Stock Market Blues
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moira finnie
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Stock Market Blues
Well, unless you are blissfully unplugged from the world, you no doubt know what is happening on the world's stock markets today. Does anyone else think that this apparent bonfire is being fed an unnecessary amount of oxygen by the 24/7 wall to wall coverage of the news on cable?
Last edited by moira finnie on October 6th, 2008, 3:08 pm, edited 2 times in total.
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movieman1957
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Yes.
No doubt the media's never ending attitude that everything is a crisis of biblical proportions has helped this along. I am sure there are lots of reporters all nodding their heads and biting their lips when the story is thrown their way. "We haven't seen anything like this..."
On the other hand, being a financial novie, I find it interesting that Wall Street and the banks got a bail out and still everything is going down hill. Someone told me it is all about confidence in the market.
Your tax dollars at work.
No doubt the media's never ending attitude that everything is a crisis of biblical proportions has helped this along. I am sure there are lots of reporters all nodding their heads and biting their lips when the story is thrown their way. "We haven't seen anything like this..."
On the other hand, being a financial novie, I find it interesting that Wall Street and the banks got a bail out and still everything is going down hill. Someone told me it is all about confidence in the market.
Your tax dollars at work.
Chris
"Time flies like an arrow, fruit flies like a banana."
"Time flies like an arrow, fruit flies like a banana."
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jdb1
Absolutely.
Since there aren't any hurricanes around for the TV news to point to as the imminent end of the world, the stock market will do nicely. I did look in on TV this weekend to see if I could hear any common sense amid the hysteria. What I heard were a whole lot of people literally shouting at me to essentialy stuff my money into my mattress, and then hide under the bed.
I knew all that elementary school "duck and cover" practice would some day come in handy.
It's been a long time since I heard anyone on mainstream television refer to the Panic of 1873. Not enough to shout "Recession!" or "Depression!!" We're already up to "Panic!!!" What's next? Gotterdammerung? Hah! Let's hear the 8X10 glossies on CCN pronounce that one correctly.
Since there aren't any hurricanes around for the TV news to point to as the imminent end of the world, the stock market will do nicely. I did look in on TV this weekend to see if I could hear any common sense amid the hysteria. What I heard were a whole lot of people literally shouting at me to essentialy stuff my money into my mattress, and then hide under the bed.
I knew all that elementary school "duck and cover" practice would some day come in handy.
It's been a long time since I heard anyone on mainstream television refer to the Panic of 1873. Not enough to shout "Recession!" or "Depression!!" We're already up to "Panic!!!" What's next? Gotterdammerung? Hah! Let's hear the 8X10 glossies on CCN pronounce that one correctly.
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moira finnie
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Vecchiolarry
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Hi,
I always watch the news in the morning becvause the people on then are more humourous, level-headed and are really just statring out in the field.
I don't mean "Good Morning, America" or "Today" or those other overproduced glitzy starry ones; but ones like "ABC News Now".....
Most of the nightly news shows are just that - SHOWS - with stars who are announced and thanked and praised for telling us nothing more than Bush has a hang-nail...
All of them are 'talking heads' and some cannot even pronounce words correctly or know the meanings of them...
Have you ever wondered why they call it NEWS when it's all the same old rehash of yesterday's BS and the day before's cow turds??
There's not much new under the sun - it's all been seen, heard and done before.
The only real news that will knock me off my recliner is: "Paris Hilton Elected President" and the world rejoices!!!
Larry
I always watch the news in the morning becvause the people on then are more humourous, level-headed and are really just statring out in the field.
I don't mean "Good Morning, America" or "Today" or those other overproduced glitzy starry ones; but ones like "ABC News Now".....
Most of the nightly news shows are just that - SHOWS - with stars who are announced and thanked and praised for telling us nothing more than Bush has a hang-nail...
All of them are 'talking heads' and some cannot even pronounce words correctly or know the meanings of them...
Have you ever wondered why they call it NEWS when it's all the same old rehash of yesterday's BS and the day before's cow turds??
There's not much new under the sun - it's all been seen, heard and done before.
The only real news that will knock me off my recliner is: "Paris Hilton Elected President" and the world rejoices!!!
Larry
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charliechaplinfan
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jdb1
I've been having a very frustrating few days lately. My daughter will be graduating from college at the end of the year (that's December, not next June). Normally, this would be a cause for celebration, but with the economy in such shambles, her job prospects are pretty grim.
Add to this the fact that her health insurance coverage under my employer-sponsored policy will also end in December, once she is no longer a student. I"ve been scrambling to find her some kind of insurance coverage for the coming year. The monthly premiums are unbelievable. It looks like an extension of coverage under the COBRA rubric is actually going to be the least expensive, and that would be more than $500/month. That's a surprise.
New York State has boxed its residents into a corner with its draconian insurance laws. Margo is too "rich" on paper to qualify for any kind of subsidizing that's on offer for recent graduates to tide them over until they find employment. Plus, in order to qualify for that you have to have worked for some part of the last 12 months. Students these days can't find work. All Margo's work has been gratis, as an intern. There are short-term insurance programs around the country, but I haven't found any available in New York.
Now, add further the idea that I could be out of a job myself at any time and without insurance, and also without the means to pay for insurance for myself or my unemployed daughter. Even if my stock market-invested pension money isn't doing too badly yet, I'm not about to withdraw it because of the huge early-withdrawal penalties involved. So that means we eat up our savings over the next year or two. What's a mother to do, except hope, hope, hope, there really is that much- vaunted "Change" coming from somewhere. Ah, me.
Add to this the fact that her health insurance coverage under my employer-sponsored policy will also end in December, once she is no longer a student. I"ve been scrambling to find her some kind of insurance coverage for the coming year. The monthly premiums are unbelievable. It looks like an extension of coverage under the COBRA rubric is actually going to be the least expensive, and that would be more than $500/month. That's a surprise.
New York State has boxed its residents into a corner with its draconian insurance laws. Margo is too "rich" on paper to qualify for any kind of subsidizing that's on offer for recent graduates to tide them over until they find employment. Plus, in order to qualify for that you have to have worked for some part of the last 12 months. Students these days can't find work. All Margo's work has been gratis, as an intern. There are short-term insurance programs around the country, but I haven't found any available in New York.
Now, add further the idea that I could be out of a job myself at any time and without insurance, and also without the means to pay for insurance for myself or my unemployed daughter. Even if my stock market-invested pension money isn't doing too badly yet, I'm not about to withdraw it because of the huge early-withdrawal penalties involved. So that means we eat up our savings over the next year or two. What's a mother to do, except hope, hope, hope, there really is that much- vaunted "Change" coming from somewhere. Ah, me.
I've been doing a lot of reading on the recent bailout and how it affects the stock market and the world economy, and there's a lot of misinformation out there. Let me see if I can shine any light here . . .
The most important thing I've learned is that the recent $700 million bailout is aimed at Main Street, not Wall Street. In the current economic climate, with banks failing left and right, the surviving banks are scrambling to find and hold enough cash to meet their current obligations without going under. As a result, they're still too scared to make any new loans, and the lines of credit are almost frozen, making it extremely difficult for small businesses especially to conduct their everyday business. A good credit line is the life-blood of any small business. The $700 million bailout is going mainly to the banks so they can start extending credit again, to keep their Main Street customers in business.
There's also a really good essay on the Daily Wealth website which explains the collapse of AIG and why it knocked over so many dominoes around the world, and also explains further why the bailout was so necessary. I consider it essential reading.
The most important thing I've learned is that the recent $700 million bailout is aimed at Main Street, not Wall Street. In the current economic climate, with banks failing left and right, the surviving banks are scrambling to find and hold enough cash to meet their current obligations without going under. As a result, they're still too scared to make any new loans, and the lines of credit are almost frozen, making it extremely difficult for small businesses especially to conduct their everyday business. A good credit line is the life-blood of any small business. The $700 million bailout is going mainly to the banks so they can start extending credit again, to keep their Main Street customers in business.
There's also a really good essay on the Daily Wealth website which explains the collapse of AIG and why it knocked over so many dominoes around the world, and also explains further why the bailout was so necessary. I consider it essential reading.
Re: Stock Market Blues
moirafinnie wrote:Well, unless you are blissfully unplugged from the world, you no doubt know what is happening on the world's stock markets today. Does anyone else think that this apparent bonfire is being fed an unnecessary amount of oxygen by the 24/7 wall to wall coverage of the news on cable?
The corporate media is..........the corporate media.
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charliechaplinfan
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Coffeedan that's exactly how I understand it.
Judith how awful for you. That seems so expensive for medical cover. Have you ever thought of moving to Britain? Our prospects are a little better and at least you'd get health care. I hope your daughter finds a job and a reasonable healthcare plan, fingers crossed.
Judith how awful for you. That seems so expensive for medical cover. Have you ever thought of moving to Britain? Our prospects are a little better and at least you'd get health care. I hope your daughter finds a job and a reasonable healthcare plan, fingers crossed.
Failure is unimportant. It takes courage to make a fool of yourself - Charlie Chaplin
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jdb1
I'm hesitant about making that move, Alison. My friend in N. Yorks broke her toe a few months ago and was treated by an NH doctor. The bones did not knit properly, and about 3 weeks ago she broke the same toe. She was told she could have surgery to correct it next February, leaving her in the meantime to hobble and fret, and not work, since she is a hiking and rock climbing guide.charliechaplinfan wrote:Coffeedan that's exactly how I understand it.
Judith how awful for you. That seems so expensive for medical cover. Have you ever thought of moving to Britain? Our prospects are a little better and at least you'd get health care. I hope your daughter finds a job and a reasonable healthcare plan, fingers crossed.
However, the same doctor's office was able to schedule her for surgery last week, after she informed them that she was willing to pay for the surgery as a private patient. Sounds like the same old story - just as we are facing here.
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charliechaplinfan
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How bad for your friend. Our health service isn't perfect and we do pay for through our National Insurance, everyone pays a proportion of their earnings. I have private health care through work, it's come in useful, they see you straight away if you pay. This is wrong but our health service is over stretched, it's well funded by some is wasted. Too many managers and target setters 
I couldn't imagine a health service that wasn't 'free'. Everyone gets treated the same in the NHS.
It's big plus point to me is that anyone can use it, even those who can't afford to contribute, that's where I have a problem with the American way, what entitlement do the poor and needy have?
I couldn't imagine a health service that wasn't 'free'. Everyone gets treated the same in the NHS. It's big plus point to me is that anyone can use it, even those who can't afford to contribute, that's where I have a problem with the American way, what entitlement do the poor and needy have?
Failure is unimportant. It takes courage to make a fool of yourself - Charlie Chaplin