Stock Markets Plunging Worldwide - Dow Set To Drop 500 - Truckers' Trucking Forum | Message Board

WiseOne · **^ Top** #1 01.22.2008

Quote:

NEW YORK (AP) -- Wall Street was expected to plunge at the opening of trading Tuesday, extending its huge losses from last week and taking more cues from heavy selling that has spread throughout the world. Indicators showed the Dow Jones industrial average was set to fall by more than 500 points when trading begins.

Read More Here >> Yahoo Finance

WiseOne's Comments, and reality is finally here as I have been warning for YEARS now...I knew this time was coming and it's why I got out of debt and off the road. Now American apathy will drop some as it will actually hit them personally. Time to wake up...as my drill Sargent used to say wakey, wakey, #############! I am hearing financial experts saying screw recession, this could make 1929 look like a walk in the park...not good, people. I feel MANY of us will, indeed, be jobless soon and it will get much worse now. Bank of America with a loss of 95%? And, Wachovia lost 98%? They had to close India's stock market early as it dropped by almost 10% today...Now, you tell me this ain't serious. I feel for those of you in deep debt, you are in serious trouble to be sure.

Baack · **^ Top** #2 01.22.2008

I hope you are wrong!!!!!
But change we are in for, drops like 1929 maybe but for different reasons.
Ezekiel 7:19 applies I wont quote

Ronnocomot · **^ Top** #3 01.22.2008

Quote:

Originally Posted by WiseOne

Read More Here >> [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link.

WiseOne's Comments, and reality is finally here as I have been warning for YEARS now...I knew this time was coming and it's why I got out of debt and off the road. Now American apathy will drop some as it will actually hit them personally. Time to wake up...as my drill Sargent used to say wakey, wakey, #############! I am hearing financial experts saying screw recession, this could make 1929 look like a walk in the park...not good, people. I feel MANY of us will, indeed, be jobless soon and it will get much worse now. [LINK POSTED BY MEMBER] Only Members Can View This Truck Forum Link. ? And, Wachovia lost 98%? They had to close India's stock market early as it dropped by almost 10% today...Now, you tell me this ain't serious. I feel for those of you in deep debt, you are in serious trouble to be sure.

Wise, Bank of America did not lose 95%, profits were down 95%, they still made money.
Same deal with Wachovia, relax, take a deep breath.

This to shall pass.

Brickman · **^ Top** #4 01.22.2008

WiseOne I read some place else this morning that the financial gurus are expecting up to a 20% correction. While that will hurt, I'm not going to panic just yet.

Cybergal · **^ Top** #5 01.22.2008

Fed cuts interest rate 3/4 of a point
1/22/08

Quote:

WASHINGTON – The Federal Reserve, confronted with a global stock sell-off fanned by increased fears of a recession, slashed a key interest rate by three-quarters of a percentage point on Tuesday and indicated further rate cuts were likely.

The surprise reduction in the federal funds rate from 4.25 down to 3.5 percent marked the biggest funds rate cut on records going back to 1990.

Federal Reserve Chairman Ben Bernanke and his colleagues took the action after an emergency video conference on Monday night, a day when global markets had been pounded by rising concerns that weakness in the world's largest economy was spreading worldwide.

Despite the Fed's bold move, Wall Street plunged at the opening. The Dow Jones industrial average was down 311.99 points in the first hour of trading.

In a brief statement explaining its move, the Fed said that "appreciable downside risks to growth remain" and officials pledged to "act in a timely manner" to deal with the risks facing the economy. The action was approved on an 8-1 vote.

Analysts said the fact that the Fed did not wait until its meeting next week to cut rates underscored the seriousness of the situation.

"The world's stock markets are in meltdown so the Fed came in with an inter-meeting move to try to stop the panic," Christopher Rupkey, senior economist at Bank of Tokyo-Mitsubishi.

Thetrucker>>>>>>

jasonb · **^ Top** #6 01.22.2008

Many people are going to get an education.
Education is not cheap.

debi · **^ Top** #7 01.22.2008

I think this cut today, was like putting a band aid, on a hole in a dam. just to little way to late. but time will tell.

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