DOW closes today at....

....8579.19 once all the final data filtered in. That's....I want to say alarming, but "alarming" doesn't quite do it justice. Won't businesses start to fail once it hits 8,300. 8,300 is the magic number. Thank Christ my parents diversified their retirement accounts.

Yep, looks like we're pretty much fucked.

What's magical about 8300?

I've always read that it's like a tipping point. Go below it and investors will panic sell beyond belief and businesses will start failing. That's what I read in economics class anyway. Basically if the numbers go into the 7000s, hello economic depression.

That's 18% in the last seven trading days. And one year ago today, was the all time high: 14,164

So in one year, the DOW has lost almost 40% of its value

That doesn't make sense to me. It is all relative, so the tipping point should be based upon a percentage of the peak. Perhaps that is what 8,300 represents, but I'd like to know more about this calculation.

I've never fully understood it myself, but it was the number I was taught was a point you never want to see the Dow hit.

So, what should we do?
Cry under our beds, and wait for the rapture?
Invest in dried beans and zombie repellent?

Buy stock at rock bottom prices if you can afford it. You'll be rich some day. In the meantime, store up on ammo, canned goods, and toilet paper.

I hope Alphaman has some spare change to buy more GM. It dropped 31% today, so he can really improve is share cost average tomorrow.

I'm gonna buy me some stock in ammo, canned good, and toilet paper producing companies!

Well, at least Sean Hannity can't have on a raving loony antisemite who'll blame today's drop on the Jews.

You'll note the jews stayed away from Wall Street today. Obviously an Israeli conspiracy!

Sean Hannity needs to fall on a very sharp stick--preferably crotch first. Sarah Palin better get ready to flash those titties on the campaign trail. McCain's gonna need it.

Really though; if Hannity is going to be in close proximity to a sharp stick we all deserve for the stick to have a much bigger target. Maybe an eyeball will do the trick.

http://finance.yahoo.com/tech-ticke...y-Sees-Light:-A-New-and-Improved-Bailout-Plan

It's the bolded part that really gives the chills.

We were close to this low back in 2003 and it came roaring back.

Everybody's buying? Then SELL, SELL, SELL!!

What? Everybody's selling? Then BUY, BUY BUY!!!

Ah, feel-good stopgaps that delay the inevitable.

Nah, I'd rather go out quick.

Why? Should we not get an equity in exchange for the funding? Nobody is going to hold a gun to these banks -- they can choose not to participate. The idea is that Uncle Sam will be the buyer and lender of last resort, but don't expect to get something for nothing.

If your concern is about government control, that's a non-issue. The equity share is non-voting.

In 2003 we didn't have completely broken credit markets. Right now we've probably got companies liquidating assets just to make payroll.

The corporate paper market has shrunk by 15% in two weeks. That's a lot of liquidity to drop without significant economic consequences. I've been talking about this for a few weeks, and we are about to see what happens. That's where the real ugliness will begin when companies have to choose between payroll and accounts payable.

My concern is where it may lead.

Ten years ago people couldn't have possibly imagined the sorts of things going on in this country that happen daily here now in the name of protection and safety.

I no longer trust even the smallest whiff of more areas for the Gubmint to sink it's grubby mitts further into.

It sucks all around.

Aren't you all glad for the trillions of dollars worth of taxpayers money to bail these fuckers out that was supposed to save Wall Street?
Shoulda let the assholes jump.

You want to hear a funny anecdote about all this? In spite of the fact that Schwarzenegger asked for that 7 billion dollar loan last week, the SAG union leadership is still pushing for a strike vote for actors. I kid you not. I'm thinking the window of opportunity for that has closed. The locals might be a wee bit more hostile than they were last year to the writers.

Talk about redefining la la land.

Just what sort of safety regulations have come about in the last decade? Do you have any source for these wild claims?

When the Fed drops it's target rate a half point and short term interest rates go up in response, something's terribly wrong.

Mommy and daddy's trust fund still solid in commodities.. Right?

Or Yom Kippur.

The US is copying Brown's UK bailout now? Not sure it'll work.

As for the Dow dropping 40% in 12 months, that's pushing towards capitulation... If we see another 600 drop that could be it