Credit Crisis: European Turmoil
http://news.bbc.co.uk/2/hi/business/7654647.stm

Every country highlighted below is starting to take emergency economic measures.



I won't repost the article, for once, but you can read it if you want to see what these countries are doing.

Bottom line is, the U.S. sneezed, and the world is starting to get a cold.

On a related note ... it's not just Europe, it's also Asian markets being affected.

http://news.yahoo.com/s/ap/20081006/ap_on_...e/world_markets

Across Asia, all markets closed in the red. Tokyo's Nikkei 225 index fell to its lowest level in 4 1/2 years, sinking 4.25 percent to 10,473.09.

Hong Kong's Hang Seng index slid 5 percent to 16,803.76. Markets in mainland China, Australia, South Korea, India, Singapore and Thailand also dropped sharply. Indonesia's key index plummeted 10 percent, it's biggest one-day drop ever, while the benchmark Shanghai Composite Index sank 3.7 percent to 2,293.78.

Banks and other financial shares saw heavy declines. Shanghai Pudong Development Bank fell by the daily 10 percent limit while Bank of China slipped 4.9 percent.

Shares of Ping An Insurance Co. rose even after it said Monday it will record a US$2.3 billion loss on its stake in European bank Fortis in the biggest blow yet to a Chinese institution from the global credit crisis. Ping An's shares rose 0.4 percent.

"Everyone is losing confidence," said Mark Tan, who helps manage about $20 billion of equities and bonds at UOB Asset Management in Singapore. "The problem now is that the lack of foreign confidence could affect the Asian consumer, which would lead to a bigger slowdown in Asia than expected."

"This credit crunch looks like it's not going away any time soon," said Alex Tang, head of research at brokerage Core Pacific-Yamaichi in Hong Kong. "Apart from a credit crunch in Europe, investors are quite concerned about the worsening outlook on the U.S. economy."

[snip]

Globalization means deep interdependence of economies. The Thomas Friedmans have been harping on its benefits.

Here come the risks.

Stock market just hit 9700 mark. Bush saw a 13000 slow to 12500 and called it a recession he inherited. What do you call this you blithering idiot? Bush promised to bring honor and integrity back to the White House, and not leave a mess for the next administration. This President has hit a 1000 in keeping his promises, unfortunately it is a negative number, or as some call it, an integer.

They are actually stealing the deck chairs and robbing all the passengers... but everyone is going down

The US mortgage crisis appears to be threatening the whole world economy.

Did people in other countries get sub-prime mortgages? Are foreclosures increasing in Europe?

I am assuming not, but I may be wrong.

Why our government isn't directly helping people pay and/or renegotiate their mortgages is beyond me, since as more people default on their loans, the more banks will go under.

Treating the symptoms instead of the disease.

So, World...

How's that unregulated, free-market, global capitalism stuff workin' out for ya lately?

The day is only half over. By the time BillO is on, the Repukes will have come up with a way to blame this on Bill Clinton.

Of course. This whole crisis was caused by the Bill Clinton when he signed legislation to stop banks from redlining, allowing risky people in the ghetto to get loans. Translation: minorities caused the crisis.

Yes, and the interesting question is, which minorities in Europe will be blamed for this? Turks? Basques? Gypsies? Lapplanders?

http://www.eurointelligence.com/Article3.1...0d848172.0.html

The European Union is a little behind the US when it comes to such crazy financial innovation, but only a little. There is a subprime mortgage industry in some markets, such as the UK and Spain. You can also find interest-only mortgages.

[snip]

It's every one else's fault except the repigs, that's how they think.

No, you got it wrong - the ship was torpedoed by a German sub. The sub was captained by Wall Street.

I was between towns today and had to listen to Prager. I could only take about 90 seconds of this asswipe.

He was blaming Carter!!

Can we not resuscitate it? Can American ingenuity take hold again, now? Or must we tend this near dead, parasite infested albatross?

Same thing in our own American "down under".

cut and paste the link yourself - much easier to read.

http://www.marketwatch.com/news/story/stoc...mp;siteid=yhoof


LATIN AMERICAN MARKETS
Stocks, currencies hit as financial crisis spreads

By Carla Mozee, MarketWatch
Last update: 3:50 p.m. EDT Oct. 6, 2008Comments: 11LOS ANGELES (MarketWatch) -- Latin American stock markets sank Monday, tumbling alongside equities worldwide as investors were spooked by the spread of the global financial crisis.
Brazil's Bovespa in recent trade was down 14% to 38,398. Trading was halted twice on the Brazilian stock exchange, with one break lasting an hour. The losses have pulled the benchmark down more than 20% since the start of October. It's also down about 40% a year-to-date basis.
Shares of market heavyweight and oil giant Petroleo Brasileiro (PBR:petroleo brasileiro sa petro sponsored adr

PBR 34.20, -2.52, -6.9%) fell 11% as crude-oil prices fell more than 5% to below $89 a barrel. Steel stocks were deep in red, with Companhia Vale do Rio Doce (RIO:companhia vale do rio doce sponsored adr
RIO 14.46, -1.31, -8.3%) down 15%.
Mexico's IPC on Monday stumbled 6.4% to 21,523.38. Argentina's Merval fell 10 % and Chile's IPSA declined 7%.
"Emerging markets have been one of the primary beneficiaries of the hunt for low yields and low volatility environment of the 2003-2007 period," said Nick Chamie at RBC Capital Markets. Now, "investors and banks and funds are forced to repatriate capital in the face of significant credit and liquidity stresses in their home markets."
On Wall Street, the Dow Jones Industrial Average ($INDU:Dow Jones Industrial Average

$INDU 9,955.50, -369.88, -3.6%) dropped 700 points and pulled the index below the 10,000 points level for the first time since October 2004. The S&P 500 ($SPX:S&P 500 Index
$SPX 1,056.89, -42.34, -3.8%) was hit hard as well, and touched a 5-year low.
Earlier Monday, European stocks suffered their worst one-day decline ever after European governments were unable to reach a common deal on bailouts. The countries have moved separately to deal with financial crisis, including Holland's nationalization of the Dutch operations of Fortis, and a new 50 billion euro financing package for Germany's Hypo Real Estate.
The $700 billion financial rescue plan that was passed into law on Capitol Hill on Friday provided limited comfort to investors.
Emerging market currencies were also under pressure. Brazil's real tumbled as much as 7% lower against the U.S. dollar, at 2.18 reals. Mexico's peso fell nearly 4% against the greenback, at 11.81 pesos.
"A process of ongoing downward revisions to global growth forecasts are only going to exacerbate, losses in the region, said Chamie.
Also around the region, Brazil's Votorantim Celulose e Papel was the only stock on the index to gain ground. Shares of the pulp and paper producer were up 1.6% following its announcement late Friday that its deal to purchase a majority stake in rival Aracruz.
Home builder Rossi Residencial fell 27%.
In Mexico, shares of cement maker Cemex (CX:cemex sab de cv spon adr new

CX 11.77, -1.83, -13.5%) dropped 14%, homebuilder Urbi plunged 20% and volume leader America Movil (AMX:america movil sab de cv spon adr l shs
News, chart, profile, more
Last: 38.32-1.50-3.77%

4:03pm 10/06/2008


AMX 38.32, -1.50, -3.8%) fell 5%.
Shares of retailing giant Wal-Mart de Mexico (WMMVY:wal mart de mexico s a b de cv spon adr rep v
News, chart, profile, more
Last: 24.30-4.30-15.03%

5:21pm 10/06/2008

WMMVY 24.30, -4.30, -15.0%) fell 11%. The company's quarterly results are scheduled for release on Tuesday.
Carla Mozee is a reporter for MarketWatch, based in Los Angeles.



I'm still curious at how, when the world markets crash it's - US Taxpayers (US Taxpayers Superhero figures sold seperately) to the rescue!!! Ta ta da!!! Hell, I don't even know our slogan. Uh, let's see - "There's no need to fear" hmmmm nope that other Underdog took that one already. Oh wait! - "Spend all you want, we'll make more!" er, no again, Doritos would get testy.


Damn, we need a good PR firm.

Here are the Grey Wolves of Wall Street attacking the US Economy Convoy:

Das Boot: Torpedo...Los