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OMG - America says "No!"
Comments
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Wow they just keep going down...
MARKET DATA - 22:38 UK
FTSE 100 4818.77down -269.70 -5.30%
Dax 5807.08down -256.42 -4.23%
Cac 40 3953.48down -209.90 -5.04%
Dow Jones 10365.45down -777.68 -6.98%
Nasdaq 1983.73down -199.61 -9.14%
BBC Global 30 5101.41down -223.55 -4.20%0 -
Things really haven't got bad at all yet:
Almost nowhere has had a recession yet
Unemployment has barely stirred
Which planet are you talking about? In the US people are losing jobs at an ever increasing rate, tens of thousands have been made homeless by foreclosure and by the cost of medical treatment. (If your mother had a stroke, all the things that she would get free in this country in the NHS would cost the equivalent of UKP 20,000 in the USA.) And the next thing to implode is the global derivatives market which is equivalent to 14 times the GDP of every country in the world added together - but as their value "derives" from the value of other things that no longer have value, they are all about to vanish in the proverbial puff of smoke.YouGov: £50 and £50 and £5 Amazon voucher received;
PPI successfully reclaimed: £7,575.32 (Lloyds TSB plc); £3,803.52 (Egg card); £3,109.88 (Egg loans)0 -
I dread to think what the FTSE is gonna look like tomorrow.:rotfl:0 -
Wow they just keep going down...
MARKET DATA - 22:38 UK
FTSE 100 4818.77down -269.70 -5.30%
Dax 5807.08down -256.42 -4.23%
Cac 40 3953.48down -209.90 -5.04%
Dow Jones 10365.45down -777.68 -6.98%
Nasdaq 1983.73down -199.61 -9.14%
BBC Global 30 5101.41down -223.55 -4.20%
Which is amazing as the markets are closed! :rolleyes:0 -
Gold might not save you, if you look up the abolision of the gold standard, and the depression the gold was seized from everone, punishable by 10 years in prison for not complying.
and what is gold? it's just a metal with a man made perceved value that far exceeds its usefullness.
it only has value as long as the powers that be tell us it does.
Governments can still commandeer your gold.YouGov: £50 and £50 and £5 Amazon voucher received;
PPI successfully reclaimed: £7,575.32 (Lloyds TSB plc); £3,803.52 (Egg card); £3,109.88 (Egg loans)0 -
You can't eat Gold or paper...
Anything you can't eat, Use to keep warm or make a shelter with has no real value...0 -
beaujolais-nouveau wrote: »Which planet are you talking about? In the US people are losing jobs at an ever increasing rate, tens of thousands have been made homeless by foreclosure and by the cost of medical treatment. (If your mother had a stroke, all the things that she would get free in this country in the NHS would cost the equivalent of UKP 20,000 in the USA.) And the next thing to implode is the global derivatives market which is equivalent to 14 times the GDP of every country in the world added together - but as their value "derives" from the value of other things that no longer have value, they are all about to vanish in the proverbial puff of smoke.
I don't know about the states but if you were to take a snapshot of the UK economy at this exact moment without context, it wouldn't look that bad.
Employment is high, interest rates are low, there are still all the trappings of prosperity.
That will all change very soon of course but the fact remains that this banking system disaster is unfolding during relatively good economic conditions. The real scary thing is what happens when the recession swings in and mass unemployment and debt default hits the UK.
Personally, I think we'll be worse off than the USA. They are at least a year ahead of us in the timeframe of the crash and I suspect they'll come out of it a lot sooner unless they really go all-out for Japanese tactics of bailing out everyone and everything.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
I dread to think what the FTSE is gonna look like tomorrow.
I say we will see a 300-500 point fall tomorrow, although if, say we heard that another major British bank is in trouble (my choice of the next candidate being RBS), then it could be on the higher end of that range.It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!0 -
The stock market is pricing in a severe recession, higher unemployment and big drops in corporate profits. Just look at the miners; the likes of Rio Tinto and BHP have been hammered even more than financials recently, they have absurd levels of positive cashflow and low valuations. The market is expecting depression in chinese manufacturing thanks to a loss of demand from the west.Things really haven't got bad at all yet:
Almost nowhere has had a recession yet
Unemployment has barely stirred
Corporate profits (non-financial sector) haven't fallen particularly.
Outside of banking shares it is the threat of more expensive credit and liquidity thereof that is scaring everyone - if the macro-economic outlook can just be stabilised then, with a new man in the Whitehouse*, many could well be kicking themselves that they missed out on bargains of a lifetime in a few months time.
*I mention that in terms of pure sentiment, people could just feel a lot better in a few months time! After the last two big market crashes in 1974 and 1987 there was a heck of a lot of money to be made within 12 months."The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.0 -
Which is amazing as the markets are closed! :rolleyes:
Sometimes they quote futures on the news, present indication is ftse at 4600 or you could watch Sydney and the far east opening for a percentage indication
The bear returns to wall st - http://www.youtube.com/watch?v=BunSFHfL4d00
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