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09-29-2008, 11:46 PM
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Market lower than one Bush took office - and Asia is tanking
Just a heads up - tommorrow may be another day but it still won't be a good one for the stock market.
Global stock markets braced for a sharp declines on Tuesday, with Asian markets getting hammered in the morning session, after the House's rejection of a $700 billion financial bailout sparked a broad selloff in the U.S.. Japan's Nikkei 225 Average [JP;N225 11199.07 -544.54 (-4.64%)] fell roughly 5 percent Tuesday, hitting its lowest level this year, following the Dow Jones Industrial Average's 7 percent plunge. Hong Kong's Hang Seng Index was down a whopping 6 percent. US stock futures were pointing to a lower open on Tuesday as well. "Short term, the market is getting crushed. But more importantly, we are telling clients we could be at the beginning of a whole new down phase," said Bill Strazzullo, partner and chief market strategist at Bell Curve Trading in Boston. He said the benchmark S&P 500 falling to the 1,000 level was not out of the question. "We have to see what happens here," Strazzullo said. "It is totally uncharted. I think it is very difficult to gauge. It's not trying to predict an economic event. It's a political event and you never know what is going on behind the scenes." Though Republicans and Democrats vowed to renegotiate a revised bailout proposal, it was unclear whether any plan would be able to pass Congress now. Analysts said the freezing of credit markets and signs that more and more banks are now succumbing to the strains stemming from the U.S. housing slump probably will fuel more volatility. U.S. short-term interest rate futures surged higher on Monday, sharply increasing the implied chances for a big Federal Reserve rate cut in October due to worries about the economy and the financial system. Futures now show more than a 50-percent chance that the Fed will slash its benchmark lending rate by 50 basis points in October, to 1.5 percent, up from 32 percent late on Friday. © 2008 CNBC.com Global Markets See Big Selloff; Asia Sharply Lower - Financials * US * News * Story - CNBC.com
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Happiness is always a by-product. It is probably a matter of temperament, and for anything I know it may be glandular. But it is not something that can be demanded from life, and if you are not happy you had better stop worrying about it and see what treasures you can pluck from your own brand of unhappiness. - Robertson Davies 
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09-30-2008, 12:22 AM
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What do you expect. This whole thing has been spit and duct tape for the last 20 years. You cannot honestly pin all of this on Bush. Clinton's administration had a rather large hand it as well. But he lucked out and the SHTF when Bush was in office.
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09-30-2008, 06:56 AM
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Explain why the S&L Debacle happen under Reagan? Expalin why Enron happened under Bush? Explain why the implosion of the subprime market happened under Bush. Do we blame the gun manufacturer for the crimes? If you can blame Clinton for what Bush did, then shouldn't we blame the gun maker for what criminals do?
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09-30-2008, 09:59 AM
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09-30-2008, 10:10 AM
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A panda walks into a cafe. He orders a sandwich, eats it, then draws a gun and fires two shots in the air. "Why?" asks the confused waiter, as the panda makes toward the exit. The panda produces a badly punctuated wildlife manual and tosses it over his shoulder. "I'm a panda," he says at the door. "Look it up." The waiter turns to the relevant entry and, sure enough, finds an explanation. "Panda. Large black-and-white bear-like mammal, native to China. Eats, shoots and leaves."
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09-30-2008, 10:14 AM
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__________________
A panda walks into a cafe. He orders a sandwich, eats it, then draws a gun and fires two shots in the air. "Why?" asks the confused waiter, as the panda makes toward the exit. The panda produces a badly punctuated wildlife manual and tosses it over his shoulder. "I'm a panda," he says at the door. "Look it up." The waiter turns to the relevant entry and, sure enough, finds an explanation. "Panda. Large black-and-white bear-like mammal, native to China. Eats, shoots and leaves."
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