Dow Drops nearly 1000 points post Election

Dow Drops nearly 1000 points post Election

PostBy: Richard S. On: Fri Nov 07, 2008 2:31 am

http://money.cnn.com/2008/11/06/markets ... 2008110619

Obama isn't even in office yet and he's already causing economic havoc. :P Seriously though you have to wonder if this would have happened if McCain was elected. My guess is this being fueled by people wary of his policies. Guess time will tell over the next few days.
Richard S.
 
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Re: Dow Drops nearly 1000 points post Election

PostBy: Paulie On: Fri Nov 07, 2008 2:38 am

If you look at what the market has done in past 6 weeks, I really believe the election has no bearing on it. It had a little
rise the day before the election, people felt the recession would be shorter with Obama. I think the crappy earnings, credit
mess, and the consumer backing off is the culprit. The biggest one is the consumer backing off. Either cash or credit, it
is the engine that powers everything. Fuel Oil caused it. Not to say crappy loans were not shaky, but crank the oil price
and EVERYTHING goes up. So what was a squeaker of a house payment, is now all of a sudden, impossible. History proves
it out too. In the past when energy spiked, the economy tanked in a big way. So, here we are ......again. :shock:
Paulie
 
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Re: Dow Drops nearly 1000 points post Election

PostBy: mikeandgerry On: Fri Nov 07, 2008 2:46 am

Unfortunately, economic stimulus packages aren't going to help much either. The overpriced assets and mounds of debt have to be worked out of the system. It will take decades in my opinion to get the US off the debt habit on both a personal and national level.

I think Obama will think twice before imposing too many new or fatter taxes on anyone. He has too many established economists in the wings to make rash moves. Quite frankly, the US is nearly bankrupt. He doesn't have much latitude unless he wants to crash the currency altogether.
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Re: Dow Drops nearly 1000 points post Election

PostBy: Yanche On: Fri Nov 07, 2008 2:49 am

It's the season for company earning reports. Almost all bad. There will be more bad news when the car companies report earnings. Investors are moving money out of stocks and into fixed incomes investments. This depresses stock prices. You can't blame it on the election results, it would be similar if McCain won.
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Re: Dow Drops nearly 1000 points post Election

PostBy: billw On: Fri Nov 07, 2008 8:30 am

GM is supposed to make a major announcement today. CNBC was speculating it may be a bankruptcy announcement. If that happens close to 2 million jobs are in jeopardy. This includes all of the contractors etc doing business with GM. If that's the case I think the stock market is really going to tank over the next couple of days.
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Re: Dow Drops nearly 1000 points post Election

PostBy: Adamiscold On: Fri Nov 07, 2008 8:54 am

GM is supposed to make a major announcement today. CNBC was speculating it may be a bankruptcy announcement. If that happens close to 2 million jobs are in jeopardy. This includes all of the contractors etc doing business with GM. If that's the case I think the stock market is really going to tank over the next couple of days.


Bill

They were just asking Congress for money yesterday. I would think instead of bankrutcy it would be the take over of Chrysler.
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Re: Dow Drops nearly 1000 points post Election

PostBy: coalmeister On: Fri Nov 07, 2008 9:27 am

billw wrote:GM is supposed to make a major announcement today. CNBC was speculating it may be a bankruptcy announcement. If that happens close to 2 million jobs are in jeopardy. This includes all of the contractors etc doing business with GM. If that's the case I think the stock market is really going to tank over the next couple of days.


They will do Chapter 11, (not 7 which closes the door) which would be the best thing to happen to GM in years. Reorganize and get out of the ridiculous compensation packages they agreed to with a gun to their head over the last 50 years. GM retirees make more than most people working!! No company can survive with these obligations, particularly if they are competing globally.

It's like barfing when you're sick, just do it and get it over with cause you will feel so much better when its done.
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Re: Dow Drops nearly 1000 points post Election

PostBy: McKoker On: Fri Nov 07, 2008 9:29 am

McKoker
 
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Re: Dow Drops nearly 1000 points post Election

PostBy: coaledsweat On: Fri Nov 07, 2008 10:10 am

Adamiscold wrote:They were just asking Congress for money yesterday. I would think instead of bankrutcy it would be the take over of Chrysler.


There are just too many problems for this to happen, I expect Chrysler to partner with a foreign firm, Fiat and Nissan have been mentioned.
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Re: Dow Drops nearly 1000 points post Election

PostBy: Adamiscold On: Fri Nov 07, 2008 10:55 am

coalmeister wrote:
They will do Chapter 11, (not 7 which closes the door) which would be the best thing to happen to GM in years. Reorganize and get out of the ridiculous compensation packages they agreed to with a gun to their head over the last 50 years. GM retirees make more than most people working!! No company can survive with these obligations, particularly if they are competing globally.

It's like barfing when you're sick, just do it and get it over with cause you will feel so much better when its done.



It's the power of unions that at times expect unrealistic agreements.
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Re: Dow Drops nearly 1000 points post Election

PostBy: Adamiscold On: Fri Nov 07, 2008 10:57 am

coaledsweat wrote:
Adamiscold wrote:They were just asking Congress for money yesterday. I would think instead of bankruptcy it would be the take over of Chrysler.


There are just too many problems for this to happen, I expect Chrysler to partner with a foreign firm, Fiat and Nissan have been mentioned.



I wouldn't mind seeing them bought out by someone else, but would prefer it if one of our American companies bought them out in stead and just gave us 2 car companies here in the US.
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