DOW Plunges Thursday, Oct 10, 2008This week and today was terrible in the US and global stock markets. I can barely talk about it.
On Monday, CNBC's Jim Cramer blew everyone's mind when he yelled, "Stop Trading!", and warned investors to "take whatever money you need for the next five years out of the market now!"
If you don't know this off-beat finance guy who hosts Mad Money, his friggin' job is to tell people to invest in stocks and how to do it. Thus, you get an idea of how serious it was for him to do the opposite. Didn't see him today or yesterday and don't know if they yanked him, or if he was ordered to take a vacation, or quit.
Today, Dave Callaway, Editor-In-Chief of the Wall Street Journal's Market Watch, looked choked up at the end of this video. Ya gotta see it.
I'm habitual coffee drinker. One of my quirks is that I add a package of hot chocolate. No cream. No sugar. Can pour a cup at midnight and roll until 3AM when it's so quiet and peaceful in my home, then sleep like a baby.
Tonight I have a different kind of drink in hand, something I rarely do. My son laughs whenever I pour a rum and coke.
"That's just a splash," he teases, "not even a drink."
"Fine with me, ya pothead," I reply. "Chills me out and I don't have worry about getting locked up."
We both laugh.
But not tonight. I'm sad. I'm worried. I'm scared. I wonder what tomorrow - and Monday - will bring.
Will Bush, out of honest necessity (a rare thing for him, I think), close the markets and the banks on Friday, in a desperate last ditch hope it will delay or avoid the inevitable mega-crash? Or will he let the chips fall where they may?
Black Friday will be here in a few minutes.
I'm ready as can be, but mentally I'm not.
Check one: Gas tank filled tonight.
Check two: I have plenty cash on hand; credit cards probably won't work if the President temporarily closes banks tomorrow, Saturday and maybe Monday, so he and the 'other mental giants' can get a 'new and improved' plan lined up. I imagine that many stores would close early since they generally run on credit cards, and shelves would empty soon since they pay their wholesalers with credit.
Check three: Yesterday I bought enough food for a couple weeks. The funny thing about my kids, is when there's more food, they eat more. If SHTF I'll have to be a bitch and lock some of it up. Won't be the first time. Reminds me of part of DeRay Davis hilarious comedy skit; watch that after you finish if you need a laugh.
Check four: Remind y'all to stay the eff away from 'civil unrest' if your banks shut down and folks start rioting. The Army's 1st Brigade Combat Team is illegally stationed here now thanks to Bush, and thanks to the Patriot Act and all those empty, manned prisons across the country, you might disappear for awhile.
Check five: Remember Gil Scott Heron's over 30 year old song, The Revolution Will Not Be Televised.
Check six: Not to worry about one stupid duck having bird flu today - and in of all places, Germany. I wrote about a worse case scenario of this, combined with the US attacking Iran and mushrooming into WW3, three years ago and reprinted it here this summer. Wouldn't that suck if it happened. Given the usual imperialistic suspects who want to control the world, it could, but it would still suck.
Well, F it. F it all. The Lord has my back. What will be, will be. Que sera, sera.
Yeah, I know this is a damn strange post. It's been a damn strange world during the Bush years, and anyone who denies this has been living in a bubble.
All I can say tonight is I'd rather be a fool and wrong in warning y'all to get extra cash and fill up those tanks, than pseudo-prophetic and right. I ain't no prophet. I ain't no genius. I'm just a ordinary American who reads and thinks a lot, maybe too much, in my spare time.
Hmmm. Speaking of reading, that reminds me... I might need candles.
*wink*
Still got my humor...
Addendum, Friday noon, 10/10/2008.
This is situation is serious as a heart attack. Bush gave a feel good speech to inspire confidence this morning, but meanwhile the DOW, S&P, and Nasdaq sinks along with global markets.
From today's Wall Street Real Time Economics: G-7 finance ministers meet today and hopes are high that some plan will come out of the meeting.
“We are in the throes of what is almost certainly the most serious economic and financial crisis of our lifetimes. The crisis is no longer a US crisis or even a US and European crisis; it is a global crisis. It has spread from Wall Street to Main Street. It is not just investment portfolios and retirement accounts but jobs that are now at risk. There is a need for urgent action. The policy response needs to be decisive. It needs to be global. The stakes could not be higher.”
This link will let you know at any given moment how the world economy is reacting. Here's how it looks at this moment, around noon:
Click to enlarge or visit link for updatesAddendum #2, Friday, almost 7PM, EST.
Fire Sale Friday finally ended! The Dow dipped below 8,000 today but 'thankfully' ended at 8451.
Jim Cramer was back on Mad Money in the past hour. There's a pretty large choir of commentators now saying what he said. "We still can't rule out another Great Depression... The parallels between 1929 and now are more striking."
He spoke of President Hoover, who like Bush and McCain, said "the fundamentals of our economy are sound."
Got that point. It's a fairytale.
Right now Treasury Secretary Henry Paulson is speaking live about his meeting with the G7 today to "find a global solution" and to "enhance stability". Too bad the morons cut Russia out of what should have been a G8 meeting; the UK depends on Russia's energy. WTH were they thinking?
We know or should know better than to become complacent from wishful thinking and the idea that "they" will save us. Save yourselves. Prepare and plan. We're in for the long haul, and this is only Black Autumn.
Fire Sale Friday finally ended! The Dow dipped below 8,000 today but 'thankfully' ended at 8451.
Jim Cramer was back on Mad Money in the past hour. There's a pretty large choir of commentators now saying what he said. "We still can't rule out another Great Depression... The parallels between 1929 and now are more striking."
He spoke of President Hoover, who like Bush and McCain, said "the fundamentals of our economy are sound."
Got that point. It's a fairytale.
Right now Treasury Secretary Henry Paulson is speaking live about his meeting with the G7 today to "find a global solution" and to "enhance stability". Too bad the morons cut Russia out of what should have been a G8 meeting; the UK depends on Russia's energy. WTH were they thinking?
We know or should know better than to become complacent from wishful thinking and the idea that "they" will save us. Save yourselves. Prepare and plan. We're in for the long haul, and this is only Black Autumn.
im guessing that includes debit cards?
ReplyDeleteshould i go get my money out again? or maybe some of it?
this is so terrible. i wonder if they will close down school?
Emeritus,I added Addendum #1 to this post and will add another at closing bell today. Re: your questions: My motto eyes open, hope for the best, and by all means, financially prepare for worse.
ReplyDelete**************************
Otherwise my readers are unusually quiet. Maybe you all think I've gone nuts, or are taking a wait n' see approach.
Or maybe it's good old sexism at work; I know damn well if certain male bloggers wrote this post, there would have been 40 or 50 responses. I won't lie to you, the silence is discouraging.
I'm wondering if my next post should be on a fluff issue like do the brothas secretly prefer 'good' hair, or, preach to the choir that McCain & Palin aren't fit to be in office like we haven't already dissected those two frogs.
Just joking. I can't do that. I've always kept this blog trill - true and real - and call it as I see it. Feedback motivates me; the lack of it kills this messenger who wonders if its worth it.
~ Kit
you know why all of this is happening k
ReplyDeletebecause we sat back and let evil get to the point where they are now hurting their own
absolute power currupts absolutely
and you know what we deserve it
ive lived in poverty in b-more all my life so i know how to cope under the worst conditions
but for the black middle class (who sat back and criticized and laughed at the black poor while the government was screwing them) are now being screwed themselves
martin luther king said it best> injustice anywhere is a thrreat to justice anywhere
and now we are the victims of the injustice that we let fester throughout the world
I think I'm going to throw up.
ReplyDeleteWow, Kit, I've never heard you sound so down. I'm not where you are yet, but I'm getting there. It's dawning on me the American way of life is almost gone.
ReplyDelete@ Tubman, Some of what you say is true, but we must not forget the black middle class has no power and has been kinder to the poor. Many of us have relatives who live in projects. Often we have helped them out and sometimes end up taking custody of their children.
youre right kitchen
ReplyDeleteits not fair to stigmatize a whole class
but many so called middle class blacks treat poorer blacks with utter contempt blaming them for their own conditions
heres a question
is the black middle class respponsible for the squeeze thats being placed on them now (and most surely will come in the near future)
Tubman, correct me if I'm wrong, but it sounds like you've bought into The Scapegoat Argument that black folks are responsible for the housing meltdown, and by extension, the global economic meltdown. Please stop spreading this myth around.
ReplyDeleteThis misinformation was deliberately fabricated by racist whites who wanted the heat taken off predatory lending practices in their institutions and on Wall Street, which continues to rape the American people of nearly one trillion dollars.
If or before you respond, please:
1) Read Michael Moore's 9/29 essay, The Rich Are Staging A Coup, and,
2) Watch the video on my post, Financial Advice That Could Save Your A$$
Middle class whites, far more than middle class blacks, had the good sense to walk away from homes with negative equity. I doubt that you'll like that post, but you'll see what I mean.
Kitchen Angel, thanks. Your comment is like chicken soup for me.
ReplyDeleteReal Hustla, I'm glad you get it. Thanks for the comment.
Tubman, (again), thanks for trying to get a discussion going.
KIT~ No you haven't lost it. I'm seeing my 401k and stock options going down the drain as I read this post. I think I'll join you in a drink. This shyt is scary.
ReplyDelete*sipping Rum and Coke*
My grandmother lived through the Great Depression she called me yesterday to to tell me that I needed to get my money out of the bank before it was too late because she remembered when her father went to the bank the day after the crash and the banks were locked up. I told her not too worry because I because I have "mattress money" for emergencies. But I'm worried..
*forget the coke just rum*
Ha-ha-ha-ha-ha! Thanks Rena. I truly enjoyed your comments and feel relief that you think I "haven't lost it." Writing about shyt before it goes down, as opposed to being a saying what you thought after something happened, is always a huge risk for anyone not at the top of the designated social hierarchy.
ReplyDelete*sipping mocha for now*
Sorry about your 401 and stock options. I've been wondering what will happen to people's state and county retirement funds if/when those governmental bodies go bust. California's doing real bad.
BTW, I think your grandma is right. When/if this comes to past, we can figuratively share a straight glass of rum together. ;)
hopefully all of this crazyness will help us see how much we really need each other
ReplyDeleteI didn't respond before. I didn't know what to say. I live in California, but may not by the end of this year. The defaulted mortgages and overinflated property values have left a big stinking hole in the budget and jobs are gone. My rent has gone up 40%. Actually there's been a continual deficit for years and Ahnold was supposed to come do the action hero rescue - so these fools thought. Then he tried to effectively fire the SEIU (who surprise are endorsing Obama) by lowering their salaries to the state minimum wage. That didn't go over so well! Anyway up here in Northern CA we didn't fall for the BS but we still get to suffer like everyone else. I'd actually like to have more than a zero balance for a change so I'm probably going to move. If I made a comparable salary and paid half my rent I'd be able to get ahead. I'm hoping for a cushy well-paid job though!!!
ReplyDeletekit, it may be good ole sexism at work. But I doubt it, and I can tell you why. I've been writing about the financial crisis too. I'm male, and responses from my readers have lowered significantly. Meanwhile, I got e-mails from my friends saying that they're tired of reading about politics and recession and come to my blog for something different. I responded that this is too important too ignore, but I don't think my argument is working.
ReplyDeletekit, I think there's something broader at work here: Your readers, like mine, are sadly but steadily coming to the conclusion that people are losing their homes, their pensions, and could lose their job soon, and the white boys in dark suits aren't helping them. And may never help them.
I think people are silently gasping; and they don't know what to say or do. Blessings, sister.
tubman: I've been very critical of the black middle class and the black rich who have given some money to black colleges but spend a lot of time badmouthing the poor. But, to me, they're the exception. More than not, I see middle class blacks reaching back to help poor relatives. We saw this highlighted during katrina, but, truthfully, the black middle class has been doing this all along. For some of our relatives, every day is katrina.
ReplyDeleteBut this financial crisis isn't about nature but a man-made disaster that we may not get out of even in the next generation. I think people are silently trying to get their minds around the enormity of it. It's frightening as hell.
Hello there...
ReplyDeleteAnyone who thinks we are not headed into Great Depression II is living on Fantasy Island...
{shaking my head}
People, start storing up your food because you will see food distribution lines in the Obama Administration.
Get ready. There is no time to waste.
Peace, blessings and DUNAMIS!
Lisa
@ MacDaddy
ReplyDeleteYou know I happen to be one voice of black privilege that is not afraid to say what is unpopular.
I do not feel that those who have succeeded are OBLIGATED to financially support relatives who made poor choices and who continue to make poor life choices and who do not take any steps to change their value systems in order to change the structure of their lives. There is a difference in empowering the less fortunate and ENABLING bad decisions and condoning a lack of priorities and poor values.
The black upper class IS NOT obligated to bring everyone else UP.
Peace, blessings and DUNAMIS!
Lisa
@ Blackwomanblowtrumpet - Your comment makes me mad. Of course no one is "obligated" to help their less advantaged fam and no one said they were. Helping loved ones down on their luck or who made mistakes is only enabling if they turn you into a fool by throwing money at them but they refuse to change.
ReplyDeleteYou may be speaking your mind, but you need to think before you do this instead of discouraging people to follow the principles of WWJD? As the Bible says, judge not lest you be judged.
No, I don't think you are crazy. Been sick this week hence my being quiet.. I actually thought of your blog this morning when I was out and decided to take out more cash than usual. I usually rely on my debit card but have heard too many stories of ATM's not working so I have decided we need to keep the house stocked with food and some cash on hand.
ReplyDeleteThese are some damn scary times we are living in.
Black Girl In Maine, Thanks for also validating my sanity. For those who have been paying close attention, these are indeed scary times.
ReplyDeleteKitchen Angel, No offense to anyone, but I like the WWJD? approach too.
Lisa/BWBT, True, there's no time for anyone to waste in getting prepared.
MacDaddy, Thank you so much for that input; it's helpful for me know that you're having problems with reader interest too on this topic... but you're right, it's sooo important. And yes, perhaps many of us are frozen with fear and silently gasping.
Faith, sorry to hear about your problems. Everything I've read about California suggests it might be the first state to go totally FUBAR.
Tubman, Thanks for coming back. You said, "hopefully all of this crazyness will help us see how much we really need each other."
Everyone, Already people are moving into 'survival mode' and preparing not only for themselves, but how to protect what little they have. We might be fighting over the crumbs soon.
If this comment thread on this post can viewed as a microcosm of the black community, we can expect a lot of conflict. This will be normal and makes none of us bad people, just panicked people. We're all worried. Just do your best in preparing and encouraging others to do the same, and if you're spiritual, pray for the Lord to carry us through.
As with slavery, when the worst of this crisis is over and we look behind us, we may only see His footsteps in the sand.