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European shares fall sharply as banks dive
MarketWatch ^ | 10-6-08 | Sarah Turner

Posted on 10/06/2008 2:21:09 AM PDT by RKBA Democrat

European shares fell sharply in early trading on Monday, with banks slumping after a $700 billion bailout package from the U.S. wasn't matched by a coordinated effort from governments in Europe as they continued to shore up institutions on a piecemeal basis.

The pan-European Stoxx 600 index fell 3.9% to 251.21, with a 5.2% drop for the banking index after an extraordinary weekend in which Germany backed its retail deposits.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Front Page News
KEYWORDS: failout; stockmarkets; wallstreet
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Actually, the STOXX 600 is down 4.8% as I type this.
1 posted on 10/06/2008 2:21:09 AM PDT by RKBA Democrat
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To: RKBA Democrat

Don’t worry. Congress’s socialist bail out scam will save us from ourselves.


2 posted on 10/06/2008 2:24:48 AM PDT by Man50D (Fair Tax, you earn it, you keep it!)
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To: RKBA Democrat

yup european stock markets are in free fall right now.
not good.


3 posted on 10/06/2008 2:28:52 AM PDT by austrian
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To: RKBA Democrat

Current DJIA futures indicate the market will open 240 points south. Should be an interesting day.

I hope it opens down then picks up strength by the end of the day to show a small gain.

This would help ease fears in foreign markets and make for a better day on the Dow tomorrow.


4 posted on 10/06/2008 2:29:42 AM PDT by DoughtyOne (McCain, the Ipecac president... Obama the strychnine president...)
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To: DoughtyOne

Yeah, those futures are a very good indicator.

We’ll see.


5 posted on 10/06/2008 2:32:43 AM PDT by Rick_Michael
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To: RKBA Democrat

/mark


6 posted on 10/06/2008 2:40:20 AM PDT by happinesswithoutpeace (You are receiving this broadcast as a dream)
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To: RKBA Democrat

They certainly are adjusting down a little.

http://www.bloomberg.com/markets/stocks/wei_region2.html
(no posting of content here from that site—link only)

But it’s not a truly alarming downward trend yet. That will only happen, if the herds of investors with shorter attention spans get really spooked. Moo!

If I were a scared, crazy investment banking daredevil, I would take a look at gambling on production in China, India, Japan, Brazil, Australia and/or Canada. If I were only a little less crazy, I would learn a lot about natural resources in stable Canada for long term considerations for diversified accounts but not without constant but cool attention. ...selling high and buying low along the way.

But for little fish like me, it’s long term, local deposit banking with neighbors only and labor with my own hands. :-)


7 posted on 10/06/2008 2:52:41 AM PDT by familyop (cbt. engr. (cbt), NG, '89-'96, Duncan Hunter or no-vote)
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To: Rick_Michael

It’s getting up near $300 bucks now. This could be nasty.

I suspect it’s going to get worse rather than better as the opening nears.

Early last evening it was up around $195. It dropped to around $50. Then it started rising and hasn’t stopped all night.

Here Comes the Sun...


8 posted on 10/06/2008 2:54:12 AM PDT by DoughtyOne (McCain, the Ipecac president... Obama the strychnine president...)
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To: happinesswithoutpeace

We, American taxpayers, had to do this bailout because or the mortgage crisis, at least that is what we were told. We were told that the mortgage crisis was because people bought homes they could not afford, and we were told about bundling etc. etc.

These mortgages however were made in American banks, to Americans, so why does this impact foreign markets? Did they make the same kinds of bad loans?

I know, I am terribly dumb about this stuff....no need to tell me that:/


9 posted on 10/06/2008 2:57:53 AM PDT by Hanna548
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To: RKBA Democrat

Waiting with baited breath to hear from all of the Freepers who scolded the rest of us that this bailout was necessary because it would restore confidence.


10 posted on 10/06/2008 3:07:22 AM PDT by thecabal (Conservatives who don't live up to the liberal caricature are now hypocrites.)
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To: Hanna548

Yes, some of the foreign companies did make bad loans, and others bought the funny investments from parceled-up US loans.


11 posted on 10/06/2008 3:07:48 AM PDT by familyop (cbt. engr. (cbt), NG, '89-'96, Duncan Hunter or no-vote)
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To: Hanna548

The mortgages were sold all over the world.

The crisis is a credit crisis, the mortgages the cause.

The media is doing a good job of causing panic.


12 posted on 10/06/2008 3:16:00 AM PDT by Carley (she's all out of caribou.............but does have a bracelet!!!!)
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To: familyop

Have to wonder what the euroweenies would think if they knew the truth that it was the dems who brought this down on our world.


13 posted on 10/06/2008 3:17:35 AM PDT by Carley (she's all out of caribou.............but does have a bracelet!!!!)
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To: Hanna548
Because of the CDo's, CDS's and repackaged toxic paper sold to those abroad.

The over leveraging that was allowed to occur in the global derivatives ponzi scheme is mind boggling. Estimates are between $45-$70 trillion to have been crated in a fairy tale financial credit economy.

14 posted on 10/06/2008 3:26:55 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: austrian
yup european stock markets are in free fall right now.

European countries decided to go their own way and protect their own country's depositors. What that really means is they have decided to screw the banks, bondholders and creditors in other countries. Goodbye European financial market, nice knowing you.

15 posted on 10/06/2008 3:30:39 AM PDT by palmer (Some third party malcontents don't like Palin because she is a true conservative)
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To: familyop

Jakarta is down more than 10% right now.


16 posted on 10/06/2008 3:31:06 AM PDT by library user
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To: Carley
Very true. Economies will continue to run, globally and domestically. What we are seeing with much more to come is a shrinking.....a deflation. Economies cannot grow unless credit is available. Therefore, there is panic in the financial as the long shot bets are being called in now.

If one has good credit, minimal debt to income ratio, the banks want badly to lend that person/company money.

17 posted on 10/06/2008 3:31:07 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: Hanna548
These mortgages however were made in American banks, to Americans, so why does this impact foreign markets? Did they make the same kinds of bad loans?

Some did (e.g. England). Some didn't but bought our MBS. Some of them were "smart" and bought insurance on thos MBS or insurance on MBS that they didn't own. Turns out, we the taxpayers, and our overseer Paulson own one of the biggest insurers, AIG. And we aren't going to pay, how about that? So Europe is screwed (again).

18 posted on 10/06/2008 3:34:02 AM PDT by palmer (Some third party malcontents don't like Palin because she is a true conservative)
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To: RSmithOpt

Did you see the hilarious skit on SNL.

The two losers who lament they are the victims.

No jobs, no income, dishonorable discharge from the military, prison records. Can’t get a loan! And oh yes, each with one or two pregnant girlfriends.

The msm is ignoring the skit because it blames the dems for the mess. It was hilarious in a sad kind of way.


19 posted on 10/06/2008 3:36:11 AM PDT by Carley (she's all out of caribou.............but does have a bracelet!!!!)
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To: RSmithOpt

Another word for Invest is Risk. They risk, if it turns out good, they walk away with a profit, if they risk and lose, we pay, even when the losers are from other countries. Is that about the summation of it all?


20 posted on 10/06/2008 3:36:48 AM PDT by Hanna548
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