This has to be the biggest one day loss I ever had

[Pat H Senior Member Find all posts View Profile Close Pat H]

I'm thinking about taking my entire 401K and buying Wachovia!

[vintner Super Moderator Find all posts View Profile Close vintner]

I'm thinking about taking my entire 401K and buying Wachovia!

You must have been watching Cramer today.

[Elan Senior Member Find all posts View Profile Close Elan]

I was reading something last week that highlighted 5 banks to buy when one feels it's safe to commit capital. There were 3 regionals, and the two biggies were US Bancorp (USB) and ING Groep (ING), IIRC.

[Pat H Senior Member Find all posts View Profile Close Pat H]

You must have been watching Cramer today.

No, I didn't see Cramer. Was he recommending WB?

[shaggy Moderator Find all posts View Profile Close shaggy]

Pat, I think I'm buying a chunk of Wachovia . My broker called me last night to warn me about today and not to get to upset. I haven't even looked to see how much I'm down. My broker is not a Wachovia fan. I said when it gets below $10. I'd buy.

I think I am my brokers nightmare. The money I gave him to invest I told him this is what I have to live on the rest of my life and I reminded him again last night.

I also heard on the news not to put more than 100K in one bank. Have one or two banks. shaggy

[bigfrank Administrator Find all posts View Profile Close bigfrank]

Take a look at WM it is now a $2 stock and it hit $1.99 today

[3kids4me Super Moderator and Super Mom Find all posts View Profile Close 3kids4me]

I was really trepidatious about signing onto my account today. But my 401k rollover is only down 2% for the day. That's mainly because I have a third of it in cash right now...it's been that way for several months. (Well, less of it was in cash earlier, but since the rest went down, the ratio changed!)

I guess the key will be knowing when to get back in.

[Pit Senior Member Find all posts View Profile Close Pit]

I am too cautious to get back in now. The S&P closed today below its July 15th intraday low of 1200. That's bearish. There will be buyers out tomorrow and the market may pop, but I'm of the opinion we have further to go on the down side. This is a bear market until proven otherwise.

Who knows how many more firms will fail? Make sure your brokerage accounts and bank/credit union accounts are insured, and don't put all your eggs in one basket - spread your cash across multiple insured accounts.

Check that you have the basics covered...

http://finance.yahoo.com/banking-bud...rom-the-Crisis

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

It looks ominous this a.m. with Japan & Europe slumping.

Well, I rode out '87 and hopefully, this one, too. Things are greatly different, though. The market fell about ~20-22% in the one day '87 tumble, but none of the financial giants fell either.

I should liquidate all and sail to St. Bart's or St. John.

B.

[Jimbo Senior Member Find all posts View Profile Close Jimbo]

Converting my traditional IRA

This has me all smiles as I was hoping to convert a boat load that I have in our Traditional IRA's to the more advantageous Roth IRA. When the market drops like this, it is a perfect time to make the conversion. I will pay less taxes on the conversion!

On the other hand, I really don't want to know how down I am in all this so I will attempt to only look at the Traditional IRA accounts...

I always try to see the brighter side of it.

[vintner Super Moderator Find all posts View Profile Close vintner]

I sure hope AIG gets squared away soon. I think that is another block to the recovery.

I have my stock market user group tomorrow night. We are scheduled to talk about setting up a trading plan. I gotta hunch we will talk about the market in more detail and less about the trading plan than I had planned.

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

I sure hope AIG gets squared away soon. I think that is another block to the recovery.

I have my stock market user group tomorrow night. We are scheduled to talk about setting up a trading plan. I gotta hunch we will talk about the market in more detail and less about the trading plan than I had planned.

Hey V,
It's your birthday, use your special powers today.
Have a great and profitable (hopefully) day.
B.

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

AIG is the company Marriott uses for travel insurance. I currently have coverage with them, but I'm not planning on canceling any trips.

[vintner Super Moderator Find all posts View Profile Close vintner]

Early morning report says more downside coming this morning. AIG may have to file chapter 11. Fed cut may go as high as 1/2 percent cut. Over 80% chance of 1/4 percent cut and something like 16% chance of 1/2 percent cut. Those best guesses will change throughout the day until the announcement is made at 2:15 eastern time today.

[Beaglemom3 Senior Member Find all posts View Profile Close Beaglemom3]

Hank Greenberg, former CEO & Chairman of AIG, was just on CNBC Morning Talk/Sqawk Box and his feelings, IMHO, were mixed.