Wow, nice crash!

[Headless Thompson Gunner]

So, my cars are insured through AIG.  Should I expect some big corp to buy my policy, or do I need to start shopping IMMEDIATELY?

I don't know if we ever actually answered your question.  So for the record, I'd suggest you start shopping for a new insurer. 

When insurance companies fail, state guaranty agencies step in to make good on any policies the insurance company made.  So technically you're protected against the impending failure of AIG.  But...

In practice, barely solvent insurers will try to hang on to every penny they have.  If you have to make a claim before AIG finally goes under, expect to get the runaround.  If you have to make a claim after they go under, you'll have to deal with the marginally competent bureaucrats who run the state guaranty agency.  Again, expect a runaround.

You're going to need new insurance provider soon enough anyway.  You might as well start working on that right now.

[mfree]

... I distinctly remember hearing press about this all starting back during the Carter administration with a regulation to increase the level of substandard loans given by institutions by a certain percentage.

No idea where to look and no impetus to do such tonight either

[Manedwolf]

Asian markets are open. And they're...um...

Asia Gets Mauled, HK Sinks 6%, Japan Dives 5%

The hemorrhaging in Asian markets accelerates Tuesday, with Japanese, Hong Kong and South Korean stocks down 5% to 6%, as upheaval on Wall Street fueled investor uncertainty about a spillover into the region.

Good photo, there.

[Leatherneck]

So when do you think the market will bottom? Today? Tomorrow? Longer?

My gut tells me the bargain hunters will pop it back up by the end of this week.

TC

[280plus]

Oh my aching Chinese head! I need asplin!

[The Annoyed Man]

My gut tells me the bargain hunters will pop it back up by the end of this week.

Pop? Or Prop?

I think something will pop, sure enough.

[The Annoyed Man]

"All you can do is laugh, or jump out a window."


Actually, I prefer a third course, which I started exercising at the end of the day...

Instead of standing around pissing my pants, crying, and sucking my thumb that my accounts lost in excess of five figures today, I dumped about $3,500 INTO the markets, into stocks which got caught up in the monkey panic, and which are otherwise fine, solid companies with a long track record of performance. If I had any more right now, I'd be putting more in the markets.

I made a lot of money after the last market crash, I figure I'll make a lot this time, too. I just have to wait until everyone stops pissing their pants, sucking their thumbs, and gets their heads out of their asses.

I admire your faith in the markets, but, you do realize that is the same mindset tactic that ruined William C. Durant?

Edit to clarify: The mindset is what we need, right now. But, ultimately, the value of stocks is not decided by you and me, especially not with $3,500. Maybe if you had $35,000,000. The big players are all going to have to step in, or else that won't work, at least not for long.

[K Frame]

"But, ultimately, the value of stocks is not decided by you and me, especially not with $3,500."

Did I say it was?

Did I somehow give the illusion that I'm a financial white knight riding in with buckets of money and will, single handedly, stop the financial crisis in its tracks?

I don't recall claiming anything of the sort.

[280plus]

Did I somehow give the illusion that I'm a financial white knight riding in with buckets of money and will, single handedly, stop the financial crisis in its tracks?

You mean you're NOT!?! 

Now what the hell am I going to do? 

Actually, I wish I did have a bit to throw in. Med copays are draining me dry unfortunately. 

[Manedwolf]

I would not get in right now, no matter what the broker-employed analysts say.

The second mouse gets the cheese.

[K Frame]

This is second mouse time.

[Manedwolf]

Nice roller coaster day.

Oh, it also turns out that Lehman's huge rent payments in London were insured by AIG.

[AmbulanceDriver]

Nice roller coaster day.

Oh, it also turns out that Lehman's huge rent payments in London were insured by AIG.

D'OH!!!!

[French G.]

There will be some rally I think but it will be a short lived one. Maybe one from Fed action today. Right now no one knows where bottom is or how bad the recession will/can be. So when money gets back in they will all mingle near the exits looking for the least sign of trouble. Plenty of downside still left. Add to that the historically crappy stock season of October and the uncertainty of the presidential election and no sustained move up could happen before the election. I don't think we've hit bottom yet. And, of course, my opinion is about as worthless as the Moody's analysts that kept AAA bond ratings on Lehman until very recently. 

The fact that the markets all fell off by at least 4% yesterday and today they can only hold almost flat is a sign that buyers are too scared. If anyone with serious money thought this was bottom they would be buying.

[Manedwolf]

AIG is not looking good. Their plans last night failed. Investors bailed and they've lost 64% of their remaining value.

That horn and "Pull Up" voice is going, and the ground is coming up fast...$1.25 this morning!

[Headless Thompson Gunner]

AIG lost their credit rating last night, too.  They are quickly running out of options to raise cash.  Government handout is about the only option left to them.  Given the gov's reluctance to prop up Lehman's, I'd say that AIG is toast.

[Manedwolf]

Down another 250 this morning.

[41magsnub]

I am just glad I am 40 years from retirement (unless I am lucky) and I can take the long term view of things.  My current investments are getting hammered, but should bounce back over time.

[Manedwolf]

NASDAQ is off 3% too. And Dow 335 with no signs of slowing. We might get another 500 point crash?

Is this just lack of confidence, or are positions being liquidated due to margin calls?

[Racehorse]

I am just glad I am 40 years from retirement (unless I am lucky) and I can take the long term view of things.  My current investments are getting hammered, but should bounce back over time.

That's where I am, too. I'm getting hammered now, but hopefully I can get some cheap stocks now that will make up for my losses in the future. If I can pick up cheap stocks with my automatic 401(k) contributions for 6 months or so and then regain the money I lost on the stuff I already had over the next few years, I should end up better off.

[K Frame]

"We might get another 500 point crash?"

Actually, it would have to be a lot more severe than 500 points to be considered a crash.

Monday's 500 point drop was what, about 5% of the index total...

Anyone remember October 16, 1987?

The market dropped 508 points.

Only at that time, that was nearly TWENTY THREE percent of the markets total.

Other markets, were hit a lot harder.

[280plus]

Dammit Mike, throw another $3500 in there and bolster this thing up!   

 

[Perd Hapley]

As part of my economic plan, I promise to make Mike Irwin invest the $3500 that he needs to invest in order to save the stock market for the American people. 

[Brad Johnson]

If I had some extra cash I'd be plowing it into medium growth mutual funds with the intent to let them ride for ten or fifteen years.  With everyone in a tizzy it's definitely a buyers (stock) market.

Brad

[Gewehr98]

"Crash" is kind of a misnomer, considering the actual percentages involved, ain't it?

ZOMGWTF?  We're DOOMED, I tell you - DOOMED!