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October 24, 2008
Oh no.. World markets collapse..
This has been the worst week for world in years and today the DOW is going to get creamed! Do believe now that Real Estate prices will hold up? I just want to thanks for nothing.
RIP Mutant Asset Bubble...
http://www.bloomberg.com/
Comments
As of 8:28 The market is in lock down limit!!!!! This is code red!!
The What
Someday this war is gonna end...
Posted by: what at October 24, 2008 8:28 AM
As I have no money in the stock market and can't do anything about it anyway I choose to enjoy my day and hope you enjoy yours.
Posted by: wasder at October 24, 2008 8:31 AM
"Lock down limit" That's a new one!!!! You experienced "lock down" before!!!???
Look for over 4B shares to trade on NYSE...the cathartic sell-off...much welcomed!!!
Posted by: daveinbedstuy at October 24, 2008 8:33 AM
yawn
Posted by: lincolnlimestone at October 24, 2008 8:42 AM
This will be the capitulation in my opinion. The markets are pricing in a severe recession in one fell swoop. Amazing deals on quality companies out there. Once the panick clears it will be evident.
Sorry What - Life will go on. Enjoy your day.
Posted by: newsouthsloper at October 24, 2008 8:52 AM
Is the "cathartic sell-off" the same as the "capitulation"? You both think some good can come of this day? Since I don't know much about this stuff, it sounds really scary this morning
Posted by: QuartersB at October 24, 2008 9:06 AM
yes, same as capitulation. Lots of bargains out there once markets stabilize. The latter of course being the problem!!!!
Posted by: daveinbedstuy at October 24, 2008 9:11 AM
Good morning What, got your coffee? Or maybe sheer adrenaline will carry you through the day?!
I had a dream, last night, that I met you! We were in a sunny room drinking coffee and talking politics - kinda perfect, no?!
I'll tell you the thing that has my attention this beautiful morning - this City Council vote! And Yassky - who I used to like - voted Yes. grumble, grumble, sputter, sputter, GRRRRR.....
Posted by: cobblehiller at October 24, 2008 9:22 AM
Awesome photo What.
I check the forum first thing every morning to see what new Armageddon photo you've found.
This is the best yet
Posted by: CobbleHilller at October 24, 2008 9:22 AM
I wrote about this yesterday. Many didn't believe me. If we can get thru today without breaking 7800 and staYING UNDER at the end we should be ok. But in this market nobody knowss..
Posted by: HOBOKENROCKS at October 24, 2008 9:32 AM
dave I am hoping for a big selloff with big volume and alot of scared people running from the market. I will get in on BIDU AND AAPL. Those babies are moving if we go up...
Posted by: HOBOKENROCKS at October 24, 2008 9:37 AM
....rewind....
"Hoboken, chicken bones and tea leaves mean nothing in this market."
....pause....
Posted by: lechacal at October 24, 2008 9:39 AM
from wikipedia:
Three phrases - Black Thursday, Black Monday, and Black Tuesday - are used to describe this collapse of stock values. All three are appropriate, for the crash was not a one-day affair. The initial crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 28 and 29, 1929) that precipitated widespread panic
Black Thursday (October 24, 1929)....and 2008?
Posted by: Pastabatman at October 24, 2008 9:42 AM
I'm just so ecstatic that my Adobe Pop Up security problem has been fixed that it doesn't matter what the market does.
It would be a strong signal to see the market sell off to below 8000 and then close higher.
I know this is mumbo jumbo to maost of you but the EUR-JPY ( The Euro-Yen rate) is key to the markets willingness to assume more risk, and therefore go higher. If you can watch it and it moves back up to the 120s range from the current 117 then the stock market will rally.
Yes, this sounds like a load of voodoo horseshit but thats the type of market we're in!!!
Posted by: daveinbedstuy at October 24, 2008 9:43 AM
"This will be the capitulation in my opinion. The markets are pricing in a severe recession in one fell swoop. Amazing deals on quality companies out there. Once the panick clears it will be evident."
They are pricing in a DEPRESSION!
"I'll tell you the thing that has my attention this beautiful morning - this City Council vote! And Yassky - who I used to like - voted Yes. grumble, grumble, sputter, sputter, GRRRRR....."
I know I know! That was some bullshit! That goes to show you that our "democracy' is bullshit. Money rules the day and I hate Bloomberg now. Maybe this will cause a wave of indignation and they will vote him out!
Hey Dave, is your Hedge Fund still down 3% you lying motherfucker?! I believe all of you Assfucks are getting hit by margin calls! Plus the reason why thing are so cheap is because the Hedge Funds are all dead! At lease you have the "Butternut" to fall back on, NOT!
No ask yourself on question: What will be the impact of the implosion of the Mutant Asset Bubble on Brooklyn Brownstone prices and BTW Atlantic Yards is dead..
The What (I told ya)
Someday this war is gonna end...
Posted by: what at October 24, 2008 9:44 AM
Pastabatman....that market back then didn't bottom until June 1932!!!!!!!!!!! It was black 3 1/2 years
Posted by: daveinbedstuy at October 24, 2008 9:45 AM
Ok. So now I have everything liquid in Yen and Dollars.
I'm still holding some very bad stocks but can't get rid of them now. There in my retirement fund- so I try not to cry or look at them.
As for housing prices. It doesn't matter if they go down because at this point there are NO buyers. A close friend just got laid off from Morgan and will probably have to sell next year.
He will never get a job that paid as much- lucky for him he saved. But it will surely be a change in lifestyle. Which is good because this is the same person that spent 25K on a bachelor party in Miami.
Posted by: 7andfive at October 24, 2008 9:47 AM
lethacal take a look at my posts and tell me if my charts which have nothing to do with tea leaves or what ever else you wrote are working. Check my previous posts and see if they were accurate..
Posted by: HOBOKENROCKS at October 24, 2008 9:49 AM
sigh.
no shit dave. I just thought it was insane that october often shakes and moves.
Posted by: Pastabatman at October 24, 2008 9:49 AM
My last post to Hoboken probably came out wrong. I don't mean to suggest that price trends don't matter. That would just be stupid. I was trying to articulate that charting gives people a false sense of comfort that some sort of scientific order exists in a market ruled by human emotion. Doubly true in today's market (and I don't use "today" in the broader sense).
Posted by: lechacal at October 24, 2008 9:50 AM
Yes, they are pricing in DEPRESSION which, by the way, by definition is not going to happen. That is why we will get a rally soon. The adjusted monetary base has gone through the roof. All this money that's sitting out ther "on hold" is about to go somewhere. Gold is selling off because this is a panick of selling...people are selling everything because of their margin calls. Only fools are still getting margin calls in this environment.
None here What.
Posted by: daveinbedstuy at October 24, 2008 9:52 AM
Just a coincidence pastabatman!!
Posted by: daveinbedstuy at October 24, 2008 9:53 AM
"Yes, they are pricing in DEPRESSION which, by the way, by definition is not going to happen. That is why we will get a rally soon."
Famous last words.
"The adjusted monetary base has gone through the roof. All this money that's sitting out ther "on hold" is about to go somewhere."
Yeah it does have "somewhere" to go Dave, the black hole.
"Gold is selling off because this is a panick of selling...people are selling everything because of their margin calls. "
No flying Eagle shit! Dave the MOTO...
"Only fools are still getting margin calls in this environment."
Dave=Fool
"None here What."
hey Dave you can join your buds on the unemployment line with your Brownstones in the Ghetto, LMMFAO!!!!
The What
Someday this war is gonna end...
Posted by: what at October 24, 2008 9:57 AM
I'd rather be in my brownstone in the ghetto than in Lodi, NJ. On top of unemployment I think I'd commit suicide if that was my plight!!
You gone to the cheese line yet What???
Posted by: daveinbedstuy at October 24, 2008 10:04 AM
Trading will probably be suspended before the end of the day.
Dave- everyone is hoping for a rally soon. but the job reports and company financials just won't make that possible.
Posted by: 7andfive at October 24, 2008 10:10 AM
"I'd rather be in my brownstone in the ghetto than in Lodi, NJ. On top of unemployment I think I'd commit suicide if that was my plight!!"
Hee Hee.. What's wrong Dave? Are you seeing your future swirling down the drain? Remember you are a 52 year old Douche stuck in the Ghetto. you bet went bad and you're fucked. Let's see how "well" you do. You are about to see the Real New York, the one I grew up in. Most of you Asshats are getting Pink Slip today. Clean out your fucking desk and get the fuck out! The powers that be has brought back the 70's and the 80's. Goodbye Asshats don't let the door hit you on the way out.
The What (The King of Asshat Hill)
Someday Dave is gonna end...
Posted by: what at October 24, 2008 10:16 AM
"Dave- everyone is hoping for a rally soon. but the job reports and company financials just won't make that possible."
Dave is clapping his but checks saying "please take be back, please take me back, please please".
ROTMMFLMMFAO!!!!!!!!!
The What
Someday this war is gonna end...
Posted by: what at October 24, 2008 10:20 AM
http://www.worldofwar.net/gallery/data/500/southpark.jpg
Remind you all of anyone?
Posted by: lechacal at October 24, 2008 10:23 AM
As the markets crash
On a cold and gray Brooklyn mornin
A poor 52 year old white douche lives
In the ghetto
And the What cries
cause if theres one thing that he dont need
Its another hungry mouth to feed
In the ghetto
People, dont you understand
The hedge fund manager needs a helping hand
Or hell grow to be an angry young man some day
Take a look at you and me,
Are we too blind to see,
Do we simply turn our heads
And look the other way
Well the world turns
And a hungry old man with a runny nose
Plays in the street as the cold wind blows
In the ghetto
And his hunger burns
So he starts to roam the streets at night
And he learns how to steal
And he learns how to fight
In the ghetto
Then one night in desperation
The 52 year old douche breaks away
He buys a gun, steals a car,
Tries to run, but he dont get far
And the What cries
As a crowd gathers round an angry young man
Face down on the street with a gun in his hand
In the ghetto
As her young man dies,
On a cold and gray Broolyn mornin,
Another little baby child is born
In the ghetto
Posted by: daveinbedstuy at October 24, 2008 10:26 AM
"Oh nooooo! Look who they let in the front door! From Long Beach to Brooklyn..." - Nate Dogg, Mos Def, Pharoh Monch
Youtube it. Nice soundtrack for this thread.
Posted by: DOW8000SP800 at October 24, 2008 10:52 AM
Dear what,
Why are you routing for the end of the world? You are a lunatic, my dear.
Donatella
Posted by: donatella at October 24, 2008 10:56 AM
someone posted this a few days ago on another thread and although i've seen it before i had completely fogotten about it...I have to add it to my favorites..it's ariot...and believe it or not, the What loves it too
www.diehipster.com
Posted by: daveinbedstuy at October 24, 2008 10:57 AM
Lechacal--nice picture. Definitely reminds me of someone. Missing the big tube socks but otherwise pretty accurate.
Posted by: wasder at October 24, 2008 11:02 AM
I'll grant the What ONE similarity to the great depression...Around 1930, there were about 50 different manufacturers of automobiles in the U.S.. beginning around 1934 they either went bankrupt or started to merge with each other. This is when General Motors and Chrysler were formed.
It does look like there will be some combination of Ford, Chrysler & GM. Yes, the current economy is the straw that broke the camels back most of the other straws in the basket can be attributed to the unions.
Posted by: daveinbedstuy at October 24, 2008 11:05 AM
"It does look like there will be some combination of Ford, Chrysler & GM. Yes, the current economy is the straw that broke the camels back most of the other straws in the basket can be attributed to the unions."
Hey Dave Shut the fuck up! This whole thing was cause by greed and delusion. Bush and Co. was involved in the greatest assraping in America!
The What
Someday this war is gonna end..
Posted by: what at October 24, 2008 11:09 AM
"As the markets crash
On a cold and gray Brooklyn mornin..."
Nice one, Dave.
Posted by: SnarkSlope at October 24, 2008 11:09 AM
"Hey Dave Shut the fuck up!"
Very testy this morning What. Did your Cobra run out and now you have no more meds???
Posted by: daveinbedstuy at October 24, 2008 11:13 AM
I am hoping for a huge rally but because I want to short it. At this point I can't be short because I am not sure what the government will do. If the government was smart they would buy up these homes on foreclosure and sell them half price to our military families. All of a sudden you have less supply and the moral hazard of helping people who speculated is out the window. If the military families got this kind of help I for one would be happy and not pissed as the asshats who started this problem are getting helped.
Posted by: HOBOKENROCKS at October 24, 2008 11:14 AM
So what do you all think of Madonna and Guy Richie's split? Did any of you see that one coming??
Posted by: TownhouseLady at October 24, 2008 11:14 AM
"Why are you routing for the end of the world? You are a lunatic, my dear."
No baby I'm routing for the end of Douchizm. I want all of you assfucks to leave my city or go back to your fucking caves. All Asshats, Hipsters, Douches and Assfucks please get out! Remember when you was saying that bullshit to me well the Ghetto will reclaim it's space.
Don't let the motherfucking door hit you on the way out!!!!
The What
Someday this war is gonna end...
Posted by: what at October 24, 2008 11:15 AM
Thats a good idea Hoboken. Certainly that kind of low cost ownership was provided after WWII. I applaud this idea.
Posted by: daveinbedstuy at October 24, 2008 11:16 AM
Do you guys think I can get the Brooklyn Heights townhouse for 800 k cash? I will wait to see if they drop that low. I for one think that the reflexive process of dropping asset prices may just have begun... I hope I am wrong because I hate seeing people hurt but I would be able to get that townhouse for 800k
Posted by: HOBOKENROCKS at October 24, 2008 11:18 AM
And so, as we all knew it would, a recovery begins.....
Oct. 24 (Bloomberg) -- Home resales in the U.S. rose more
than forecast in September, aided by foreclosure-driven declines in prices that made properties more affordable.
Purchases of existing homes jumped 5.5 percent last month to a 5.18 million annual pace, the highest level in a year, the National Association of Realtors said today in Washington. The median price dropped 9 percent.
And I think Madonna could have done better than Guy Ritchie.
Posted by: daveinbedstuy at October 24, 2008 11:19 AM
Thanks I think its something that would make everybody happy. I have no problem with the families of people who protect our country getting homes at great prices.
Posted by: HOBOKENROCKS at October 24, 2008 11:20 AM
Hoboken...on that last point, keep dreaming. There will never be an end to "Douchizm" as the What characterizes it. The pricing on that remsen Street place the other day proves that!!!!
Posted by: daveinbedstuy at October 24, 2008 11:22 AM
I know prices haven't moved much in the better places. And I doubt they will drop alot unless we truly hit the shits. Here in Hoboken prices have not really dropped. Even in downtown jersey city prices have only dropped about 5 -10 percent. But I still see a drop of 10 -15 percent for all the best areas still to come.
Posted by: HOBOKENROCKS at October 24, 2008 11:29 AM
"Oct. 24 (Bloomberg) -- Home resales in the U.S. rose more
than forecast in September, aided by foreclosure-driven declines in prices that made properties more affordable.
Purchases of existing homes jumped 5.5 percent last month to a 5.18 million annual pace, the highest level in a year, the National Association of Realtors said today in Washington. The median price dropped 9 percent.:
RRRRRRRRRRRRRRRRRRRRRRRRRRIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGGHHHHHHHHHHHHHHHHHHHHHHHHHHHTTTTTTTTTTTTTTTTTTTTT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The What
Someday this war is gonna end..
I knew someone would post that bullshit....
Posted by: what at October 24, 2008 11:30 AM
Well they either did or they didn't What. Depite sometimes being poorly written, Bloomberg stories don't distort the facts.
Why I can remember you cutting and pasting a lot of Bloomberg stories yourself.
Double standard????
Posted by: daveinbedstuy at October 24, 2008 11:36 AM
I'm seeing a lot of money coming from weird places wanting to invest in real estate right now. The Fed actions of the last several months have had impacts, and smart people are taking risks as we speak. Don't believe the hype. The same media that parroted that home prices will never go down and the same people feasting on the 'panic' story. Many people will look back after several years and realize that they missed an equity buying situation.
Posted by: lincolnlimestone at October 24, 2008 11:39 AM
Well I suppose foreclosure-driven sales are better than nothing!
Posted by: bridges at October 24, 2008 11:40 AM
'end of Douchizm'
What, please put together a dictionary.
What's Whatisms - A Guide for the everyday Asshat
Posted by: bayridgegirl at October 24, 2008 11:40 AM
You can't have it both ways Whatless. You post articles all the time that you think proves your point, but ignore the ones showing hard facts that show you are wrong? You can't keep your head buried in the sand as long as you like, but you better watch your ass when it's out there all exposed.
Posted by: DarkStar at October 24, 2008 11:42 AM
DarkStar...please don't get him started on the anal references again.. It lessens his credibility.
Posted by: daveinbedstuy at October 24, 2008 11:45 AM
"I want all of you assfucks to leave my city or go back to your fucking caves."
I was born here dumbf**k.
Posted by: wasder at October 24, 2008 12:20 PM
Saying "Watch your ass" isn't an anal reference, but I'll try not to give him any chances to lessen his credibility.
Posted by: DarkStar at October 24, 2008 12:48 PM
See Dave I always liked you until you said this:
"other straws in the basket can be attributed to the unions."
See if we had more unions then wages would not be stagnated in this country and CEO would not be able to steal as much. It was also stops the likes of Walmart and others from exploiting and enslaving undocumented workers.
No unions are not what caused the demise of the American car companies. Their lack of vision to the changing market is what really caused them to go under. FYI- every car I've ever owned was made in a union shop and I've never owned an American car.
Posted by: 7andfive at October 24, 2008 1:12 PM
Anyone able to look in their crystal ball and see the market closing down 9% or more today? Since the action has been taking place in the last hour of trading lately, it is possible that the last 30 minutes will be stunning. Then the Fed will cut rates over the weekend and we will claw our way back up a percentage or two on Monday. Problem is, then we'll be out of our usual bullets, and then it's really going to fly. Just a thought. TGIF!
Posted by: MacD at October 24, 2008 2:04 PM
Dave, 7andfive, all: There were a lot of car companies back then and they consolidated because it was a new industry. Same with radio. Same with pretty much all industries before and since. I think the patterns are going to be slightly different now with the Internet. Goodbye, traditional media and retail, we don't need you any more. Agree with 7andfive re unions. Agree with What, current crash was caused by greed and delusion -- the deregulation was invented by the neoconservatives and happened under Reagan, Bush and (to a lesser extent -- he wasn't the architect of it but he want along with it) Clinton.
Posted by: mopar at October 24, 2008 2:21 PM
Yes, 7andfive...we've had this discussion before. I just site all of the most heavily unionized industries as my evidence...steel, autos, airlines and anything to do with the government. All are bastions of efficiency and, where they are private enterprises are amongst our best and most profitable industries. NOT
Posted by: daveinbedstuy at October 24, 2008 2:42 PM
There's plenty of blame to go around with the American car companies. 7&5, I used to own nothing but American cars but my last two have been German, which as you wisely point out is a unionized craft-based society with higher wages than in the USA.
On my late '80s Mustang GT that I ordered with one option, AC, it was delivered to the dealer without it. The dealer installed AC never did work right.
My last trip into Detroit hell was a Chrysler Eagle Vision TSI. The tranny failed at 30k miles, the second one after another 20k. Chrysler refused to pay a dime and in fact all the trannies on that platform failed prematurely.
Other than the Mustand GT and the Corvette, there ain't an American car I'd be caught dead driving anymore. With the depreciation you get byuing American, it's cheaper to drive Japanese or German anyway.
My Audi A6 CPO lost a catalytic converter, replaced under warranty, not a single other problem in 50k miles. With the kid outta the house, I can drive smaller and I also saw this oil thing coming so now 328xi. Fuel level sensor replaced at once (known issue) under warranty. I plan to keep this one 100k miles easy.
The Asshats in Detroit who claim Americans only want trucks is rank stupidity. Plus GM must have ten full-time economists on staff and get every research report under the sun and they still couldn't get the oil thing right, or at least hedge by building a couple of decent small cars. What a bunch of pathetic fuck-ups.
DIBS, I hope you're right about a merger but I see GM filing for bankruptcy. If they do Ford will follow suit.
Posted by: denton at October 24, 2008 3:25 PM
Dave,
The airlines problem have to do with deregulation and service. Why is that more people than ever are flying but none of those yahoos can make a profit? With deregulation the US carriers decided to go with the non efficient hub system. And they also decided to cut back on customer service- people are willing to pay more for good service (just ask Virgin Atlantic).
As for the steel nope also wasn't caused by unions. Those jobs got shipped overseas- they decided that nope we don't want to give US workers a living wage, a pension and healthcare. And our government gave them tax breaks to do it. SHAME
Posted by: 7andfive at October 24, 2008 3:25 PM
Hoping for a 400 pt down day. That way Monday can sell off close to 10 percent and hopefully bounce up. So I can buy for the next bear market rally...
Posted by: HOBOKENROCKS at October 24, 2008 3:43 PM
Funny how much talk about cars there is on this site.
Posted by: mopar at October 24, 2008 3:55 PM
High five for 7andfive!
Posted by: SnarkSlope at October 24, 2008 4:18 PM
mopar, cars, stocks, and RE--all fine examples of depreciating assets!
Posted by: denton at October 25, 2008 10:19 AM
Go back to your Irish Times denton!!!!! LOL
Posted by: daveinbedstuy at October 25, 2008 1:35 PM
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