Have you heard about the stock market crash?
@hockeygal4ever (10021)
United States
February 27, 2007 3:03pm CST
They just interrupted regular tv to announce a huge stock market crash. The Dow was down over 400 points, almost in a spiral.
What do you think this means? Do you think it is something that was a fluke or do you think it's something that is warning us like before when the market crashed and ruined millions of lives?
5 people like this
10 responses
@Idlewild (6090)
• United States
28 Feb 07
I heard that the drop today was due to a big sell-off in the stock market in China, fears over international events, and some pessimistic comments on the economy that former Fed chairman Alan Greenspan made.
The Dow Jones average lost around 400 points, but that's only 3.3%. By contrast, the crash in 1987 was about the same number of points, but that was a loss of 22%.
My guess is that tomorrow people will be taking advantage of the lower prices to step in and buy stocks.
1 person likes this
@clownfish (3269)
• United States
28 Feb 07
Hi! Thanks for posting this! It makes me feel much better. Yep, think I'll be researching some companies I want to invest in for tomorrow! :-)
1 person likes this
@clownfish (3269)
• United States
28 Feb 07
Good point! Might be worth waiting a few hours to see what will happen! :-)
@hockeygal4ever (10021)
• United States
28 Feb 07
They were debating if tomorrow would see a rush of buys in the a.m. and then tone down or if it would continue to go down. Guess time will tell!
@unusualsuspect (2601)
• United States
27 Feb 07
That wasn't a crash. None of the markets went down by more than about three percent. The sky isn't falling.
1 person likes this
@hockeygal4ever (10021)
• United States
27 Feb 07
A drop by over 400 points is considered a crash or perhaps in better terms a market spiral. It has fallen farther, for sure, but for them to interrupt the regular programming as opposed to just telling us about it on the national news seems to say they're concerned? Perhaps it's just drama that the press goes for, who knows?
1 person likes this
@hockeygal4ever (10021)
• United States
27 Feb 07
That's what it reminded me of immediately, the crash of 29. I couldn't remember the year.. lol. I'm horrible with dates. I would love to see what the fall amount was for that time and if they do compare even remotely.
I agree, it could very well be the news drama but it scared me that they would jump in and interrupt regular tv. I wasn't sure if other stations did it or not but they've done it twice now on NBC.
I hope it doesn't become a retake of 1929, but from what you say it's not even close. I generally just created the portfolios and saw what the clients did in the market... but I know that 400+ points is definitely NOT a good thing!!!! LOL
@unusualsuspect (2601)
• United States
27 Feb 07
It's probably a slow news day. And anything that might be bad news is always a good way to get people's attention.
I guess the definition of crash has changed some. Compare it to the crash of '29 and this is nothing. Of course, the instability is worrying, especially with the US in such bad financial shape.
1 person likes this
@clownfish (3269)
• United States
27 Feb 07
OMG! Tell me you're kidding! Please???!!!!! Yikes! I remember the day of the last big crash (not 1929 LOL, it was in 1987). I just called my financial planner this morning to ask about a company I'd like to invest in. Guess I better ask her about damage control now! Thanks for letting us know, Hockeygal! :-)
1 person likes this
@hockeygal4ever (10021)
• United States
27 Feb 07
I hope it isn't something that remains in effect and that it's just an "adjustment" of what we've seen in the constant rise and general good market thus far.
@clownfish (3269)
• United States
27 Feb 07
Yes, it has been good, until today. My 401k is invested, so that's why I'm freaking!
1 person likes this
@clownfish (3269)
• United States
27 Feb 07
Geez! You're right! Every stock I looked at, from Dell to Coca cola to UPS has gone down! Keep us posted on what you hear, okay?
1 person likes this
@hockeygal4ever (10021)
• United States
27 Feb 07
I think that's what was so "whacked" about it... the 400+ points was harsh but that EVERY stock on the DOW was effected was even more harsh!
@lauriefnp (5109)
• United States
27 Feb 07
I've been too busy trying to keep up with the NHL trades today (this is the trade deadline), and I'm embarrassed to say that this is the first that I've heard of this. Shows where my priorities are, LOL!
I'm going to turn on CNN now to see what is going on. I'll need the benefit of their financial analysts to help me to understand it.
1 person likes this
@hockeygal4ever (10021)
• United States
27 Feb 07
Oh no, your priorities are straight! LOL
I keep checking NHL.com here! LOL
I'll have to teach you my multi tasking technique! *wink*
@Fishmomma (11658)
• United States
27 Feb 07
No, I didn't hear about it. What channel was it on? I'm sure surprised going to turn on CNN now.
@hockeygal4ever (10021)
• United States
27 Feb 07
I was watching Oprah when they interrupted it, so NBC. Not sure what the others did. The technical term is a downward spiral... guess unless it HITS it's not a crash? LOL
@webeishere (36313)
• United States
27 Feb 07
I just turned on CNN to check it out. It dropped 415 points. Biggest drop in 5 years. We'll have to wait & see what this does to our economy interest rates etc. No telling where's it going to go. The last time it dropped this much it didn't have a huge effect on John Q Public. So let's wait it out for now. I hate politics & finacial matters. HAHAHAHA.
1 person likes this
@hockeygal4ever (10021)
• United States
27 Feb 07
LOL.. I agree. I actually work in the finance area, or should I say "retired" with my friend Cancer from that area. I know it's a huge drop and just makes me wonder how crazy people will get from it. If they interrupt the regular tv to tell you about it, it has to say something!
@coolcatzz (1587)
• Canada
28 Feb 07
Really! I never had the tv on today so I have no idea. Usually I have CNN on at some point but I've been on here all day. Between playing games on pogo or responding in mylot. I'll have to go up and watch Larry King after my shower and see if he says anything about it.
