Black Friday, recession global: European and Asian markets in deep plunge
- added October 10, 2008
- 46 responses
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- WorldPeaceTV
- added this
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Dealers at the Tokyo Stock Exchange on Friday.
London's FTSE, the CAC in Paris and the XETRA DAX in Frankfurt, Germany were all down 10 percent.
In Asia, Japan's Nikkei Exchange closed down 9.6 percent, as the Bank of Japan injected 4.5 trillion yen ($45 billion) into financial markets -- the largest single-day amount in history.
Meanwhile, the Australian All Ordinaries index closed more than 8 percent lower, and South Korea's KOSPI index finished the day off 4.3 percent.
Hong Kong's Hang Seng index and Mumbai's BSE SENSEX both were down 8 percent in afternoon trading.
India's central bank also tried to boost markets, making 400 billion rupees ($8.2 billion) available for the financial system. Video Watch panic-selling in the Asia markets »
The Dow Jones industrial average lost 679 points, or 7.3 percent, on Thursday, closing at its lowest point since May 21, 2003. It was the Dow's third biggest one-day point-loss ever.
The Standard & Poor's 500 index lost 7.6 percent and closed at its lowest point since April 28, 2003. The Nasdaq composite lost 5.5 percent and closed at its lowest point since June 30, 2003.
During the past seven sessions, the Dow has lost 2,271 points, or 20.1 percent. Since hitting an all-time high of 14,164.53 one year ago Thursday, the Dow has lost 39.4 percent.
The White House confirmed earlier Thursday that the U.S. Treasury Department is looking at buying equity stakes in some U.S. banks.
Spokesperson Dana Perino confirmed reports that the U.S. could soon join the United Kingdom, Iceland and Italy in announcing a plan to inject capital directly into their troubled banking systems.
"These capital injections are something that Secretary (Henry) Paulson is actively considering," said Perino. She said she could not comment on the timing or extent of such investments.
The move would be made under the $700 billion Wall Street bailout passed by Congress on Friday.
But the possibility of Treasury intervention failed to reassure investors amid the ongoing credit crisis.
Asian central banks also did their part to give markets a potential boost. South Korea's central bank -- the Bank of Korea -- slashed its key interest rate by a quarter percent, the Yonhap news agency reported. The Bank of Japan injected 2 trillion yen ($20 billion) into money markets. And the Hong Kong Monetary Authority cut its key interest rate again -- 1.5 percent during two days.
European markets posted mixed results Thursday, but the continent's most influential -- London, Paris and Frankfurt -- all closed 1 percent to 2 percent lower.
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Russia's battered stock markets rebounded Thursday after financial regulators reversed a decision to close them, so vigorously that one exchange had to be temporarily closed.
The index of leading stocks on the MICEX exchange, where most of Russia's trading takes place, gained nearly 16 percent before halting trading around midday, the second time in less than three hours of action that it suspended activity.
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Do everything to protect yourselves from an unavoidable global recession. This is the beginning of the end of Capitalism as we know it. The greed is finally catching up with the fat boys on Corporate and Capital Hill. Don't let them take more!
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It's a dog eat dog world. Capitalism is devouring itself.
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- WorldPeaceTV
- 1 month ago
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- Vierotchka
- 1 month ago
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Buy gold and silver bullion and coins while and if you can. They will come in mighty handy soon.
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He predicted it a long time ago. He was right.
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It's far from the end of capitalism, just another 20 or so year hickup. Sure it's gonna get rough for a while, but it's far less worse than the crash in '29, or even '87.
Whats dead is Marx, and communism/Marxism.
Lets see what the recession does to socialism, no money people, no government handout money. -
Whoops, there goes the British pound. Just hit a five-year low against the dollar.
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McCain and Obama both agreed ot the debate that things won't get worse.
Keep that in mind all you McBamites.
Oh, and government interventionism and corporate welfare isn't Free Market Capitalism.
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This is America, people!
We will live to f*ck ourselves over, again and again and again!
I salute us! -
So all the panic if the stock markets crash.... why? They're crashing.... my lights still worked this morning and the roads were fine. Whoop-T-Do.
Though a few more bailouts of the spoiled rich bratts and maybe not so.
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Nothing to see here, keep shopping!
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Is anyone really surprised by this? This crisis has been a long time coming...
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Everythings on SALE!!!!!!
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can't say I have read this but thought it worth passing along if anyone had interest in looking into it. A downloadable book....
"You'll want to read this book if you want to know why the DOW is headed to 35,000 by 2009, and why it will be cut in half by 2010. Why and who is forcing the coming crisis. How the crisis era cycles through American History arrive like clockwork, yet, they shock everyone when they come "
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Shit!!! Dow is down 7 percent, down do about 7800!
In fact the only composite that isn't losing it's ass is Moscow, who is up 10 percent. What's Moscow doing?
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This is only the beginning. Rougher waters lie ahead, people.
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..Its just the turning of the tide....stand firm....you are not losing anything....it is all borrowed....if you have something for one day and lose it...do not be mad that you did not have it for two....be thankful for the one....Golden Ruler...Will.......
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USA alone will have a total bail out of 2.8 Trillion... The 700 Billion only covers the banking system to a balance of zero. Short Sales, Loan Modifications/Audits, and Foreclosures will continue for the next 36 to 48 months.
The FOUNDATION of the USA economy is REAL ESTATE... Lending to 1st time buyers is key, re-introducing buyer assistance/seller contribution will kick-start the economy moving forward and steady.
A single real estate purchase has a positive ripple affect, employing at least 14 different entities, and so forth...
The bottom line- if you have the funds, and you are a solvent buyer, purchase real estate; TODAY!
The USA has one of the lowest prices in Real Estate in the WORLD...
Stable/Solvent Banks, and Investors/Investing Firms are buying Real Estate Loan Packages from .18 cents to .25 cents on the dollar.
Once these notes are purchased, The New Mortgagee/Bank call the Mortgagor/Borrower telling them their home loan/mortgage will be modify at a lower and permanent rate, but not the Principal... They are making a large profit. Why? They bought the notes for peanuts.
Here is an opportunity for individuals to do the same on a smaller scale.
I recommend the following steps:
1. JOIN FORCES with trusted investors, friends, and or family members forming an LLC or even a Real Estate Investment Trust (REIT). By doing this you will pool more funds and your risk will be lower.
2. Hire the best Realtor in the region, where you plan to invest. Remember every market/region will be different. In other words, the actual Real Estate Market will vary from City to City across the USA.
3. Buy Real Estate between .50 cents to .75 cents on the dollars. In Regards, to Short Sales, most banks will not sell no less then 81% to 83% of the actual Real Estate Market… Then again, you never know; right?
4. Don't believe the negativity of the mass media.
5. Remember to study your market, before Real Estate purchase commence.
When life throws you lemons, make lemonade!
This is the time where novice investor(s), solvent investors, the rich, the wealthy, the millionaires, the billionaire’s jump to the next level...
The USA Real Estate Market is the best in the world.
Global investors are buying left and right in the USA!
So, what is your Excuse?
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People are freaked out and panicking all over the world... We all just need to relax, the world is not going to come to an end...
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Loan me some capital and I'll invest!
What's the rate these days anyways?
%3.2,
Didn't they lower it again?
haha
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The new zeitgeist movie explains exactly why this is happening and how we can get out of it. It was an interesting movie.
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Washington Post:
The End Of American Capitalism? (link here)
*Thanks Mr RoGeRs for the pic-
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- WorldPeaceTV
- 1 month ago
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The moment these institution crash is the money we can focus on far more serious issues.
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- ChristmasAsen
- 1 month ago
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Perhaps if so many didn't worship money over all else in their lives there wouldn't be such a panic. Looks like for some the worhsip of Mammon is proving to be a risky relationship. I don't know, on the one hand I do feel bad for those working people who got screwed in the mortgage crisis and are feeling the fallout from this; but on the other hand, any fat rich Wall Street bastard who looked his nose down on those working people and placed greed above all who is now losing their money kind of makes me happy. This may be their reckoning and the purge we need to do something about finally getting it right. Then maybe more important issues can be addressed.
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Less waste and rampant spending on useless polluting crap that's all.
Sounds like GOOD news to me...
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The Tobin tax could alleviate some of the speculation...
http://en.wikipedia.org/wiki/Tobin_tax
http://www.ceedweb.org/iirp/“A banker is a man who loans you umbrellas when the sun is shining and demands it back the moment it looks like rain." Mark Twain
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- WhiteNoise
- 1 month ago
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