DOW Below 9000, GM to be Downgraded!
Discussion
So the results of $700 billion are:
The DOW drops below 9000 and GM is in massive trouble.
NEW YORK (AP) — General Motors shares have fallen more than 30 percent after Standard & Poor's Ratings Services said it's placing the automaker's credit ratings under review for possible downgrade.
S&P said Thursday that the move reflects the weakening automotive markets across the world and expectations that tight credit markets will make things tough for the near future.
GM shares fell $2.26, or 33 percent, to $4.65, helping drag the Dow Jones industrial average down by more than 600 points. That's the lowest price for GM shares since March 1950.
The ratings under review include GM's "B-" long-term corporate credit rating and its finance arm's "B-" long-term counterparty credit rating.
S&P says it believes GM has enough cash for at least the rest of 2008, but rapidly worsening industry conditions will make things tough in 2009.
As Mr Fawkes points out "Mattel, the toy car maker, now has twice the capitalisation of General Motors."
Prediction that the FTSE will drop below 4000 tomorrow.
I predict tomorrows headlines will be about Mexico but the dollar default draws nearer.
Everything is f
ked.
The DOW drops below 9000 and GM is in massive trouble.
NEW YORK (AP) — General Motors shares have fallen more than 30 percent after Standard & Poor's Ratings Services said it's placing the automaker's credit ratings under review for possible downgrade.
S&P said Thursday that the move reflects the weakening automotive markets across the world and expectations that tight credit markets will make things tough for the near future.
GM shares fell $2.26, or 33 percent, to $4.65, helping drag the Dow Jones industrial average down by more than 600 points. That's the lowest price for GM shares since March 1950.
The ratings under review include GM's "B-" long-term corporate credit rating and its finance arm's "B-" long-term counterparty credit rating.
S&P says it believes GM has enough cash for at least the rest of 2008, but rapidly worsening industry conditions will make things tough in 2009.
As Mr Fawkes points out "Mattel, the toy car maker, now has twice the capitalisation of General Motors."
Prediction that the FTSE will drop below 4000 tomorrow.
I predict tomorrows headlines will be about Mexico but the dollar default draws nearer.
Everything is f
ked.
welshbikerduck said:
Airbag said:
This is hilarious.
I must be having a sense of humour failure then, as i don't even see it as close to mildly amusing.king terrifying'...This is not good news for anyone - WTF can't people see this??????
Fatboy said:
welshbikerduck said:
Airbag said:
This is hilarious.
I must be having a sense of humour failure then, as i don't even see it as close to mildly amusing.king terrifying'...This is not good news for anyone - WTF can't people see this??????
Nothing so i might as well laugh my socks off at the city boys topping themselves as they can't afford a new 911
edited to add had 15K in an iceland bank and its now gone so can't buy the land i wanted
Edited by thinfourth2 on Friday 10th October 07:14
thinfourth2 said:
Fatboy said:
welshbikerduck said:
Airbag said:
This is hilarious.
I must be having a sense of humour failure then, as i don't even see it as close to mildly amusing.king terrifying'...This is not good news for anyone - WTF can't people see this??????
Nothing so i might as well laugh my socks off at the city boys topping themselves as they can't afford a new 911
edited to add had 15K in an iceland bank and its now gone so can't buy the land i wanted
Edited by thinfourth2 on Friday 10th October 07:14
BUT, i don't think it in anyway justifies your comment i've highlighted. Some people, undoubtedly will see taking their life as the only way out of this mess, whether it's because they feel they can no longer suppotr their family or whatever. It's not a laughing matter. Did you laugh at the farmers who killed themselves during the foot and mouth epidemic?
The people who take their lives won't be the ones who contributed to the mess neccessarily, they'll be victims just as much as anyone else.
johnnywb said:
thinfourth2 said:
And lying awaken worrying about it all night will do me exactly what good????????????????????
Nothing so i might as well laugh my socks off at the city boys topping themselves as they can't afford a new 911
edited to add had 15K in an iceland bank and its now gone so can't buy the land i wanted
I'm sorry you've lost 15k in the Icelandic chaos, i only hope for you, that you might get something back when the dust settles.Nothing so i might as well laugh my socks off at the city boys topping themselves as they can't afford a new 911
edited to add had 15K in an iceland bank and its now gone so can't buy the land i wanted
Edited by thinfourth2 on Friday 10th October 07:14
BUT, i don't think it in anyway justifies your comment i've highlighted. Some people, undoubtedly will see taking their life as the only way out of this mess, whether it's because they feel they can no longer suppotr their family or whatever. It's not a laughing matter. Did you laugh at the farmers who killed themselves during the foot and mouth epidemic?
The people who take their lives won't be the ones who contributed to the mess neccessarily, they'll be victims just as much as anyone else.
If some city boy is stupid enough to feel that not affording a flash car makes his life no longer worth living then f
k em it only shows them to be the selfish idiots that they appear to beAs to the poor f
kers who can't afford to keep a roof over their heads i have sympathy ALawson said:
Today is going to be carnage.
Edit: There is going to be loads of people with no roofs over their heads, we may look back at this and laugh at the 80/90s repossesions as only a blip compared to the next 2 years.
However, rightly or wrongly it is fascinating to watch events unfold.Edit: There is going to be loads of people with no roofs over their heads, we may look back at this and laugh at the 80/90s repossesions as only a blip compared to the next 2 years.
Edited by ALawson on Friday 10th October 07:37
ALawson said:
Today is going to be carnage.
Edit: There is going to be loads of people with no roofs over their heads, we may look back at this and laugh at the 80/90s repossesions as only a blip compared to the next 2 years.
Agreed. FTSE is already trading below 4000. DJ future around 8300....Unbelievable.Edit: There is going to be loads of people with no roofs over their heads, we may look back at this and laugh at the 80/90s repossesions as only a blip compared to the next 2 years.
Edited by ALawson on Friday 10th October 07:37
thinfourth2 said:
I stand by that comment
If some city boy is stupid enough to feel that not affording a flash car makes his life no longer worth living then fk em it only shows them to be the selfish idiots that they appear to be
Is that really what you think? Really?If some city boy is stupid enough to feel that not affording a flash car makes his life no longer worth living then f
k em it only shows them to be the selfish idiots that they appear to beI appreciate your 15k MAY not be coming home, but you don't know that yet.
ALawson said:
Loved seeing Gordo Brown in the Times this morning telling the world to follow "his" lead... the man is a Megalomaniac!
They are all the same. In Australia, a largely inconsequential country when it comes to the world economy, you have such headlines as "Kevin Rudd tells world leaders.." etc , always trying to big themselves up for the local population.Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff