Posted on 09/29/2008 5:21:01 PM PDT by pissant
NEW YORK, Sept. 30 — The dollar rose against the euro and the pound on Monday as investors worried that the U.S. financial crisis was spreading to Europe.
The U.S. House of Representatives Monday unexpectedly rejected a 700-billion-dollar bailout plan for financial industry, sending Wall Street crashing. The Dow Jones industrials average plunged nearly 780 points, the worst single day drop ever.
Risk aversion in currency trading helped low-yielding yen and Swiss franc. As for the euro and the British pound, they kept loss against the dollar as investors focused on the crisis of the European bank system.
Over the weekend, the governments of Belgium, the Netherlands and Luxembourg partially nationalized Dutch-Belgian banking giant Fortis NV with a 16.4 billion dollars rescue. The British government announced plans to nationalize a troubled mortgage lender in a bid to help stabilize the financial system.
The euro bought 1.4472 dollars in late New York trading compared with 1.4618 dollars it bought late Friday. The British pound fell to 1.8149 dollars from 1.8426 dollars.
The dollar fell to 1.0873 Swiss francs from 1.0891 Swiss francs, and fell to 104.43 Japanese yen from 106.06 Japanese yen. It rose to 1.0399 Canadian dollars from 1.0320 Canadian dollars. (PNA/Xinhua)
after hour bank stocks up.
Good things happen to those who wait.
B.. B ...B ... but this can’t be! It has to be all gloom and doom!
If we kill this tarbaby, the stock market will recover. Some financial institutions can then file Chapter 11 or sell themselves to the Check and Go’s of the world.
Yup.
Let’s face it, where ELSE are you gonna put your money? China? Russia? UK? Euro? Venezuala? Zimbabwe?
No matter how bad here looks from here, here looks a lot better from there...
I’m waiting patiently. No rush.
I work in a machine dem office. It was downright morose today. One office-mate and I were trying not to high-five and skip down the corridor and the CEO with glee had CNN on his conference room TV calling half the city wondering what happened.
Made my day.
O Reily is caving to kerry right now
And hopefully a period when risky investment instruments get the fate they deserve.
God is in control.
The Leprechaun? LOL
This mouse is driving me batty.
If the bill had passed the dollar would have tanked, and we would all be paying more for everything.
Now all we need is free market solutions to the current problem.
Lurch is still around? He's number 3 on the list for receiving money from Freddy Mac.
(Despite what we think about many Arabs, their culture has a history dating to WAY before the time of Christ of dealing with international commerce, mostly because of the heavy involvement with the legendary Silk Road commerce. In short, they know the depressed US stock market is a potentially huge financial bargain and will not hesitate to jump in if the DJIA drops to circa 8500 as Jim Cramer of CNBC has suggested.)
Yep. Euro socialists vs our backwoodsbible and gun clinging Americans. And the pols are worried the UN might get upset...Give me a coonskin hat and a musket and I will personally kick their ass. Now is the time to call on our hearts and our heratige. Not our 401k plans and fears.
All the “news” headlines this evening are saying the same thing - that it’s a record breaking drop for the stock market. Seems to me that a 700 point or so drop constitutes around a 6 1/2%. Not exactly a disaster compared to back in ‘29.
Could it be that journalists are mathematical asses?
Nahhhhhh. Well, yeaaaaaaa.
Journalism and politics: For when your brain just cannot handle anything complex.
Folks lie a lot more often with their lips than with their cash. This isn’t likely to be fun but it isn’t likely to be fatal either. IMHO.
I have a degree in Communications & Journalism, so I can say with some authority that no math is required.
Panic?? Me??
No way, ‘cuz I am a totally hoopy frood who ALWAYS knows where his towel is.
If you need a translator for that, here; stick this fish in your ear.
I’ve never been an investor, never even owned any property in my life. But I’ve been learning quite a bit over the past few days, just by reading the comments of Freepers in the know. Thanks for sharing yours.
They keep saying Congress can't consider another bail-out bill until Thursday, because of some Jewish holiday. I keep thinking, since when has the U.S. government shut down in the midst of a national crisis for some Jewish holiday? It sounded like some phony plot twist intended to increase the drama in a second-rate novel. But now it just hit me! Congress is paralyzed by a Jewish holiday! How amazing!
Kenya? Indonesia?
>> Wait one more day...then B U Y ! ! !
Could you please ping me at the bottom? Thx! :-)
The dollar was around $1.56 a few months ago. The dollar got up to $1.39 a couple of weeks ago. As doubts rose here it fell to about $1.49 and now is at the $1.43678 according to YaHoo!
The exchange rate moved very slowly toward a weaker dollar for a year until the last couple of months, if memory serves.
Journalism students are encouraged to take Math for Critical Thinking or whatever the course is at specific universities so they don’t take College Algebra but still get their college credit for Math. Same with Fine Arts students, etc.
I think I'd like to see a little more about Israel and what the Dems have up their sleeves. The Dems do not like Israel.
Won’t the House Republicans really look like heros when the market bounces back with no help. Adjourning the House until Thurs could be a godsend.
The direct result of NOT pumping $700 billion of freshly-printed fiat money into the market.
Some amazing buying opportunities out there, people.
sw
Yes, what was that all about? Admittedly it might be difficult to purchase a well-cut diamond, but bankers? Is Bernanke observant or something?
What'll be interesting is if the market recovers 200-300 points tomorrow, the dollar rises 3-4%, and gas drops another $5. Sometimes, a paralyzed congress is a major blessing.
See you at the diner at the edge of the universe. ;)
You can drop the "sometimes"!!!
Don’t forget your towel.
Oh never mind. I didn’t notice the towel reference was already there. I must be going blind.
I now return you to your regularly scheduled thread.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.