All the sudden it seems we must be updated on movement in the DOW every 5 minutes. “Oh, it’s down 500” then 5 minutes later “Good, it’s up 400” then 5 minutes later “Uh oh, its’ down 300” “It’s up 325” "Now it’s down 74""Up113"“Down 200”… Today was crazy on the radio and online.
Why is everyone one concerned with the minute by minute report all of the sudden? At the end of the day it was just a typical day on Wall Street.
Talk about CREATING panic…
Umm, there has never been a 1000 point swing in one day.
On an average day, there are plenty of people who spend every second of the day watching CNBC. When they must be away, they’re calling their brokerage firm 30 times a day for updates.
Fun fact I heard yesterday on NPR: At the current rate, the Dow will reach 0 in 19 more trading days.
Boy, November is going to be quiet. No election, no Dow … just the wailing and moaning of all those rich people who lost both.
You mean all the wealthy Democrats are going to lose both the money they donated to Obama and the election? Or are you trying to say wealthy=Republican? You have me confused, unless you’re a spoonfed dailykos/foxnews believer you would know better.
Please! It’s not “all of THE sudden”. It’s “all of A sudden”.
I hate grammar nazis as much as the next guy, but this one really grates on my nerves.
Cite.
We need something to occupy our minds with until they find “Little Caylee”!
This is the kind of “fun fact” that the media obsess over and I revile. It doesn’t illuminate anything; it just enhances and justifies confused and substanceless opinions. You might as well say that at the rate of 1995 trading, by 2008 we’re all filthy rich. It’s a statement that’s divorced from reality in any but the most superficial of analysis, and it’s this kind of hijacking of rational thought that ends up with everyone gobsmacked in 1/5/10 years wondering how nobody foresaw the flooding of New Orleans or the dot-com bubble bursting or the oil price gyrations and so on.
To state the bleeding obvious, the Dow is not going to evaporate in the next three weeks, and in all likelihood it’s near bottom right now.
If I had $700 billion for every time I’ve heard that…
Well, according to NPR, your only gonna hear it, max, 19 more times.
It’s like watching a train wreck. You know you shouldn’t but you can’t look away.
That’s what they were saying back in February. It’s comforting, but there’s absolutely no reason to believe it, especially given the events of recent weeks.
They should replace the ticker with a little blinking message:
“DJIA=FUCKED”
CNN had an Onionesque juxtaposition a couple of days ago: a screamer headline
MARKETS IN TURMOIL
accompanied by one of their endlessly revolving stock photos of “exhausted trader clutching his head.” Beneath that, several terrifying sub-headlines like
Dow Plunges and Another Great Depression?
and alone among all the apocalyptic horror, one tiny link reading something like
Experts say: don’t panic
Yeah or Jim Cramer “SELL SELL SELL” that does a helluva lot of good. Considering a coin flip would do just as well as him, I think he should be shown the door.
A coin flip would be right 50% of the time. As is, you could make some money by listening to Cramer religiously and doing the opposite of what he says.
I hope you are right, but I think that there is more pain to come. The full exposure of the institutions to the various credit instruments, and indeed the true value of said instruments, is at best uncertain. This is why the inter-bank lending rate is so high, effectively choking off the access to capital that makes the world go round. Companies that run on short-term credit from banks in order to purchase materials, fund expansion etcetera (ie pretty much all of them) have had that source of finance turned off or made very expensive. It’s going to be messy.
The market has dropped like a rock in anticipation of troubles. Much of the problems have not even hit , When they do ,it will get uglier. Banks have quit loaning to each other in anticipation. Credit card rates are climbing in anticipation. The mortgage problem has not even reached bottom yet.
The DOW is supposed to demonstrate the fundamental soundness of our deregulated system. They have glowed about a 1100 Dow . Now the truth shows as the effect of wholesale looting drags the DOW and our country down. Next week it will drop below 8000. That will ignite some panic.
FWIW, that was pretty much the context the comment was made in. It was presented as a sign of hope because that will obviously not come true, so something’s gotta “get better” within 3-4 weeks. As meaningless a statement as that is… But hey who is saying anything with more certainty these days?
And this being the pit, indeed a pit of Dow Watching, I wasn’t aiming for substantive illumination of anything. Just piling on.
Also, as a demographic, I’m betting “The Rich” break for the Rs.
Why is everyone so damn serious around here?
Under the heading of “the more things change…” I present to you The Man and the Ticker from 103 years ago.