Posted on 10/07/2008 10:14:18 PM PDT by Arkinsaw
Down 722 - 7% and falling so far.
Asian stock markets plunged Wednesday as recent steps by the world's major economies to fortify credit markets failed to stem escalating fears that the spreading financial crisis could spawn a global recession.
(Excerpt) Read more at finance.yahoo.com ...
That's close enough to 1 yen == 1 cent for my money.
I don’t think that mortgage buy up that McCain talked about is McCain’s idea. I believe it is written into the bailout. We had two different articles here yesterday about Bank of American offering exactly what he was talking about.
KOSPI INDEX 1,286.69 -79.41 -5.81%
TSEC TAIWAN 50 INDEX 3,839.57 -241.58 -5.92% 01:35
S&P/ASX 200 INDEX 4,388.10 -230.60 -4.99% 01:47
THAI SET 50 INDEX 343.25 -24.13 -6.57% 01:31
BSE SENSEX 30 INDEX 10,836.64 -858.60 -7.34% 01:54
yitbos
hit the link; good chart on Asia right now
The only place I want to see that much red is on an electoral map.
I wish you were right, but you’re not. See Malkin’s blog for details: http://michellemalkin.com/2008/10/07/mccain-wants-to-spend-300-billion-more-to-buy-up-bad-mortgages/
UK just announcing increased liquidity for British banks prior to opening....the EU still hasnt released a plan....
Magnitude 7
yitbos
It’s nice that the Brits are doing something about this, but what are governments supposed to do? Pull a rabbit out of their hat every morning from now on?
Eventually we will hit a wall, and it’s not going to be pretty.
yeah, it was a good strong shaker there we just had in Tokyo, in the last hour. that would be Magnitude 7 on the Japanese scale, which is probably about a 4 or 5 on the Richter. ....
So you sold at the top in May?
yitbos
bingo. One “New World Order” coming up.
No I have been holding back with cash, bonds, cds/other. Waiting for a severe downturn. Starting getting into the markets over the last few days. There are a ton of great buys. I am a long in my position...not shot.
Speaking of derivitaves...
Our current financial and credit crisis is like the black hole that Albert Einstein predicted. A black hole is formed when a huge mass is packed within a very small volume. A black hole’s gravitational pull is so strong that it sucks everything and not even light can escape.
A black hole will keep growing bigger as it keeps sucking in more matter. When the Large Hadron Collider was recently turned on to search for a ghost particle called Higgs, some feared it could generate a black hole which could swallow the earth. But instead of swallowing the earth, the LHC merely spit out a ton of helium before it was shut down, possibly for good, as nations throughout the world can no longer afford giant science projects like LHC.
But the real black hole that threatens our survival is in the global financial system. The hole in this case is something that Warren Buffett called “Financial Weapons of Mass Destruction”, the so called OTC Derivatives, a thing that no one really understands.
It’s such an enormous monster that by some estimates there’s $1.14 quadrillion worth of them. That’s a ONE followed by FIFTEEN(15) ZEROs.
US$1,140,000,000,000,000 in OTC Derivatives! Where exactly is this huge amount of fortune physically located? This huge amount is actually nothing but some digits stored on some 3.5 inch hard drives within some computers somewhere on Wall Street. That, my friend, is the precise definition of a black hole, a giant mass stored within a tiny space.
This black hole is swallowing everything around it, starting small and growing exponentially bigger. First it was New Century Financial (NEWC.PK), then Countrywide Mortgages (CFC), then Bear Sterns (BSC), Lehman Brothers(LEH), Merrill Lynch (MER), Fannie Mae (FNM), Freddie Mac (FRE), IndyMac Bank (IMB), Washington Mutual (WM), Wachovia Bank (WB). Who knows what’s next! Now the US Congress wants to toss in trillions of dollars in a Bailout? Do they understand that you CANNOT feed a black hole?
This is the analogy the PM of Iceland used yesterday.
yitbos
Here’s an analyst who says the Dow could very easily be headed to 7000:
http://biz.yahoo.com/ts/080930/10440019.html
10% down on the NYSE (Dow -944.71) triggers the 1st “circuit breaker”...
* 10% decline (1,100 points for 4Q08)
The first circuit breaker is triggered if the DJIA declines by approximately 10%. The restrictions that are put into place — if any — depend on the time of day when the circuit breaker is triggered. If the trigger occurs before 2pm Eastern time, trading is halted for 1 hour. If the trigger occurs between 2 and 2:30pm Eastern, trading is halted for 30 minutes. If the trigger occurs after 2:30pm Eastern time, no restrictions are put into place. (This restriction was first used during the afternoon of 27 Oct 97.) Note that there is no similar restriction to the upside; nothing is done if the Dow rallies 10%.
you think the housing market was bad before...
this is just horrible...and it is the fault of the US and democrats...but republicans do share blame too.
i am just so disgusted at what the US allowed to happen...
pundits in europe are saying this is worse than the great depression
Yikes!
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.