Dow Down 500 Points!

RichR

Ok...Not strictly coin related that the market is coming apart in the past hour, and gold is also down almost $20/ounce.

gyocomgd

It's coin related, in that if the plummet continues we'll all be buying fewer coins.

itsnotjustme

And to think, just yesterday my Dad commented how much better investment his Silver Eagles I advised him to buy were.. He sold the 10 for $2,500. Had he waited until this week, he could have sold the 10 for $3,000 (open box) and with the stock drop, the statement would be even more true!

RichR

It's kinda scary that the bottom really dropped out in the past hour or so...I suspect some hedge fund's program drooped an automatic sell signal into the middle of an already jumpy picture.

MacCrimmon

Relax!! Remember the Colts (old NFL team) won the Super Bowl . . . it's still going to be an up year in the DOW.

JJM

they are having Tech troubles executing "buy" orders, thats contributing heavily on the downslide

gamer1958

Across-the-board sell-off means there should be some bargains out there..???
Anyone feel like buying in the face of this?

RichR

...personally, both of my (major) brokerage accounts are frozen at the moment. Can't even get in to check prices, nevermind to sell or buy.

Just glad I'm not too far out on a (financial) limb at the moment.

Doogy

this is a prime example of our (over)reliance on the Communist Chinese government to keep our economoy afloat

Russ

<< <i>It's kinda scary that the bottom really dropped out in the past hour or so... >>



The bottom hasn't fallen out. A 500 point drop today is nothing compared to the 500 point drop back in October 1987.

Russ, NCNE

LALASD4

I would start to worry if it drops 20%, 3% is nothing.

jbsteven

my portfolio did not lose a penny.

Bear

Jelly donuts,are holding steady to slightly higher.

fastrudy

I sold all my stocks to buy the plats.

Now the plats are cancelled (?) and I am stuck with all this cash. yuk!

PRTCOINS

<< <i>Ok...Not strictly coin related that the market is coming apart in the past hour, and gold is also down almost $20/ounce. >>




I see gold down just about $2.60 I dont see it down $20

PRTCOINS

<< <i>my portfolio did not lose a penny. >>




your portfolio doesnt consist of stocks and bonds if you didnt lose a cent, probably all coins right!

WinPitcher

Relax, it is simply some money being transferred. That money bought todays Jeter card for 300.00.


Steve

seemyauction

Just another great buying opertunity.......


AL

Joflax

It used to be that if Wall street sneezed the world caught a cold , Now it appears that if China sneezes the world catches cold.

bidask

Computational glitch in trading systems at Dow Jones.

RichieURich

<< <i>It used to be that if Wall street sneezed the world caught a cold , Now it appears that if China sneezes the world catches cold. >>



Heat is faster than cold. You can't catch heat, but you can catch a cold.

Cladiator

So what happens when China suddenly calls in all this debt of ours they own?

Cladiator

What happens when there are two big kids on the block and one of them owes the other a bunch of money. Then one day the one kid wants to be paid but the second kid won't pay. What do they do? They fight.

PRTCOINS

<< <i>

<< <i>Ok...Not strictly coin related that the market is coming apart in the past hour, and gold is also down almost $20/ounce. >>




I see gold down just about $2.60 I dont see it down $20 >>




Ok now I see what you are talking about gold is down over $21 in after market trading it closed at $684 today though.

VamGuy

Just last night I had a long conversation with my father about the poor state of the economy, the still falling real estate market, and my expectation that very soon the big players will be pulling the rug out from underneath all of the small time "investors" in the stock market.

It's really very ironic.

bidask

<< <i>So what happens when China suddenly calls in all this debt of ours they own? >>

And do what with it?

The rates we pay is some of the highest in the world.

Not to mention it is still viewed as safe haven.

Joflax

Strangely enough this may be just the tonic that the dollar needed , China will now have to speed up their economy and the only way that they can do that is if they "play Nice" with the USA, So the dollar may have a reprieve

ziggy29

<< <i>So what happens when China suddenly calls in all this debt of ours they own? >>

China doing that would be akin to the actions of a suicide bomber. Yes, you'd take out your targets but you'd go down with it. China's not stupid; they know this all too well and they're rational enough to resist mutually assured economic destruction. Better to hold most of the debt and use it as leverage. Tanking the U.S. economy by massive liquidation of U.S. debt takes them right down with us. Plus, it's not in their best interests to severely weaken the dollar and make Chinese goods much more expensive to U.S. consumers.

MrEureka

So what happens when China suddenly calls in all this debt of ours they own?

Fortunately, these are not demand notes. They're T-Bills. China can sell them to the highest bidder, but they can't force the US Treasury to redeem them before maturity.

coynclecter

<< <i>So what happens when China suddenly calls in all this debt of ours they own? >>



No problem, we just crank up the presses, load the ships with "worthless" paper money and send it over. I say we issue a new denomination, the billion dollar bill. Print a few hundred and send them over. They produce no interest so they would have to spend them.

We should do that whenever they come due. They weren't supposed to hoard it, they were supposed to recipricate by buying US goods but they decided to play us for suckers. Now they got the worthless notes, who's really the fool here?

jbsteven

<< <i>

<< <i>my portfolio did not lose a penny. >>




your portfolio doesnt consist of stocks and bonds if you didnt lose a cent, probably all coins right! >>



I don't consider my coins as part of my portfolio. My portfolio is all stocks.

cladking

Nothing has changed. The market is still trapped in a narrow trading range. Silver is still
struggling with resistance because a huge amount of silver was bought and sold at this
level from 1980 to about '84. There are a lot of margin calls for a lot of traders who are
stretched very thin so we could go all the way to the bottom of the trading range. Gold
is in lock step with the overall economy for now but should resume its rise when oil bottoms
out.

kumajim

DOOGY
You hit the nail right on the head.
It was the market drops in Asia. (China lost 10%)

matteproof

<< <i>So what happens when China suddenly calls in all this debt of ours they own?

Fortunately, these are not demand notes. They're T-Bills. China can sell them to the highest bidder, but they can't force the US Treasury to redeem them before maturity. >>




But T-Bills mature in less than one year. That’s not very long until redemption. matteproof

RegistryCoin

<< <i>So what happens when China suddenly calls in all this debt of ours they own? >>


Same return policy as their eBay salesmen.

Higashiyama

Matteproof -- I think Mr. Eureka actually meant "treasuries" rather than T-bills. The average maturity of Chinese holdings is more than a year.

I would second the comments pointing out that both China and the US have a profound mutual interest in stability.

renman95

<< <i>

<< <i>It's kinda scary that the bottom really dropped out in the past hour or so... >>



The bottom hasn't fallen out. A 500 point drop today is nothing compared to the 500 point drop back in October 1987.

Russ, NCNE >>



Right, 22% back then versus 3.3% today.

Ren

percyb

A blue chip special stock shoppers!!

RedneckHB

<< <i>Computational glitch in trading systems at Dow Jones. >>



Dont believe what you hear on TV.

The NYSE superdot system did go down but not until about 3:55. It has gone down many times in the past and has not led to 3% down days.

ddink

<< <i>Just last night I had a long conversation with my father about the poor state of the economy, the still falling real estate market, and my expectation that very soon the big players will be pulling the rug out from underneath all of the small time "investors" in the stock market. >>



Maybe BusinessWeek is just very out of touch, but I'm reading about higher-than-expected fourth quarter economic growth, shrinking inventories, declining unemployment, steady inflation, and a stengthening in the housing market. Go figure.

Nic

I think BW is very out of touch, on purpose. K

Lakesammman

Wake me up if it does it again before I retire in 15 years.

TwoSides2aCoin

People panic and sell off.
Others lick their chops and buy at rock bottom prices.

Some things never change.
Those who hear warning bells sell off, while others hear a dinner bell and begin feasting.

Got coins ?

mrearlygold

<< <i>So what happens when China suddenly calls in all this debt of ours they own? >>



They won't because they know they can't collect on it as it doesn't exist.

Far as what someone said about the rates that we pay are highest in the world all I can say is

SkyMan

Might I point out that the Dow was at roughly 11,000 a year ago.

My time horizon is 20 to 30 years out. Just buy good stocks that shell out quarterly dividends and forget about them. Even if the market drops in half (not that I think it will drop anywhere near that low) you're still getting the dividend and can wait it out.

fishcooker

Perhaps 20 to 30 years horizon shouldn't make one forgetful, but careful. A loss today compounds for the next 30 years just as a gain does.

ziggy29

<< <i>Perhaps 20 to 30 years horizon shouldn't make one forgetful, but careful. A loss today compounds for the next 30 years just as a gain does. >>

You're right, of course, but unless you have a good working crystal ball (I don't), you run the twin risks of falling to the twin emotional mistakes of investing, fear and greed, which killed many a market-timer by buying high (greed) and selling low (fear).

ddink

Ziggy's statement is right-on, and reminds me of a guy who once said "I prefer to buy high and sell low. It's easier."

mozin

That's it for me. No more coin purchases.

nankraut

<< <i>

<< <i>It's kinda scary that the bottom really dropped out in the past hour or so... >>



The bottom hasn't fallen out. A 500 point drop today is nothing compared to the 500 point drop back in October 1987.

Russ, NCNE >>



Thanks for putting it in perspective, Russ. I was just thinking the same thing. It amazes me how the "sky is falling" syndrome jumps into people's minds on a minor correction here.

pf70collector

Greenspan spreading his doom and gloom again about an upcoming recession. Unfortunately when he speaks people listen.