Darker than black monday

[sammyg2]

Dow falls as much as 580 points today to well under 10,000, down over 30% from a year ago.
Global markets tanked on Monday after European governments were forced to come to the rescue of financial institutions for the second weekend in a row. The turmoil raised expectations that Europe will see a U.S.-style financial rescue.

London’s FTSE fell more than 7% for its third-worst one-day drop and Germany’s Dax was down 7.9%. Russia halted trading three times before its markets closed down nearly 20% each. France's CAC 40 ended down a record 9%

This is way past the ugly stage and I expect it to get much worse.

[pwd72s]

Warren Buffett rumored to be buying. If spare cash hadn't gone into a kitchen remodel and a road trip, I'd be putting more in as well. Bargain hunting time?

[flatbutt]

same here pwd. New mortgage to repair the house has me watching expenditures vewy,vewy carefully.

[sammyg2]

I'm about ready to pull it all out and buy gold and bury it in my back yard. The only thing stopping me is that some pelicans know where I live

[126coupe]

I am just glad I got out of the stock market many years ago.
4% of my net worth is in the market.
I could care less what this market does

[126coupe]

I guess "investors" are not to thrilled with the bailout plan.

[pwd72s]

Originally Posted by Minkoff

I guess "investors" are not to thrilled with the bailout plan.

An understatement. Government is now running major financial institutions. Isn't this socialism? How kindly is socialism to financial freedom? Still, think long term...Investing in the market is investing in our country. Somehow, we'll all muddle through this.

[JeremyD]

Down 630 right now - wish I was in more of a cash position...

[nostatic]

I wish I'd sold my Aprilia about a month ago. Now the question is do I try to sell it now or wait for spring and hope that the economy is stable by then

HA!

Thankfully the only thing I have in the market are my retirement accounts. And I'm not retiring any time soon...

[Mo_Gearhead]

All of the lemmings are making a rush to the door (here, let me hold it open for you. )

As soon as the room is empty ...many of us will step in and fill the void.

If you do not understand the market/if it frightens you/if you are scared, then yes ...stay out/get out of it.

The immediate financial future is, indeed, not for those with weak stomachs.

[JeremyD]

I think the buzzwords for 2000-2008 are:

Unrealized gain - for not selling my house when it was worth 400,000 more than it is now.

AND

Unrealized loss - the difference of what my 401k was worth at one time to now.

Technically since I realized neither - not much has changed but my disposition and the numbers of years until retirement.

[Porsche-O-Phile]

Guns & ammo will become the new currency. I'm buying as much of both as I can afford.

And lots of non-perishable canned goods. I'm buying lots of those too.

[BlueSkyJaunte]

Originally Posted by Porsche-O-Phile

Guns & ammo will become the new currency. I'm buying as much of both as I can afford.

And lots of non-perishable canned goods. I'm buying lots of those too.

My neighbors have lots of canned foods, but they're not buying ammo or guns.

[Porsche-O-Phile]

You're all set.

[cantdrv55]

Go against the herd and buy.

[sammyg2]

CNNMoney.com
World stock markets tumble Monday on banking concerns
Monday October 6, 1:12 pm ET

Major markets in Europe, Asia and Latin America sank Monday as traders looked past America's bank bailout bill and focused on Europe's growing financial crisis.
The most influential European markets suffered big losses. London's FTSE 100 ended down 7.9%, the CAC 40 in Paris skidded 9%, and the XETRA DAX in Frankfurt tumbled 7.1%.

Russia's RTS index fared worse, shutting down after it fell more than 20%. The index lost 9% of its value in the first 30 minutes of the trading day.

Iceland halted trading in six bank stocks Monday, as Icelandic banks' assets dwarf the rest of its economy and its currency has fallen sharply in the past week.

The global financial meltdown also hit Latin America, where the economies are reliant on commodity exports.

Brazilian stocks plunged 15%, and trading was halted twice on Sao Paulo's Ibovespa index. Brazil's currency, the real, slumped nearly 7% to a near 2-year low. Mexico's IPC index dropped 9.6%, Argentina's Merval sank 9.4%, Chile's IPSA was down 6.8% and Colombia's IGBC fell 5.3%.

Experts say a worldwide economic slowdown could devastate the economies of Latin America, which have until recently reaped the rewards of historically high global demand for commodities. Falling markets could stem that demand.

Earlier Monday, Asian and Pacific markets ended roundly lower. Japan's Nikkei Exchange closed down 465.05 points, or 4.25%, at 10,473.09, a 4-1/2 year low. South Korea's Kospi index finished the day off 4.3%.

The Australian Securities Exchange plunged about 3.4% to 4,544.70, and Hong Kong's Hang Seng lost nearly 5% of its value, falling to 16,803.76.

In the U.S., the Dow Jones industrials plunged by as much as 587 points, falling below 10,000 for the first time since October 2004.

Meanwhile, the euro slid below the $1.36 mark for the first time in over a year.

-- The Associated Press and CNNMoney.com staff writer David Goldman contributed to this report.

[HardDrive]

Well at least we didn't do anything stupid like sign over $700 billion dollars to the greedy morons who created this mess in the first place.

[Z-man]

Originally Posted by Minkoff

I guess "speculators" are not to thrilled with the bailout plan.

Fixed it fer ya, Minkoff!

On a positive note, oil is down to ~ $90 a barrel!

-Z

[Jim Bremner]

I've been buying Brass and Lead!

My Biz is still strong, but I can't buy your Aprilia yet.

[craigster59]

I love this from todays news..

WASHINGTON - Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.

As well, executives who feared for their bonuses in the company's last months were told not to worry, according to documents cited at a congressional hearing. One executive said he was embarrassed when employees suggested that Lehman executives forgo bonuses, and cracked: "I'm not sure what's in the water."