Gold Jumps $40 Today,...Stock Market Loses A Year's Worth Of Earnings Today.

[Rastus]

Gold will continue to rise.
Absolutely since we are tacking on 7 trillion in debt over the next 10 years....at a minimum.

Dollar flux, make folks nervous, internationally.....Sure it will pull back,...a few bucks compared to the Dow? Trillions were lost over the last week (on paper), gold dropped a few bucks, so did oil..
Gold supposedly dropped because of sales to cover margin calls.  We'll see..but that's the only reason I can see for gold going down today.

The SEC tightened up it's regs since then, and we'll just have to see how much worse it gets...
I have less faith and a big part of that is demonstrated lack of enforcement and creative bookkeeping to be in technical compliance. 

As there is no good news as of late....
Might sound pretty good in a couple of years though..... 

Ex. Oil dropped a good bit to $86-88 per barrel,....how fast do you think it will get to the pump,???

It won't. 
Never really has, the middleman and the people who sell you a pint of water for $1.40 (who are always losing money by the way) will keep the price up....my company has price adjustments down tomorrow on the oil we sell...but you are right you won't see it at the pump.

[tombogan03884]

Many of you do not seem to understand.
If you graph it out on a chart the current economic situation mirrors the events of 1929, only deeper.
 Today's mini crash has been predicted for a couple years, it is a demonstrable result of governments continued meddling with the economy.
Never forget, in 1942, or 43, Congress held hearings into the "Great Depression", they were overshadowed by the war and never got the attention they deserved.
At that time, Morganthau, the Secretary of the Treasury testified that all the millions that had been spent accomplished nothing. Take away the war and there would still be no jobs . This was born out by the massive unemployment at the close of the war. It took the beginning of the Cold war and the rise of the automobile to get things going again coupled with exports to a still crippled Europe.
We don't have those options any more. The wars in Iraq and Afghanistan are keeping 500,000 people off the unemployment rolls, but due to the complexity of modern military hardware you can no longer manufacture cars, or spatula's today and tanks or knife sheaths tomorrow. (Look a the original sheaths for British Commando daggers    )
With Europe failing economically we can't rely on filling their manufacturing shortfalls because we have out sourced all our manufacturing. You notice that places like China,and Malaya aren't doing to badly ?
We are f*cked, and the only way out is to cut all government spending to the bone immediately, Make the Bush tax cuts permanent, start drilling our own oil,  and get Govt. the hell out of the private sector completely .
That will lower oil prices, bring stability to the market and give an incentive to investors who are currently sitting on their cash rather than investing and losing it to taxes and GM style nationalization.
This will create jobs which will put more people paying taxes which leads to increased revenue to pay off the debt, which will lead to further growth which will mean more jobs and more tax revenue etc etc.
Of course liberals and idiots don't learn from history, they just repeat it.

[Rastus]

Many of you do not seem to understand.
<snip>
Of course liberals and idiots don't learn from history, they just repeat it.

Certainly this is not the same as the recessions of the 60's, 70's and 80's.  The dynamics are far different.  We actually have people in office running the country who want to crash the system to build some kind of European style utopian government paradise...then there is that selfish thing for power, money and never-ending greed.  This stock market "plunge" is far from over...it may take a bit to hit bottom, but this "ain't nothin' yet". 

[tombogan03884]

It'll have little ups and downs, but the basic trend will either be flat or down.

[Badgersmilk]

NOT to take the side of our worthless pc a $#it government!  But with their media scare tactics aside.  If I and most people I know sat back and really look at what we've got at the time in life we're at, we're ahead of where our parents were at the same age. 

And it's not because we worked any harder to get it!

[Sponsor]

[Rastus]

NOT to take the side of our worthless pc a $#it government!  But with their media scare tactics aside.  If I and most people I know sat back and really look at what we've got at the time in life we're at, we're ahead of where our parents were at the same age. 

And it's not because we worked any harder to get it!

This is not a trick question and I agree with you.  Why do you think your standard of living is better?

[crusader rabbit]

NOT to take the side of our worthless pc a $#it government!  But with their media scare tactics aside.  If I and most people I know sat back and really look at what we've got at the time in life we're at, we're ahead of where our parents were at the same age. 

And it's not because we worked any harder to get it!

IF you are better off, congratulations. You are one of the few I know.  Most of my contemporaries (62 + years) are scrambling to meet obligations.  My own dad retired completely at 62.  He and Mom had a nice stock portfolio, money in the bank, and a great pension plan with solid medical benefits.  Thank God for the VA, or I would be a total cripple at this point in my life. And we still struggle to pay Bunny's insurance every month.  One pal is 80 and is still putting in 20 hours a week with West Marine because his retirement plan just plain ran out of funds.  Me and mine?  I am hoping there's gonna be something left for me to inherit.  And I did it all correctly--saving, investing, living below my means and banking the rest.  Between stock market crashes, real estate crashes, and inflation, I am not quite destitute, but I won't have anywhere near the retirement my folks have enjoyed.

So Badger, if you are living above your raising, get on your knees and thank the Man Upstairs.  You're one of the few I know.

Sheesh...

[tombogan03884]

BM, How much of that "stuff" do you own, and how much of it does the bank own ?
The trend for the last 20-30 years has been that you will not do as well as your parents did.
The trend of upward mobility in American society has been slowing for decades.

[Badgersmilk]

We were in debt up to our #@@'s just a few years back.  But we sold off a lot of the high dollar toys, along with the biggest mistake we ever made in all our lives / the source of 70% of our total debt and spending.  Yep, the house.  Anyone who thinks they "own" a house is simply a fool to the media.  Miss a single tax payment, see how long you "own" that house.  Local government wants your land?  "Imminent domain", out the door you go!  Upkeep, taxs, repair expenses, it goes on and on and on.  "Own" a house  .  

Our total outlay of cash now.  Rent, elec., phone, internet/cable, car expenses (insurance, tags).  We have cash in the bank, a grand total of $240 in credit card debt (you have to use the card to maintain your credit rating), own our car, and have a third scooter on the way as I type this.  With the money we got from selling off all our old stuff we moved here and bought everything in our home new in the last two years.  

I'm 41 and partially retired.  My dad worked till he was 67 because...  You guessed it, paying on their house.

Yeah, I was dumb enough to buy a house.  Actually, talked into it by my retarded @$$ father in law!    And got buried in debt just like him and the rest of the country.  After a trip overseas we saw just how STUPID americans are!  Saw the way we were living for what it was, and got out of it!  Anyone can do it.  It's called living within your means.

Lots of people growl about our country needing to learn how to do it.  How can you say they're fools if you can't do it in your own home?

The delivery guy who dropped off our last scooter a few days ago said.  "You've got money, why don't you get a big'ol Harley or something?!?"  All I could think was "Typical american".  

I served my country, and I'll start capitalizing the name of it again when I don't have to be ashamed of it.  



And yeah, I thank God for what he's given me several times a day!

[JC5123]

Look, the world isn't ending as we know it. A sellers market today will be a buyers market tomorrow, or next week, or whenever. Don't start sounding like these guys on these survival forums who want everything to crash. Is the economy bad? Yes. Could it get worse? Certainly. Is this going to mean blood in the streets? Not yet, and not by a long shot.

People are waiting to overreact, and coming up with endless excuses for it. Companies are sitting on a lot of cash. No one is hiring because they are afraid. Hussein is on borrowed time. All that is happening is a lot of talk, along with reactionary jerking. Do you see the big money people pulling out, buying silver, and heading for the hills? No, and you won't. Gold and silver tumbled along with the Dow and S&P. That should tell you something right there. If one dumped and the other went to Pluto, there might be something to worry about. Silver and gold are both over inflated at the present time. It's only the camo cowboys hiding in mommies basement that think much different, and who cares what they think? Last I looked no one got financial advice on a survival forum.

Today there was a sell off. Tomorrow there very well might be another one. Stocks are way overpriced, and have been for a while. Does it make sense housing and real estate has dumped over 65% in many areas, while the Dow holds at 12,000? Not hardly. This has been a long time coming.   Bill T.

Yes! You sort of do.


http://www.downrange.tv/forum/index.php?topic=17144.0

http://news.yahoo.com/more-faa-shutdown-air-subsidies-071241612.html

WASHINGTON (AP) — On the surface, the partial shutdown of the Federal Aviation Administration is about whether to cut $16 million in air service subsidies, a pretty small amount in this town. Underneath are layers upon layers of political gamesmanship that, at its heart, is about whether Democrats or Republicans get to call the shots in Congress.

The immediate price is high. Already, 4,000 FAA employees have been furloughed, more than 200 construction projects have been halted and an estimated 70,000 other private-sector workers affected. Air traffic controllers and safety inspectors remain on the job because the agency still has money from another pool of funds to pay them.

The government has been losing about $30 million a day in uncollected airline ticket taxes since the shutdown began on July 23, when FAA's operating authority expired. If it's not resolved until after Congress returns from its August recess in early September, lost revenue will tally about $1.2 billion.

>>>>>>>>>>>>>>>>>>More at link >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

http://news.yahoo.com/stocks-plunge-economic-europe-worries-continue-164535320.html

NEW YORK (AP) — The Dow Jones industrial average plunged more than 300 points and erased its gains for the year as investors grew more concerned about economic weakness in the U.S. and Europe.

The Standard & Poor's 500 index fell more than 3 percent, bringing it 10 percent below its recent high of 1,363 reached on April 29. A decline of 10 percent is considered to be a market correction. The Dow Jones industrial average is now down more than 1,100 points from July 21.

Oil fell 4 percent to $88 a barrel on worries demand will fall because of the slowing economy. Oil had traded over $100 as recently as June 9.

"We are continuing to be bombarded by worries about the global economy," said Bill Stone, chief investment strategist at PNC Financial.

The Dow Jones industrial average fell 325 points, or 2.7 percent, to 11,571 in midday trading. The S&P 500 lost 39, or 3.3 percent, to 1,221. The Nasdaq composite shed 89, or 3.3 percent, to 2,603. The losses in the Dow were the largest since June 2010, when it fell 323 points.

Money poured into investments that are seen as relatively safe when markets are turbulent. Gold rose 1 percent to $1,680 an ounce. The yield on the 10-year Treasury note fell to 2.51 percent, its lowest level of the year. The yield on the 2-year Treasury note hit a record low of 0.265 percent. Bond yields fall when demand for them increases.

Large investors have moved so much money into cash accounts at Bank of New York that on Thursday the bank said it would begin charging some clients a 0.13 percent fee to hold their cash.

"In the past month, we have seen a growing level of deposits on our balance sheet from clients seeking a safe-haven in light of the global interest rate and credit environment," the bank said in a statement to The Associated Press. Bank of New York clients include pension funds and large investment houses.

"Investors are deciding that now is the time to take risk off the table," said Brian Gendreau, market strategist for Cetera Financial Group. Gendreau said that some investors are now wondering whether stocks will have a prolonged slump similar to the aftermath of the Great Depression.

European stocks fell broadly because of concerns that Italy or Spain may need help from the European Union. The benchmark stock indexes in Italy, Germany and England each fell 3 percent.

Companies that make most of their profits when the global economy expands fell the most. Caterpillar, Alcoa and Chevron led the Dow lower with losses of nearly 4 percent each.

Some traders are selling ahead of Friday's employment report, which is expected to show that unemployment remained at 9.2 percent last month. A rise in the unemployment number would likely push stocks lower again.

>>>>>>>>>>>>>>>>>>>>>>>>>>>More at link <<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<

So much for "Recovery".