Credit Crisis Deepens...
17/09/08 17:39
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Despite desperate attempts to keep the world’s financial markets propped up, panic continues to spread and run unabated. We are witnessing a crisis that is unprecedented in our lifetimes! What the final outcome will be remains to be seen. Will the market recover? Are we witnessing the beginning of a complete global depression?
Russia closed it’s stock market for the second straight day to try and prevent a complete collapse. Yesterday the exchange was in freefall and suffered a 17% drop before it was closed in mid-afternoon. The markets were reopened today along with an infusion of $70 Billion dollars which did nothing to abate the crisis. The market was shutdown again to prevent a complete collapse. The government has promised another $60 Billion to be added to the banking system. Read the story here.
The Dow lost another 450 points today, despite a government brokered deal to bail out failing AIG (American International Group). The move was seen as a way to try and inject some confidence back into the market and lure investors back, but the move failed to rally the market. Overall the Dow is down some 800 points this week. The announcement of the $85 Billion deal to save AIG caused more fear and panic then confidence. Gold had it’s biggest one day gain ever. Jumping $90.40, as investors were seeking the safety of hard assets. Read the story here.
The entire world is engulfed in a credit panic. Analysts say the credit crunch has hit an historic intensity. Financial stress has hit record proportions around the globe and lending between banks has come to a complete standstill. Short-term US Treasuries were trading at record lows not seen since January 1941! The news is grim and investors have abandoned any hope of profits for the sake of safety. Read the story here.
Troubled banks are desperately trying to make back door deals before going under. Morgan Stanley and Wachovia are negotiating and Goldman Sachs is looking for a partner. WAMU (Washington Mutual) is likely to fail next, since no one wants to even touch it. Read the story here.
Japan dumps $1.5 Trillion yen into their markets to try and stabilize the meltdown. Read the story here.
Until next time...
Despite desperate attempts to keep the world’s financial markets propped up, panic continues to spread and run unabated. We are witnessing a crisis that is unprecedented in our lifetimes! What the final outcome will be remains to be seen. Will the market recover? Are we witnessing the beginning of a complete global depression?
Russia closed it’s stock market for the second straight day to try and prevent a complete collapse. Yesterday the exchange was in freefall and suffered a 17% drop before it was closed in mid-afternoon. The markets were reopened today along with an infusion of $70 Billion dollars which did nothing to abate the crisis. The market was shutdown again to prevent a complete collapse. The government has promised another $60 Billion to be added to the banking system. Read the story here.
The Dow lost another 450 points today, despite a government brokered deal to bail out failing AIG (American International Group). The move was seen as a way to try and inject some confidence back into the market and lure investors back, but the move failed to rally the market. Overall the Dow is down some 800 points this week. The announcement of the $85 Billion deal to save AIG caused more fear and panic then confidence. Gold had it’s biggest one day gain ever. Jumping $90.40, as investors were seeking the safety of hard assets. Read the story here.
The entire world is engulfed in a credit panic. Analysts say the credit crunch has hit an historic intensity. Financial stress has hit record proportions around the globe and lending between banks has come to a complete standstill. Short-term US Treasuries were trading at record lows not seen since January 1941! The news is grim and investors have abandoned any hope of profits for the sake of safety. Read the story here.
Troubled banks are desperately trying to make back door deals before going under. Morgan Stanley and Wachovia are negotiating and Goldman Sachs is looking for a partner. WAMU (Washington Mutual) is likely to fail next, since no one wants to even touch it. Read the story here.
Japan dumps $1.5 Trillion yen into their markets to try and stabilize the meltdown. Read the story here.
Until next time...