Black Monday

TFS Man of Mystery

,

Sep 29, 2008 @ 22:39:08

Today is now what I call Black Monday. And for a hell of a good(bad actually) reason.

Today the US sock market has fallen the farthest in one day in US history. Farther and faster in one day that the crash that lead to the Great Depression.

0

jonnythan

Bringer of rad mirth

Deleted

Here and there,

#2

Sep 29, 2008 @ 22:44:55

@kangthemad Said

Today is now what I call Black Monday. And for a hell of a good(bad actually) reason.

Today the US sock market has fallen the farthest in one day in US history. Farther and faster in one day that the crash that lead to the Great Depression.

Farther numerically, sure. But the Dow was at about 355 back then.

On Black Tuesday, the Dow fell about 35%. For a similar fall today, the Dow would have to fall almost 4000 points.

1

Lili

....................

Sunshine Land,

#3

Sep 29, 2008 @ 22:47:13

@jonnythan Said

Farther numerically, sure. But the Dow was at about 355 back then.

On Black Tuesday, the Dow fell about 35%. For a similar fall today, the Dow would have to fall almost 4000 points.

You beat me to it, lol. It fell around 7-8% today.

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Edited: September 29, 2008 @ 22:47

kangthemad

TFS Man of Mystery

,

#4

Sep 29, 2008 @ 22:47:40

still...But it is still huge.

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jonnythan

Bringer of rad mirth

Deleted

Here and there,

#5

Sep 29, 2008 @ 22:48:10

Yeah, it's a big deal. It'll bounce back a good bit once the bailout deal gets finalized.

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Lili

....................

Sunshine Land,

#6

Sep 29, 2008 @ 22:48:49

Percentage-wise, it's not even in the top 10 largest drops in history.

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rubylights

Miami, Florida

#7

Sep 29, 2008 @ 23:00:43

that's a comforting number, percentage-wise. but you can't help but panic when you see something like this on the news... especially if you own stocks...

0

rubylights

Miami, Florida

#8

Sep 29, 2008 @ 23:02:34

@jonnythan Said

Yeah, it's a big deal. It'll bounce back a good bit once the bailout deal gets finalized.

i hope it doesn't take much longer, though. it failed to get enough votes to pass. so they're going to have to come up with a plan b. i just hope it's soon, before a disaster like what happened with Washington Mutual happens again...

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Edited: September 29, 2008 @ 23:02

Lili

....................

Sunshine Land,

#9

Sep 29, 2008 @ 23:06:14

Washington Mutual failed because a bunch of people freaked out and withdrew all their money at once. As long as you keep your money IN the bank, the banks will be fine. Even if a bank does fail for another reason, most banks are FDIC insured, so you'll get your money back regardless. If your bank is NOT FDIC insured, then I'd put it in a bank that was.

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Edited: September 29, 2008 @ 23:06

rubylights

Miami, Florida

#10

Sep 29, 2008 @ 23:11:29

@Lili Said

Washington Mutual failed because a bunch of people freaked out and withdrew all their money at once. As long as you keep your money IN the bank, the banks will be fine. Even if a bank does fail for another reason, most banks are FDIC insured, so you'll get your money back regardless. If your bank is NOT FDIC insured, then I'd put it in a bank that was.

yes, i realize that. but thank you.

but, still, you can't expect ppl not to panick at a time like this...

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