Archive for the 'Economy' Category
What Would it Take to Halt Trading of the Dow Jones Industrials?
October 10th, 2008Via: AP: As harrowing as the stock market’s plunges have been in recent days, they still haven’t been enough to trigger the “circuit breaker” mechanisms that result in an automatic timeout in trading. The Big Board implemented the automatic halts after the stock market crashed in the late 1980s to force traders to take a […]
PANIC SELLING CONTINUES ACROSS EUROPE
October 10th, 2008Austria is halted. Germany, UK and France are all sharply lower. I’ll post some other updates and then come back to economic info as we head into the open in New York—which will be sharply lower according to the futures.
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, […]
