Stock markets plunge worldwide »
Posted By monte-g 8 months, 3 weeks ago in Business & FinanceStocks fell sharply worldwide Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession.
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browntiger8 months, 3 weeks ago
Repukes should never be in power period.
Too many jobs were outsourced, it was obvious 3 years ago. But corporate wh0res though let's do some more damage, how bad could it get.
As people dump houses they can not afford, PMIs are going bankrupt, followed by banks. Banks are now forced to sell they uninsured debt at a market rate, cents on the dollar. 100 - 200 banks will most likely to fail. FDIC will not have funds to pay up. So now government has a choice. Bail whole system: 100 - 400 trillion, or let it fail.
Bush skewed economy does not permit bailout. Plus bailout would cost 15% inflation. Obvious solution should be people must make payments. So either they will have to do something about india & china (unlikely), or let it all collapse and bankrup middle class (with high costs).
Get ready for a really bad year.
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browntiger8 months, 3 weeks ago
I fully expect plunge protection team, federal reserve, wasting away another 30 billion. After the drop expect "buying" rally.
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augustine9748 months, 3 weeks ago
This is just the start of it... The CDO's (collateralized debt obligations) estimated at $450 Trillion, (yes Trillion) have just begun to enter the fan.
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marshx8 months, 3 weeks ago
Maybe you should have Bananke's job! i for one never thought it would get this bad.
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Yoursh5 months ago
other central banks and investors finance America's debt. Recession? maybe... or maybe not: fed will supply money as much as needed to avoid depression, they play with official indexes and stats to hide inflation... we are far away from crash...
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NelsonR8 months, 3 weeks ago
Progressive, like you it was obvious. You are probably not an economist like myself so why did our highly educated economist and elite not see what was obvious?
Now Bernanke will lower interest rate for a short term fix while it only makes the recession/depression a reality for a much longer period of time.
Giving out free money is even worse. An abysmal outlook with George Bush needing to resign for incompetency.
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progressive-bum8 months, 3 weeks ago
No, I'm not an economist, but I cringe every time they suggest lowering interest rates to "jump-start" a faltering economy. It's like applying a band aid to a festering wound which may soothe it for a while without addressing the fundamental problems.
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browntiger8 months, 3 weeks ago
>Now Bernanke will lower interest rate for a short term fix while it only makes the recession/depression a reality for a much longer period of time.
Exactly, lowering even 1/2 point will not save people who can not pay. It will be nice saving for lot's of corporations. They will never pass any saving back to consumer or employees.
Cut is too late for PMI vendors.
It is too late for most banks.
It will not solve the fundamental cause.
I have to say that Bernanke does a terrible job. Greenspan was leading the markets, Bernanke mindlessly follows.
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CaptainLucid8 months, 3 weeks ago
"Progressive, like you it was obvious. You are probably not an economist like myself so why did our highly educated economist and elite not see what was obvious?".
I am not an economist but do have a degree in Business. The thing that bugged me the most about macro was the emphasis on numbers to the exclusion of real goods. I started as an engineering student so my mindset was always based on what it there not what is represented. I think here economists have gotten so comfortable with their numbers and the Greenspan legacy that they could always fix the problem with a rate adjustment, a cash influx, some borrowing. Now these Dr.s of the economy who have been used to treating headaches with some aspirin are seeing the economy flop into their laps with gunshot wounds and multiple organ failure and all the government can think of is a small blood transfusion.
The loss of manufacturing, debt, aging workforce, trade imbalance won't be solved by a cash infusion.
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Leemck028 months, 3 weeks ago
Capt. if I could vote for this comment 10 more times I would. It worries me, borrowing to spend instead of grants or something that will promote new business starts, exports, business expansion or productivity for jobs or to circulate money in the lower rungs of middle or lower class isn't considered. The dollar gets its value from the America's productivity, cars, heavy equipment and steel. Our economy is supported by services now. Farms and industry have faded. The stimulus is by rich men who can't imagine the working class position, they think everyone cash tucked away. Who believes in tax cuts so people can keep more money while in bankruptcy instead of more annual income. Credit is part of it, but lacking good jobs is a negative. Phony employment recording and missing accurate economic measurements are catching up. I am not an economist, but old enough to remember when GNP/GDP had meaning. Raise the economy from the bottom up again, but that's not what they do.
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blablabla8 months, 3 weeks ago
Ron Paul has been predicting this for decades... And even now people will not listen...
http://www.youtube.com/watch?v=anmlPvmd1Ew
Definition of insanity: doing the same thing over and over again and expecting different results.
Albert Einstein
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Teech8 months, 3 weeks ago
I don't know about obvious, but when the rest of the world observes a nation that gave huge tax cuts to extremely wealthy people who were extremely rich even BEFORE those tax cuts, and then went 10 trillion in debt as a result..well, it might just put them on, as we said in the sixties, a real economic bummer.
Then we went to war for a few million a minute. The civilized world realized how dumb that was, also.
And as soon as there is even a hint of a tax increase to actually PAY for this profligate spending, the screaming starts! Fact is, the working class was prospering under Clinton's tax rates. The rich were still rich and the stock market was booming except for the dot coms which were trading on hype with no earnings whatsoever.
The rich can pay more taxes and still be extremely rich. Corporations can return to 1990's tax rates and still enjoy record profits, expecially the energy gougers, and the middle class will pay a bit less and spend a lot more.
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Rinaldi1008 months, 3 weeks ago
Obviously, Bush cannot seem to get anything right, "Teech" your observation is so correct.
And the Evangelicals are right behind him to vote into the white house another Bush cronie.
I hope for this year to pass quickly so this guy is finnaly out of here!
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wtagg8 months, 3 weeks ago
I think if either one thinks that you can continue the effort in Iraq at 10-15 billion a month and no goal or end in sight, neither is very good at project management, economics, or business.
All efforts should have a definable goal that is economically obtainable or should return enough equity to be of benefit. 5 years and what has been the identifiable benefit?
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Leemck028 months, 3 weeks ago
Agreed. No President can make this better without the people being unleashed. We must have policy that start and save small business. Small and medium business produce over 80 percent of jobs and revenue already, so policy is needed, as well, to stop policies that allow large companies, in their race to the bottom, to smash small companies. The President we need will have to be a person who can hold the nation together while we adjust, because the pain is subject to be very great. This is the time when you can expect scapegoats, its everybody fault except the culprits. You will recognize them by the bailouts. Poor and Working people did not cause this one. The welfare mother crap has played out, the minorities and really, the illegal immigrants too. This is poor fiscal management, the policy hitting the wall.
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CaptainLucid8 months, 3 weeks ago
"I imagine Romney is the most talented of any candidate as far as business experience and the economy."
I think I would agree with you that Mitt has a lot of business experience but the problem is I think he is on the wrong side. I think he will use it to solidify the power of mega corporations at the expense of the middle class. It would be W's goals but this time someone competent enough to compete the screw.
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doggammit8 months, 3 weeks ago
Correct, Lucid. Though unstated, Romney's prior acts follow a Straussian paradigm favoring canniibalization of lower tier players by the mega wealthy. More ponzi on the horizon with Hillary and most other candidates (as the article mentions) but in Romney's case, there is some direct connection to an inderlying globalist bias linked to a Western Judeo Christian mode of universalization. This bias is implicit in Straussian financial ideology and underlying game theory of PNAC provenance. The perversion is difficult to detect - but It amounts to a renewal of the old Roman view regarding Octavian as "cosmocrator" - a feudal dynamic that allows for ideological, social, political and economic displacements of the most non-democratic type. These latent historical factors are no longer easily concealed due to GW's leveraged fire sale of America's material assets. As we are now well aware, GW apprenticed his specialization prior to 2000 and his track record speaks for itself.
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toph19738 months, 3 weeks ago
Thanks Bush. This one's all your fault. Can't wait to see how the Cons spin this one into the dems fault. Bush has failed miserably at everything he has done in life. Chalk up another one. Sorry kids you have to pay the burden for the sins of this pathetic administration. In 365 days we'll be rid of this traitor.
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CaptainLucid8 months, 3 weeks ago
I just heard it on con artist radio and the host was blaming it on a bill particularly supported by some dem who's name I cannot recall at the moment. I will have to check Faux news because they always have their stories planned from who breaks it and then who is the headliner who quotes the rumor placer and lends it credibility in the process. The idea is that a dem is responsible for the whole thing and it was a plan to help minorities get homes. Of course I don't believe this crap for one second. By mid tomorrow the usual gang of idiots will be here repeating that story.
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jmopinion8 months, 3 weeks ago
Could be. Stock market Futures are pretty scary looking right now.
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Raiderwall8 months, 3 weeks ago
selling short is a great short term trading strategy. However, even during the depression of the 1930's business was being transacted and opportunities abounded. There are always opportunities.
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zootallures8 months, 3 weeks ago
i agree. this wasn't about incompetence. these neo-cons are smart. they're living out their own version of "atlas shrugged". they are deliberately tearing the country apart and will emerge amid the wreckage to rebuild in a new world that isn't beholden to that pesky piece of hemp parchment called the Constitution. they will present the amero to a nation that's on their collective knees that would have otherwise revolted en masse. mission accomplished. and the 60 million homer simpsons who voted for them TWICE are unwitting accomplices.
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Gransater8 months, 3 weeks ago
Are we at long last at the moment, when we can utter those words made famous some time ago??
Its the economy, stupid!!!!!!!!
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canadianrancher578 months, 3 weeks ago
Whatstherush- I'm sort of with you on this, I don't think that we are going to experiance something similar to the crash in 74, at that time there where many similarities to today as far as commodity prices and inflation but the debt situation was truely different. I think that this break is leading up to something that very few are prepared for, one could be a hyper-inflation situation if the fed leds loose on the money supply, or a ression/depression because of no savings and large debt position. As for you guys that are trying to bottom pick I believe any bounce will be short lived. For simonsez, better watch those Canadian resource stock closely. I hope my pessimissim is not getting carried away but I've always enjoyed being a bear.
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TheRealizer8 months, 3 weeks ago
This has been building ever since the enviromental whackos have forced the shutdown of our industrial base. A nation cannot survive enonomicaly without producing something. Right now the only thing we export is our ever more useless dollar.
We are borrowing money from a sworn enemy, Red China, they do not have our best interests in their plans.
We must start to produce something, we even import food while giving tax breaks and incentives to make fuel from food
We are about to Join the earlier empires in the history books!!!
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browntiger8 months, 3 weeks ago
I have to disagree. This is 100% republican policy at work.
Too many jobs got off shored. While it is easy to blame "enviroNmental whackos" - it is just not true. One can clearly see that the reason companies moving - cost, cheaper to manufacture. They don't have to pay payroll tax, medical. This is the main reason why we need import taxes.
Of course, right wing whackos allways claimed that saving benefit US. Well corporate crooks, republicans supported, keep money in the offshore accounts, savings never passed to consumers.
Republicans even blocked this years attempt to close US offshore bank that pays corporations to offshore. US taxpayers money wasted on corporate crooks, and cheaters.
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crghss8 months, 3 weeks ago
"Too many jobs got off shored"
This happened all 8 years of Clinton's Presidency (and will continue under Hillary). So how is this strictly a "republican policy"
"US offshore bank"
What the heck is that? If it's a US bank it's on US shores. You can't regulate overseas banks from the US.
"keep money in the offshore accounts"
Kennedy's have kept their money offshore for over 50 years. As do the Kerry's. No complaints there. Wonder why.
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maytaloosh8 months, 3 weeks ago
We should have seen it coming.
I really do feel bad for all those employees goin home (poor yahoo empolyees)
Lets just hope the stock market will recover soon
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woodswitch8 months, 3 weeks ago
Might as well just sign us over to the American Union now, which is what Bush wants.
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drakefrncs8 months, 3 weeks ago
Bush will be the last Pres. who had a chance to save the
dollar - and he used the opportunity to ensure it's
anihilation.
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Bopi3658 months, 3 weeks ago
Once again one and one = two and up is down for the puks.
Money in the hands of the investor class will trickle down to the real economy we were told but instead the paper shuffle is starting to crumble.
Tax breaks for the wealthy were supposed to go toward job creation and growth but instead were redirected toward turning a fast buck in the market.
More importantly, you as an American have had the same opportunity to make that fast buck as your wealthy counterpart so get on the Puk gravytrain before its too late.
We don't need no stinkin healthcare, or a comprehensive energy policy, or real job growth ....
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Harbeas8 months, 3 weeks ago
This is why we need an entirely new crop of politicians in Washington. The old way is not working and we must elect more fiscally responsible people to run our government. Let's use the upcoming election to accomplish that. The one key word to remember is CHANGE. I am not just talking white house either. Congress has to be thoroughly cleaned out!
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zootallures8 months, 3 weeks ago
you are right, but it won't happen. too many homer simpsons in america. carpe diem and good luck.
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bigG8 months, 3 weeks ago
I don't believe this bodes well for the Reps in the next election as I believe this may just be the start. Although both parties,IMO, deserve to be reamed for this it is usually the party in power who gets the shaft. In this case, it is much deserved.
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walden38 months, 3 weeks ago
What's your point?
I know you couldn't possibly be comparing the close under Clinton's presidency to where the DOW is now under Bush's presidency. Because it's so easy to find out that under Clinton the DOW went from 3,200 to 11,000 and after seven years of Bushonomics we're still right where we were we Clinton left office.
So please explain the relevance of 10,587.59.
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BravoSierra8 months, 3 weeks ago
The plan isn't designed to prevent recession. It's designed to prevent major inflation and a depression. Here's the jam we are in and why Bush wants to bail out the Chinese and funnel more money to his corporate cronies. The Chinese are in big trouble with inflation and bad investments of their profits. They hold our purse strings and credits. If we stop buying Chinese goods, inflation of up to 30% will crush China's economy and as a consequence out economy will experience extreme inflation as well because cheap Chinese peasant labor made goods will no longer be available. The double whammy would be that the Chinese government, to keep from collapsing would ask us to start paying back all the money Bush borrowed from China for the Iraq War. His policies have foolishly paid th Chinese twice over out of the US treasury. Imagine jeans going up to $40 a pair AND the US having to pay back China at the same time....we are talking major depression.
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BravoSierra8 months, 3 weeks ago
About 20 years ago two Chinese Army Colonels wrote a book on how to use economics as a military weapon to destroy the enemy's supply chain at the root...it's industrial base.
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