Five hundred points off the DJIA in a day sure *sounded* bad.
But not so. In fact, it is entirely recoverable (albeit at some systemic cost).
*This* is bad.
...couldn't happen to a nicer bunch, either.
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"There is no way you can perpetrate that amount of carnage and mayhem and not incur a considerable amount of paperwork." -- Edgar Wright; "Hot Fuzz" screenplay
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The semi-professional weblog from L. Douglas Garrett, for the purpose of providing a forum for discussion of World Events. All content is copyright L. Douglas Garrett. Comments are the property of that commentator, and are solely their opinion. Please credit your sources, and credit this 'blog if you link to it. Thank you.
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18 comments:
Yes, this does sound bad. A couple of weeks ago I got an e-mail encouraging me to buy rubles. Wonder what will happen to those that bit?
Another 450 points today.
Who knows... in comparison, those Rubles might be worth something.
Re: Rubles
All jokes about toilet paper stockpiling aside, *here* is the tracking history of recent. The Russian New Ruble has shed over 10% vs the US$ since the first week of August.
Russian Stock Markets are still unmanageable and maybe even worse than that:
Russian Markets Closed -- Third Day
***
note: I am implying the US$ is a particularly swell currency. I do however claim it is not in *awful* shape. Example: contemporary baseline for US$ vs. en (Japanese Yen) is around $1.00 buys Y120... Current is ~Y106... so that's over a 10% loss, but one that has been in place for 9 months now (and the floor was below Y100 in mid-spring). That is a defensible claim of weakness, but not collapse.
The dollar has even been doing well against the Euro recently, at US$1.44.
@Marie, here, you can set up a practice account for trading currencies. The site (forex.com) also has a lot of free tools for research, learning programs and so on, if you want to learn about currency trading. Of course, all those research & learning tools are aimed at making you want to make trades, to their profit. Caveat emptor.
sounds like the Russians are taking the same beating as here--
not hardly, Susan.
Think of all the troubles on the U.S. market, and multiply by oh say TEN TIMES to get how bad it is in the Russian markets...
...at least that is what we can see from here...
...having closed the markets for 3 days, basically right now all stock traded there is worthless until they get the markets back up. When that happens, a better measure can be made.
Here is what I found for today's Russian Press review.
Of course, the US has to be blamed-
"reviews"
(and a review of other articles as well
re: "Of course, the US has to be blamed-"
Of course.
(Don't be feeling persecuted or anything. It *probably* isn't personal.)
LDG-- because of this one comment made in that link I posted:
IZVESTIA, writing about the financial crisis, says that America has proven more dangerous for the World than the Hadron Collider...
I had to go find out what the Hadron Collider is-- now I know-
(A 30-ton transformer that cools the world's largest particle collider malfunctioned)----
BTW, speaking earlier of US market issues:
Looks like DJIA up ~400 with 20 min left to close today
***
@Susan
re: "...more dangerous than..."
Being that your hairdryer is likely more dangerous to the world than the LHC, that just makes me laugh really hard. I *love* reading INVESTIA.
LDG-- DUH TO ME!! I figured out what the acronym LHC is! Slowly, at a much slower pace that of a snail's, catching on!
xxx
and I am getting familiar with the Russian newspapers!
I heard on Fox about that sudden rise in the US market--
It was mentioned since there is meeting going on in Washington, with our beloved, Pelosi, on this urgent matter, this meeting might have helped boost this rise.
Donald Trump sold a house of his recently to a Russian- he mentioned how this might have not happened with the situation going on presently with the Russian stock market. I will say Trump's business dealings are timely!
I was looking at quick voting polls-
the question was-- Given the ongoing economic crisis in the United States and the problems the US economic institutions face:
A)Crisis has nothing to do with the administration and is a result of capitalism's fault
B)It is a direct result of the Bush administration's wrong policies and its military expeditions
and drum roll here--
C)There is no true economic crisis in the US and the problems are psychological
(I hear voices too)
Notice to readers:
Comment related to this topic posted (#3 comment) in The Weekly N&C for September 15th, 2008
@Susan
Wow, that poll is just full of biased response choices.
((half-joking))
1st Rule of Polling: your questions determine your answers.
Corollary to the 1st Rule: to be sure to get answers you want, provide them as choices.
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