Archive for the 'Collapse' Category
British People Buying Home Safes; Lack of Faith in Banking System
October 12th, 2008Via: Telegraph: Sales of household safes have surged as wealthy savers concerned about the health of banks opt to keep cash at home. Leading safe manufacturers contacted by The Times said that they had seen a big increase in demand. Many predicted that fears of meltdown in the banking sector would mean a further rush […]
FDIC Friday: Two More Banks Fail
October 12th, 2008Via: MarketWatch: Northville, Mich.-based Main Street Bank and Eldred, Ill.-based Meridian Bank became the latest victims of the ongoing financial crisis on Friday, when they folded and their deposits were transferred by the Federal Deposit Insurance Corp. The closures are the 14th and 15th bank failures so far this year. The FDIC said in a […]
British Government to Nationalize Top Banks as Japanese Weigh Bid for Morgan Stanley; London Stock Market Might Be Closed on Monday
October 12th, 2008Via: Telegraph: THE government will launch the biggest rescue of Britain’s high-street banks tomorrow when the UK’s four biggest institutions ask for a £35 billion financial lifeline. The unprecedented move will make the government the biggest shareholder in at least two banks. Royal Bank of Scotland (RBS), which has seen its market value fall to […]
GRAIN SHIPMENTS STALLED IN CREDIT DROUGHT
October 12th, 2008Via: Financial Post: The credit crisis is spilling over into the grain industry as international buyers find themselves unable to come up with payment, forcing sellers to shoulder often substantial losses. Before cargoes can be loaded at port, buyers typically must produce proof they are good for the money. But more deals are falling through […]
BERLUSCONI: LEADERS MAY CLOSE WORLD’S MARKETS
October 10th, 2008Via: Bloomberg: Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they “rewrite the rules of international finance.” “The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,” Berlusconi said today after a Cabinet meeting in Naples, […]
I’m Out the Door
October 10th, 2008I’m going to go buy a few truck loads of building materials before the retailers here figure out what has happened. We’ve got a big garden/chicken system to build and, well, there’s no time like the present! Especially since the New Zealand dollar is crashing. Sorry for sparse updates. My satellite connection has been down […]
EMERGENCY: NIKKEI DOWN ANOTHER 10%
October 10th, 2008Will they halt it? Watching live…
Dow Jones Suffers Biggest Percentage Decline in 20 Years
October 10th, 2008Pants shitter. Via: Telegraph: The Dow Jones index fell 678.9 to 8579.2, its biggest percentage drop since Black Monday in October 1987 and its third biggest points decline in history. In a staggering final hour of trading, the Dow fell more than 400 points after Standard & Poor’s downgraded car maker General Motors and investors […]
Stock Markets in Russia, Indonesia Halted
October 8th, 2008Via: Bloomberg: Russia, Indonesia, Ukraine and Romania shut their stock exchanges after shares plummeted in the worst week for emerging-markets in at least two decades. Russia’s Micex Index dropped 14 percent, having already slumped 20 percent this week, before trading stopped at 11:05 a.m. in Moscow. The exchange won’t reopen until Oct. 10 unless the […]
JAPAN: NIKKEI PLUNGES 9.4%
October 8th, 2008Via: AP: Japan’s stock market plummeted 9.4 percent — its biggest one-day drop in 21 years — Wednesday as investors rushed for the exits on deepening fears over the global financial crisis. The benchmark Nikkei 225 index nose-dived 952.58 points to 9,203.32, a five-year low. That was its third-biggest drop in percentage terms and the […]
