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Toronto - $75 Billion Clusterflok In One Day  
User currently offlinePhoenix9 From Canada, joined Aug 2007, 2546 posts, RR: 8
Posted (5 years 6 months 2 weeks 5 days 22 hours ago) and read 1852 times:

The economic situation just seems to be getting worse and worse. The Toronto stock market closed down 573 points (roughly $75 billion, www.thestar.com). DOW was down 369 points and most of the world markets plunged to record lows (Russian stock exchange down 20%).

Does anyone have any $$ value as to how much was wiped out worldwide??

I wonder how much of this is in-part due to speculators having a brain fart!


Life only makes sense when you look at it backwards.
7 replies: All unread, jump to last
 
User currently offlineAF340 From Canada, joined Jul 2007, 2786 posts, RR: 4
Reply 1, posted (5 years 6 months 2 weeks 5 days 21 hours ago) and read 1840 times:

Well we face all this turmoil obviously because the TSX is the commodity market.

Here is a graph for GSPTSX:
http://i34.tinypic.com/vqo3zc.png

Now we have lost about 2000 points since the middle of this year.


Here is the Dow Jones Industrial Average:


They have lost 4000 points since the middle of this year alone.



I must say though, this is a great time for me to invest, and I am going to take advantage of that!



Liam spin 


User currently offlineScrubbsYWG From Canada, joined Mar 2007, 1495 posts, RR: 0
Reply 2, posted (5 years 6 months 2 weeks 5 days 21 hours ago) and read 1834 times:



Quoting AF340 (Reply 1):
I must say though, this is a great time for me to invest, and I am going to take advantage of that!

how are you so sure this isn't the end?


User currently offlineAF340 From Canada, joined Jul 2007, 2786 posts, RR: 4
Reply 3, posted (5 years 6 months 2 weeks 5 days 21 hours ago) and read 1817 times:



Quoting ScrubbsYWG (Reply 2):
how are you so sure this isn't the end?

Well, for me it doesn't really matter. I am a young guy and if I keep my investments for years I will be fine. I guess I could wait to see if the prices continue to drop (they will), but we all need to invest if we want this economy to turn around.



Liam spin 


User currently offlinePhoenix9 From Canada, joined Aug 2007, 2546 posts, RR: 8
Reply 4, posted (5 years 6 months 2 weeks 5 days 21 hours ago) and read 1792 times:



Quoting AF340 (Reply 3):
I am a young guy and if I keep my investments for years I will be fine

Don't be so sure...what if the company goes belly-up??

Quite surprising how the global economy just dived within one month!



Life only makes sense when you look at it backwards.
User currently offlineAF340 From Canada, joined Jul 2007, 2786 posts, RR: 4
Reply 5, posted (5 years 6 months 2 weeks 5 days 20 hours ago) and read 1779 times:



Quoting Phoenix9 (Reply 4):
Don't be so sure...what if the company goes belly-up??

Quite surprising how the global economy just dived within one month!

True, but there are a lot of companies that will be just fine. Luckily in Canada, our banking system is quite different from the US. For instance, I expect the Bank of Nova Scotia to do very well (once we are past this slow down) because of their large investments in China and other nations worldwide. CIBC on the otherhand, I'd definetely stay away from.

Also, oil is down to $88/barrel on the NYMEX. I think that would definetely be worth looking into...

Praxair is another one, just before this big fall, they were up at and above $100 a share, they are know down to $70. I think they will be big in the future Hydrogen fuel market. They are also quite a steday company.

Liam spin 


User currently offlineRoadrunner165 From United States of America, joined Oct 2000, 868 posts, RR: 9
Reply 6, posted (5 years 6 months 2 weeks 5 days 20 hours ago) and read 1772 times:

Don't feel bad. If I recall correctly, on the day the bail out failed its first attempt in congress, US stock markets lost around 1 trillion in value the following day.

User currently offlineContnlEliteCMH From United States of America, joined Mar 2005, 1450 posts, RR: 44
Reply 7, posted (5 years 6 months 2 weeks 5 days 1 hour ago) and read 1631 times:



Quoting ScrubbsYWG (Reply 2):

Wow. That's cynical.

Do people still need to eat? Have heat and shelter? Water to drink? Then commodities are going to be around for a while. So will companies to provide them, and banks that finance those companies.

Will they still want computers with which to visit A.Net? How about televisions and radios through which to be entertained? Or cameras with which to take pictures? Cell phones with which to talk? Then technology will still be needed and somebody will provide it.

Will they still need medical care and drugs?

You get the point. I am 100% certain this is not the end.

If you're really young and all you can remember is the lengthy expansion we've had (post-9/11 excepted), read some history from the last century. You'll actually be encouraged by the reslience of people after some pretty nasty business. I was born in 1971 so I can barely remember the 70's, but somehow we've all survived.

I read today a comment by a sub-25-year-old that he didn't see how this was a great time for him to invest. I'll chalk that up to youth, inexperience, and nasty case of "I can't do math." At your age, this is THE time to stop borrowing for cars, big houses, and consumer goods, and plow as much money as you can into your investments!



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