Leading Economist: I Fear The Worst Is Yet To Come - Markets May Have To Close
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As stock markets headed off a cliff again last week, closely followed by currencies, and as meltdown threatened entire countries such as Hungary and Iceland Read more
Black Friday? Stock Markets Brace For The Worse
There wasn’t much new in U.S. markets Thursday, and that was the problem. Credit markets remain mostly frozen, as wary banks still refuse to lend to one another despite the federal government’s attempts to break that logjam.
The plan for the Treasury to buy up $700 billion in bad loans from banks now is roundly viewed as too little, too late, or just wrong-headed. Critics say it won’t get the banks to lend again any time soon.
New reports from Washington on Thursday said the Treasury may try another approach: injecting capital directly into banks. Yet that revelation also failed to lift market sentiment.
Bailout - Too Little…Too Late or Just The Beginning?
The world’s financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government’s financial rescue package — and watch for any further fallout from the credit crisis around the globe.
The markets have switched their focus to the world economy now that the $700 billion bailout plan has become law. And there’s reason for their concerns — governments across Europe are rushing to prop up failing banks. On Sunday, Germany said it would follow suit with Ireland and Greece in guaranteeing all private bank accounts.
Those steps are the latest sign that the troubles of U.S. banks, which have all but paralyzed credit markets, are affecting the financial systems of other countries. Banks’ hesitation to lend to one another and to many businesses and individuals is the consequence of the bad mortgage debt that the financial rescue is supposed to sweep up. But it’s still unclear how quickly financial institutions will be able to hand that debt to the U.S. government and convince the markets they are healthy again.
Bob Moriarty, founder of 321Gold.com predicts a freeze-up of the banking system to happen shortly. In fact he states that he believes there is a 95% chance the world financial system will comletely collapse within 10 days.
Bailout Vote Fails - Stock Market Drops 777 Points
The stock market on Monday suffered its most devastating collapse since the 1987 crash as shellshocked investors dumped shares en masse after the House voted down a proposed $700-billion rescue of the financial system.
The unexpected defeat of the bailout package fanned fears that the most debilitating financial crisis since the Great Depression could intensify.
The Dow Jones industrial average sank 777 points — the largest point drop in its 112-year history. The Standard & Poor’s 500 index plunged 8.8%, its sharpest decline since Black Monday two decades ago, while the Nasdaq composite index plummeted 9.1%.
The tense credit markets tightened further as anxiety-ridden investors rushed into super-safe Treasury securities, pushing their yields down.
Notice the number of points the market fell, 777…. The world will mark this up to coincidence. I believe it’s the unfolding of bible prophecy in our day. This nation has turned it’s back on God, I believe there is a warning from God himself in the events that took place today. Few will listen, fewer still will hear.
Read more on God’s number, 7
“The financial markets are in panic,” said John Spinello, a Treasury market strategist at Jefferies Group Inc. in New York. “And until politicians realize that, and until Main Street America realizes that it’s not a Wall Street problem — it’s a Wall Street and a Main Street problem — the financial markets are going to be volatile and the decline is going to be hard to arrest.”
The flight to U.S. government securities, along with news of several major bank bailouts in Europe, boosted the value of the dollar against most major currencies.
Prices of oil and other commodities, already down early Monday on fresh concern about the global economy, accelerated their slides after the House vote. Crude futures tumbled $10.52, or 9.8%, to $96.37.
The day began with global stock markets falling on the new signs of financial stress in Europe and fears that the rescue package wouldn’t quickly ease a logjam in the credit markets or stave off a deep economic downturn.
