Saturday, Jun 28, 2008
More depressing news.... Still soon we will have the first birthday party of the credit crunch and NR bank run to celebrate!!!!
Guardian: Dow Jones index becomes bear bait after dire month
Wall Street is teetering on the brink of a bear market after a bad day of trading completed the worst June since the Great Depression. A new clutch of warnings about the health of banks, together with a $142 oil, sent the Dow Jones down. Concern about the credit crunch's effect on profits at banks continues to dog financial markets. Lehman Brothers suggested that Merrill Lynch could write off $5.4bn in credit-related losses during the second quarter. Elsewhere, Moody's said it might cut Morgan Stanley's credit rating.
Gloomy stuff. Still any suggestions for how to celebrate credit crunches birthday? I thought HPC could hire the Millennium Dome! Remember that? There was a time when we thought nothing of giving £789,000,000 to our leaders so they could buy a tent to party in!!
1 Comment
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1. deepak said...
20% fall in the DOW Industrial average is being called a Bear market.
I think what is still holding it up at that level is the cheap dollar. So all over seas profits get more dollars.
Like McDonalds profits in UK/ Europe and Asia when converted back into dollars give you a better figure than what it actually is.
Give it time when the UK/ Europe and Asia start collapsing in the second round of credit crunch.
Shanghai Stock exchange has fallen 54%
Indian stock exchange BSE Sensex was 21,000 points not around 13,800
Hongkong was 32,000 now 22,000
Nikkie 18200 now 13,300
Enjoy.