THINGS ARE GETTING WORSE: European Selloff Gathers Steam, Futures Diving More

TBI ^ | 10-4-2011 | Joe Weisenthal

[blam]

THINGS ARE GETTING WORSE: European Selloff Gathers Steam, Futures Diving More

Joe Weisenthal
Oct. 4, 2011, 7:47 AM

After an initial bout of selling, things are getting even worse.

News that authorities in France and Belgium will protect the depositors of the troubled Belgian bank Dexia is having no positive effect, as the DAX slides to its lowest level of the morning, down closer to 4%.

France is off 3%.

The UK's FTSE 100 is off 3.2%.

US futures are also down solidly, with another big 140+ open currently anticipated by the futures market.

There's a lot that investors have their minds on right now.

[blam]

Click here to see the results of all the European markets.

[blam]

This Is Freaky: Stocks Closed Yesterday At Literally The Same Price As October 3, 2008

[mewzilla]

Meanwhile....

European debt crisis: IMF as enforcer of last resort

Snort. American taxpayers, be warned.....

[GonzoGOP]

There is going to be a serious spanking at the open. Then a plateau until 10:AM when Ben Bernanke speaks. But if he isn't doing chocolates and roses then watch for another drop after that.

I just don't see how Europe can get out of this. It is time for triage. Save the countries that can be saved. Let the rest fail. It is going to be the same here in the US. California, Illinois and a lot of municipalities will have to fail. If we try to bail them out the whole country will go down with them.

[blam]

Even If The Economy Stinks, September's Strong Car Sales Were Just The Beginning

(Vote for Obama)

[dynachrome]

A market crash would be an excellent excuse for nationalizing banks. Or martial law a bit early/sarc?

[RobertClark]

ZeroHedge reviews the similarities in an SAT type exercise:

Oct 3, 2008: SPX=1099.23; VIX=45.14 is to Oct 3, 2011: SPX=1099.23; VIX=45.45

as

Oct. 10, 2008: SPX=899.22; VIX = 69.95 is to ....

[ken5050]

Correct..Greece will be let go..no more throwing $$ down the drain..Merkel though she could do it one more time..but her government would fall if she did..

[BenKenobi]

Hrm?

Greece is at 142 [-128]
Italy is at 119 [-390]
Belgium is at 100.9

Ireland at 96.7 (+3.3)
Portugal at 93.0 (+7.0)

France is at 84.2 (+15.8) [408 billion]
Germany is at 83.2 (+16.8) [557 billion]
United Kingdom is at 76.7 (+24.3) [546 billion]
Spain is at 64.5 (+35.5) [501 billion]

Eurozone is +1.5 trillion dollars.

If you include the smaller players, they are sitting closer to 2.5 trillion, as of last year.

Italy is about 3x the burden of Greece.

Netherlands, 62.6 (+37.4) [292 billion]
Austria, 71.0 (+29.0) [109 billion]