New York City – Stocks fell sharply Monday after a trifecta of Wall Street pain: Lehman Brothers filed for bankruptcy, Merrill Lynch was bought by Bank of America and AIG asked the Fed for short-term financing.
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The selling had been in check for most of the day, keeping the Dow Jones Industrial Average’s decline around 250-300 points for most of the day. But the fear started to escalate after comments from Treasury Secretary Hank Paulson, which turned into panic as the clock struck 3 (ET), pushing the Dow with 400-point decline.
“We’re working through a difficult period in our financial markets right now as we work of some of the past excesses, but the American people can remain confident in the soundness and resilience of our financial system,” Paulson said. He added that a bailout of Lehman never crossed his mind but didn’t completely rule out government bailouts going forward.
The DJ Industrial average closed down 504 points to close at 10,917. this is the worst close for the Dow since 9-11-2001
someone let me know when it is time to buy
You’re better off asking the Eibishter.
It is time to buy when no one wants to buy. Not even you. So the end result is that you don’t want to buy when you should be buying. So buy and don’t ask questions.
This is called market economy
market is within a day or 2 from its low classic bear market low signal in the book is when a major financial compnay fails and we had a few majors fail
The time to buy mitzvos umasim tovim is right now. Money hasn’t made anybody happy yet.
hashem help those who lost big $$$
I think it may be a good time to buy stocks now – though I doubt the real estate market will come back any time soon – the problem is it will be years before the average Yankel making 50k on the books will be able to get a mortgage again
The good news is that the average Yankel will soon be able to buy a house for 50k and won’t need to take a mortgage. As far as buying now; It is risky unless you can afford to lose that money. Nobody really knows if the market will stabilize or fall further.
The average Yankel has gotten down to bare bottom. He has his shoes and maybee his pants left. He aint buying a house so fast, unless your in Philly,,Scranton, waterbury CT, Allentown or Reading PA . But somehow we chassidim are crazy over the being close to the city of NY .
whats amazing is this – go to all the fancy stores in BP or flatbush – or even the faniciest restaurants – they are all just as packed – as if nothing is going on
to tina:
Well, i’d say a good number of these people are hocked up with their helocs. These people don’t realize that if their property values drop, the banks can pull the plug on all these helocs whenever they want and force these people to pay up or risk foreclosure…
Number 9 Please tell me where you you can buy a house for $50 K? I will buy 2 tonight.
In Binghampton NY, you can buy for $25,000 and for $50,000 you get a realy nice house.
Some sectors of the economy are still doing great.. technology is doing great.
I sell phones etc.. its only gone down a bit.. still alot of overseas buyers.
I know a big Baal Tzdaka who got wiped out in this banking crisis. H’Y
Yeedel may be right, but a Baal Tzdaka should you his head so he would not get wiped out. Remember, charity and of course Tzdaka begin at home.
I hope yeedel does not get wiped out.
You all should be zufrieden, the SEC was reduced in its function, Phil Gramm deregulated , so did McCain and now the bottom is falling out due to worthless derivatives . You don’t have to be a financial wizard except an erlicher mensch, and they were greedy sharks
Be happy China is holding 300 billions in Fanni May certificates
Anonymous is technology is in drerd , Hewlett Packard is laying off 28,000 employees
This is the result of trusting in Republican sheker and ganeive. Paul Volker was an honest person and Greenspan subscribed to Ayn Rand which resulted in this disaster for some and riches for others