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Originally Posted by wiphan
largest drop in 1 day since 9/11/2001
I definitely think there is a lot of guilt by association and there are some good buying oportunities again. It will be interesting to see if the Fed cuts rates now. I personally hope they don't but it may happen
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Yeah like GM losing 12% of it's value today is definitely "Guilt by ...." Although the financials are clearly necessary for most people to buy a car this shouldn't have been the value lost. The mind blowing thing about all of this is that we used to think when something (a large Corp.) went bad it would be an erosion but these things AIG,JP Morgan, BOA happened essentially in a single day of trading. I don't think Black Monday had decay like this within hours time. My prayers for the suits trying to make a living with these corporations.
And we think we have bets of consequence on a horse racing site.....how'd you like to be a mutual fund manager today who has to explain why he/she
lost tens of millions with things like GM/BOA and Lehman in your port folio for say a small/midsize pension plan. White collar suicide deaths spiked today in NYC ER's ......crazy **** on the physician hot lines today!!