Richard

Another Black Monday?

Monday, 6. October 2008, 00:19:20

Another Black Monday tomorrow?

Well, no House vote to consider, but we have this news:

Iceland going bankrupt - not just a company this time, but a whole (admittedly small) country.

Hypo Real Estate Gets $68 Billion Bailout From German Government, Lenders - definitely touchy situation this.

The German government said that it would guarantee private savings accounts

BNP Paribas to Purchase Fortis's Units in Belgium, Luxembourg- just in time, by the sounds of it.

and

U.S. Stock Futures Drop as Deepening Credit Crisis Prompts Rescue of Hypo

The seas are as stormy as they ever were despite Congress's passage of the rescue bill. And will be so for some time yet.

Hickory Canyons Natural Area, October 4, 2008Verse 13

Comments

Ravo # 6. October 2008, 01:04

Man, I'm glad I'm not the only doom and gloom guy making posts on Opera. This is really bad news for Europe, Richard.

musickna # 6. October 2008, 01:12

Hi David! Yes, the same Europe that not so long ago was being very snooty about the US finds out - shock, horror - that its banking system is in the same deep doo-doo. It would be poetic if it was not so disastrous for the average person.

noah counte # 6. October 2008, 02:53

Europe is as egocentric as we are. I don't know why it is so difficult for our leaders (or people) to understand that we're all related now, like it or not.

musickna # 6. October 2008, 03:00

Me neither. National borders are more meaningless than ever today.

ricewood # 6. October 2008, 16:09

We will all lose, that's for sure. We're in for a major recession.

I would rather be in either Europe or US than most other places to be honest. Even in this mess.

noah counte # 6. October 2008, 16:28

I've got to agree with that. Sadly, much of the world continues to rely on the US for help with feeding the hungry, medicine for the ill, and shelter for the homeless. I can't imagine how the "economic downturn" will impact those who already have so little.

edwardpiercy # 6. October 2008, 17:02

I was reading that Iceland link when I noticed a link over to the side which read "Every country for itself as unity crumbles"

I won't say what my reaction was to that, lest you think that I don't take this situation seriously.

noah counte # 6. October 2008, 17:48

Looks very black, so far. Every major market down, and the DOW tumbling.

ricewood # 6. October 2008, 17:56

"Sadly, much of the world continues to rely on the US for help with feeding the hungry, medicine for the ill, and shelter for the homeless."

Could you elaborate on that? The rich countries in the world use substantial means on feeding the hungry, my own country included. I didn't know people relied more on US than any other contributor.

edwardpiercy # 6. October 2008, 17:59

I thought it was that World Bank deal -- which isn't a country. At least not yet.

noah counte # 6. October 2008, 17:59

Oh, I don't know that they do. Africa sees a tremendous amount of humanitarian aid form the US. I wasn't suggesting that Eurpoe doesn't do it's part. Only that troubles here will impact more than just markets around the world. It will impact people who don't have any comprehension of the existence of the IMF (or probably the US or Eurpoe, for that matter).

ricewood # 6. October 2008, 18:10

I just don't hope our politicians find it necessary to reduce emergency aid to the poorest parts of this world because of all this.

noah counte # 6. October 2008, 18:15

I think that will be the first to suffer. Not to mention all the private giving that people aren't going to be able to do as their salaries do not grow in pace with costs.

ricewood # 6. October 2008, 18:24

I fear you're absolutely right

noah counte # 6. October 2008, 18:35

Well, in the larger sense this, too, shall pass. The larger sense isn't going to matter for an awful lot of us small folks.

musickna # 6. October 2008, 18:43

Yes, certainly is another Black Monday so far.

edwardpiercy # 6. October 2008, 19:04

Also on the up side, the sun isn't due to go supernova for another 3 billion years.

ricewood # 6. October 2008, 19:11

The Great Hadron Collider broke down, too

edwardpiercy # 6. October 2008, 19:15

noah counte # 7. October 2008, 02:02

Hey! The market rebounded from more than 8% down to only almost 4% down! I can't remember the last time a 4% loss was a victory.

musickna # 7. October 2008, 02:07

Neither can I! Same thing is happening in Asia today; catastrophic early fall then slow recovery to a merely appalling loss.

The Nikkei broke 10,000 but is currently above it.

noah counte # 7. October 2008, 02:11

Well, Japan got involved in US banking today. People seem to forget that what's driving the rest of the world's economy is American over consumption. When our jobs go away, when our houses devalue, when our wages stagnate, and when interest and prices go up (I thought that wasn't supposed to happen?), we don't buy as much stuff from the rest of the world. That will hurt economies everywhere.

musickna # 7. October 2008, 02:21

Absolutely right. No one is immune. Except perhaps a still undiscovered tribe in the deep Amazon.

noah counte # 7. October 2008, 02:49

We'll figure out how to eff them up, too.

Boy, I'm a little down on mankind today, aren't I?

edwardpiercy # 7. October 2008, 14:41

We already are effing up the tribes in the Amazon.

Maybe the Dobe Ju/'hoansi in central Africa. I don't think we're destroying their environment and way of life yet. So maybe it's a good chance to offer the Ju those sub-prime loans.

musickna # 7. October 2008, 14:43

As they say, opportunity knocks.

edwardpiercy # 7. October 2008, 14:57

That's right!

noah counte # 7. October 2008, 15:53

We'll give 'em broad band. It'll be worth it.

edwardpiercy # 7. October 2008, 16:03

And maybe GPS for when they hunt the giraffes.

noah counte # 7. October 2008, 16:06

And M-16s. Don't forget the M-16s. You know, so they'll let us build a missile base there...

edwardpiercy # 7. October 2008, 16:23

Oh, sure. I forgot about that one but it is ~~logical~~ ~~unlogical~~ logical.

noah counte # 7. October 2008, 16:25

~~Perfect imperfect~~ perfect sense.

ricewood # 7. October 2008, 17:29

Next thing we'll see is an Amazon Tribal commenting on this entry

.........

I am waiting

.............................

edwardpiercy # 7. October 2008, 17:35

Hmmm. No response.

Maybe they are in a dead zone for their Nokias right now. You know how it is.

noah counte # 7. October 2008, 17:39

Maybe they're too busy running denial of service attacks against the US Treasury?

ricewood # 7. October 2008, 17:43

Or maybe they're all sitting in their SUVs heading for the Opera.

Oh, but this IS Opera!

edwardpiercy # 7. October 2008, 17:44

Oh, god. I really should go do something constructive now. Seriously.

ricewood # 7. October 2008, 17:46

You can clean up after your dog

(Just call me Allan next time)

noah counte # 7. October 2008, 17:46

Or maybe they're distracting random Americans from more constructive behaviors.

edwardpiercy # 7. October 2008, 18:05

Wily Amazoni.

My dog, uh, Allan, is taking a nice nap. No pooping at the moment. I do have to go downtown though. Take care of some business, have a beer.