News 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!
I'm investing in Whiskey and Ammo.
Sorry guys, the Fed can't save us.
the Fed is dancing to the tune of wallstreet. bernanke is a spineless bitch.
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?
I'm just going to go read elenchos' bike girl fan fiction and not think about this, okay?
Go, Benny, Go! I have some loans I need to refinance.
Contrarianism is my guiding principle. I'm buying within the next month.
Goodbye, retirement plan!
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.
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.
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
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