drhewitt Posted May 22, 2006 Share Posted May 22, 2006 (edited) This story is shocking, looks like the suffering has started. http://money.cnn.com/2006/05/22/markets/st...watch/index.htm Monday was a bruising day for overseas markets. Trading was halted in India after the country's benchmark BSE index lost over 10 percent. It later recovered some ground, but authorities were still on high alert for suicides, Reuters reported. This story is shocking, looks like the suffering has started. http://money.cnn.com/2006/05/22/markets/st...watch/index.htm Monday was a bruising day for overseas markets. Trading was halted in India after the country's benchmark BSE index lost over 10 percent. It later recovered some ground, but authorities were still on high alert for suicides, Reuters reported. Some more news on this... http://money.cnn.com/2006/05/22/news/inter....reut/index.htm India's stocks recover after largest-ever fall Police patrol lakes, canals in India for suicidal brokers following 10 percent stock plunge. Indian police are watching out for possible suicides by brokers and investors after a steep market slide wiped out billions of dollars in share values. Policemen were keeping a watch near lakes and canals, possible places where people in distress could head to kill themselves. "Gold has turned into brass. We are finished," said S.S. Gupta, a middle-aged Mumbai broker who said he had lost millions of rupees in two hours of trading on Monday morning. "I borrowed money to trade in the market. I lost it all in the past two days," said 37-year-old Sanjay Joshi, a small investor. "I don't know how will I repay my loans." Edited May 22, 2006 by drhewitt Quote Link to comment Share on other sites More sharing options...
Realistbear Posted May 22, 2006 Share Posted May 22, 2006 " I borrowed money to trade in the market. I lost it all in the past two days," said 37-year-old Sanjay Joshi, a small investor. "I don't know how will I repay my loans ." I believe it is the case that quite a few in the UK have been MEWing to buy into the stockmarket which accounted for at least some of the mortgage actvity since the bull run began ealier in the year. Anyone cash out before things got rough? BTLers and OO with too much debt at least have a few weeks to get out whereas the sheeple who followed the crowd into Equities too late had little time to abandon ship. Quote Link to comment Share on other sites More sharing options...
Tuberider Posted May 22, 2006 Share Posted May 22, 2006 "I borrowed money to trade in the market. I lost it all in the past two days," said 37-year-old Sanjay Joshi, a small investor. "I don't know how will I repay my loans." bloody idiots do people never learn Quote Link to comment Share on other sites More sharing options...
CrashCrash Posted May 22, 2006 Share Posted May 22, 2006 This story is shocking, looks like the suffering has started. http://money.cnn.com/2006/05/22/markets/st...watch/index.htm Monday was a bruising day for overseas markets. Trading was halted in India after the country's benchmark BSE index lost over 10 percent. It later recovered some ground, but authorities were still on high alert for suicides, Reuters reported. Some more news on this... http://money.cnn.com/2006/05/22/news/inter....reut/index.htm India's stocks recover after largest-ever fall Police patrol lakes, canals in India for suicidal brokers following 10 percent stock plunge. Indian police are watching out for possible suicides by brokers and investors after a steep market slide wiped out billions of dollars in share values. Policemen were keeping a watch near lakes and canals, possible places where people in distress could head to kill themselves. "Gold has turned into brass. We are finished," said S.S. Gupta, a middle-aged Mumbai broker who said he had lost millions of rupees in two hours of trading on Monday morning. "I borrowed money to trade in the market. I lost it all in the past two days," said 37-year-old Sanjay Joshi, a small investor. "I don't know how will I repay my loans." Thought you were joking Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted May 22, 2006 Share Posted May 22, 2006 Never gamble what you can't afford to lose! I took a bit of a gamble last night. £250 stake - £1200 profit! Nevermind Sanjay! Quote Link to comment Share on other sites More sharing options...
Gel Posted May 22, 2006 Share Posted May 22, 2006 The sky is falling We all will die AAAAAArgh! Quote Link to comment Share on other sites More sharing options...
MarkG Posted May 22, 2006 Share Posted May 22, 2006 I took a bit of a gamble last night. £250 stake - £1200 profit! The only time I played roulette I started with $0.25 and worked it up to $10 before I decided to quit while I was ahead . But I'd never borrow large amounts of money to 'invest' in a speculative asset: one of my friends almost got wiped out doing that in the mid-90s. It may work well in a bull market, but when the market turns on you all those profits can vanish in seconds, along with the money you borrowed. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted May 22, 2006 Share Posted May 22, 2006 If the Indian crash spreads there could be some interesting developments for the HPI-MEW economy here as confidence vanishes: Turkey follows suit: http://www.seeurope.net/en/Story.php?StoryID=60360 TURKEY: Markets Fall on Political-economic Developments 2006-05-22 16:52:21 Turkish markets fell sharply on Monday amid fresh investor concern about the domestic political and economic outlook and prospects for U.S. interest rate hikes, analysts say. Asian markets are plunging too: http://www.channelnewsasia.com/stories/afp.../209673/1/.html Time is GMT + 8 hours Posted: 22 May 2006 1836 hrs Singapore shares plunge 3.1 percent SINGAPORE : Singapore share prices plunged 3.1 percent Monday after fears of rising US interest rates sparked massive sell-offs in global markets, dealers said. Quote Link to comment Share on other sites More sharing options...
dogbox Posted May 22, 2006 Share Posted May 22, 2006 The only time I played roulette I started with $0.25 and worked it up to $10 before I decided to quit while I was ahead . But I'd never borrow large amounts of money to 'invest' in a speculative asset: one of my friends almost got wiped out doing that in the mid-90s. It may work well in a bull market, but when the market turns on you all those profits can vanish in seconds, along with the money you borrowed. I personally have borrowed and made money and would do so again. People who built Brittain were predominently risk - takers. They mortgaged everything to charter boats and seek thier fortunes in the world. One of my brothers started an internet hosting and services company 1 year ago. He ended up living off credit cards with a £75000 balance, 2 kids and a £225000 mortgage to support. 1 year on and he's now making up to £1000 per day profit and embarking on a debt reduction campaign. The founder of Bodyshop got heavily indebt to get going. I wouldnt critiscise those that dont want risk in thier lives, but at the same time I dont agree with the blanket statment 'dont gamble what you cant afford to loose'. The majority of todays business's started as a costly gamble for someone. Quote Link to comment Share on other sites More sharing options...
MarkG Posted May 22, 2006 Share Posted May 22, 2006 Guess it's lucky I wrote off my Singapore shares a few months ago: at least I sold enough earlier that I didn't lose any real money when they crashed. Quote Link to comment Share on other sites More sharing options...
Guest Charlie The Tramp Posted May 22, 2006 Share Posted May 22, 2006 People who built Brittain were predominently risk - takers. They mortgaged everything to charter boats and seek thier fortunes in the world. That was in the days before every man and his dog came along. Quote Link to comment Share on other sites More sharing options...
JustYield Posted May 22, 2006 Share Posted May 22, 2006 Guess it's lucky I wrote off my Singapore shares a few months ago: at least I sold enough earlier that I didn't lose any real money when they crashed. Which shares were you in? The STI is 10% off but still higher than it was 'a few months ago'. JY Quote Link to comment Share on other sites More sharing options...
mercenarul Posted May 22, 2006 Share Posted May 22, 2006 I personally have borrowed and made money and would do so again. People who built Brittain were predominently risk - takers. They mortgaged everything to charter boats and seek thier fortunes in the world. One of my brothers started an internet hosting and services company 1 year ago. He ended up living off credit cards with a £75000 balance, 2 kids and a £225000 mortgage to support. 1 year on and he's now making up to £1000 per day profit and embarking on a debt reduction campaign. The founder of Bodyshop got heavily indebt to get going. I wouldnt critiscise those that dont want risk in thier lives, but at the same time I dont agree with the blanket statment 'dont gamble what you cant afford to loose'. The majority of todays business's started as a costly gamble for someone. Borrowing to fulfill a business plan where risks have been analysed and you know what you are doing is one thing ( I know as I borrow from time to time for my business) but borrowing to gamble in a market you know very little about, just because othes are making money is plain stupid and will usually end in failure. Quote Link to comment Share on other sites More sharing options...
Mags Posted May 22, 2006 Share Posted May 22, 2006 The founder of Bodyshop got heavily indebt to get going. She built slowly and secured investment in her idea. That's different from just getting into debt. Quote Link to comment Share on other sites More sharing options...
MarkG Posted May 22, 2006 Share Posted May 22, 2006 The STI is 10% off but still higher than it was 'a few months ago'. Yeah, but my shares aren't . Admittedly they're still worth about $25k, but they were more like $85k at the peak last year... I got too greedy or I'd have sold all of them then rather than just enough to cover the initial investment. I seem to have a knack for buying low, it's the selling high I haven't quite sorted out yet. Quote Link to comment Share on other sites More sharing options...
Firangi Posted May 22, 2006 Share Posted May 22, 2006 This story is shocking, looks like the suffering has started. http://money.cnn.com/2006/05/22/markets/st...watch/index.htm Monday was a bruising day for overseas markets. Trading was halted in India after the country's benchmark BSE index lost over 10 percent. It later recovered some ground, but authorities were still on high alert for suicides, Reuters reported. Some more news on this... http://money.cnn.com/2006/05/22/news/inter....reut/index.htm India's stocks recover after largest-ever fall Police patrol lakes, canals in India for suicidal brokers following 10 percent stock plunge. Indian police are watching out for possible suicides by brokers and investors after a steep market slide wiped out billions of dollars in share values. Policemen were keeping a watch near lakes and canals, possible places where people in distress could head to kill themselves. "Gold has turned into brass. We are finished," said S.S. Gupta, a middle-aged Mumbai broker who said he had lost millions of rupees in two hours of trading on Monday morning. "I borrowed money to trade in the market. I lost it all in the past two days," said 37-year-old Sanjay Joshi, a small investor. "I don't know how will I repay my loans." any idea if this share price correction would have any impact on indian property market, given that indian economy is still expanding and growing at around 8%. Are economic fundamentals still conducive for a healthy and growing housing market there? Quote Link to comment Share on other sites More sharing options...
Bingley Bloke Posted May 22, 2006 Share Posted May 22, 2006 "I borrowed money to trade in the market. I lost it all in the past two days," said 37-year-old Sanjay Joshi, a small investor. "I don't know how will I repay my loans." Hmmm. I can see a similar quote to this a few years from now... "I borrowed money to buy a house. The economic miracle suddenly was no more. I lost my job, I couldn't afford to pay my mortgage, and my house isn't worth what I paid for it. I don't know how will I repay my loans." A fool and his money... Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted May 22, 2006 Share Posted May 22, 2006 the indian stock market had a similar crash in may 2004 - it is notoriously risky have a look at the percentage decline in may 2004 here Quote Link to comment Share on other sites More sharing options...
Firangi Posted May 22, 2006 Share Posted May 22, 2006 the indian stock market had a similar crash in may 2004 - it is notoriously risky have a look at the percentage decline in may 2004 here yep it saw a similar black monday then. But the losses seen then were not of this magnitude. Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted May 22, 2006 Share Posted May 22, 2006 yep it saw a similar black monday then. But the losses seen then were not of this magnitude. they were similar to what we have had so far - may 2004 down 17% - we are only down about that from the peak now of course there may be further to go?!?!?! Quote Link to comment Share on other sites More sharing options...
BuyingBear Posted May 22, 2006 Share Posted May 22, 2006 Hmmm. I can see a similar quote to this a few years from now... "I borrowed money to buy a house. The economic miracle suddenly was no more. I lost my job, I couldn't afford to pay my mortgage, and my house isn't worth what I paid for it. I don't know how will I repay my loans." A fool and his money... A fool and someone elses money... Quote Link to comment Share on other sites More sharing options...
Firangi Posted May 22, 2006 Share Posted May 22, 2006 they were similar to what we have had so far - may 2004 down 17% - we are only down about that from the peak now of course there may be further to go?!?!?! yep the correction from the peak now is about 17%, but i think they have further to go down despite the assurance from the FM. Though the economic fundamentals are still strong but only strong enough to support the sensex at another 10-50% lower than where it is today. Quote Link to comment Share on other sites More sharing options...
Nelly Posted May 22, 2006 Share Posted May 22, 2006 Trading was halted in India after the country's benchmark BSE index lost over 10 percent. Mad cow disease brings down indian stocks.... interesting Quote Link to comment Share on other sites More sharing options...
jonpo Posted May 23, 2006 Share Posted May 23, 2006 Mad cow's ? nah it ws the Yen carry trade that pushed the index up. and it is the Yen carry which will bring it down http://quote.bloomberg.com/apps/news?pid=1...id=aufaGcMhwXp0 "Just before last week's decline, these yen-denominated funds had the equivalent of $6 billion in Indian assets under management. Put another way, Japanese mutual funds accounted for more than 31 percent of the net overseas investment in India since September 2004." got to love it. Free money given out in Tokyo causes suicides in india, Chaos theory has a lot to answer for. Quote Link to comment Share on other sites More sharing options...
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