 2007 2:47 PM

Relax people, the stock market is just having a sale. Everything up to 40% off. AND if you apply for a Dow Jones credit card you get an additional 15% off.

Posted by monkey | August 9, 2007 3:00 PM

And you can bet it's a white sale...

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