Roger Biduk writes:

OPEC will likely cut oil production at its next meeting in Vienna on November 18th. The oil cartel announced an emergency meeting today after prices for crude oil plunged below $90 a barrel.

OPEC said in a statement today, “The Organization is concerned about the deteriorating economic conditions with contagion risks,” and at the meeting it will “discuss the global financial crisis, the world economic situation and the impacts on the oil market.” Some believe OPEC will cut production by about 500,000 barrels a day.

www.rogerbiduk.ca

Just gonna throw this out, because I'm no fortune teller, but I think that tomorrow being Friday and all, we will see either the single largest point gain or loss in the Dow's history.

Exciting times we're living in. I think just to mess with people I'm going to put masking tape on the back of my car window and spell out "DOW ZERO".

Is anybody making bets on what Buffett might buy next? I'm putting my money on Disney. He's said recently that he really likes their management.

This is the part where the Enterprise is bashing through the asteroid belt with its shields on full forward, and everyone (including the camera operator) is sloshing around the ship and grabbing the panels. This is not the exploded Enterprise.

Since the Great Depression era, we've had panicky periods of selling, but no labeled "Financial Panics". Panic, psychologically, connotes a loss of orientation and an overwhelming sense of anxiety, just as Depression connotes hopelessness and an overwhelming sense of loss.

Over half of listed stocks have made 52-week lows in May, 1970 and October, 1987, and Wednesday. Central banks around the world finally gave up their inflation concerns and made a 50 basis point coordinated interest rate cut after investors across Asia and Europe unleashed waves of sell orders onto already depressed stock exchanges. We all knew there would eventually come a day when even emergency rate cuts by the Fed wouldn't help the market. Wednesday was that day. The VIX (volatility index) hit an intraday record high as the combined rate cuts failed to reassure investors. Deflation is an increasing risk.

Blog of sad guys on trading floors.

People don't recover from panic until they feel security; they don't recover from depression until they perceive hope.

The Zero Dollar, 8.5 x 11 inches. With a print edition of 10,000,  
the monetary value of the print is deflated to zero. The print will
therefore be available free at El Taller Latino Americano
beginning October 24 until all prints have been distributed.
Source: http://www.gilbertgallery.org/
Article: http://www.nytimes.com/2008/10/05/business/05suits.html?ref=business

whats the best thing to do in the face of the news a with an IRA? I had it invested in an european index before. Does today's bill that got knocked down, mean I should do something?

I know that there are plenty of investors seeing that Buffett's buying right now, and it's making you feel brave, but these are small offers he's putting out there based on the amount of cash he's got on hand. I think his real plan is to get the copycats to buy things right now and get fully invested, then after the shorts are back at work again next week to pull the market back down, and everyone has all their money tied up and can't buy, dragging it down even more...

that's when you're going to find out what he's really interested in buying. The bottom is not here. Yet.

I've been investing in Wall Street for years, but I've never studied up on putting my money into foreign accounts, stocks, and even gold and silver. Since I don't trust the U.S. government, the dollar, or the economy (and who does???) I'd really like to start buying investments that are going to stick.

How do I buy gold and silver? What's safe? Or do I just need to convert my money into foreign currency. Can anyone recommend reliable reading to brush up on what to do?

Thanks!

Ok, so from what I understand, the government's not just giving AIG money, but rather taking a huge ownership stake in the company as well. If this is the case, doesn't it almost guarantee the turnaround of that company? I mean, we saw this in the past with things like the postal service for example.

That being said, isn't it worth much more than it's selling at now? Or am I just completely misunderstanding what is happening here.

Sort of new to the idea of trying to save up money...so I thought I'd look for some general opinions about what I've done so far, and maybe some pointers/information on some of your favourite ways to save/grow your money.

I'm starting out with a little over $4,000 saved up.

Around
$1,400 in a Roth IRA with ING (unfortunately it's just sitting there, earning 3.00%, as if it were a savings account, because I'm not sure what to do with it).

I also have two CDs with ING, earning 3.75%, each $500 (they have no minimum) - one of them to mature in March, one to mature in June - I figured I'd stagger them and see if I can jump in on a better interest rate in one of those months.

I have two savings accounts, one with Wells Fargo with about $700 in it, and one with ING with about $1000 in it - the Wells Fargo one is crappy interest - 0.10%, and the ING Orange savings is about 3.00%.

Obviously the IRA and the CDs will have to rest, but any ideas for the rest of it? Oh yeah, haha, and I have a Sharebuilder account with around $300 sitting in SPY, going up and down but not doing much :)

Any ideas? I'm 26yrs old, so not freaking out about retirement yet, but with student loans to eventually pay back, I'd like to get on top of my finances!