Stocks Fall Sharply in Early Trading in Asia

Reuters via NY Slimes ^ | 9 October 2008 | no byline

[libsmacker75]

HONG KONG (Reuters) — Asia stocks dropped sharply on Friday, with Japan’s Nikkei index plunging 11 percent, while the yen and gold rose on growing fears that no government effort so far has rejuvenated credit markets or kept the global economy from a path to recession.

[libsmacker75]

Is it any wonder that capital throughout the world is hunkering down as the U.S. faces the prospect of an Islamo-Marxist presidency?

[TCats]

Yep, and Dow Futues/Aftermarket are down another 299 as I last looked.

BTW, has anyone noticed the extreme premiums on Options? There are many ways to get some protection than just selling or hanging on while this thing melts down.

[CatOwner]

The Nikkei lost 25.2% just this week.

[Aria]

I wonder what Soros is doing?

[libsmacker75]

What I don’t understand is this: why is the usually reliable Fox News not going with this obvious story?

Theories anyone???

[Koblenz]

On the plus side, a copy of Jim Glassman’s book, Dow 36,000, can be had for as little as $0.01 from Amazon.com.

[ari-freedom]

and if that happens, what good will the money they pulled out do?
When it looks like the end of the world is near, buy stock. Because if they are wrong, you win. And if they are right, you won’t win anyway.

[DWC]

Selling short and the government should be checking this slime.

[Doug TX]

It’s becoming obvious that the US markets and the world is terrified of a bho presidency. BOR did bring it up tonight. The plan is for bho to ‘rescue’ after the election thus enhancing his US and world status.

[Aria]

That’s what I think. The lower the market goes the more likely his guy gets in. After what he did to England (not to mention his fellow Jews during WWII) I wouldn’t put it past him to trash the US any way he can.

[Maine Mariner]

It’s a good buy!!

[Maine Mariner]

It’s a good buy!!

[Travis McGee]

"The crisis of the abuses of banking is arrived. The banks have pronounced their own sentence of death. Between two and three hundred millions of dollars of their promissory notes are in the hands of the people, for solid produce and property sold, and they formally declare they will not pay them. This is an act of bankruptcy, of course, and will be so pronounced by any court before which it shall be brought. But cui bono? The laws can only uncover their insolvency, by opening to its suitors their empty vaults. Thus by the dupery of our citizens, and tame acquiescence of our legislators, the nation is plundered of two or three hundred millions of dollars, treble the amount of debt contracted in the Revolutionary war, and which, instead of redeeming our liberty, has been expended on sumptuous houses, carriages, and dinners. A fearful tax! if equalized on all; but overwhelming and convulsive by its partial fall. Everything predicted by the enemies of banks, in the beginning, is now coming to pass. We are to be ruined now by the deluge of bank paper, as we were formerly by the old Continental paper. It is cruel that such revolutions in private fortunes should be at the mercy of avaricious adventurers, who, instead of employing their capital, if any they have, in manufactures, commerce, and other useful pursuits, make it an instrument to burthen all the interchanges of property with their swindling profits, profits which are the price of no useful industry of theirs. Prudent men must be on their guard in this game of Robin's alive, and take care that the spark does not extinguish in their hands. I am an enemy to all banks discounting bills or notes for anything but coin. But our whole country is so fascinated by this Jack-lantern wealth, that they will not stop short of its total and fatal explosion."

~~Thomas Jefferson to Dr. Thomas Cooper, 1814

[Wilhelm Tell]

On the plus side, a copy of Jim Glassman's book, Dow 36,000, can be had for as little as $0.01 from Amazon.com.

There is a new book being written, authored by Barney Frank and a host of others - Dow 3,600

[fight_truth_decay]

Foreign markets are sometimes slower to react, and can often have a delay showing up the next day in “early trading”. They also have their own problems as brought to center stage by what is happening in this country.

Remove capital gains TAX. Right now we are rewarding ONLY the ones that got us into this mess, those that should never have owned homes and defaulted, the bundlers of the loans (fraudulently rated), ACORN, Politicians (Obama, culpable members of Congress, etc) who have received donations from related above, no quick urgency to investigate, nor prosecute those in the Fannie Greed Camp, (only one example). Now Pelosi will offer up some crumb of a little stimulus..will $300 do it for you again??

ALSO Timed appropriately, don't ya think? for the New Revolution as Alinsky (who wrote the letter of recommendation for Obama when he applied to Harvard Law School), Obama’s other “acquaintences” and our present students of the same, have fought for through their indoctrination of young academic new world order pups with ambitions but no money, politicians and others since the 60’s.

Under the Alinsky model, ““organizing” is a euphemism for “revolution” — a wholesale revolution whose ultimate objective is the systematic acquisition of power by a purportedly oppressed segment of the population, and the radical transformation of America’s social and economic structure. The goal is to foment enough public discontent, moral confusion, and outright chaos to spark the social upheaval that Marx, Engels, and Lenin predicted — a revolution whose foot soldiers view the status quo as fatally flawed and wholly unworthy of salvation. Thus, the theory goes, the people will settle for nothing less than that status quo’s complete collapse — to be followed by the erection of an entirely new system upon its ruins.”

[ajay_kumar]

My reasons for stock meltdown:
1. B.H.Obama wants to increase capital gains tax. That caused selling to lock in lower taxes in 2008.
2. Hedge funds, Wall Street bankers and speculators were heavily leveraged.
As market went down they were forced to sell due to margin calls.
3. Banks can't lend because they need 10% reserves to lend.
No one can define what their reserves are worth since lot of it is sub-prime junk.

[fight_truth_decay]

..and gold back the dollar!

[Hound of the Baskervilles]

NIKKEI down 957.

[fight_truth_decay]

...and Media Induced Panic 24/7 of those "saving" ( I know a foreign word to some ) for retirement etc who hold investments (the company takes care of it for me scenario) are ignorant to what they have, variations of investments, how the market even works, its history; and many talking heads reporting on the market are not responsible "talk" economic thinkers; but are just joining in on any and all useless chatter. One well known radio talking head today was suggesting buying bulk foods just in case....huh? All this causes the public to lose faith in Government Involvement In Our Lives!!! unless of course you are a community activist/organizer working in a segment of society where "service oriented jobs" are your livlihood and you've been kept down by the "evil corporations" & the denounced "whitey in charge", so you don't really care what happens to the successful in America.

But this fear might come back to bite any popularity of "Bigger Government and More Taxes". Not a good time to be in training!

One little silver lining might be when Oil prices go down, Iran's "Ahmadinnerjacket" and Chavez are in need of more personal security! and the Russians ... We can only smile about that! ;)

[TomasUSMC]

“The crisis of the abuses of banking is arrived. The banks have pronounced their own sentence of death.
//////////////////////
I think the time machine was invented in Monticello and he just didn’t feel he could trust telling us.