# Shall we vote by acclamation for the "Pit Of The Year"? **URL:** \ **Category:** The BBQ Pit\ **Created:** [October 9, 2008, 8:21pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220 "2008-10-09T20:21:27Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![R.P.McMurphy](https://avatars.discourse-cdn.com/v4/letter/r/7993a0/32.png) [@R.P.McMurphy](https://boards.straightdope.com/u/R.P.McMurphy)\ **Post date:** [October 9, 2008, 8:21pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/1 "2008-10-09T20:21:27Z")
**The Dow Jones Industrial Average** ---
**Author:** ![garygnu](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/garygnu/32/2924_2.png) [@garygnu](https://boards.straightdope.com/u/garygnu)\ **Post date:** [October 9, 2008, 8:37pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/2 "2008-10-09T20:37:59Z")
Currently at around 8,600 and dropping. I heard that legislators were being told, back in late September, that if they didn’t pass the bailout bill by Friday the 29th, then the DJIA would hit 8,000 the following Monday. They didn’t. It didn’t. They eventually passed it. The DJIA is still tanking, down 26% in a month. Yay, Republican economic policies!:rolleyes: ---
**Author:** ![Jack\_Batty](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jack_batty/32/3201_2.png) [@Jack\_Batty](https://boards.straightdope.com/u/Jack_Batty)\ **Post date:** [October 9, 2008, 8:38pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/3 "2008-10-09T20:38:01Z")
**The Cumberland County Civic Center** … maybe I’m not quite clear on how (or what) we’re playing here … ---
**Author:** ![Freddy\_the\_Pig](https://avatars.discourse-cdn.com/v4/letter/f/a587f6/32.png) [@Freddy\_the\_Pig](https://boards.straightdope.com/u/Freddy_the_Pig)\ **Post date:** [October 9, 2008, 10:37pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/4 "2008-10-09T22:37:58Z")
I’m a buyer of stocks at this point in my life, not a seller. I think the Dow drop is groovy. ---
**Author:** ![FriarTed](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/friarted/32/1052_2.png) [@FriarTed](https://boards.straightdope.com/u/FriarTed)\ **Post date:** [October 9, 2008, 10:39pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/5 "2008-10-09T22:39:15Z")
> [@garygnu](#): > > Yay, Republican economic policies!:rolleyes: Oh, this was a bipartisan fuck-up all the way, just like this whole mess is. ---
**Author:** ![FriarTed](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/friarted/32/1052_2.png) [@FriarTed](https://boards.straightdope.com/u/FriarTed)\ **Post date:** [October 9, 2008, 10:40pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/6 "2008-10-09T22:40:31Z")
> [@Freddy\_the\_Pig](#): > > I’m a buyer of stocks at this point in my life, not a seller. I think the Dow drop is groovy. You’re gonna buy us all- aren’t ya? ---
**Author:** ![An\_Arky](https://avatars.discourse-cdn.com/v4/letter/a/87869e/32.png) [@An\_Arky](https://boards.straightdope.com/u/An_Arky)\ **Post date:** [October 9, 2008, 10:44pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/7 "2008-10-09T22:44:11Z")
How about all these dickheads who are tanking the market with their chickenshit sell-offs? They should be lined up and capped, execution-style. I’m kidding, mostly, and I realize it would only make matters worse. ---
**Author:** ![garygnu](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/garygnu/32/2924_2.png) [@garygnu](https://boards.straightdope.com/u/garygnu)\ **Post date:** [October 9, 2008, 10:59pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/8 "2008-10-09T22:59:06Z")
> [@FriarTed](#): > > Oh, this was a bipartisan fuck-up all the way, just like this whole mess is. I’m going to blame the Republicans. They’re the majority stockholder in this mess. ---
**Author:** ![R.P.McMurphy](https://avatars.discourse-cdn.com/v4/letter/r/7993a0/32.png) [@R.P.McMurphy](https://boards.straightdope.com/u/R.P.McMurphy)\ **Post date:** [October 9, 2008, 11:16pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/9 "2008-10-09T23:16:51Z")
Just to give you a little more of where I’m coming from, let’s take for an example 9/11. Immediately after the markets reopened there was a drop of [I believe] about 500 points. But as critical as things looked, the market climbed its way out until the following summer (when Iraq was going all wrong). After the hurricane weekend this fall (Galveston and Wall Street) the Dow dropped. But this time it bounced like a rubber ball and then rolled off the table. This is the “Pits”. Where does it end up. ---
**Author:** ![PunditLisa](https://avatars.discourse-cdn.com/v4/letter/p/4af34b/32.png) [@PunditLisa](https://boards.straightdope.com/u/PunditLisa)\ **Post date:** [October 9, 2008, 11:25pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/10 "2008-10-09T23:25:40Z")
I’ll second the nomination for the DJIA. My kids’ college funds took a $5k hit in one month and that was before it plunged last week. All the gains we realized in the last 10 years…down the drain. Our retirement accounts are way down, but at least we have another 20+ years to make it back up. My daughter will start college in less than 2 years. Community college is starting to look better and better. ---
**Author:** ![Fish](https://avatars.discourse-cdn.com/v4/letter/f/bc8723/32.png) [@Fish](https://boards.straightdope.com/u/Fish)\ **Post date:** [October 9, 2008, 11:29pm UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/11 "2008-10-09T23:29:34Z")
The way I see it, the market is predicting an Obama victory — Obama, the man who is calling for regulation of the industry. People are getting out of the market before regulations hit. Playing it safe. They’re not sure what their stocks are really worth any more, and they are bailing out while they can. Once there is stability and security they’ll be back in. But hey, I’m no economist, so what do I know? ---
**Author:** ![Marley23](https://avatars.discourse-cdn.com/v4/letter/m/45deac/32.png) [@Marley23](https://boards.straightdope.com/u/Marley23)\ **Post date:** [October 10, 2008, 12:08am UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/12 "2008-10-10T00:08:22Z")
> [@Spartydog](#): > > Just to give you a little more of where I’m coming from, let’s take for an example 9/11. Immediately after the markets reopened there was a drop of [I believe] about 500 points. But as critical as things looked, the market climbed its way out until the following summer (when Iraq was going all wrong). It was more like 700 points. [Here’s a historical chart.](http://www.djindexes.com/mdsidx/index.cfm?event=showavgDecades&decade=2000) It shows your claim about a rebound until Iraq is entirely wrong: there was a recovery after September 11th, but it faded fast over the next year. Stocks started going much higher as the war in Iraq got closer and there’s no significant drop correlated with the war going wrong. The markets got hammered pretty hard after September 11th, and the Dow’s lowest intraday point was around 7,900 (9/21/01). It close that day was wrong 8,200. Right now the DJ is at its lowest point since around May 2003. ---
**Author:** ![Squink](https://avatars.discourse-cdn.com/v4/letter/s/b5e925/32.png) [@Squink](https://boards.straightdope.com/u/Squink)\ **Post date:** [October 10, 2008, 12:14am UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/13 "2008-10-10T00:14:02Z")
> [@Marley23](#): > > [Here’s a historical chart.](http://www.djindexes.com/mdsidx/index.cfm?event=showavgDecades&decade=2000) Here’s the corrresponding [chart for the 1990’s.](http://www.djindexes.com/mdsidx/index.cfm?event=showavgDecades&decade=1990) It looks like we’re back to about 1997, and that’s before adjusting for inflation. ---
**Author:** ![friedo](https://avatars.discourse-cdn.com/v4/letter/f/8edcca/32.png) [@friedo](https://boards.straightdope.com/u/friedo)\ **Post date:** [October 10, 2008, 12:15am UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/14 "2008-10-10T00:15:49Z")
> [@Freddy\_the\_Pig](#): > > I’m a buyer of stocks at this point in my life, not a seller. I think the Dow drop is groovy. That. The DJIA hitting its lowest point in a whopping five years is not the end of the world. Talk to me when it reaches its lowest point in 30 years, like it did in 1932. ---
**Author:** ![R.P.McMurphy](https://avatars.discourse-cdn.com/v4/letter/r/7993a0/32.png) [@R.P.McMurphy](https://boards.straightdope.com/u/R.P.McMurphy)\ **Post date:** [October 10, 2008, 12:21am UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/15 "2008-10-10T00:21:02Z")
> [@Marley23](#): > > It was more like 700 points. [Here’s a historical chart.](http://www.djindexes.com/mdsidx/index.cfm?event=showavgDecades&decade=2000) It shows your claim about a rebound until Iraq is entirely wrong: there was a recovery after September 11th, but it faded fast over the next year. Stocks started going much higher as the war in Iraq got closer and there’s no significant drop correlated with the war going wrong. > > The markets got hammered pretty hard after September 11th, and the Dow’s lowest intraday point was around 7,900 (9/21/01). It close that day was wrong 8,200. Right now the DJ is at its lowest point since around May 2003. I pulled up the chart. I don’t know if this will work as a link: [http://finance.yahoo.com/echarts?s=^DJI#chart2:symbol=^dji;range=20010901,20081009;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined](http://finance.yahoo.com/echarts?s=%5EDJI#chart2:symbol=%5Edji;range=20010901,20081009;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined) On Sept 17, 2001 the Dow dropped to 8200+. In Sept. of 2002 it hit a low of 7500+, that’s when it was becoming apparent that the Iraq War was not going as planned. Between those times and since those times the Dow has worked it’s way up. Now we are in a situation where it doesn’t seem to be able to recover. The ups get hammered by bigger downs. That’s not a good sign. ---
**Author:** ![Marley23](https://avatars.discourse-cdn.com/v4/letter/m/45deac/32.png) [@Marley23](https://boards.straightdope.com/u/Marley23)\ **Post date:** [October 10, 2008, 12:26am UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/16 "2008-10-10T00:26:36Z")
> [@Spartydog](#): > > In Sept. of 2002 it hit a low of 7500+, that’s when it was becoming apparent that the Iraq War was not going as planned. The war didn’t start until March 2003. It became obvious that war was coming in October 2002, when he made his speech in Cincinnati. The biggest protests followed later that month. “Mission Accomplished” was in May 2003. > [@](#): > > Now we are in a situation where it doesn’t seem to be able to recover. The ups get hammered by bigger downs. That’s not a good sign. It’s absolutely a bad sign. But the specifics of your post about the Dow’s history are incorrect. ---
**Author:** ![R.P.McMurphy](https://avatars.discourse-cdn.com/v4/letter/r/7993a0/32.png) [@R.P.McMurphy](https://boards.straightdope.com/u/R.P.McMurphy)\ **Post date:** [October 10, 2008, 12:47am UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/17 "2008-10-10T00:47:39Z")
> [@Marley23](#): > > The war didn’t start until March 2003. . I stand corrected on that point. During the summer of 2002 the military equipment was being shipped and staged in the Mideast in preparation for the war that the administration had already decided was going to be staged. Maybe the smart money read the tea leaves and shorted. So what’s wrong with the specifics of my post on the Dow? I WANT the bailout to work. I want a rebound. There’s no merit in saying, “I told you so” even if I said, “I told you so.” I want prosperity. I want everyone’s 401-K, 529, pension fund and Keogh to do well. Problem is, they’re not. I’m not getting any satisfaction in this mess. So where does that leave us? ---
**Author:** ![Marley23](https://avatars.discourse-cdn.com/v4/letter/m/45deac/32.png) [@Marley23](https://boards.straightdope.com/u/Marley23)\ **Post date:** [October 10, 2008, 12:50am UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/18 "2008-10-10T00:50:46Z")
> [@Spartydog](#): > > So what’s wrong with the specifics of my post on the Dow? Your history was off on several key points, as I showed. The Dow is way down and the markets look very weak. That’s obvious and I’m not arguing against it. ---
**Author:** ![The\_Second\_Stone](https://avatars.discourse-cdn.com/v4/letter/t/bbe5ce/32.png) [@The\_Second\_Stone](https://boards.straightdope.com/u/The_Second_Stone)\ **Post date:** [October 10, 2008, 1:02am UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/19 "2008-10-10T01:02:17Z")
> [@FriarTed](#): > > Oh, this was a bipartisan fuck-up all the way, just like this whole mess is. The Reagan Revolution has come home to roost. I opposed it every step of the way and you are trying to stick me with half the bill? Sorry, it was Republicans’ invite to this deregulation party and just because some Dems showed up doesn’t mean it was their idea. Republicans are pretty quick to reap benefits during profit taking or Al Queda striking, but always unwilling to clean up. 1929 was a Republican fuck up too. ---
**Author:** ![R.P.McMurphy](https://avatars.discourse-cdn.com/v4/letter/r/7993a0/32.png) [@R.P.McMurphy](https://boards.straightdope.com/u/R.P.McMurphy)\ **Post date:** [October 10, 2008, 1:06am UTC](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220/20 "2008-10-10T01:06:32Z")
> [@Marley23](#): > > Your history was off on several key points, as I showed. The Dow is way down and the markets look very weak. That’s obvious and I’m not arguing against it. Check the charts. That’s what I used. Where are the factual errors? Actually, I doubt that we are arguing. Bottom line, it’s a mess and I don’t like it. Yes, I’ve had losses but they are sustainable. I do feel bad for anyone that did the right thing with their 401k, 529 and/or Keogh. They are getting hammered through no fault of their own. [Next page](https://boards.straightdope.com/t/shall-we-vote-by-acclamation-for-the-pit-of-the-year/467220.md?page=2)