Worst day for Wall Street since 2008 crisis

[st louis steve]

Dow falls 512 in steepest decline since '08 crisis http://finance.yahoo.com/news/Dow-avera ... 9.html?x=0
Worst day for Wall Street since 2008 crisis: Dow falls 512 and investors flee for safety

[st louis steve]

U.S. Debt Reaches 100 Percent of Country's GDP The U.S. debt surpassed 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed Wednesday, according to AFP.
The debt, which had been in somewhat of a holding pattern over the past several weeks, rose $238 billion after President Obama signed the debt-ceiling deal into law Tuesday to avoid the country's first-ever default.
The package is designed to carve $2.4 trillion from the deficit over the next decade. But in the near term, it granted Washington an increase in its borrowing authority worth the same amount.


Read more: http://www.foxnews.com/politics/2011/08 ... z1U6DmQlRE

[GodsStudent]

U.S. Debt Reaches 100 Percent of Country's GDP The U.S. debt surpassed 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed Wednesday, according to AFP.
The debt, which had been in somewhat of a holding pattern over the past several weeks, rose $238 billion after President Obama signed the debt-ceiling deal into law Tuesday to avoid the country's first-ever default.
The package is designed to carve $2.4 trillion from the deficit over the next decade. But in the near term, it granted Washington an increase in its borrowing authority worth the same amount.


Read more: http://www.foxnews.com/politics/2011/08 ... z1U6DmQlRE

....isn't that what they say when the knock out blow has been delivered?

[Tevye]

The Day After.......a few headlines...

It’s a new day on Wall Street… or is it?

...the stock market rally has faded.

Stocks resume sell-off...

Market Selling Gathers Momentum

World markets sell off on global worries

Wall Street’s early rally fizzles as market sell-off continues

One day........................................ .......

[Tevye]

Welcome to the new world disorder.

Monday marks the first day of U.S. trading since America lost its coveted triple-A rating
and traders are braced for almost anything.
Link

[Resurrection Torchlight]

St.LouisSteve you seem to really be following all this, what do you think about it all? I would be very interested in your opinion as to where it might all be headed.

Thanks in advance

RT

[st louis steve]

I don't really know where this is going. This was sent to me by one of my co-workers.One of my co-wokers sent me this. Steve

Steve,

I get this daily commentary from Franklin Sanders. Never heard him talk this way before. Pay attention.

QUOTE (you can read this in the full commentary below):

This will worsen all the economic problems, perhaps even ushering in a hyperinflationary depression. In the immediate future there's better than a 50/50 chance Europe will drag the US into crisis. Here are my suggestions for self-protection:
1. Get liquid. Pay down debt as much as you can. Sell non-performing investments, like stocks, or investments that will suffer from depression or inflation.
2. Close out leveraged positions. Markets are way too volatile for that.
3. Hold on to silver & gold.
4. Hang on to cash anticipating great bargains in a crisis. Remember gold went to $700 & silver to 880c. Gold/silver ratio went to 84, offering a great gold to silver swap. Not expecting those numbers again, but we might see the analogs.
5. Fill up propane tanks, home gasoline or diesel tanks.
6. Stock up on food -- long term storage food, not smoked oysters & tomato soup. Rice, for instance. Dehydrated food. MREs.
7. Stock up on ammo.
8. Get out of the city, or at least have a country place waiting to receive you.
Don't wait, and don't misunderstand. The numbers above are NOT my targets for silver & gold. As yet I am not even sure gold will act as it did the last time, plummeting while the dollar rocketed. Maybe gold will drain off some of that flight to quality from the dollar.
Don't be fooled by my calm words, either. Y'all are reading the equivalent of an air raid siren, and y'all had better run for cover.

[st louis steve]

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[st louis steve]

The U.S. market crash was occurring as the 9th of Av was starting in Israel;

Thousands of Jews arrived at the Western Wall on Monday, to participate in the traditional Tisha B'Av prayer service. Tens of thousands of Jews are expected to visit the Western Wall plaza over the next day, where they will lament the destruction of the two Temples.
http://www.ynetnews.com/Ext/Comp/Articl ... 36,00.html
The day, which is marked by a traditional fast, will see dozens of prayer services, each conducted according to the observers' various Jewish traditions. Jerusalem security forces, along with Western Wall ushers, have been deployed in the holy site's plaza to maintain the order.
Dow plunges 635 points after S&P downgrade


By Ken Sweet, contributing writer August 8, 2011: 4:48 PM ET

Click the chart for more market data.
http://money.cnn.com/2011/08/08/markets ... m?iref=BN1

[GodsStudent]

Ez 7: 19 They shall cast their silver in the streets, and their gold shall be removed. Their silver and their gold shall not be able to deliver them in the day of the wrath of the LORD: they shall not satisfy their souls, neither fill their bowels: because it is the stumbling block of their iniquity.

I just can't help but think of this scripture every time this stock up on gold and silver advise comes from every secular venue out there. Silver will go into the streets and gold shall be removed........that's very clear. With everyone trying to hedge their best position in the silver and gold markets, I return time and time again to having survival skills from the old school era and most of all, trusting the Lord will fill in all the relevant blanks. Fact is, every list should include "Pray that you be found worthy to escape all these things coming on the earth" full scripture found in Luke 21: 36.....and faith as a mustard seed Luke 17: 6 or Matt 17: 20....and also a good list would include the Lord's Prayer, because whatever His perfect Will is should be our own.

If we truly see the Lord going before us, what is there for us to be so distraught about?

RT: Nouriel Roubini, fwiw, is calling for stagnation. That is a deflation in the cost of things we don't need like cars, boats, probably clothes and so forth, and a hyper inflation of the goods we do need, such as food and energy (electric, water, oil, etc).

st louise steve: Wondering what you think? They say Gold is in a bubble right now, and at one point today, I turned on Bloomberg and watched the tickers....gold and platinum were exactly $10 difference in price for an ounce with platinum costing only $10 more....as I write this, gold is at $1724 and platinum $1716, so now the price of gold is greater than the price of platinum.

Im saying this to say: When they are ready to all of a sudden unveil a new global currency that will stabilize everything, what's going to happen with gold? and silver??? A new currency will be unveiled and gold and silver will only be bought and sold under that currency....that is, if the gold isn't taken up to or confiscated *for whatever reason.

[smackbucket]

Godstudent, I disagree. The verse about gold and silver being thrown into the streets implies that up to that point they will STILL have great value. The passage is showing the world made poor conclusions when they thought wealth could save them from calamity.They should have trusted in God. But that is a salvational issue and has nothing to do with gold and silver losing their actual value.

I would never suggest people buy gold and silver right NOW. It's HIGH. It will probably go up, but I'm not giving advice. I'm just glad I bought it when it was low. Your dollars are going to go down the tube someday (maybe soon), and a new money system doesn't scare me in the slightest when it comes to the gold and silver issue. It will hold a value. We know this from the passage you posted! :)

[mark s]

My understanding, from what I've been hearing reported, is that, due to the drop in America's credit score, people pulled out of the market, and transferred their money into treasury notes = US debt!

So what does this tell you?

http://www.reuters.com/article/2011/08/ ... IU20110808

The value of a business is not materially changed by an national credit score, but if that credit score is truly reflective of reality, the value of a nation's debt is, right?

So what's going on here?

[azbeliever]

I would never suggest people buy gold and silver right NOW. It's HIGH. It will probably go up, but I'm not giving advice. I'm just glad I bought it when it was low. Your dollars are going to go down the tube someday (maybe soon), and a new money system doesn't scare me in the slightest when it comes to the gold and silver issue. It will hold a value. We know this from the passage you posted! :)

I have to disagree with the suggestion not to buy gold and silver right now. I do believe it is on a bubble, but they will continue to go up from here. These prices might not be that bad when the bubble bursts. Also if we are nearing the end of the Dollar that is virtually the only place to put your money that will have value in whatever currency takes it's place. I don't like the prices, but buying when you can should be a something everyone does because there is value there. It is far better than putting your money in the bank and having it be worthless. If the Dollar crashes their will still be value. I am a big fan of silver for the average person. You can buy more and I think it has a long way to rise in value since it hasn't done much in comparison to gold.

[Tevye]

Gold may retain a value in a sense, if the dollar crashes
but who in the common market place will accept it for goods?
Gold once was used as a means of exchange in the old west days
but now in our days you just don't see it being used in stores as cash.
Gold's value is in the minds of those who own it.

Not to say that Gold would not be valued as cash
but if so many people will have been conditioned away from cash
using gold as a means of exchange for food or goods may be difficult.

In a pinch, in a major crisis, with limited provisions
gold may be undesirable verses other usable things.
Someone may come with gold coins and say "can I but that loaf of bread"
and the seller might say, "in this crisis what am I going to do with that?"
Look at it? Watch it shine? It's not going to help my family survive.

The whole system of exchange on the level of the masses will change
money will become obsolete, replaced by a virtual currency, and the MOTB.
Gold will always be desirable, as with other precious metals
but, the fever of buying it and selling it will fade
in the midst of global distress.

Will the piece of bread be worth a bag of gold or will the bag of gold be worth a piece of bread?
No, gold will not save anyone from the day of calamity, of great distress, we all will be in the same boat, sinking.
We all will need a savior to deliever us from our troubles, to trust in when the great tribulation and trials have come.

[mark s]

If we go to gold, out will come the scales, and the values will be soon established. This is what happened on Mozambique.

[GodsStudent]

If we go to gold, out will come the scales, and the values will be soon established. This is what happened on Mozambique.

And when he had opened the third seal, I heard the third beast say, Come and see. And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand. And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny, and three measures of barley for a penny; and [see] thou hurt not the oil and the wine. Rev 6: 5-6

Mark, your post brings these verses to mind, but I still can't get Ez. 7: 19 out of my mind. I could agree that in the short term, for those who have lots of dollars laying around, AFTER LAND, gold and silver might be a good place to hedge against total loss, as every other "vehicle" is volatile, but why wouldn't we want or need land most of all, when that land would be what produces our daily bread (Im strictly talking about physical sustenance and not our spiritual food)?

I recall speaking to people a few years back (maybe 2008) about who fared the best during the great depression, and the answer we got was the people with land....those people didn't even have to farm their own land, they let men with families and no jobs work the fields. From the fields those men's families were fed, theirs and the families who owned the fields. They had to have watchmen over their fields at all times.

[Resurrection Torchlight]

I saw something on the news a while back, where some places in the US are already accepting gold and silver as payment- or exchanging it for cash. And yes- they brought out the scales and whatever the tool is that tests the metal for purity.

RT

[daffodyllady]

Know what? I am in a position where... yeah, I would like to be able to make my future as secure as possible... but I have nothing. Zilch. Zero. Nada. Nothing. Just enough to make it month to month.

Except I have Jesus.

and having Him, I have more than the biggest owner of gold on the face of the earth. My future is secure, because the Lord of Heaven and earth has promised to take personal care that I will have my needs provided. I could flee with only the clothes on my back, secure in the knowledge that God will not let me down.

You can have your silver and gold. I'm not even jealous.

[smackbucket]

I have to disagree with the suggestion not to buy gold and silver right now. I do believe it is on a bubble, but they will continue to go up from here. These prices might not be that bad when the bubble bursts. Also if we are nearing the end of the Dollar that is virtually the only place to put your money that will have value in whatever currency takes it's place. I don't like the prices, but buying when you can should be a something everyone does because there is value there. It is far better than putting your money in the bank and having it be worthless. If the Dollar crashes their will still be value. I am a big fan of silver for the average person. You can buy more and I think it has a long way to rise in value since it hasn't done much in comparison to gold.

I never suggested that people don't buy gold. I said that I would never give advice for someone to do so, not because I don't believe in it, but because it's very high, and I don't want anyone risking anything on MY advice. Not that anyone would. :)

And I also believe in silver, but I'm not sure what you mean that it hasn't done much in comparison to gold. ?
Gold has went up 544% in the last decade, as of today. Silver is up 811%.

In the last 2 years gold is up 84%. Silver is up 164%.

http://silverprice.org/silver-price-history.html

http://goldprice.org/gold-price-history.html

[smackbucket]

The U.S. Constitution Article 1 Section 10
No State shall ... coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts;


Imagine if we actually followed the constitution! Instead, the gov went off the gold standard 35 years ago, printed and printed and printed fake money, and now says that gold and silver are NOT money, but are a "collectible." When a person sells their gold or silver they are supposed to pay TWENTY EIGHT PERCENT on their gains if held long term, and THIRTY FIVE PERCENT tax on the gains if held less than a year (you don't hear THAT in gold commercials, do you?). What an unconstitutional scamtheivery that is.

[azbeliever]

And I also believe in silver, but I'm not sure what you mean that it hasn't done much in comparison to gold. ?
Gold has went up 544% in the last decade, as of today. Silver is up 811%.

In the last 2 years gold is up 84%. Silver is up 164%.

http://silverprice.org/silver-price-history.html

http://goldprice.org/gold-price-history.html

You are right, I don't think what I was saying is the same as what I was thinking. I see a lot of upside in silver prices moving forward. I think more and more people are getting priced out of gold and I think that is what is going to make silver a great investment even at these prices.

[watching]

http://www.youtube.com/watch?v=AHN0o-bxvmY

[Tevye]

Except I have Jesus.

and having Him, I have more than the biggest owner of gold on the face of the earth. My future is secure, because the Lord of Heaven and earth has promised to take personal care that I will have my needs provided. I could flee with only the clothes on my back, secure in the knowledge that God will not let me down.

You can have your silver and gold. I'm not even jealous.

The Lord will provide, He is always faithful.
"And my God will meet all your needs according to his glorious riches in Christ Jesus.

To our God and Father be glory for ever and ever. Amen." - Philippians 4:19,20

"Faithful" - (((video Link)))

"I know there are times, your dreams turn to dust, you wonder as you cry, why it has to hurt so much, give Me all your sadness, someday you will know the reason why, with a child-like heart, simply put your hope in Me. Take My hand and walk where I lead, keep your eyes on Me alone, don't you say why were the old days' better, just because you're scared of the unknown, take My hand and walk, Don't live in the past, cause yesterday's gone, wishing memories would last, you're afraid to carry on, you don't know what's comin', but you know the one who holds tomorrow, I will be your guide, take you through the night, if you keep your eyes on Me. Take My hand and walk where I lead, keep your eyes on me alone, don't you say why were the old days better, just because you're scared of the unknown, take My hand and walk where I lead, you will never be alone, faith is to be sure of what you hope for, and the evidence of things unseen, so take My hand and walk. Just like a child, holding daddy's hand, don't let go of mine, you know you can't stand on your own."
- "take my hand" - The Kry - (((video link)))

[daffodyllady]

There it goes again:
http://www.foxbusiness.com/markets/2011 ... et-update/

The Dow Jones Industrial Average plummeted 420 points, or 3.7%, to 10,991, the S&P 500 slid 53.2 points, or 4.5%, to 1,141 and the Nasdaq Composite tumbled 131 points, or 5.2%, to 2,380. The FOX 50 plunged 32.7 points to 828.

...Volatility was quite high on the day. Indeed, the VIX, often referred to as a gauge of fear, spiked 36%.