Futures for US markets have opened and are sinking like a fucking rock!

[originalpckelly]

http://www.cnbc.com/id/17689937/site/14081545/

We are doubly super ungood fucked.

The futures for the DOW are down more than 2%.
S&P futures are down almost 3%.
NASDAQ futures are down more than 2%.

And what pisses me off, is that I think we all know some douches got tips on the downgrade and got out before the bloodbath.

Those SOBs.

[CountAllVotes]

1. gold

:wow:

[originalpckelly]

4. Shite.

$26 in that short a period?

:wow:

[CountAllVotes]

9. it is shooting up really fast!

High bid is over $1696.00 oz.; $1700 here we come!

:dem:

[Ruby the Liberal]

53. Spot just opened.

You can follow it here: http://www.kitco.com/market/

[Yavin4]

37. Silver is Up As Well n/t

[jwirr]

69. I don't think I have ever seen a stock go that straight up before! Radical.

[Drale]

2. Is trading going to have to be halted on the markets on Monday

because it drops like a stone from opening bell onward?

[originalpckelly]

5. It may if this trend holds true.

I mean they just fucking opened and they're down that much.

[spinbaby]

3. My husband was going to retire next year

He's rethinking that plan. We just can't count on our retirement savings to be worth anything anymore.

[originalpckelly]

6. I know, and SS isn't enough to make it.

:hug:

We need to rework this system so good people like you guys don't have to worry about speculating with your retirement. We need to have a stronger central bank that offers CDs with consistently good interest rates.

[RKP5637]

12. Wouldn't that be something. CDs with consistently good interest rates. n/t

[CountAllVotes]

21. people might spend spend spend

if they were getting some interest on their savings. These dividends were fueling this economy in a very big way.

Only a small percentage of the USA have money in Wall Street. The rest deal with banks and/or credit unions.

No dividends = no spending.

Is the Fed a fool or is he corrupt, an idiot -- or all of these things combined into a complete failure that must be removed from office by the President!

:dem:

[RKP5637]

25. IMO they are a complete failure for the majority, I feel like I'm an employee in

some cheap crooked company and the execs. are skimming the company.

[originalpckelly]

26. They are trying to sustain the spend first, pay interest, be in debt for life model.

Not the save first like a responsible adult model.

I can see it being necessary in a deflationary spiral to get more money out there, but we can do that with inflationary interest CDs, and discounts on loan payments.

[spooky3]

38. 54% of Americans own stock in their 401ks or in some other form

http://www.huffingtonpost.com/2011/04/21/stock-market-us-real-estate-gallup_n_851786.html

[originalpckelly]

48. The investor class is using normal Americans as human shields.

It's a way to make people think they have power, use their money is extremely dangerous, speculative ways, and act like it's not biggie.

[aquart]

24. Can't happen till we outlaw derivatives.

And credit default swaps.

[originalpckelly]

30. We're going to have to overturn the apple cart.

We need to follow a lot of the plans laid out in this:
http://en.wikipedia.org/wiki/A_Program_for_Monetary_Reform

If you are interested in saving America, reading that proposal from the 1930s by a group of economists at the University of Chicago will be highly important to you. It's what needs to happen.

We need to update the proposal, but it is a good idea.

[abelenkpe]

61. Yeah!

I would certainly welcome that. I was a kid but remember grownups saying that CDs were the thing to do in the 80s. Is that right?

[GCP]

62. Same here - my husband already retired

I'm seeing our nest egg shrinking daily

[ewagner]

7. Thank you ..

thank you...you ignorant, bigotted, tea-partying bastards!

[originalpckelly]

8. Yeah, someone spiked the Tea with crazy juice.

[hughee99]

10. Winning the future! n/t

[originalpckelly]

13. Charlie Sheen couldn't do any better.

[msongs]

11. criminal speculators do not like the Obama/Boehner deficit reduction rip off lol nt

[RKP5637]

14. The Teabagger Dream. n/t

[Safetykitten]

15. On the altar of bi-partismanship, there we wait.

[nadinbrzezinski]

16. Watch the Asian markets tonight

[originalpckelly]

17. CNBC will be having special coverage of it.

:wow:

The shit has hit the fan.

[nadinbrzezinski]

18. Ooohhh booy... there goes the economy

[RKP5637]

20. Did they give a time yet? n/t

[originalpckelly]

32. 8PM ET.

It's on their website.

[RKP5637]

35. Thanks!!! n/t

[RKP5637]

27. 8PM ET, they just annc'ed it. n/t

[nadinbrzezinski]

31. Half an hour from now,

I am not sure to keep my lunch or switch

[RKP5637]

36. 8PM ET, they just annc'ed it. n/t

[nadinbrzezinski]

60. Damn I forget it is only three hours ahead

all the time... ten minutes to go

[ThomWV]

19. Calm down. Now is not tomorrow morning, and tomorrow morning is not tomorrow afternoon.

It may not be that bad. There will certainly be a big drop at the open but things may very well settle down quickly

[originalpckelly]

22. This is such an unpredictable shitstorm.

But it does look like a lot of shit is flying, probably a category 5. God help us if it's a category 6.

[Safetykitten]

23. Here they come to save the day! The PPT! Don't worry.

[femrap]

59. 3rd Quarter Rules:

Level 1 Halt

A 1,200-point drop in the DJIA before 2 p.m. will halt trading for one hour; for 30 minutes if between 2 p.m. and 2:30 p.m.; and have no effect if at 2:30 p.m. or later unless there is a level 2 halt.

Level 2 Halt

A 2,400-point drop in the DJIA before 1:00 p.m. will halt trading for two hours; for one hour if between 1:00 p.m. and 2:00 p.m.; and for the remainder of the day if at 2:00 p.m. or later.

Level 3 Halt

A 3,650-point drop will halt trading for the remainder of the day regardless of when the decline occurs.

[dixiegrrrrl]

67. bless you for posting that.

From everything I have read over the past 5 years, a 2 hour halt in trading is basically an admission we are in very big trouble.
As in runs on banks trouble.

[femrap]

70. I did take out some

extra cash just in case there are 'bank holidays.' Better to be prepared.

Imho, I'm really not surprised that the US was downgraded....our economy and political system is a mess. We need Adults in charge instead of Lobbyists and Banksters.

[dixiegrrrrl]

71. In our area, having cash on hand is always a smart move.

When the ONE computer line running into the county goes out/gets cut from construction, everything stops dead.
Or a hurricane comes close...
a fistful of small denomination bills cut buy groceries at least.
We have learned to have at least 1/2 tank of gas, week's worth of meals at hand, etc.

Now, it might be smart to think like that for a slightly longer time line.

[rdking647]

28. not so surprising

if we get a panic move im going to be buying.. Im putting in lowball bids for a lot of good quality high dividend paying stocks.
if people want to blindly dump Ill buy.. after all what really changed since friday????

[coalition_unwilling]

63. I admire your moxie and chutzpah, but must warn you that stocks

declined 80% from 1929-1934. They still have a lot of room to fall potentially. So, as the British Renaissance poet Edmund Spenser wrote, 'Be brave but not too brave." :)

[asjr]

29. I am going to be very paranoid about this. Does

anyone else think the whole thing was pre-planned? As far as lifting the debt ceiling higher it was only a small action as it has been before. But the Tea Partiers needed to have a confrontation before it was raised. So, the WH compromised and gave a little bit at first. Voted in the House, voted in the Senate. Still no deal. The WH compromised some more, finally at the very last minute the deal was reached. Big sigh of relief. But no, S&P who had been notified before it would be a close call sighed because it could finally do what it was supposed to do--take away the AAA rating and everyone could blame Obama which was the original reason for the Repubs and Tea Partiers. As I said I would be paranoid about this, but I realize the main reason for all the trouble is the right wing wanting to make Obama a one-term president as Mitch O'connell has repeated many times.

[jwhitesj]

34. Shock Doctrine

[CountAllVotes]

39. this means failure

just what the tea pottiers and the pigs wanted. Congratulations! You've ruined all of America you greedy fools! :mad:

[abelenkpe]

64. Not just America.

The tea loons and despised everywhere for ruining the global economy with their stupidity

[rdking647]

33. as warren buffet has said

be greedy when others are fearful
be fearful when others are greedy

[dawg]

43. +1

:)

[LLStarks]

40. Nikkei opens in 20 minutes. I'm scared. nt

[rdking647]

50. nikkei futures are down only about 2%

[dkf]

41. The downgrade is priced in my eyeball!

[BlueCheese]

42. Do we know if this is because of the downgrade?

After all, the market showed it was quite capable of losing 3+% all by itself last week.

[originalpckelly]

45. And how do we know someone wasn't tipped off about the downgrade then?

That's the question.

[BlueIdaho]

44. Do you suppose there will be massive layoffs of Wall Street Fat Cats and Banksters?

It may not be such a bad thing for the guys with closets full of thousand dollar suits to find out what it's like to be a 99er.

edit = typo

[originalpckelly]

46. Shyeah, not a chance in hell.

The government has to bail them out, because they are still all joined at the hip through derivatives and if they don't they all come down together.

[BlueIdaho]

51. I say if they can't run their markets any better than this we should can them all!

Nudge nudge, wink wink...

[coalition_unwilling]

68. Thought you might enjoy this photo from the DU archives:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x4131981

Edit for file type glitch.

[BlueIdaho]

72. That's more like it!

Thanks!

[Coyote_Bandit]

47. I'd consider it a buying opportunity except

for the fact that most equities are overpriced relative to my assessment of their potential return.

I'd wager that some banks, insurance companies and trust managers are going to be selling some of those downgraded US obligations. Might be some bargains there with potential tax incentives. But I have no desire to invest in our fucked up dysfunctional government.

[rdking647]

52. i can get 7-8-9% in dividends

in well managed,less economically sensitive stocks. companies that are growing their dividends... If I buy a stock that pays 8% and grown its dividend 2% a year. Ill buy it. and but it again lower.

[lib2DaBone]

49. $3 Trillion worth of Credit Default Swaps waiting to be paid.....

.. not even Grandma (when stripped of all her savings and dignity) can pay this off....

[flamingdem]

54. That's nothing Israel was down 6% today nt

[nadinbrzezinski]

55. Listening to the MSNBC Squak Box Asia (off basic cable)

and they are talking further downgrades and being critical that it was just AA+.

Folks this is NOT good... at all.

And yes our political system is stuck on idiot.

[originalpckelly]

56. I don't blame quite honestly.

When we've got a nation that won't hold the wealthy accountable, it's just not good for the economy.

[nadinbrzezinski]

57. This morning before we went to the market

we heard McCain spout usual talking points. I went... thanks, not even getting downgraded gets you people off the same... unfriggin' amazing!

[Uben]

58. My advisor told me this was gonna happen a year ago

.....so he convinced me to let him get me heavy into gold and silver. Since he is my brother in law and is himself heavily vested in it, I bit. Looks like the blind hog finally found an acorn!

[sendero]

65. The stock market is a joke..

.. and anyone who participates in it deserves what they have coming, the THIRD systematic fleecing in about 11 years.

At some point most people figure out when they are being robbed.

[Octafish]

66. Da Bruddas Krongaard

Blackwater and the Brothers Krongard: How Cookie Crumbled

Inside dope. Works every time.