Oh god, I wouldn't go that far. I'm so worried that I'm going to turn into one of those city folk, get married, have 2.4 kids, worry about the "wenus" (think Chandler in Friends), and start going out for coffees rather than beers.

And the day I'm an authority on any subject is the day the economy is booming - not for a long time yet.

Its all going down to hell.

Let's keep this all in perspective. During the great depression the Dow lost 89% of its peak value. Unemployment reached as high as 25% and settled back to about 18% just before WWII. Most US banks either closed or restricted savings withdrawls and loan activities.

Keep in mind that at the time there was no SEC, no unemployment insurance, and no Social Security. More importantly, the Federal Reserve saw itself as a much more conservative entity that actually contracted the money supply at a time when it should have been expanding it.

So, for anyone considering comparability of the current economic woes with the Depression - overall, there is none.

Wow, what a nice comeback -- the DOW's up over 700 today!

Looks like the buyers stepped up to bat today... The Dow is currently up about 750 with about 15 minutes before closing. Most of the other world markets (earlier today) also reported big gains.

Well, it's only Monday.

Wish I was a buyer last Friday...

Hindsight is always 20/20.

Almost everyone I've spoken to in the past week has taken a HUGE hit in their finances (retirement funds, etc.).

It looks like the Dow MAY close up over 800.

Don't get too excited.

During the Depression, the Dow dropped from 248 to 41 and ended the 30s at 150. However, during the decade it plunged 52.7% in 1931 and 32.8% in 1937. But it rose 66.7% in 1933 and 38.5% in 1935, but was under 100 again in 1938. Volatility, yes.

The Dow is gonna close down about 730 points. Between yesterday and today, most of Monday's BIG gain has been eaten up.

It looks like the scenario in olivant's history lesson is going to ring true, at least in the short term.

I have no doubt of that... the next month will be very volatile.

We have a popular department store here called "Mervyns" (I think it's just out West) and I read they are closing 70 some of their 170 stores.

Also, just today, I heard that Circuit City, to avoid filing Chapter one, is closing many of their stores as well, laying off hundreds (maybe thousands) of employees.



TIS

The Nikkei index fell 10% overnight. Get ready for the DOW to go into the toilet later today.

And this would be different from every other day HOW???

Well, it was actually up yesterday.

Get ready for another fun day on Wall Street:

AP

Wall Street set for plunge on recession fears
Dow index futures down 550 points, maximum allowed price change

NEW YORK - Wall Street headed for another precipitous drop Friday as fears of a punishing global recession stirred panic among investors and sent world financial markets into a tailspin. The Dow Jones industrial average futures were down 550 points, the maximum allowed price change.

The increasingly grim outlook convinced investors that the world economy is headed for a long and severe downturn despite a raft of government rescue efforts aimed at pulling the financial system from the brink. Fearing more carnage in equity markets, big hedge funds and other institutional investors have been pulling out their money in a bid to reduce risk and raise cash.

Adding to the anxiety has been a barrage of worrisome corporate earnings and pessimistic fourth-quarter outlooks —indicating that the tremors caused by the global credit crisis may have not even begun to be felt.

News from overseas added to investors’ anguish. In Japan, shares of Sony sank more than 14 percent after it slashed its earnings forecast for the fiscal year. In Germany, Daimler’s stock dropped 11.4 percent in morning trading after it reported lower third-quarter earnings and abandoned its 2008 profit and revenue guidance.

Ahead of the market’s open, Dow Jones industrial average futures fell the maximum allowed limit of 550, or 6.27 percent, to 8,224. That triggered circuit breakers that automatically freeze selling.

On Thursday, the Dow rose 172 points as investors went looking for bargains after two days of selling. Analysts have predicted that trading will remain volatile for the foreseeable future while investors test whether or not the market has hit a bottom.

The Standard & Poor’s 500 index futures was down 60.00, or 6.56, to 855.20, and the Nasdaq 100 index futures was down 77.75, or 6.20 percent, to 1,175.75.

Financial markets overseas were also down sharply.

Japan’s Nikkei stock average fell 9.60 percent. Britain’s FTSE 100 was down 5.95 percent, Germany’s DAX index was down 9.38 percent, and France’s CAC-40 was down 7.35 percent.

NEW STOCK MARKET TERMS

CEO --Chief Embezzlement Officer.

CFO-- Corporate Fraud Officer.

BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.

BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no sex.

VALUE INVESTING -- The art of buying low and selling lower.

P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing.

BROKER -- What my broker has made me.

STANDARD & POOR -- Your life in a nutshell.

STOCK ANALYST -- Idiot who just downgraded your stock.

STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves.

FINANCIAL PLANNER -- A guy whose phone has been disconnected.

MARKET CORRECTION -- The day after you buy stocks.

CASH FLOW -- The movement your money makes as it disappears down the toilet.

YAHOO -- What you yell after selling it to some poor sucker for $240 per share.

WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240 per share.

INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.

PROFIT -- An archaic word no longer in use.

Mig, you forgot one:

GEORGE W. BUSH -- The cause of this list.

Among others.

Heard today that one business that has seen an increase since this economy "crash" is.....McDonald's. It would be the cheap option for those who want to "get out" and can't afford much. Or, if you just like McDonalds. I haven't had a burger/fries in a long time. It sounds pretty good to me actually....I prefer Carls' Jr. though for fast food burger.



TIS

Being a vegetarian limits my choice ridiculously. I've never been to a McDonald's

A vegetarian? How would of thunk we had something in common.

Spoken from a die hard steak lover, I'm guessing your grocery bills are less, since meat is probably what "I" spend most money on in groceries. My daughter to is a veggie and when she's here for dinner, I feel like the poor kid just isn't eating a complete meal. I'm sorry, but I would just shrivel up and die if I had to live without meat in my diet. To each his own. No offense, but I'm glad I'm not you guys.


TIS

This vegetarian just completed her second marathon, in the top third. So I'm not shriveling or dying just yet!

The trick is to go to the reduced aisles where the meat's sell by date expires on the day or day after. Take it home and freeze it. I've got a freezer full of reduced meat & bread and just stock up on frozen veg which is cheap anyway.

Eating is my favourite thing ever. I refuse to give it up.

Hi Turi, it's so nice to see you back here. I miss your humor.


Wow, I heard that places like Walmart, Circuit City (I know i's closing up, but still) re selling laptops for $299 or a little more. That's quite a deal no?



TIS

True.

And the big thing we need to worry about is deflation. The cost of things dropping, because no one has money to buy anything. That would bring on a 10 year depression.

A terrible day on Wall Street.

Dow plunges nearly 430 to fall below 8,000 mark

New York

Wall Street hit levels not seen since 2003 on Wednesday, with the Dow Jones industrial average plunging below the 8,000 mark amid a dour economic outlook from the Federal Reserve and worries over the fate of Detroit's three automakers.

A cascade of selling occurred in the final minutes of the session as investors yanked money out of the market. For many, the real fear is that the recession might be even more protracted if Capitol Hill is unable to bail out the troubled auto industry.

Investors also scoured economic data that included minutes from the last meeting of the Federal Reserve in which policymakers lowered projections for economic activity this year and next. Economic worries caused across-the-board selling, with financial stocks particularly hard hit.

The S&P 500, widely considered the broadest snapshot of corporate America, slipped 52.54 points, or 6.12 percent, to 806.58; and the Dow gave up 427.47 points, or 5.07 percent, to 7,997.28. Both closed at their lowest levels since March 2003, and are rapidly approaching the lows of the 2000 to 2002 bear market.

The financial crisis has already wiped out $6.69 trillion of value from the S&P 500 since its October 2007 high, and many fear more is to come. Stocks have traded with high volatility in the past few months, with the major indexes soaring only to plunge an hour later as the market searches for a bottom.

"I don't know what the catalyst is going to be where we turn the corner and people start buying stocks wholeheartedly again," said Jon Biele, head of capital markets at Cowen & Co. "People got out of the way. The financial situation hasn't changed."

The selling on the New York Stock Exchange was staggering — only 158 companies that trade there finished the day positive while 2,943 declined. Volume again was light, a symptom of the market's recent volatility, with 1.63 million shares exchanging hands by the close.

Other major indexes were also clobbered. The technology-heavy Nasdaq composite index fell 96.85 points, or 6.53 percent, to 1,386.42. The Russell 2000 index of smaller companies gave up 35.13, or 7.85 percent, to 412.38.

Investors were rattled on prospects that General Motors Corp., Ford Motor Co., and Chrysler LLC might not get a $25 billion rescue package before Congress quits for the year. The heads of those companies told lawmakers that time is running out, and that if one of them collapsed it would have a disastrous impact on the already battered economy.

Congressional Democrats have proposed using part of the $700 billion financial bailout package to pump into the ailing auto industry, but Republicans oppose such an approach. Treasury Secretary Henry Paulson has already shot down such an idea.

Senate Majority Leader Harry Reid of Nevada was hopeful of a deal in the "next day or two." He still hoped Paulson would step in if Congress can't usher through a deal.

Ford shares, which traded as high as $8.79 in the past year, plunged 42 cents, or 25 percent, to $1.26. GM, a stock worth $29.95 in the past 52-weeks, fell 30 cents, or 9.7 percent, to $2.79.

The testimony in Washington only heightened fears on New York trading floors that the current recession might significantly deepen. Investors were discouraged by the Federal Reserve's sharply lowered projection for economic activity this year and next.

In the minutes from its last rate-setting meeting in October released Wednesday, the Fed signaled additional interest rate reductions may be needed to help combat the worst financial crisis to jolt the country in more than a half-century. The Fed predicts that with the economy forecast to lose traction or maybe jolt into reverse, unemployment will move higher.

The uncertainty was evident after the government released two separate reports on consumer prices and new-home construction, more evidence that the economy remains in flux.

According to the Labor Department's Consumer Price Index, consumer prices plunged by the largest amount in the past 61 years in October as gasoline pump prices dropped by a record amount. While lower prices might be good for the consumer, they can hurt corporate profits. Lower prices also raise the threat of deflation, a prolonged bout of falling prices.

Meanwhile, a government report on the housing sector showed that the industry's severe correction continues. The Commerce Department reported that construction of new homes plunged 4.5 percent last month to the lowest level on government records.

Many economists believe the economy has fallen into a recession that could be the worst downturn in more than two decades. The expectation is that easing inflation pressures will give the Federal Reserve room to cut interest rates further, but that gave little solace to investors.

Stocks have been trading erratically for several weeks as the market tries to gauge the direction of the economy. Analysts expect the volatility to continue.

There has been relentless selling since Election Day, driving the S&P 500 down about 20 percent. For the year, the Dow is now down 39.71 percent, while the S&P has fallen 45.07 percent, and the Nasdaq is down 47.7 percent.

Volatility in the stock market has kept demand for Treasury bonds high. The yield on the benchmark 10-year Treasury note fell to 3.41 percent from 3.53 percent on Tuesday.

The stock market's big drop also influenced oil prices. Light, sweet crude fell 77 cents to settle at $53.62 a barrel on the New York Mercantile Exchange, about where prices were in January of 2007.

In Asian trading, Japan's Nikkei index fell 0.66 percent, and Hong Kong's Hang Seng Index fell 0.77 percent. In European trading, Britain's FTSE 100 fell 4.82 percent, Germany's DAX index fell 4.92 percent, and France's CAC-40 fell 4.03 percent.

I wonder if this has anything to do with Pepsi laying off 3000+, Citigroup and their 52,000 layoffs and the Motown Three about to declare bankruptcy?? Plus, the idiots in Washington dithering around with a different plan each day for the bailout money.

The MTA layed off 1,500 today, also.