Archive for the 'Economy' Category
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 […]
AIG, Castigated for Resort Event, Plans Another One
October 9th, 2008Via: Bloomberg: American International Group Inc., castigated by the White House, Congress and Barack Obama for hosting a $440,000 conference days after an $85 billion federal bailout, plans to hold another gathering for brokers next week. The event, at the Ritz-Carlton in California’s Half Moon Bay, aims to “motivate and educate” about 150 independent agents […]
U.S. Treasury Calls Emergency Weekend Meeting of G20
October 9th, 2008Via: Radio Australia: The co-ordinated interest rate cut by global central banks followed another disastrous day of trading in Asia, in which the Nikkei fell more than nine-percent, and the Indonesian stock exchange was suspended indefinitely. A few hours ago, the United States Treasury Secretary Henry Paulson welcomed the joint international move. “US and global […]
Government to Spend £50 Billion to Part-Nationalise UK’s Banks
October 8th, 2008Via: Guardian: The government has confirmed that it will spend £50bn to part-nationalise Britain’s biggest banks, in a dramatic attempt to stop the country’s financial system melting down. Today’s momentous decision to pump £50bn of taxpayers’ money into the troubled banking sector came after government ministers and bank officials thrashed out the details of the […]
Sad Guys on Trading Floors
October 8th, 2008Sad Guys on Trading Floors HA
Gold Sharply Higher on Rate Cuts
October 8th, 2008Via: Dow Jones: New York gold futures traded sharply higher early Thursday following a coordinated rate cut by the Federal Reserve, European Central Bank and other major banks. This has triggered safe-haven buying on ongoing worries about the world financial system, as well as buying as a hedge against potential inflation down the road as […]
SEVERAL CENTRAL BANKS CUT RATES SHARPLY
October 8th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. I was in the market yesterday, as the Dow was continuing to tank. I was looking to buy October call options on DIA, strike 115. In English, as the Dow was tanking, I was looking to make a very high risk, […]
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 […]
Retirement Accounts Have Lost $2 Trillion So Far
October 8th, 2008Via: AP: Americans’ retirement plans have lost as much as $2 trillion in the past 15 months — about 20 percent of their value — Congress’ top budget analyst estimated Tuesday as lawmakers began investigating how turmoil in the financial industry is whittling away workers’ nest eggs. The upheaval that has engulfed financial firms and […]
