TheCountOfNowhere

Black Monday

163 posts in this topic

Could be an interesting day/week.

8:31 a.m. FTSE down 1.6% already....looks like it dropped off a cliff when the stock market opened. Edited by TheCountOfNowhere

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[quote name='TheCountOfNowhere' timestamp='1315207922' post='3107131']
Could be an interesting day/week.

8:31 a.m. FTSE down 1.6% already....looks like it dropped off a cliff when the stock market opened.
[/quote]


Shiny rising nicely this morning.

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[quote name='shindigger' timestamp='1315208385' post='3107141']
Shiny rising nicely this morning.
[/quote]
I can't help feeling that them buying gold right now as an "investment" are going to loose their shirts. Them that bought 4 years ago will be making a fortune.

Might as well spank all your money on plasma teles, 4x4's and trips to torremolinos then live off the state.

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[quote name='TheCountOfNowhere' timestamp='1315207922' post='3107131']
Could be an interesting day/week.

8:31 a.m. FTSE down 1.6% already....looks like it dropped off a cliff when the stock market opened.
[/quote]

RBS leading them down, as per..

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Yes, this is going to be interesting:


top 3 losers !!!!

Royal Bank of Scotland Group

-6.96 %

Barclays

-6.78 %

Lloyds Banking Group

-4.21 %

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[quote name='The Masked Tulip' timestamp='1315208840' post='3107147']
Assume this is re the anticipated downgrade of UK banks.
[/quote]

I'd've thought it's more likely the ECB and IMF leaving Greece in a huff, plus the Italians not implementing the austerity measures they've sort of said they would.

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[quote name='TheCountOfNowhere' timestamp='1315207922' post='3107131']
Could be an interesting day/week.

8:31 a.m. FTSE down 1.6% already....looks like it dropped off a cliff when the stock market opened.
[/quote]

It's still over 5000. Looking at the 10 year chart the buy time looks to be on approach to 3500. More QE will no doubt keep it well away from there :angry:

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[quote name='shindigger' timestamp='1315208385' post='3107141']
Shiny rising nicely this morning.
[/quote]
Similarly index-linked gilts.

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[quote name='MrFlibble' timestamp='1315209219' post='3107154']
It's still over 5000. Looking at the 10 year chart the buy time looks to be on approach to 3500. More QE will no doubt keep it well away from there :angry:
[/quote]


One of the interesting things to come out of Darling's memoirs yesterday was that Mervynn King allegedly backed the Tory view during the 2008/09 crisis saying that there was no money left to do QE.

Where does that leave Merv now? The Tories are now in power and supposedly against QE. He himself was allegedly against QE so it would be a massive U-turn for both Cameron and King to go down the QE route. How would either justify it? How would King explain where the money comes from now if it was supposedly not there a few years ago?

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[quote name='TheCountOfNowhere' timestamp='1315208539' post='3107143']
I can't help feeling that them buying gold right now as an "investment" are going to loose their shirts. Them that bought 4 years ago will be making a fortune.
[/quote]

Yes the early adopters will be the big winners as when it tops out their seed money will have multiplied the most.

1oz of Gold buys a fine suit, always has, always will. Gold is simply a way to preserve ones suit buying power :lol:

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[quote name='EvilEdna' timestamp='1315209106' post='3107151']
I'd've thought it's more likely the ECB and IMF leaving Greece in a huff, plus the Italians not implementing the austerity measures they've sort of said they would.
[/quote]

No, turns out it's all Christine Lagarde's fault: http://www.guardian.co.uk/business/2011/sep/05/stock-markets-fall-imf-chief-warns-crisis

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[quote name='TheCountOfNowhere' timestamp='1315208539' post='3107143']
I can't help feeling that them buying gold right now as an "investment" are going to loose their shirts. Them that bought 4 years ago will be making a fortune.

[b]Might as well spank all your money on plasma teles, 4x4's and trips to torremolinos then live off the state.[/b][/quote]
If only I had taken this sensible option years ago, rather than the stupidity of Prudence. Who would have thought personal responsibility could go so tragically wrong.

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[quote name='The Masked Tulip' timestamp='1315209576' post='3107161']
One of the interesting things to come out of Darling's memoirs yesterday was that Mervynn King allegedly backed the Tory view during the 2008/09 crisis saying that there was no money left to do QE.

Where does that leave Merv now? The Tories are now in power and supposedly against QE. He himself was allegedly against QE so it would be a massive U-turn for both Cameron and King to go down the QE route. How would either justify it? How would King explain where the money comes from now if it was supposedly not there a few years ago?
[/quote]

TMT,

As QE is printing brand new money out of thin air for free, how could there ever not be enough money to do it?

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[quote name='leicestersq' timestamp='1315210105' post='3107176']
I'm confused. Black Monday, did someone call it?
[/quote]

No, I was simply stating a fact.

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[quote name='The Masked Tulip' timestamp='1315209576' post='3107161']
One of the interesting things to come out of Darling's memoirs yesterday was that Mervynn King allegedly backed the Tory view during the 2008/09 crisis saying that there was no money left to do QE.

Where does that leave Merv now? [b]The Tories are now in power and supposedly against QE[/b]. He himself was allegedly against QE so it would be a massive U-turn for both Cameron and King to go down the QE route. How would either justify it? How would King explain where the money comes from now if it was supposedly not there a few years ago?
[/quote]

I was under the impression they claimed to be against it in their pre-election mode but once they were in power Osborne welcomed the idea? IMHO I think events will happen that will force then to print to save something, hard to say what but lots of things are rigged to blow right now. If they print to simply spur growth or save the stock market then we really are doomed...

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[quote name='TheCountOfNowhere' timestamp='1315208676' post='3107146']
Yes, this is going to be interesting:


top 3 losers !!!!

Royal Bank of Scotland Group

-6.96 %

Barclays

-6.78 %

Lloyds Banking Group

-4.21 %
[/quote]

An 'expert' on the Today programme's 6.15am business news slot was talking about the impending [url="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8740781/RBS-faces-billion-dollar-bill-in-US-lawsuit.html"]lawsuit[/url] against British banks in the US. He opined that if the case goes anywhere, HBOS and Lloyds/TSB could probably weather the storm, but that RBS would be buggered without an additional taxpayer bailout. It would be interesting for Anglo-American relations, to say the least, if the government decided to let RBS sink under such circumstances.

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[quote name='MrFlibble' timestamp='1315210269' post='3107182']
I was under the impression they claimed to be against it in their pre-election mode but once they were in power Osborne welcomed the idea? IMHO I think events will happen that will force then to print to save something, hard to say what but lots of things are rigged to blow right now. If they print to simply spur growth or save the stock market then we really are doomed...
[/quote]

I just wonder why they can't print and spend it on infrastructure projects.. any particular reason other than the banks must be allowed first dibs?

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[quote name='The Ayatollah Buggeri' timestamp='1315210395' post='3107186']
An 'expert' on the Today programme's 6.15am business news slot was talking about the impending [url="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8740781/RBS-faces-billion-dollar-bill-in-US-lawsuit.html"]lawsuit[/url] against British banks in the US. He opined that if the case goes anywhere, HBOS and Lloyds/TSB could probably weather the storm, but that RBS would be buggered without an additional taxpayer bailout. It would be interesting for Anglo-American relations, to say the least, if the government decided to let RBS sink under such circumstances.
[/quote]

Yep, I think RBS/UK Plc are on the line for $44bn if they lose :o

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[quote name='Flaps' timestamp='1315210049' post='3107173']Who would have thought personal responsibility could go so tragically wrong.
[/quote]

What do you expect when the lunatics have taken over the asylum ?

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[quote name='FIGGY' timestamp='1315210843' post='3107194']
Yep, I think RBS/UK Plc are on the line for $44bn if they lose :o
[/quote]
I might sell my £45 quid stake in them today...I only paid about £600 quid for that great investment. I've been waiting for them to bounce back :lol: :lol: :lol: :lol: :lol:

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[quote name='exiges' timestamp='1315210903' post='3107197']
What do you expect when the lunatics have taken over the asylum ?
[/quote]
I know. It's my own fault for not realising this sooner :(

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[quote name='fluffy666' timestamp='1315210471' post='3107189']
I just wonder why they can't print and spend it on infrastructure projects.. any particular reason other than the banks must be allowed first dibs?
[/quote]

The old boys network maybe? Bailouts funded via QE probably went straight into the bonus pot...

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