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Greece wiped out the stock market gains for the year. Dow is down 350 points.

And you thought it was just Greece's problem

Purto Rico will be the next to fall.

Just heard about PR on the evening news.

planosteve wrote:Greece wiped out the stock market gains for the year. Dow is down 350 points.

And you thought it was just Greece's problem

Purto Rico will be the next to fall.

Wiped out?

Between today and a bunch of other "down" days, the overall market is down a bit over 3 % from it's all time highs...yawn.

Be thankful you're not in gold..down nearly 50% from it's all time high..oh wait.

Greece is just the first domino. Spain will be next.

The situation in Spain is nothing like the situation in Greece.

You need a hobby.

think that it was Cavuto but they were talking Italy and Spain . Very little money lost by Americans because of Greece in my opinion . Greece brings up an example of why its good to always have a little cash on hand though .

GFB wrote:The situation in Spain is nothing like the situation in Greece.

You need a hobby.

Your right. It is Iraly that is in the worst shape after Greece.

planosteve wrote:

GFB wrote:The situation in Spain is nothing like the situation in Greece.

You need a hobby.

Your right. It is Iraly that is in the worst shape after Greece.

Iraly isn't going anywhere either.

I expect Grandma will have the plunge protection team in action tomorrow pouring the fiat money on the market like a fire hose.

planosteve wrote:I expect Grandma will have the plunge protection team in action tomorrow pouring the fiat money on the market like a fire hose.

Basket weaving?

Crocheting?

Smoke arising from the Eccles Bldg this morning is black indicating that the FED printing presses are running full blast to pour fiat money into the stock market today.

planosteve wrote:Smoke arising from the Eccles Bldg this morning is black indicating that the FED printing presses are running full blast to pour fiat money into the stock market today.

The Fed does not pour money into the stock market.

The Fed does not even drip money into the stock market.

story telling is steves hobby

It's not over till the German lady sings. Or Cramer stokes out on the floor of the NSE.

GFB wrote:

planosteve wrote:Smoke arising from the Eccles Bldg this morning is black indicating that the FED printing presses are running full blast to pour fiat money into the stock market today.

The Fed does not pour money into the stock market.

The Fed does not even drip money into the stock market.

Everyone knows that silly. The FED prints money and loans it to the banks and zero interest. The banks buy the stocks and bonds.

planosteve wrote:

GFB wrote:

planosteve wrote:Smoke arising from the Eccles Bldg this morning is black indicating that the FED printing presses are running full blast to pour fiat money into the stock market today.

The Fed does not pour money into the stock market.

The Fed does not even drip money into the stock market.

Everyone knows that silly. The FED prints money and loans it to the banks and zero interest. The banks buy the stocks and bonds.

No, banks loan money..and the interest rates that have been kept so low and likely to rise a bitsoon, are the loans banks make to each other on the shortest of terms..literally for overnight purposes.

The banks can loan out 10 times the amount of money they have. It's a gigantic Ponzi scheme called "factionalized banking". That is why the Greeks are lined up at the ATM machines. Their money isn't in the bank. It's long gone.

planosteve wrote:The banks can loan out 10 times the amount of money they have. It's a gigantic Ponzi scheme called "factionalized banking". That is why the Greeks are lined up at the ATM machines. Their money isn't in the bank. It's long gone.

The government has put a $60 limit on withdrawals.

If you want to know what a giant fraud the banking system is, just look at the banks in any typical small towns. They are usually the only new buildings in town. Most businesses are in buildings at least 50 years old. A lot probably more than 100. Banking, warehousing people money, must be a teriffic money maker. Why is that? Simple, they create 90% of the money they lend out of thin air and loan it out at exhorbent interest rates. They have almost no cost and practically all profit.