WTF is wrong with investors??? June 01, 2009, 11:51:20 AM OK, so we all know GM declared bankruptcy this morning. No big surprises there (that's actually why I did not place this in the "news" section, it's not really news so much as a rant). We also all know that current GM stockholders will pretty much be wiped out by the bankruptcy - I've read some estimates that will value their shares at 180 to the dollar (that's about a half cent apiece). GM is being kicked out of the DJIA later this week or early next. Nothing shocking so far, right?So I just checked CNNMoney.com, expecting to see a bloodbath. GM shares were worth 75 cents apiece as of Friday, and I was expecting to see them worth at least 74 cents less than that today. Instead, I find them UP 19 CENTS (as of this writing)!!! These investors KNOW they're going to be wiped out and are still throwing money at the stock!!!I am a firm believer in capitalism, but by God, I shall never understand it... Quote Selected
WTF is wrong with investors??? Reply #1 – June 01, 2009, 12:41:16 PM CitiGroup just got the boot aswell. I'm no expert, but my belief is that TARP funds are being used to artificially prop the stock market up to ward off panic. After all how many "shovel ready" jobs have you seen out there. Look at every news channel and the ticker is plastered all over the screen like some barometer of how well the economy is doing. Yet 10's of thousands may be out of jobs in the next month. Oh....and i hear GM could be relocating it's headquarters to China. It's all a conspiracy I tell ya! ...Ford is over $6...should have bought at $1.46:punchballs: Quote Selected
WTF is wrong with investors??? Reply #2 – June 01, 2009, 01:25:44 PM if i had the money to buy into them, i would too. the us govt. isn't gonna let them disappear. "buy low, sell high" is all i know about that stuff, but it makes sense. Quote Selected
WTF is wrong with investors??? Reply #3 – June 01, 2009, 01:54:22 PM I couldn't believe that as well. I thought for sure it would drop to nothing. It opened at $0.51 and actually got as high as a dollar today. As of now it is trading for $0.820. I think there are some shady investors (for lack of a better word) taking advantage of the situation and creating a mini bubble. Risky, but so is selling dope and people still do it. =/ I finally got off my lazy keester (sp?) and opened up a trading account and bought some Ford stock. Woo-hoo! Quote Selected
WTF is wrong with investors??? Reply #4 – June 01, 2009, 06:07:05 PM I dunno what's gonna happen with GM's stock... I'm just pissed at myself I didn't buy about 5000 shares of Ford when it was bumping around a buck back in March... I had every intention, then dummied around and didn't do so, now it's about $6 a share... Quote Selected
WTF is wrong with investors??? Reply #5 – June 01, 2009, 06:54:51 PM Lakenheath24 brings up a point...what happened to all this stimulus money that was suppose to create jobs? Anyhow, Government Motors, here we come! Quote Selected
WTF is wrong with investors??? Reply #6 – June 01, 2009, 10:00:49 PM Quote from: lakenheath24;275434 Oh....and i hear GM could be relocating it's headquarters to China. It's all a conspiracy I tell ya! its not a conspiracy, they bailed on us long before all this bad economy and bankruptcy . i wont miss them(and the guys losing thier jobs wont be too happy and i dont blame them)thank god i never messed with the stock market, im just not smart enough to be stupid :mullet: Quote Selected
WTF is wrong with investors??? Reply #7 – June 01, 2009, 10:45:10 PM Quote from: HAVI;275489Lakenheath24 brings up a point...what happened to all this stimulus money that was suppose to create jobs? Anyhow, Government Motors, here we come!just remain calm,, all the debates from last fall around here are coming to pass as we predicted. Quote Selected
WTF is wrong with investors??? Reply #8 – June 02, 2009, 10:51:22 AM I feel the pain of those of you who were thinking of investing in FoMoCo awhile ago, too! It was around $1.75 and I put a limit order in for $1.50, and it got down to $1.58 and then started going back up. Arrrruuuuuugggghhhh! Then, I shoulda just bit the bullet and went for it at $2, but I needed to transfer funds into my brokerage account, and before they posted, it was well over $2. Now, it's over $6. DAMMIT!!! Quote Selected
WTF is wrong with investors??? Reply #9 – June 02, 2009, 10:34:57 PM IMO it's not smart to buy GM right now as it will drop much further when the bankruptcy lingers. My advice would be to hold off and watch it for another week to see what happens. Quote Selected
WTF is wrong with investors??? Reply #10 – June 03, 2009, 12:16:50 PM Carl...you in spacecom? Quote Selected
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