Fear swept across the financial markets Monday, sending the Dow Jones industrials down as much as 705 points, as the financial bailout package was defeated by the House.This is just nuts. Supposedly they're trying a second time...
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>thats really fast…dow down the toilet indeed…congrats on SOS.////they are rocking..
09.29.08 at 7:02 PM
>Deepak,
watching the circus in Senate live on cnn. well YES votes 207 and against 227 NO votes.
But I smell something rotten in that. Since when Republicans got so generous to the common citizen. note m no pro this or that party. But on face value, looks like rep’s need to show to general voters on the main street that they are concerned for them. Well I may be drastically wrong as substantial numbes from dem’s have voted NO too.
So the bill will come for vote again after modifications?
May be DOW goes to 10000 and FED announcs emergency rate cut on Wednesday? Info courtesy kitco memebr cyclist.
09.29.08 at 7:24 PM
>I could not have been more wrong yesterday could I?
And I do think in the long run, not having a bailout might work out better for U.S. However, apparently they are going to vote on it again. I suspect this time it will get passed.
I think quote of the day has to be Arnold Klings’ over at EconLog
“Think of the mortgage securities market as a poker game being played on a ship. The game is grinding to a halt, because so many players have lost most of their chips. So they come out on deck and shout, “Emergency! Emergency! The ship is about to sink! Everybody needs to give the ship’s Bursar authority to play poker, using money from the ship’s vault!”
It’s not clear that the ship is sinking, or how reviving the poker game would help if it is.”
Anyway at least I am seeing pretty nice movements in Gold so that is something that is falling in place.
But I do have a fairly large chunk of cash lying around and no place to invest which probably explains my lurking around trying to get more information :-)
I can’t see any good short term 1-2 year investment, least of all one that has a pretty good chance of beating this obnoxius inflation
09.29.08 at 7:51 PM
>DK: Let’s see – things may not be as bad as they seem. Thanks for the econlog quote!
Wait and watch. Buying opps coming up very soon I think, and we are reaching a point where gold should be attractive in Indian rupees. The dollar is likely to rise against the euro in the next two years so that’s a trade one can bet on.
Safety lies, right now, in diversity. But don’t be afraid of cash. Cash is your friend. We will soon see deflationary times.
09.29.08 at 8:15 PM