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(CNBC)   Stock market set for a bloody open on news that the Federal Reserve panicked and pumped $12 billion into the banking system   (cnbc.com) divider line
    More: Scary  
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16094 clicks; posted to Main » on 09 Aug 2007 at 9:16 AM (11 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



243 Comments     (+0 »)
 


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2007-08-09 09:17:30 AM  
Did they at least warn the banking system first?

Might be time for Plan B.
 
2007-08-09 09:19:53 AM  
Oopsie...
 
2007-08-09 09:20:19 AM  
Good thing FDIC has got my back during the forthcoming depression.
 
2007-08-09 09:20:23 AM  
Fortunately I took all my money out of the stock market and bought beer. I may be broke, but I'll still be drunk.
 
2007-08-09 09:20:40 AM  
*snicker*

I can't help but laugh. I mean, it's not funny... this, the overall instability of the market, the mortgage industry tanking... the chinese/dollar situation.

/gets in line for bread and toilet paper
 
2007-08-09 09:21:36 AM  
EVERYBODY PANIC
 
2007-08-09 09:22:08 AM  
hahahahahahaha oh god we're screwed.

well, not me, but you guys. i'm young, so i've got no money in the stock market. go to my blog (via profile) for why i don't think young people are screwed. i may be wrong, but IDGAF.
 
2007-08-09 09:22:17 AM  
 
2007-08-09 09:22:48 AM  
Suck it, conservatives!
 
2007-08-09 09:23:14 AM  
Just remember kids...

Drugs will get you through times of no money better than money will get you through times of no drugs.

joytoyourworld.homestead.comView Full Size
 
2007-08-09 09:23:44 AM  
The European Central Bank injected nearly 95 billion euros into money markets to try to relieve credit jitters

Isn't our 12 billion extra just a few drops in that bucket.

Hold on, it could be a hard landing.
 
2007-08-09 09:24:02 AM  
Can anyone explain to me what this means?
 
2007-08-09 09:24:03 AM  
byukid
i'm young, so i've got no money in the stock market.

I'm still up 23% so far this year, and I've been investing since age 15. I'm 28 now.

The dumbest thing you can do is let some short-term bad news scare you away from a funamentally sound stock market.
 
2007-08-09 09:24:44 AM  
Learn how to short stocks my fellow farkers, make some cash on the downturn. (Which is long overdue IMO)
 
2007-08-09 09:25:06 AM  
Good. I've got a ton of SKF (inverse index of Dow financials).

Cramer and his fake sympathy for the speculators and fools that bought homes with mortgages they could not really afford is misplaced. Those people SHOULD lose their homes. They are the reason that home prices shot up so ridiculously to the point where people with fantastic credit no longer want to buy homes because we recognize that they are wildly overpriced albatrosses.

Let the blood spill onto the streets!!!
 
2007-08-09 09:25:21 AM  
Tentacle: Suck it, conservatives!

We'll be the people buying your house for 10 cents on the dollar and profiteering from this.

/rubs hands greedily together
//Excellent!
 
2007-08-09 09:25:26 AM  
Did the submitter even read the article?

The European Central Bank injected nearly 95 billion euros into money markets to try to relieve credit jitters.
 
2007-08-09 09:25:28 AM  
peck: Stay tuned tho, early afternoon...

You're not being paranoid enough...
 
2007-08-09 09:25:30 AM  
peck: Meh.

The Euro markets are down a little in pre-NY trading, but nothing horrific so far...

Stay tuned tho, early afternoon...


2-3% is about the move that the other "mini-crashes" have resulted in over the past month or so. I could see a 300-400 drop in the Dow today. Not a huge deal overall, but fear reigns in this market.

Subprime is contained. LOL.
 
2007-08-09 09:25:42 AM  
NikolaiFarkoff: byukid
i'm young, so i've got no money in the stock market.

I'm still up 23% so far this year, and I've been investing since age 15. I'm 28 now.

The dumbest thing you can do is let some short-term bad news scare you away from a funamentally sound stock market.


eh. i don't have money. i've got a mission to serve for my church (i'm mormon) so after that i'll come back and invest. i'm somewhat hoping for a huge correction in that time.
 
2007-08-09 09:25:43 AM  
SELL!!

 
2007-08-09 09:26:30 AM  
Mmmmmmmmmmm,

I love volatility!

The wall street geniuses should have listen to us bloggers regarding the impending housing bubble...In any case, this move with break the technical back for the dow and officially start the down trend.

I mentioned it week ago her that you should be moving your assets our of the equity markets and into cash or cash instruments, and/or bonds. Very soon cash will once again be king.
 
2007-08-09 09:26:55 AM  
i135.photobucket.comView Full Size
 
2007-08-09 09:27:41 AM  
[image from it.hule.harryda.se too old to be available]

another black thursday?

time to invest in gasoline, powered milk, oats, bullets and chinese noodlez
 
2007-08-09 09:27:57 AM  
NikolaiFarkoff: byukid
i'm young, so i've got no money in the stock market.

I'm still up 23% so far this year, and I've been investing since age 15. I'm 28 now.

The dumbest thing you can do is let some short-term bad news scare you away from a funamentally sound stock market.


"...despite its severity, we believe that the slump in stock prices will prove an intermediate movement and not the precursor of a business depression..."
- Harvard Economic Society (HES), November 2, 1929
 
2007-08-09 09:28:02 AM  
jakesteramalamajama: Did the submitter even read the article?

The European Central Bank injected nearly 95 billion euros into money markets to try to relieve credit jitters.


Yeah, I'm going to lose a couple of percent off of my anti-US dollar play, as the Euro has fallen pretty hard this morning. Oh well.
 
2007-08-09 09:28:07 AM  
What's the point of doing this? Are there any buyers left for MBSs in this freefall??
 
2007-08-09 09:28:46 AM  
Fark set to panick on news that most people don't know what the hell that means to their investments.
 
2007-08-09 09:29:18 AM  
panfried

The European Central Bank injected nearly 95 billion euros into money markets to try to relieve credit jitters

Isn't our 12 billion extra just a few drops in that bucket.

Hold on, it could be a hard landing.


Well yes, the Euro infusion is bigger - but the Euro has been strong in the last year or two, so adding supply of Euros shouldn't be a bad thing. The dollar is already weak (comparitive to recent historical levels), so adding supply of dollars might actually have more impact despite it being lower in absolute terms.
 
2007-08-09 09:30:57 AM  
This is what happens when you let geeks who can't speak English run your stock market and financial system.

/cue Mills Lane
//Lets get Fiscal!
 
2007-08-09 09:31:00 AM  
Remember the Dot-Com crash?

Yeah, kinnda like that...Except this time there will be a S&L type bail out for the larger lenders at the tax payers expense...So this time you get screwed twice!
 
2007-08-09 09:31:11 AM  
Kar98: NikolaiFarkoff: byukid
i'm young, so i've got no money in the stock market.

I'm still up 23% so far this year, and I've been investing since age 15. I'm 28 now.

The dumbest thing you can do is let some short-term bad news scare you away from a funamentally sound stock market.

"...despite its severity, we believe that the slump in stock prices will prove an intermediate movement and not the precursor of a business depression..."
- Harvard Economic Society (HES), November 2, 1929


I was confused until i read the date on that. yikes.
 
2007-08-09 09:32:21 AM  
lunchinlewis: Fark set to panick on news that most people don't know what the hell that means to their investments.

I took an early withdrawal on 100% of my 401k and bought Haitian penny stocks because of this headline. Are you implying that I may have made a bad decision?

/ doesn't know what this means
// doesn't care
/// for most people, 401k investments are little more than high-end gambling, but since my company contributes 100% matching to a point, I can lose half my investment and break even anyway
 
2007-08-09 09:32:56 AM  
[image from supertalkwfhg.com too old to be available]
 
2007-08-09 09:33:15 AM  
$12B? That's nothing relative to the banking system, let alone the GDP. Actually, the continued screw ups in the MBS/CMBS/CDO markets will have a bigger impact.
 
2007-08-09 09:33:29 AM  
Woot! Falling Euro! Back to Paris this fall! Maybe Rome, haven't been there yet.
 
2007-08-09 09:33:40 AM  
sexhamster.comView Full Size
 
2007-08-09 09:33:50 AM  
Sigh....OK let me try this again

i14.tinypic.comView Full Size


Now that I have your attention, what does it mean when the Fed pumps money from temporary reserves into the markets? I'm actually very curious.
 
2007-08-09 09:35:01 AM  
Dow down 200 points, Nasdaq down nearly 2% on open.
 
2007-08-09 09:35:06 AM  
Great, so the Fed just created more inflation to counteract the negative effect of subprime mortgages on the european hedge fund market.

WTF.

Who was the clever, evil genius that came up with the whole subprime mortgage scam to begin with? Step 1: Loan money to people with horrible credit so they can buy a house. Step 2: Make sure they have an insane variable rate that's locked initially so they get suckered in. Step 3: Once you've made your money, stand back and watch the market collapse as all these folks who could never really afford these homes have to default on the mortgages.

The housing boom in the US was a big fat farce. I saw this crash coming 3 years ago.
 
2007-08-09 09:35:14 AM  
byukid
eh. i don't have money. i've got a mission to serve for my church (i'm mormon) so after that i'll come back and invest. i'm somewhat hoping for a huge correction in that time.

Good work--money can wait, there will be plenty more opportunities to get in over the long run. And don't forget, the more you make in the market, the more you have to tithe (that's a big part of my investing motivation).
 
2007-08-09 09:35:31 AM  
Man oh man I hope that housing economy tanks soon. I'm finally in a position to take advantage of dirt-cheap housing.
 
2007-08-09 09:37:37 AM  
NikolaiFarkoff: byukid
eh. i don't have money. i've got a mission to serve for my church (i'm mormon) so after that i'll come back and invest. i'm somewhat hoping for a huge correction in that time.

Good work--money can wait, there will be plenty more opportunities to get in over the long run. And don't forget, the more you make in the market, the more you have to tithe (that's a big part of my investing motivation).


heh. yeah. I am worried about my dad though, he's got a lot of money in the market that he's worrying about. He's debating when to buy the house in park city and/or san diego.
 
2007-08-09 09:37:42 AM  
statsman Now that I have your attention, what does it mean when the Fed pumps money from temporary reserves into the markets? I'm actually very curious.

Sorry, you lost me. You said "pumps" and my mind drifted back to the pic.

/I'll be back shortly.
 
2007-08-09 09:37:46 AM  
statsman: Sigh....OK let me try this again

Holy moley.
 
2007-08-09 09:37:53 AM  
statsman: Now that I have your attention, what does it mean when the Fed pumps money from temporary reserves into the markets? I'm actually very curious.

Inflation (similar to what is happening somewhere on my anatomy after looking at the pic you posted).

So, instead of cutting the rate, they are giving it away for free.
 
2007-08-09 09:38:33 AM  
glassgiant.comView Full Size
 
2007-08-09 09:39:10 AM  
-218.18 in first eight minutes
 
2007-08-09 09:39:53 AM  
Lusiphur: I'm finally in a position to take advantage of dirt-cheap housing.

We're waiting until next spring. We'll be able to qualify for the more stringent mortgage conditions that are returning (finally) without any trouble, and we'll be in a good position to push desperate sellers for better deals.

My ultimate goal is to get a house for about 90% of its actual value. Nothing better than having equity from the start AND having a lower monthly payment so you can pay EXTRA principal every month, thus further building the equity up and decreasing the overall cost of the house.

I probably won't be rich in thirty years, but I'm damn well aiming to be comfortable.
 
2007-08-09 09:40:40 AM  
Just a little longer. USD hold out a little longer.

Hold out just a little longer, please!!!!

/I've already lost .5 RMB per dollar by waiting this long.
//I live in China, so I can actually spend the 元 when buying beer and stuff
 
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