Thursday, July 26, 2007

Ooops-a-daisy – but the experts told us sub-prime was contained

Stock markets' global sell-off

The FTSE 100 had its worst day since 2002 and US stocks suffered one of their worst openings this year as concerns about sub-prime lending and an impending credit crunch hit investors' appetite for risk. The Dow Jones Industrial Average opened down 121 points at 13,684 - its second worst performance out of the gate this year. By lunchtime in New York, the index had weakened further and was down 221.20 at 13569.70

Posted by uncle chris @ 10:27 PM (526 views)
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8 thoughts on “Ooops-a-daisy – but the experts told us sub-prime was contained

  • The nightmare is just beginning.

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  • When sentiment turns negative……The DOW was down 450 points at one point. Might be time to Head for the Hills

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  • nopensionnohouse says:

    “The nightmare is just beginning”

    Speak for yourself mate!

    I sold all my shares and cashed in my funds last month.

    All my peers have been taking the p1ss relentlessly because I have been saying this will happen for years now…. Since about 2001.

    All I say is: About bleeding time!

    Zipperty Doodaah, Zipperty Daay! My-oh-my, what a wonderful daaaaay… heeeeey!

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  • I have said it all this month – there is NO SUCH THING AS PRIME – it’s all subprime

    Dorothy? Kansas? Bye Bye?

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  • Van Hoogstraten says:

    The stars for a crash would appear to be finally coming into alignment.

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  • Well we won’t be affected here as there is no Sub Prime MArket

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  • Hey guys, don’t count your chicken just yet – I think this is just a wobble, things will be back up higher within a few days – we have got to wait until the end of the year or early next before the Crash will really start. – My son is trying to ride his bike now without the stabalizers, whilst you watch him he wobbles several times but somehow manages to keep going, then you take your eyes of him for one second, and crash bang – tears… … I do hope I am wrong though 🙂

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  • European-bear says:

    I am not certain there is going to be a global meltdown in shares. The p/e ratio in most markets is no more than the long term average. Some profits are “not as good as expectations”, but profits are still increasing. I expect volitility with wild swings over the next few years of anything up to 20% off the average, but the average may still climb….Stockmarkets have real global meltdowns about once evry 30 years or so (with 50-80% of value disspaearing). The last 2….2000-2002 and 1973-1974. (1987 was not, it was just a one day crash followed by rapid recovery within a few months). The real meltdonws happens when there has been a long long long run bull market and people just forget and start claiming new fundamentals for stock values…..This has not happened now, and people still have recent memories of 2002….
    Housing on the other hand in most countries (but not all countries – Germany and Japan are major exceptions) is overpriced by any stretch of the imagination. UK housing is not the most overpriced…Ireland is worse, and I suspect Australia could even have the most overpriced…I went for a job interview in Sydney and it was not the house prices that were eyewatering (they were not that expensive), it was how cheap it was to rent a place…the gross yields for landlord could not have been more than 2%. But then the Aussies give a great tax break for landlord…you can use losses on rented property as an offset against earned income for tax. Combine that with absurd planning laws and you end with expensive property in one of the lowest density populated countries in the world….House prices have more to do with tax and fiscal policies and planning policies ,than supply and demand (in Ireland at the moment about 13% of the housing stock is unoccupied, but the prices are astronomical….)

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