But that was a bottom. Mark it down boys. And the moderators can put this in chit chat if they want to feel useful.
Short term bottom? Maybe, but we haven't hit DOW 4500 yet. Then I think calling a bottom would be SOMEWHAT safe. Got about a year to go.
Bush was in charge, he picked Bernanke and Paulson. So we had the 3 stooges still leading us. Very stupid people do very stupid things, we have a long ways to go to clean up the trail of crap these guys will leave behind.
4500 LOL Were close enough to a bottom that its a good long term buy The Dow is back to 1999. How many buying opportunities like this do you get in a life time? Time to buy and start averaging down with enough money management that there is zero chance of a blow out.
I'm not defending these clowns, but there is plenty of blame to go around for this one. Bush and company were trying to play hot potato and hoping to pass this mess to the next guy, as is ALWAYS the case with politicians. The bomb dropped a few months too soon, though.
Blame them or not, I really don't care, they were in charge, it happend under their watch. And Bush cheering on the housing bubble didn't help, but he had a frivoulous war to pay for so I guess he couldn't help himself. But the fact remains, we will have many years to go, to clean up the devistation left under their watch. Wether people want to accept that or not. Sorry. You just dont lose TRILLIONS of dollars, values in assets, some assets in fact will disappear into think air when their market to market, and just bottom out. This is going to get so bad.
If we can close above 10K you will see a crazy rally for the next 6 weeks. Then float back down for a retest.
I lost tons of friends and family because I told em thim was coming and they continue to get mad because I tell them it's going to get 3x's as worse. Fine kill the messenger, ignore the facts, it's how we got here anyways. I'm currently renting a house in Putnam NY. Housing here has been CRIPPLED, and NOONE is still looking. Furthermore everything is a short sale, no seller concessions. Noone is buying even still and most can't pony up closing costs with are about 14k because in a short sale you pay closing costs. Things are really bad ok, so what's changed that's going to turn the market around? If anything the same problems that got us here, HAVE GOTTEN EVEN WORSE!