What is Digg?84 Comments
- KyleRayner, on 10/12/2007, -3/+31Submitted 16 hours ago. Somebody is necro-digging.
- inactive, on 10/12/2007, -5/+25This is slightly mis-leading, they plunged yesterday! Using the present tense suggests that they are plunging right now.
Currently they are doing quite well http://finance.google.com/finance
Dow 12,317.02 +100.78 (0.82%)
Nasdaq 2,422.62 +14.76 (0.61%)
S&P 500 1,412.45 +13.41 (0.96% - thcobbs, on 10/12/2007, -17/+34Yeah, cause Bush SINGLE HANDEDLY caused this drop....
I swear some of you people are just ***** idiots. I may not always like the man, but I don't blame him for EVERY THING THAT EVER GOES WRONG UNDER HIS ADMINISTRATION. Digg needs to remove it's blinders and look around for ONCE. - inactive, on 10/12/2007, -1/+16Chinese are saying "look what we can do"
- an0nymous, on 10/12/2007, -3/+17Proving once again that Greenspan is still the most powerful human on the face of the Earth.
- meshman, on 10/12/2007, -2/+15Hang in there, don't sell out. Things will go back up and beyond.
- MinisterOrange, on 10/12/2007, -1/+14The Stock Market can be likened to walking up the hill with a yo-yo: Over time there are many ups and downs on the way up the hill, but in general trend is upward. ie. so far the stock market has always trended up.
Also, since when was Greenspan back in charge, I thought it was Bernanke? - scuzzman, on 10/12/2007, -5/+17@kylerayner
Dugg for "necro-digging" - holzp, on 10/12/2007, -4/+16To keep it in perspective: had Anna Nicole Smith died yesterday this would have been a lot less reported.
Lack of news hypes up existing news. - RuffRidr, on 10/12/2007, -9/+21That's asinine. I could just as easily say its the fault of the democratically controlled house and senate. *****' *****.
- thcobbs, on 10/12/2007, -0/+10If anything, buy more !
- TheCash, on 10/12/2007, -3/+11Old news... already heard all about this 8 thousand times yesterday.
I love how the media is blaming Afganistan and Iran for this though... like the market just woke up yesterday and realized, 'Hey, did you know there is all kinds of ***** going on in the middle east?' and the Nasdaq was like 'The F*ck you say!' Christ. NBC Nightly News was almost ***** itself, it was so happy to have such horrible news. Feh.
The Chinese market took a dive, and our market is closely tied to it so ours took a dive too. It happens... the market is back up right now and the sky isn't yet falling. Hell, if I had some money to spare I'd be buying right now while it's still low. - Gella321, on 10/12/2007, -2/+10Miraculously, I only lost 3% in my 401k. I'm actually still positive for the year. But probably not after today.
- freehunter, on 10/12/2007, -0/+6No, Greenspan made some comments about a recession, which some people believe could have been one of the triggers for this.
- hammerpants, on 10/12/2007, -1/+6I blame Bush. Then, Cheney. Then, Fox News. Everything bad is their fault...in that order. I also blame Barrack Obama for not being in charge yet. As soon as he is, everything will be right and good with the world.
- Asianwaste, on 10/12/2007, -2/+7Here's a thought: Vietnam war? Started in Kennedy's term. Korean conflict started with Truman's term. America's entrace into WWII (supppose theories that the US provoked the Pearl Harbor attack or had prior knowledge to preapre for it and declined to do so) was in Roosevelt's term. All 3 are democrats. Damn Dem fanboys act like the Democratic party is warproof.
- SlackerCSB, on 10/12/2007, -3/+8I don't know about that. The largest drop since 9/11....... that's news no matter.
- Asianwaste, on 10/12/2007, -2/+6Thing is with the stock market, this is mixed news. Bad for people wanting to sell now, good for those who haven't even started yet. Buy now while some of the prices are low. I doubt the American market will go into a 20th century depression any time soon.
- ZakColeman, on 10/12/2007, -1/+5Don't pull, grab your nuts and keep in.
- ninetynine, on 10/12/2007, -1/+5people! pull your head out of your respective asses. while i do not agree with a lot of things that Bush does he should not be blamed for this. he could be partially blamed for our increased deficit, sure.
yesterday China's markets took a dive as well as Europe's. ours did as well. look beyond our borders and don't lose sight of the big picture, that is how you end up sounding ignorant. - Asianwaste, on 10/12/2007, -3/+7Krymore who's blaming? Last I checked this conversation started with someone blaming the GOP. Every rebuttal was in defense that it's not. No one blamed the liberals. Jeezus Christ you're an idiot.
- argoff, on 10/12/2007, -4/+7Well, you should know then, the 40 trillion in unfunded liabilities for things like social security and medicare make the 1-2 trillion in war expenses look cheap.
- gharding, on 10/12/2007, -1/+4You should buy. If there are any blue chips that are still down, snatch them up. Should be a pretty easy 3% when everything ends up back at its normal climb.
- abstract16, on 10/12/2007, -0/+3If you're looking to Digg users for day-trading advice, perhaps you'd be better off finding another avenue for your money
- o2o2o2o2, on 10/12/2007, -0/+2BABY BOOMERS
What will happen when there is a big rush of baby boomers who will retire and pull from thier 401k and other retirement programs. How much of hit will the market take with so much money being pulled out of 401ks thus pulling money out of stocks and funds? - neuropsychguy, on 10/12/2007, -3/+5What would happen to China's market if America's completely crashed?
Now who's controlling whom? All markets are tied to each other - that's what we get for having a global economy (which is a very good thing). - o2o2o2o2, on 10/12/2007, -0/+2Thanks for the in-depth reply.
- catalysis, on 10/12/2007, -2/+4WTF are you talking about? The DJIA is based on points, not dollars, so I don't see how it can drop to $650. Also, the price of gold has absolutely nothing to do directly with the DJIA. Absolutely nothing. I don't know where you are getting this crackpot stuff about the price of gold/oz equaling the DJIA in points. $/oz = average points huh?
I also don't know what correction you are talking about because the market has been trending upwards in the long-term and we are not in a correction. Im not even going to get into the fallacies of your debt argument. Good god man, take an economics course. - gharding, on 10/12/2007, -0/+2It hasn't fully recovered yet. There's still time.
- brundlefly76, on 10/12/2007, -1/+3Buying opportunity
- Fartag, on 10/12/2007, -0/+1@Sakk
We'd already all be immortal, plugged into a Matrix (tm) awashed in pleasurable stimuli; there'd be automated planetary defense, physical body maintenance and upgrades and world peace if it weren't for ***** proprietary software like Windows -- then the economy with trifling market downturns wouldn't even matter. Damn you Bill Gates!!! - an0nymous, on 10/12/2007, -3/+4Oh, I know he's not leading the Federal Reserve.
His offhand comment caused the world markets to lose 3% of their equity.
(I know, there were other factors, but my initial comment was intended to be humorous (but true). And name some other financial leader with more clout. Warren Buffet's a sissy by comparison.)
"Mongo is only pawn in game of life" - cbambrick, on 10/12/2007, -0/+1This was probably said... I skimmed over the comments..... But the market fell in China, prompting markets around the world to fall. I know yesterday Neil Cavuto and Shepard Smith were saying that there was also a technical glitch that caused the actual loss to be more than it actually was, which probably scared investors.
- argoff, on 10/12/2007, -0/+1@catalysis
Uh dude, it's a ratio, it doesn't need units, go back to 5th grade math. Saying that Gold doesn't have anything to do with the DOW is like saying money doesn't have anything to do with the DOW. Do you think those 'points' are video game points?
If you took an economics course, you might understand that the DOW is going up in dollars, but going down when measured in Euros, Gold, or real value. Don't be an idiot, the dollar is getting watered down faster than the DOW is going up. - thcobbs, on 10/12/2007, -3/+4Only cause you slipped something into their drink or you clubbed them on the head.....
- inactive, on 10/12/2007, -0/+1'Chinese are saying "look what we can do"'
Lighting money on fire is not an impressive feat. The whole episode is absurd to begin with. The Chinese market plunge erased *1 week* worth of gains. US investors should have welcomed it. - SlackerCSB, on 10/12/2007, -3/+4My 401k is up almost 30% over the last 14 months. Too bad I won't see it for 30 years.
- MasterSmatty, on 10/12/2007, -0/+1OK, this is a common fallacy. The idea is that when the huge number of baby boomers retire that the market will then decrease in price in a very large way. The idea that these baby boomers who became able to retire thanks to the stock market would suddenly need or want to pull all of their money out of the machine that made them wealthy is absurd. What could they possibly need to buy that they would take out most or all of their money to buy? Stocks like real estate deeds are claims on real assets and income streams no more "just pieces of paper" than real estate deeds. Value and price, while highly correlated, are not the same thing. Imagine if the boomers had invested in real estate instead of stocks and that they were holding these real estate deeds in their 401k's. Why would they want to sell them as soon as they retire since the income and capital gains they receive from them continue to negate the amounts they draw off of their accounts? And , for the moment assume that they did for some reason decide that it was in their best interest to sell off the real estate. Wouldn't that mean that the real estate market would come crashing down or enter into a long term decline as people are predicting the stock market would do? No. Because in the real estate market, like the stock market value does not change just because someone wants to sell it...only the price that it is selling for and as such reasonable(or unreasonable people with sums of money) will purchase these land deeds(or stocks) when the value is more than the price that people are wanting to sell them for.
- CapeKid, on 10/12/2007, -2/+3Live coverage of the plunge:
http://www.youtube.com/watch?v=_-rke3JXqb4 - mongo25, on 10/12/2007, -1/+2I'd say main factor in the decline was what happened in China, which was a drop in there market because of profit taking, due to rumors that interest rates there will rise and less money being made available for lending.
- an0nymous, on 10/12/2007, -0/+1Heckuva coincidence then.
- TubaTechno, on 10/12/2007, -2/+3401K return an average of 9% during a 20 year span. I'd say you're gonna be well off anyway, since the market is not likely to crash again.
- an0nymous, on 10/12/2007, -1/+2Read this article, fetchingly titled "Markets still listen to Greenspan" and dated yesterday.
http://www.msnbc.msn.com/id/17368579/
It suggests a strong causative relationship with Greenspan as the initiator.
Greenspan triggered the Chinese selloff. - an0nymous, on 10/12/2007, -1/+2p.s.
His remarks were made in Hong Kong immediately prior to the selloff. - inactive, on 10/12/2007, -0/+1There was a digg post a couple hours before this,, but I have a feeling the story got buried.
http://digg.com/business_finance/Dow_Plunges
FTA: Investors’ dwindling confidence was knocked down further by data showing that the economy may be decelerating more than anticipated. A Commerce Department report that orders for durable goods in January dropped by the largest amount in three months exacerbated jitters about the direction of the U.S. economy, just a day after former Federal Reserve Chairman Alan Greenspan said the United States may be headed for a recession. - inactive, on 10/12/2007, -2/+3. . and they are right . .China has America by the economic balls.
- jukin, on 10/12/2007, -1/+1Worst loss in the Nasdaq occured under Clinton, not Bush. History ain't your strong point is it?
- KageMushaSD, on 10/12/2007, -0/+0It started in China, because there was a 9% selloff on the Shanghai Composite Index.
It wasn't because of fears of a slowdown of the Chinese Economy but simple a reaction to warnings of the Chinese lawmakers against the surging equity market. So technical it was a correction.
Global markets followed because hell they knew what happened, but today it recovered because now they know what happened.
China has become a big global player - Boshow, on 10/12/2007, -0/+0Don't worry, it'll only crash in 2010 when the capital gains tax will go up 5 points. Rich people don't like paying taxes either.
- LucianSolaris, on 10/12/2007, -1/+1How about blaming the Federal Reserve for the super low interest rates?
I SAY WE GO BACK TO GOLD STANDARD, AT LEAST SAVINGS AREN'T NEGATED BY AN INFLATING FIAT CURRENCY!!! -
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