Posted on 09/22/2011 1:55:07 PM PDT by blam
MARKETS DESTROYED AROUND THE WORLD: Here's What You Need To Know
Joe Weisenthal
Sep. 22, 2011, 3:59 PM
But first, the scoreboard:
Dow: -387.37
NASDAQ: -79.69
S&P 500: -36.19
And now, the top stories:
* The "day" really started yesterday around 2:20 when the FOMC released its highly anticipated "Operation Twist" announcement. Markets were already down modestly heading into that, but the selloff got serious after that, and stocks really fell out of bed. To some extent, the selling was a "sell-the-new" kind of thing, and perhaps to some extent some were disappointed that Bernanke didn't go further. Alongside the announcement, yields on long-term Treasuries plunged through the floor.
* Not long after the market closed, more bad news from Washington came: The House voted down a continuing to keep the government open. A government shutdown is a real possibility.
* That selling carried through. Asia got smoked across the board last night. Hong Kong fell 4.8%. Korea fell another 2.9%. What's more, Chinese flash PMI came in weak, confirming slowdown fears there.
* But the real pain was in Europe, where French banks continue to be at the center of the show. They got demolished on all kinds of ugly headlines, like Mohamed El-Erian talking about a huge run on them (in an FT piece) and a story BNP Paribas going to the Mideast looking for fresh cash. This of course lead to selling in everything else, and all the major indices got destroyed. Clearly the crisis is not a "Greek" crisis anymore. The banking system has been infected. Europe, too, clocked in with a bad PMI report. The slowdown is real.
(snip)
(Excerpt) Read more at businessinsider.com ...
Dow down 391
Bush’s fault.
This is getting to be a tired old cliche that isn’t funny or effective anymore.
"Welcome to awareness; I hope you've taken the last couple of years to become prepared. "
But the real pain was in Europe, where French banks continue to be at the center of the show. They got demolished on all kinds of ugly headlines, like Mohamed El-Erian...”
WTG, Mooo ham head. You’ll destroy the west yet, especially where they do stupid things like allow runaway immigration, let you threaten them into submission with bigotry and doing things like building Victory Mosques on battle grounds...or....aww shit.
And you posted this because?
—And you posted this because?—
I’m guessing he posted it to people so they could read it if they were interested. Just a guess.
bumpo.
http://confoundedinterest.wordpress.com
This is very sad what is happening to people’s wealth, both in the U.S. and abroad.
So what’s new? Is China crashing? The world is feeling our pain. We are in a death spiral from years of exporting jobs, which reduces purchasing power, which reduces demand, which reduces jobs, further reducing purchasing power, etc. etc. until the crash.
Look at what you buy, see where it is made, see what produced the death spiral. Our factory seed corn is gone, we have nothing to build on. Green jobs and tax cuts to create jobs are election placebos.
We can’t exit by being the market for the world, exporting both factories to make and treasuries to pay. The country’s recovery awaits leadership to propose making more of what we import. When we recover, the world recovers. Fat chance this time.
Just see my tag line!
I don’t understand, blam.
Wealth has to “sit” somewhere.
If investors are pulling their money out of stocks
and you don’t see gold and silver going up,
then where is the money going?
ok, so, I got that.
What exactly do I “need to know”?
(I’ve already been preparing for this. I grieve for the younger people trying to build a family and a life)
there’s a cold wind blowing, time to pack my bags (metaphorically speaking)
Sure is, but you know that Bammy is going to say it, so why not get out front?
Completely inconceivable and unexpected!!!!
(cue the Inconceivable Guy.)
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