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Dow Plunges, Global Markets suffer as well…

By Paleo Pat, on October 6th, 2008

I haven’t posted today, because I have been watching the market and doing a little paper trading (fake money…not real)

Here’s the official story via the AP:

Wall Street tumbled Monday, joining a selloff around the world, as fears grew that the financial crisis will cascade through economies globally despite bailout efforts by the U.S. and other governments. The credit market remained under strain, and investors piled into government bonds. The Dow Jones industrials skidded more than 300 points and fell below 10,000 for the first time in four years.

The markets have come to the sobering realization that the Bush administration’s $700 billion rescue plan won’t work quickly to unfreeze the credit markets, and that many banks are still having difficulty gaining access to cash.

Here is the Dow Chart:

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The line to the left of the vertical slash, is the market today. Oh yeah, it’s that ugly…

On the other hand, Gold is looking very promising:

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(charts from thinkorswim.com)

My advice to everyone, if you nervous, sell what you’ve got and invest in Gold.

More gold Charts:

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So much for that “Bailout” eh?

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October 6th, 2008 | Tags: , , , , , , , , , , | Category: Gold Prices, Government, Housing Crisis, Opinion, Politics, Silver Prices, Stock Market, Sub-Prime Loans, Wall Street, Wall Street Crisis, Wealth | 4 comments
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4 comments to Dow Plunges, Global Markets suffer as well…

  • William Hubbard
    October 6th, 2008 at 8:04 pm

    What do you think of the Pro Funds mutual fund: UVPIX? Is it true that it has increased by 40% in less than one week?

  • david
    October 6th, 2008 at 9:11 pm

    People talk about “tax and spend Democrats”, but this current crisis is just another Republican mess that will only be solved by a Democratic administration. After 1929 it was FDR, after Bush 1 it was Bill Clinton and after Bush II, the Democrats and Obama are the only ones who can turn us around. Wake up people!

  • The Libertarian Paleo-Conservative
    October 6th, 2008 at 9:39 pm

    What do you think of the Pro Funds mutual fund: UVPIX? Is it true that it has increased by 40% in less than one week?

    William,

    I have zero clue man. I am not a stock professional, I simply blog about politics. But I also am keeping up with the market, because of the political implications that go along with it. I checked the charts on it, it seems to be trending upward, but I’m no expert at it. So, I say, play at your own risk, as these markets are very crazy right now.

  • The Libertarian Paleo-Conservative
    October 6th, 2008 at 9:44 pm

    People talk about “tax and spend Democrats”, but this current crisis is just another Republican mess that will only be solved by a Democratic administration. After 1929 it was FDR, after Bush 1 it was Bill Clinton and after Bush II, the Democrats and Obama are the only ones who can turn us around. Wake up people!

    David,

    That is a half truth. Actually both parties contributed to this mess. The Democrats starting with Carter, by putting pressure on the banks to get easier loans, Then Clinton did that some more, with Fannie Mae and Freddie Mac. However, in 2003, when the Republicans were in the majority, they could have stopped the mess, because there were signs the problems were starting, they did nothing to stop it….and now we’re in the spot that we’re in.

    As much as I would love to believe that electing Barack Obama is going to solve all the worlds problems, I can’t. Nobody can. Neither would John McCain make all the problems go away. In fact, he would make them worse.

    In fact, it strikes me a humorous when Obama and McCain blame one another for the mess, when both sides got us here….and only a real leader will get us out, and I am on convinced that either of these parties have that leader.

    Thanks for the comments,

    -Pat