Market meltdown
Markets rattled by bank worries
Markets from New York to Tokyo have recorded heavy losses in reaction to the emergency bailout of US investment bank Bear Stearns over the weekend. In New York the Dow Jones Industrials tumbled in early trading before recovering some ground. London's FTSE 100 index ended down 3.9%, in Paris the Cac 40 slumped 3.5% and Frankfurt's Dax fell 4.1%.
And those numbers are good compared to the Asian markets which are right now hemorrhaging and as I write the Dow is down 160 points which is pretty calm seeing that the bank Bear Stearns was just sold for 100th of its price ($2 a share) – this was one of the biggest corporate banks in America who in 24 hours has just collapsed – all of this is not good news, perhaps the mind boggling greed shown by so many American banks to lend as much money as can be printed to people who could never pay it back, all the while back slapping each other with obscene bonuses may all come home to roost for American capitalism.
posted by Bomber @ 6:18 am
7 comments
7 Comments:
WHen America Sneezes the rest of the world gets a cold.
Lending money to people who cant afford it, people with no assests, and then when the property value comes back a little you have negative equity.
But borrowers too must take some of the blame, either accepting deals they couldn't ever repay, or deals that were too good to be true (bluechip for instance)
Gee, you're right, I wish we had embraced communism. I'd much rather line up in the cold for potatoes and vodka, waiting for the bullet from Commissar Bomber, than watch my stocks drop.
Sub prime mortgages directed, no, targeted and pushed at people who could barely afford it, was legalised loan sharking, which was illegal, before Bush came to power.
By giving the banks $200 billion dollars, they have saved the arses of the big boys, for a short while, whilst 2 million people are still set to lose their homes. Plenty of money for the rich cunts, while the poor can f*ck off.
and to blame the "victims" for daring to borrow money under terms, that they could initially afford,(just) before gouging them when their 2 yr sweetener deals came up for renewal is a damn cheek! At least the old commies housed the populace - it was crap, but it was a roof and they could afford the potatoes!
Apparently some of the traders around times square are dealing in Euros now, only, right there in the heart of the beast and they can't even use their own money, I remember when my grandmother die we discovered she had $7000 literally under the mattress, because they didn't trust anyone with their money during the depression ,
peterquixote
pull of your dollar back to $NZ
good sailing ahead,peterquixote
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Hahaha, this is funny...
Gee, you're right, I wish we had embraced communism. I'd much rather line up in the cold for potatoes and vodka, waiting for the bullet from Commissar Bomber, than watch my stocks dro
....Yes that's right, I want a year zero communist state, oh wait I attack China a lot, so maybe I don't like communisim either, it must take a lot of effort to constantly try and paint me into a corner, isn't it funny how if I criticise the extreme greed of the corporate market in lending money to people who could never pay it back I'm suddenly advocating communism, Anon you sound a wee bit 1950's, how twee, then comes a great post by Jon pointing out the loan shark mentality of these lenders which prompts this little outburst from our anonynmous McCarthiest...
If you love communism so muck then fuck off to north korea or cuba where they might have a lifestyle befitting your parasitical mindset - like working you to death in a gulag
....LOL - is that the best you have? You guys on the right crack me up, you really do.
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ohhhhh, great comeback, what's next, "I know you are, you said you are but what am I"?
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