We are all so f-ed....
I've tried to remain calm and optimistic... but watching the DOW fall close to sub-7000 numbers really scares the sh*t out of me. Honestly when is this going to stop? Things are not even starting to look up-- bankruptcy filings left and right, a stimulus plan that is throwing money at companies that are unlikely to be revived, discussions of nationalization. All of this talk about the world ending in 2012 is a bit more believable these days...
Thoughts?
Mayan calendar notwithstanding, we are definitely living in interesting times. I guess one could look at AIG, Citi, BofA, and GM as the four horsemen of the apocalypse, but I'm not quite there yet.
Besides, bankerchic, if you really thought the world was coming to an end wouldn't you be giving blumie some play?
Well played sir
Things are looking pretty awful these days, this definitely goes beyond anything I would have pictured 6 months ago. If you take a look at this thread from a while back, it's insane to think how spot on Soros is: http://www.wallstreetoasis.com/forums/how-to-stop-the-next-bubble-round…
Kaletsky mentioned a bubble that would wipe out the financial system and wasn't sure if this was it yet. I sure hope he's not expecting something worse than what we have now.
My take on it is that after this all clears (2-5 years from now?), we'll be in a very long (think a decade or two) bull market that will be slower-moving than the last two, but larger than the post-WWII one because we'll have a framework in place that should be ready for a huge amount of growth.
Assuming the Earth doesn't go hurtling into the sun in 2012, of course.
I Lol'ed
As Timothy Geithner so eloquently put it, "things will get worse before they get better." Thanks, Tim.
I guess I need to watch that Nick Cage movie to be ready for the big '1-2.
I couldn't turn off CNBC today... watching our economy go to shit sucks but you just can't turn your head. Every day it's just more bad news followed by even worse proposals from those dumb-fucks in Washington.
I'm REALLY excited to see how Obama is going to cut our budget deficit in half while he is throwing almost a trillion dollars at failing companies and people who took out loans for 500k houses while on a 25k salary.
Oh, and this is all going to happen by DECREASING taxes for the vast majority of the population. What, are the wealthy going to be pay 75% income tax?! I would LOVE to know how this is going to work out.
I have also been relatively calm during this whole debacle, but this is completely outrageous. I would love for someone to interview some of these politicians and ask them to explain some basic economic theory. I would also love to know how they went through hundreds of pages of proposed legislation in less than a day and were able to analyze it with such ease.
Project DOW5000 doesn't seem too inconceivable these days. When nothing happens, the market drops. Something good happens, we go up a little. Something bad happens, we plunge. Just wonderful.
I certainly can't wait to join Mr Santelli in Chicago for the tea party this summer.
Obama has a trick up his sleeve: the world's most awesome accounants - The type who don't count stimulus expenditure against his deficit. Honestly.
God forbid if you're a publicly traded firm who would even dare to do such a thing.
But it's ok if you're big government.
Shakes head in disgust
Agreed, a legit tea party would be for millions of Americans to boycott paying their taxes this year. However, then all hell would probably break lose...
while the rest panic stand to make a tremendous profit. protect yourself in the short run but keep an eye out for when to plunge back in. the market usually hits bottom before the economy. i for one am licking my lips in anticipation of buying blue chips for 5X and watching my money grow for many years to come.
I'm kind of hopeful the Mayan calender thing is a bit true.
I'm sick of all this shitty markets drama already.
Think about it, every financial firm is ridiculously lean. If you can land a position, when things turn around you and the select few who also landed jobs will have real solid experience upon which to jump up to higher positions.
The markets suck right now but world won't end. Just wait for the opportunities and take advantage of them. Success isn't measured by years but by decades. We all know what companies are positioned to benefit from this recession and those are the companies that will create the next group of millionaires/billionaires.
That's all true as long as the companies that benefit aren't only Colt and Westinghouse ...
i dont get how soros can be accurate yet doesnt consistently have the best performance.
the guy is pretty damn good.
I suspect Soros has had slightly "subdued" returns due to the lower risk profile he's taken on. He did return 8% this year and was second only to John Paulson in his takehome the year before. I just can't believe he can do that at 78.
...Soros didnt kill it because he was a huge dollar bear. That part of the story tripped up alot of people who foresaw the debacle but assumed that the catastrophe and response would crush the dollar...
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