September 29, 2008

That’s the sound the S&P 500 Index and other indexes are making today:

Look Out Below!

According to the Standard & Poor’s website, at Friday’s close the S&P 500 Index was down 5.44% for the month of September. Today ALONE, it is down 5.63% (at the time of this writing)! If this pitiful performance continues through tomorrow, the S&P 500 Index will be down over 11% for the month of September!

Oh, and in case you’re interested, here’s how this September’s performance compares with past Septembers.

11 responses to THUD!

  1. JLP: Weren’t you the guy advocating a resounding “NO” vote on the bailout? Well, you got it. In the rear.

    Hope you got a lot of cash under the mattress.


  2. This is what we get with our elected Congress. They are responsible for todays down day.

  3. As of 3:48 EST, the S&P 500 is down 6.8% due to the failure of the bailout plan.

    Ouch, I wish I had some extra cash to invest right now!

  4. Refer to my comment in your post about Hillary….!

  5. I guess I’m lucky I got out last Thursday then.

  6. What is unfortunate, I can’t access to find out how my rep. voted. The suspense is killing me.

    @Bozo – Invest for the long term :)

  7. The people voting no on the bailout have absolutely no idea of the global havoc this will cause. They think bailout is not just limited to banks, but don’t see the overall picture…ugh!!

  8. I see the overall picture. I realize it will suck. I think an important lesson will be learned through the suffering, though.

    It is time to let the boot hit the ant hill, so we can begin rebuilding.

  9. “I see the overall picture. I realize it will suck. I think an important lesson will be learned through the suffering, though.”

    Preston, only somebody who hasn’t really suffered and who doesn’t know history can say that.

    Did people learn much from 1929? It doesn’t look like you did because you are saying exactly what people said then – “it’ll serve them right”. The following year a lot of responsible businesses had to close. The crisis spread to Germany, and hit it particularly hard. When people are miserable, they are also willing to listen to any charismatic leader who promises to feed them. Do you know that throughout history suffering caused social unrest and often lead to people being killed?

    My father’s teenage years coincided with the world war II in Russia; he said when your little brother cries from hunger into the night, you are willing to do anything, commit any crime just so you can feed your brother. It’s only in novels and soap operas people get better with suffering.

    As to learning a lesson, has anybody learned anything from the internet bubble? How many of us saw this bubble coming and actually acted on it? Just a few years ago everyone was saying how the real estate prices can only go up. Yet, only a few years before, in mid-90s the real estate prices were considerably lower than in the 80s. It had been less than 10 years and everyone still forget.

    Every crisis is sufficiently different from the previous crisis that people think past rules don’t apply. And younger people born after each crisis don’t bother to learn.

    I realize that you work in your secure government job, so you think all the problems wouldn’t apply to you. So now you are talking how suffering is good – only because you are convinced that you personally will not suffer and you don’t give a damn about others. To me this sounds more than a bit hypocritical.

    “It is time to let the boot hit the ant hill, so we can begin rebuilding.”
    Construction companies need credit too. Without credit, they cannot start rebuilding since they need to pay salaries before anything is built and they can make money.

  10. At the moment, I don’t care so much about whether the bill was or wasn’t passed.

    What’s most disappointing to me is that the House wasn’t able to develop a bill that would (a) fix the problems and (b) also pass the House.

    That failure to find a *successful plan* on *common ground* is an indictment of our representatives’ leadership and collaboration skills. With leaders like this, it’s no wonder that our economy is going to pot.

  11. Kitty- Well put! Couldn’t have said it better myself.