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Tuesday, January 22, 2008

Death Wish of the Day, Economic Edition

posted by on January 22 at 11:33 AM

Yowsa! Look at them markets fly!

But after opening down by more than 460 points, the Dow Jones industrial average was off about 140 points, or 1.2 percent, at 2 p.m.

Rescue us, Bernanke!

RSS icon Comments


I'm investing in Whiskey and Ammo.

Posted by Rotten666 | January 22, 2008 11:59 AM

Sorry guys, the Fed can't save us.

Posted by chicken little | January 22, 2008 12:07 PM

the Fed is dancing to the tune of wallstreet. bernanke is a spineless bitch.

Posted by Bellevue Ave | January 22, 2008 12:17 PM

Some super smart folks are laughing at the Fed cutting rates today. Not that the Dow Jones signifes too much during a real downturn, but...

The smarties say this morning the fed was like the Japanese army at the beginning of the original Godzilla film, unleashing all its awesome firepower at the beast. Oops, no good, atomic breath begins.

The movie's only begun and the army's wiped out. To swipe from Neil on calculatedrisk:

Got popcorn?

Posted by tomasyalba | January 22, 2008 12:26 PM

I'm just going to go read elenchos' bike girl fan fiction and not think about this, okay?

Posted by kid icarus | January 22, 2008 12:37 PM

Go, Benny, Go! I have some loans I need to refinance.

Posted by A. | January 22, 2008 12:49 PM

Contrarianism is my guiding principle. I'm buying within the next month.

Posted by tsm | January 22, 2008 1:15 PM

Goodbye, retirement plan!

Posted by Greg | January 22, 2008 1:19 PM

Don't underplay the significance of this move. The Fed acted to avert a panicked selling-off in the US stock market. It seems to have worked, but today marks the beginning of another recession.

Given oil prices (which, in this demand-led shock, will not fall back down as they did after 1979--high oil prices are here to stay), the reality of needing to confront global warming, and the deflation of the credit and housing bubbles, I have a feeling this one is going to be a bitch.

Posted by random econ student | January 22, 2008 1:25 PM

Look, this is all sturm und drang.

I went thru Black Monday - and bought a bunch of stocks at fire sale prices.

This is just a little blip compared to that.

Don't sell in a panic. Buy when they panic. Sell when they get overly excited.

I did mark some losses by selling out of two finance firms and buying an equivalent value in another finance firms - but that just establishes a tax loss which can be used against gains.

Now, the only prob is, we still have GWB and his wrecking krewe of incompetents at the WH and Fed still gumming up the works until 2009.

Posted by Will in Seattle | January 22, 2008 1:32 PM

It amuses me that on the thread of the subject Bellevue Ave is so passionate about, the interest rate, he has little to say.

He's too busy terrorizing the Heath Ledger threads and screaming at people to NOT care about a celebrity death and instead focus their attention on something more important, like the interest rate, to actually contribute to the interest rate thread.

"The ironing is delicious!" Bart Simpson

Posted by michael strangeways | January 23, 2008 9:34 AM

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