Putting Things Into Perspective
Filed under: Politik > Business Blitz
According to reports:
"The markets turned highly volatile as it became clear the measure wouldn't find the necessary support. In the last hour of trading, the Dow was down 709.03, or 6.36 percent, to 10,434.10. At its low, it was down 705.06, not far from its previous record for an intraday drop, 721.56, set during the first trading day after the Sept. 11, 2001, terror attacks. Still, in percentage terms, the decline remained well below the more than 20 percent drops seen on Black Monday of October 1987 and the Depression."
Bush Does Not Have The Support Of His Own Party - Neither Does McCain!
Put u own thing in a perspective ,I perfer mine in something else that starts with P.
yes theyre sayin the GREAT DEPRESSION PART TWO is comin up..
so sad..
god bless everyone..
God, I'm just a little piggy today, sorry.
The Great Depression doesn't sound so great too me,bad name!
scary.
I bet we Europeans all feel so THANKFUL for this from Stupid America!
so basically we're fucked?
What is your point in posting this Perez???
You forget, not passing the bill equals our dollar not completely crashing…
Re: harrybalsac – you dirty old man:)
Next step…complete anarchy!!!!!
so basically, we're all screwed? how fun.
Re: mama of 2 –
Yes, but it has been "scary" for quite some time now! The only thing is that your politicians and press did NOT tell you the truth for a long trime….And, don t forget: Making people/voters "scary" has always been one of the Republicans' "tricks" so as to make their people move closer together in anxiety and fear behind a "STRONG American conservative LEADER"…Hypocrites! It was THEM that got you in that situation in the first place! Then they "play saviour" …
Can someone explain to me what it means to have the stock markets go down so much/ and explain what it will mean to me and my family if the 700 billion bailout is passed? What it will mean for all of us basically living paycheck to paycheck? Please
Re: guilty of being white –
Remember the Roman Empire and how it ended? Then compare it to Bush s conservative "American Empire":
Rise - Power - Decadence - Fall
Well, Jesus H. Christ thank god for that! Now I feel better! Ramen noodles for everyone!
Re: J-Love –
It means that the medium sized companies and small companies especially will lay off workers or even go bankrupt cause they will no longer get any loans from banks….then more and more jobless consumers no longer can buy / consume and sales will drop and even MORE companies and shops will go bankrupt = recession. And America will be financially and economically isolated. And: The big managers will NEVERTHELESS get their bonuses and, of course, NOT be fired….
its how the cycle of the economy works guys,,
this was bound to happen, its inevitable.
Re: Spliffy Steffy – seems like it huh.
Re: Spliffy Steffy –
Yes, at least my German Finance Minister says so:
GERMAN FINANCE MINISTER STEINBRÜCK: 'We Were All Staring into the Abyss'"
SPIEGEL spoke with German Finance Minister Peer Steinbrück about the roots of the US credit disaster, whether Germany is in grave danger and what the future has in store for world banking. more…
Fallout for Dutch-Belgian Bank: With Bailout, Fortis Is Back Where it Started
Finance Crisis: Europe Sees Three Bank Bailouts in Two Days
The $700 Billion Question: Washington Tries to Wrap Up the Bailout
German Finance Minister Warns of Crisis Fallout: 'Our Economy Will Also Suffer'
Maybe some education from a German mag:
SPIEGEL: Mr. Steinbrück, Wall Street is imploding. The government of the United States wants to establish a $700 billion (€480 billion) bailout program for its banks and their bad loans. How serious is the situation for the rest of the world?
Steinbrück: We are experiencing the most severe financial crisis in decades, although one should be careful about historic comparisons with 1929. One thing is clear: After this crisis, the world will no longer be the same. The financial architecture will change globally.
SPIEGEL: Could you be more specific, please.
Steinbrück: There will be shifts in terms of the importance and status of New York and London as the two main financial centers. State-owned banks and funds, as well as commercial banks from Europe, China, Russia and the Arab world will close the gaps, creating new centers of power in the financial world.
SPIEGEL: In other words, we are experiencing the beginning of a tectonic shift…
Steinbrück:… but not one that is abrupt and jarring. It will be an evolutionary process that will take several years.
SPIEGEL: The current thunder is certainly deafening. We have just seen all US investment banks disappear in one fell swoop.
Steinbrück: Three of them were either taken over or went bankrupt. The two others, because they abandoned their business model to save themselves. No one would have thought this possible until recently. Meanwhile, 25 financial service providers have disappeared from the market in the United States. All of this is illustrative of an earthquake. In addition, many institutions are still fundamentally lacking liquidity.
SPIEGEL: And is the United States completely to blame?
Steinbrück: The source and focus of the problems are clearly in the United States. There are many causes. After 9/11, a great deal of cheap money was tossed into the market. Apparently some of that money went to people with poor creditworthiness. This led to the growth of the real estate bubble. The banks embarked on a race over profit margins. Then speculation spun completely out of control…
DER SPIEGEL
German growth could be dropping.
SPIEGEL: …which also benefited German banks for a while.
Steinbrück: But they didn't invent these transactions. The stokers on the financial markets were responsible for that.
SPIEGEL: And how is the US patient doing now?
Steinbrück: It's in the ICU with pneumonia. This means that here in Europe, we can at least expect to get a bad cold. The US patient lacked legislation, a regulatory framework that could have helped avoid this development. That's the key issue for me. The financial products became more and more complex, but the rules and safeguards didn't change. I don't know anyone in New York or London who would have asked for a stronger regulatory framework 18 months ago. They were always saying: The market regulates everything. What a historic mistake!
Re: Bavaria – your a european right?
what is being said there about the state of our economy?
i have more infromation than most.
i know alot of people in the government.
this has ben a long time coming.
americans are spoon fed our media.
we think we live in freedom but we are restricted far more than people want to believe.
i don't feel your statement about the republican party is correct.
this is not a ploy for them to get votes.
they don't want this to happen.
noone does.
i don't care wqho swoops in to save us, jusr do it.
SPIEGEL: Your US counterpart, Treasury Secretary Henry Paulson, began by essentially nationalizing the two US mortgage giants, Fannie Mae and Freddie Mac. But then he allowed investment bank Lehman Brothers to plunge in bankruptcy before saving the insurance giant AIG with an $85 billion (€58 billion) bailout. This doesn't exactly look like a clear course of action.
Steinbrück: In the case of Lehman, the US government wanted to send a signal to the market that they are not prepared to offer a bailout under any circumstances. In the case of AIG, we had direct talks at the G7 level and implored them to stabilize the situation. An AIG bankruptcy would have triggered shock waves around the world. We were all staring into the abyss at that point.
SPIEGEL: What role does the US election campaign play in resolving the crisis?
Steinbrück: I hope that my US counterpart will be capable of taking action for as long as possible. We cannot have a six-month vacuum until the next president takes office and his administration is ready to get to work.
SPIEGEL: Paulson headed the investment bank Goldman Sachs for a long time. Does this make him part of the problem?
Steinbrück: He is undoubtedly doing a good job. And at least Goldman Sachs still had the option of making its own decision to transform itself into a bank holding company.
Okay, ENOUGH for now!
Re: mama of 2 – sorry-lotsof typo's
Re: mama of 2 –
Yes, I am from Germany.
The downfall of the American banks greatly affected German banks. Today Hypo Real Estate and DEPFA bank had to be "saved" by the German Banking Security System (I m not a bnaking expert so I do not know the corresponding terms), but the German Stock Exchange is heavily affected.
The German magazine "SPIEGEL", the largest-circulation and rather conservative and corporation-friendly mag, has a section in English as well. You can read daily updates there in English. Unfortunately, it s not allowed writing direct links/web address here. But just take the word "spiegel" dot and the ending "de" … then doubleclick in the upper section at the left where it says "English"…
In German papers and mags this economic plunge has been written about for 1-2 years now and fromt he beginning of 2008 it was quite CLEAR that this continually pumping money into the markets in the USA could not go on very much longer…
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Please, can SOMEONE inform Bush about THIS?
"…The US patient lacked legislation, a regulatory framework that could have helped avoid this development. That's the key issue for me. The financial products became more and more complex, but the rules and safeguards didn't change. I don't know anyone in New York or London who would have asked for a stronger regulatory framework 18 months ago. They were always saying: The market regulates everything. What a historic mistake! …"
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I thnk I ve written enough now (or copy and passted) and better go to sleep now, so I ll be wide awake tomorrow morning for a FURTHER exciting crash day at the European Stock Exchanges thanks to stupid GREEDY American politicians and bankers!
I don't know about the rest of you, but this is the wrong place to be discussing politics. Perez needs to stick to something he actually knows something about… celebrity gossip!
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Re: Bavaria – Hey, there is a fine line between colorfully expressing your opinon and being outright rude. Don't even think about coming on a board where you know the vast majority of people are American and calling us "stupid Americans". I've been around a while, and from what I remember Germany went through a depression worse than ours was in the 1920's. Your "oh so wonderful" Germany also slaughtered millions of completely innocent people, while citizens sat around with the fresh smell of burning flesh in the air eating their sausages. Then the British and Americans came in and literally kicked you in the ass and made you walk around the block to the concentration camp and drag out the decomposing, stinking bodies and bury them yourself. The British and Americans will always have the upper hand on you, and don't ever forget it.
The Dow is still over 10,000. It'll be interesting to see if we needed this soaking of the taxpayers at all. the reason it is a bigger fall is because there is MORE room to fall. At the PEAK of the market in 1929 it was only in the 300s. NOT 10,000. The crash of 1987 was a fall of 22% (bigger than the crash of 1929) of the market value. Well, we survived that. The market has cycles- this one was just because of loans to people who could not or would not repay them. Bush didn't do this. But boy, Pelosi sure crapped on her own cake didn't she?
You know what's really funny…The fact that these Wall Street investors are allowed to lie cheat and steal and it's all ok. As soon as something like that happens somwhere else in the country like for example a person robbing a bank then it's a crime. And we wonder??? Why is our country's financial situation in ruins. C'mon people wake up..Maybe the crazy people that were always afraid the government was taking over were right?
Re: Blonde. Jane's Blonde. – Re: Blonde. Jane's skanked-out ass, dyed Blonde bush. – Re: Blonde. Jane the Blonde drag queen in the dayed fuckme pumps. – Shew, Get out of here skank. I said shew. Chop, chop. You savvy?
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
BLAME THE REPUBLICANS!
I second Genghis Khan's sentiments.
Re: Here To Remove Unwanted Internet Trolls – Nope.
Re: Here To Remove Unwanted Internet Trolls – Re: Here To Remove Unwanted Internet Trolls – Nope.
Hey Jane' blonde, DICK, EAT A DICK!
Mr. Perez,
Darling, Democrats have the majority in the House with 235 members. If they had 24 more democratic votes and it may have passed. 95 Democrats said "No” and 133 Republicans said "No" Hooray for Capitalism! The people who overwhelmingly (almost 100 to 1) are against this bill have spoken. A VICTORY for Capitalism, Democracy, and Freedom.
McCain/Obama/and Bush Fail. They all voted against the people's will. Stick to the shallow end sweet pea…once again…you’re trying to swim in the deep end with the big boys, and are drowning in biased journalism.
xoxo,
SS