the market isn't open yet. however, the asian markets tanked for the second day in a row.
how badly will the market fare today? discuss.
Tuesday, January 22, 2008
down she goes!!!
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6 comments:
the fed cut the interest rate by 3/4 of a point this morning without even having a formal meeting. i think this means they're trying to stave off a panic.
dow was down more than 400 points in the first few minutes of trading. neither the new york times or cnn has updated their tickers though.
the emergency rate cut clearly failed to stave of a panic.
the baby boomers in my office are flipping out. something about 401ks going down the drain as they and their friends are reaching retirement age.
now there's no ticker on the new york times front page at all. you have to go to the business section to see it. good god, this is fugly. fugly. fugly. fugly.
i wonder who still thinks placing social security money in the hands of the financial geniuses at investment banks is a wonderful idea.
goldman sachs was the only investment bank who had the foresight to manage their risk. this is scary. risk management is essential to buffer yourself against these types of massive losses. if you don't manage your risks, you're basically just gambling.
nice to know that our money is being managed by licensed gamblers.
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