drrayjo Posted October 28, 2009 Share Posted October 28, 2009 Wouldn't want to look like over-keen doomsayer wolf criers! Quote Link to comment Share on other sites More sharing options...
Dorkins Posted October 28, 2009 Share Posted October 28, 2009 I think we all know by now that as soon as somebody says the B-word on HPC.co.uk, shares rally to finish the day 1% up. It's exciting to watch though. Quote Link to comment Share on other sites More sharing options...
babesagainstmachines Posted October 28, 2009 Share Posted October 28, 2009 I think we all know by now that as soon as somebody says the B-word on HPC.co.uk, shares rally to finish the day 1% up. It's exciting to watch though. My Black Day was 1.5% down. Which make me a sage by HPC standards Quote Link to comment Share on other sites More sharing options...
garybug Posted October 28, 2009 Share Posted October 28, 2009 Certainly Allied Irish Bank & BoI are getting hammered on the Irish Stock Exchange (didn't know they had one - it sounds like the punchline of a joke ) http://uk.reuters.com/business/quotes/quote?symbol=ALBK.I http://uk.reuters.com/business/quotes/quote?symbol=BKIR.I Quote Link to comment Share on other sites More sharing options...
Wonga Posted October 28, 2009 Share Posted October 28, 2009 I think we all know by now that as soon as somebody says the B-word on HPC.co.uk, shares rally to finish the day 1% up. It's exciting to watch though. Indeed. This is looking very interesting. Miners down 6% already ..... is today the day! Market looking for direction from the DOW Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted October 28, 2009 Share Posted October 28, 2009 29th of October this week... people getting nervous in case this 29th turns out like the other infamous 29th October, 1929. Quote Link to comment Share on other sites More sharing options...
fallingbuzzard Posted October 28, 2009 Share Posted October 28, 2009 (edited) Only interesting data in Europe today is Norwegian interest rates, which might be up. Or it could be crash anniversary fear. Edited October 28, 2009 by fallingbuzzard Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted October 28, 2009 Share Posted October 28, 2009 I think we all know by now that as soon as somebody says the B-word on HPC.co.uk, shares rally to finish the day 1% up. It's exciting to watch though. Banana? Quote Link to comment Share on other sites More sharing options...
blue skies Posted October 28, 2009 Share Posted October 28, 2009 David McWilliams: Rich get richer as rest of us pay for their mistakes * Share o Digg o del.icio.us o Google o Stumble Upon o Facebook o Reddit * Print * Email * Text Size o Normal o Large o Extra Large Also in David McWilliams * We are limbering up for a scrap with ourselves * We must make farming part of 'smart economy' David McWilliams Home Ads by Google Flights to Ireland Fly to Ireland with Flight Centre. Enquire online today www.FlightCentre.com.au Car Rental In Dublin Ireland Car Rentals in Dublin Ireland. All Inclusive, View Prices in AUD! www.CarRental8.com/Dublin Learn How To Day Trade Learn To Trade side by side with Australia's Most Successful Traders EliteTraders.com.au/DayTrading Win a trip to Ireland Visit our site today and be only One question away from going there! www.howveryireland.com By David McWilliams Wednesday October 28 2009 McDonald's pulled out of Iceland yesterday. This is an enormous moment because it is the first time the McDonald's machine has admitted defeat in a modern, sophisticated country. A few years ago, this would have been unthinkable. In the 1990s, when globalisation was in its pomp, a popular expression -- coined by Tom Friedman, the 'New York Times' columnist -- stated that "no two countries with McDonald's have ever gone to war with each other". The expression was supposed to mean that globalisation was good for all of us because it civilised us and, what better expression of globalisation than McDonald's? Once a McDonald's opened up in a country, the assumption was that lots of other modern things were going on, such as tolerance and greater interaction with the rest of the world. It is more than ironic, therefore, that the first country that McDonald's should pull out of is a country with no army. Iceland contracted out its defence to the US in 1951. The Icelanders concluded that they had no enemies; no one really had any urge to invade them, so why have an army? McDonald's announced that it couldn't make any money because, since the devaluation of the Kroner, the Icelanders have turned back to their local fish and local meats. Quote Link to comment Share on other sites More sharing options...
blue skies Posted October 28, 2009 Share Posted October 28, 2009 McDonald's, which imports most of its ingredients for its Big Macs, couldn't survive. It would have to put the price of the Big Mac up too much and the locals weren't prepared to buy at that price, particularly when local food was much cheaper. Last March, a restaurateur in Reykjavik predicted to me that this would happen. She ran a fast food fish restaurant down on the docks where huge trawlers came in with their catches. Her restaurant was cheap, her fish was fresh, just out of the freezing North Atlantic and her trade -- all locals -- was brisk. She said that the Icelanders would abandon the expensive imported food that had become commonplace in the boom, along with the s*****y restaurants. With the currency devalued, it would make no sense to pay through the nose for imported food when the local farming and fishing sectors were offering good food for half nothing. She said that the first industries to boom after the fall in the currency were local agriculture and tourism and as they recovered so, too, would the rest of the country. This is what is happening and, as she succinctly put it to me, Iceland would, in the future, have "more fishermen and less bankers" and they'd start again. She also made the point that with the worldwide demand for food rising exponentially, fishermen would be better paid than bankers in the years ahead. It was an interesting point. Five months ago, I visited Iceland to see for myself what was happening. I wanted to see what it felt like to live in a "basket case" economy. Part of the documentary 'Addicted to Money' was made in Iceland and I spent a week there chatting to all sorts of people. Back then, it was clear that a new Iceland was emerging where the people -- both politicians and bankers -- who had mortgaged the country had been kicked out. There was no rescue scheme like NAMA. The Icelanders took their medicine straight away and allowed their currency to fall dramatically. This has been evidently painful for many but as a local policeman suggested to me, "So what if we have fewer Range Rovers and less camembert?" The economy is now recovering quickly, much more quickly than Ireland. And the devalued currency has a lot to do with that because with a devalued currency local industries can export much more easily and large foreign outfits like McDonald's are sent packing. In a short period Iceland's huge trade deficit disappeared. Contrast this with what is happening here. Back home, last Thursday morning I made a speech in the Four Seasons Hotel in Dublin. In the room next to me, at precisely the same time, Brian Lenihan was addressing the private clients of Goodbody Stockbrokers. By all accounts he spoke well and reassured the private clients that there would be no new taxes -- and for that they were clearly grateful. The minister is a good public speaker and I am not surprised that the clients of the stockbroker were happy that they wouldn't be asked to share too much of the pain. In the foyer I bumped into a man who imports cars. I asked how his business was doing and he said it was tough but the rising euro was working wonders, because with sterling so cheap he could get great bargains in England and offer luxury BMWs at a much reduced price to those people who still had cash. This sums up our dilemma. Our currency is wildly overvalued, so some can still spend frivolously on BMWs and think they are getting good value, yet we can't kick-start our local industries because they can't compete with our biggest neighbour. So, the car importer stays in business but the small exporter goes out of business. What type of future is envisaged by the people who make our economic policy and hold the reins of power? Is it one where we become a client state of the ECB, with our grubby hands out for a dig out from Europe via silly class rescue schemes like NAMA? Is it a future where the "protection of the euro" -- as the minister constantly refers to it -- leaves us enfeebled, with the economic marrow of the country hollowed out by a currency that has risen by 53pc against sterling and a similar amount against the dollar in 10 years? But as I left the Four Seasons, it struck me. As always in Ireland, economic policy is framed by people who have a stake in society -- the insiders. In contrast, the outsiders -- people whose toehold in the country is fragile -- are sacrificed. The euro protects those who already have wealth by securing their wealth in a hard currency that the economy can't afford; it is just another mechanism to protect the insiders at the expense of the outsiders. If you look at what our country does in the face of a crisis, whether it was the 1950s economic crisis or the 1980s emigration fiasco, the pattern is always the same. Instead of paying for the mess they have made, the insiders emerge from the crisis stronger and with a tighter grip on power. The outsiders always suffer. So while in the rest of the world, in countries like Iceland, a crisis causes dramatic change and the insiders pay for their mistakes, here in Ireland the crisis only strengthens the status quo -- a status quo, which created the problem in the first place. Will we ever learn? David Mc Williams's new book 'Follow the Money' is published on Friday Quote Link to comment Share on other sites More sharing options...
Charlie Don't Surf Posted October 28, 2009 Share Posted October 28, 2009 FTSE down? You know what that means? All the hot money will rush straight into property and prices will double. It'll probably even give the BoE another excuse to extend QE and drop IRs to zero. (I'm only half joking) Quote Link to comment Share on other sites More sharing options...
fritzlange Posted October 28, 2009 Share Posted October 28, 2009 It's doesn't want to go past 1.8% Quote Link to comment Share on other sites More sharing options...
Wonga Posted October 28, 2009 Share Posted October 28, 2009 It's doesn't want to go past 1.8% DOW sliding now.... FTSE following. Gonna be an interesting few days coming up Quote Link to comment Share on other sites More sharing options...
buytoilet Posted October 28, 2009 Share Posted October 28, 2009 DOW sliding now.... FTSE following. Gonna be an interesting few days coming up FTSE now down 2.01% Quote Link to comment Share on other sites More sharing options...
Dorkins Posted October 28, 2009 Share Posted October 28, 2009 The crazy thing is that even a 2% drop only takes us back to the dark days of, erm, 3 weeks ago. Quote Link to comment Share on other sites More sharing options...
buytoilet Posted October 28, 2009 Share Posted October 28, 2009 The crazy thing is that even a 2% drop only takes us back to the dark days of, erm, 3 weeks ago. now -2.31% how exciting love these threads Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted October 28, 2009 Share Posted October 28, 2009 is it going to go under 5,000 ?? Quote Link to comment Share on other sites More sharing options...
Kyoto Posted October 28, 2009 Share Posted October 28, 2009 Grrr, I was honestly hovering over a £10 / point short before open, but decided to withdraw my funds from IG. Was all queued up - would have made £1k. Quote Link to comment Share on other sites More sharing options...
Wonga Posted October 28, 2009 Share Posted October 28, 2009 Wall Street awaiting weekly Oil Inventory Reports @ 3:30pm GMT Quote Link to comment Share on other sites More sharing options...
Dorkins Posted October 28, 2009 Share Posted October 28, 2009 Wall Street awaiting weekly Oil Inventory Reports @ 3:30pm GMT http://www.bloomberg.com/apps/news?pid=20602013&sid=a0FwU7wCtbTM Quote Link to comment Share on other sites More sharing options...
#1 on West side Posted October 28, 2009 Share Posted October 28, 2009 Grrr, I was honestly hovering over a £10 / point short before open, but decided to withdraw my funds from IG. Was all queued up - would have made £1k. Been there, mate. Console yourself, you would have, in a euphoria of self-assurance, lost the £1k by the end of the week... Quote Link to comment Share on other sites More sharing options...
MinceBalls Posted October 28, 2009 Share Posted October 28, 2009 Wouldn't want to look like over-keen doomsayer wolf criers! I've been ploughing (against my own instincts) cash into the FTSE since it went below 4500 and now have 13K in it. My initial plan was to cut and run if it ever recovered to 4500 but i've been holding out on selling up because of the strength of the bounce. I've been watching with interest for the slightest blip in what was a unstoppable train and the last few weeks have been interesting. I'm going to call it a day on my investment if this continues for the rest of the week. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted October 28, 2009 Share Posted October 28, 2009 (edited) FTSE 100 5094.30 down -106.67 -2.05% Dow not wanting to follow. Dow Jones 9843.32 down -38.85 -0.39% Perhaps tomorrow will be the trigger? The irony if it was. Edited October 28, 2009 by interestrateripoff Quote Link to comment Share on other sites More sharing options...
whoami Posted October 28, 2009 Share Posted October 28, 2009 US 3q GDP out tomorrow. That could be a go/no-go moment. On the 29th Oct too - spooky. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted October 28, 2009 Share Posted October 28, 2009 Im so glad now I cashed in my stocks and shares ISA. My favourite one was with Henderson investments. Bought in 2001 for £3000. Cashed in 2 weeks ago for £2984. Only lost 16 quid plus the inflation....last time I give those people my money. Quote Link to comment Share on other sites More sharing options...
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