London markets crash as dollar records biggest gain in 15 years...
Show us gullible Americans how its done Hippy, when your government
starts sinking billions of tax $$$ into propping up sinking enterprises.
Let us see the pics of you, stalking down the streets with a noose in
one hand, pitchfork in the other, ready to divvy out instant justice to
crooked businessmen and lackey politicians who are playing lose and easy
with your hard earned cash.
Still splitting your side laughing ?
Fact is - You will swallow the shit fed to you whole, without even
chewing, because theres not a damn thing you can do about it, so get off
your high horse already.
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Central banks around the world unveiled a plan to pump massive amounts
of cash into the global banking system in a concerted effort to boost
market confidence and inject liquidity into the global markets.
The move followed a fall in the Dow Jones of nearly 300 points in
morning trade to 10,869 as the market took fright at several bank
nationalisations in Europe and the US despite the approval of the "son
of Tarp" the Troubled Asset Relief Programme bailout. The FTSE 100
index of leading shares was down almost 5 per cent, taking it to a new
low for the year and below the psychologically significant threshold of
5,000.
As nine central banks used currency swaps to oil the wheels of dollar
liquidity in the money markets, sterling plunged and was on course for
its steepest one-day drop against the dollar for at least a decade and a
half.
This was in response to the nationalisation of Bradford & Bingley (B&B),
the stricken UK mortgage bank, which fuelled markets' fears over
Britain's battered banking sector and the fallout for its economic
prospects.
In the US, the Dow Jones fell nearly 300 points in morning trade to
10,869 as the market took fright at several bank nationalisations in
Europe and the US despite the approval of the "son of Tarp" the
Troubled Asset Relief Programme bailout.
US Treasury debt staged a meteoric rally as investors scrambled for the
safe haven of American government securities. The 30-year Treasury
bonds price rose more than three points. The flight to safety was even
after the Federal Reserve said it would substantially increase currency
swap limits to $620 billion (£342 billion ) with nine leading central
banks in response to short-term strains in the money markets.
In its latest severe sell-off, the already sharply weaker pound
plummeted by almost 5 cents against the dollar today compared with its
level at the close of New York trading on Friday.
The fall of more than 2.5 per cent in sterling saw it tumble from
$1.8445 to levels below $1.80, taking it to a 10-day low of $1.7962. The
pound has now shed almost 11 per cent against the greenback from peaks
above the watershed of $2 reached at this time last year.
The price of Brent crude fell more than $5 a barrel to $98.05, its
lowest level for almost six months.
Markets were anxious about Britain's fast deteriorating economic outlook
and the stability of its banking sector as B&B followed Northern Rock in
being nationalised. The worries followed the fire sale of HBOS, the
nation's biggest mortgage lender to Lloyds TSB, and led to the London
stock market succumb to a fresh hammering of its leading shares.
The FTSE 100 index of British blue chip stocks closed down by 253
points, or 4.97 per cent, taking it below the psychologically
significant threshold of 5,000 to 4,835.45 and to a new low for the
year, down 28 per cent from the 6,730.71 level it reached on October 12,
2007.
The steep sell off of sterling and London shares came as agreement
reached on Capitol Hill on a proposed $700 billion rescue plan for the
US banking system was overshadowed by the latest woes for British and
continental European banks. As well as B&B, the Belgian, Dutch and
Luxembourg Governments nationalised parts of Fortis, the European
banking and insurance giant, and agreed to inject 11.2 billion into the
group.
Iceland's government also took control of Glitnir, that country's third
biggest bank.
Analysts said the developments switched attention back to the
international nature of the banking and financial upheavals spawned by
the credit crisis.
"I think there has been a very lax attitute over the last couple of
weeks ... [suggesting] it's been seen as a purely US-centric problem,"
Jeremy Stretch, of Rabobank, said.
"We've gone from a piecemeal response in the US to something more
substantive with the bailout package. Whether it works or not is a
different matter."
The euro also fell heavily against the dollar amid concern over the
eurozone's banking strife and the adequacy of arrangements for bank
rescues in the 15-nation bloc. The euro lost as much as 1.8 per cent
against the dollar, falling to levels of about $1.4340 from a US close
of $1.4613 on Friday.
Tokyos Nikkei 225 index was down 1.3 per cent at 11,743.61, and Hong
Kongs Hang Seng Index shed 2.1 per cent to 18,286.90.
Theyre worried that another fire is starting in Europe, said Castor
Pang, an analyst at Sun Hung Kai Financial in Hong Kong.
http://business.timesonline.co.uk/tol/business/markets/article4844255.ece
date: Mon, 29 Sep 2008 20:45:09 GMT
author: Jesse
|
Re: London markets crash as dollar records biggest gain in 15 years...
"Jesse" wrote ...
> Show us gullible Americans how its done Hippy, when your government
> starts sinking billions of tax $$$ into propping up sinking enterprises.
> Let us see the pics of you, stalking down the streets with a noose in
> one hand, pitchfork in the other, ready to divvy out instant justice to
> crooked businessmen and lackey politicians who are playing lose and easy
> with your hard earned cash.
It would be awfully wrong of me to go around killing people on a personal
vendetta would it not ?
> Still splitting your side laughing ?
I am actually, but you'll not understand the nature of self-deprecating
humour and its ilk. Way out of your league of understanding or you wouldn't
even need to ask.
date: Mon, 29 Sep 2008 21:54:43 GMT
author: The Happy Hippy
|
Re: London markets crash as dollar records biggest gain in 15 years...
The Happy Hippy wrote:
> "Jesse" wrote ...
>
>> Show us gullible Americans how its done Hippy, when your government
>> starts sinking billions of tax $$$ into propping up sinking enterprises.
>> Let us see the pics of you, stalking down the streets with a noose in
>> one hand, pitchfork in the other, ready to divvy out instant justice to
>> crooked businessmen and lackey politicians who are playing lose and easy
>> with your hard earned cash.
>
> It would be awfully wrong of me to go around killing people on a personal
> vendetta would it not ?
Totally a personal decision, if the victims were right I might even give
you some props.
Of course, if you had guns like me you'd do a much better job of it.
>> Still splitting your side laughing ?
>
> I am actually, but you'll not understand the nature of self-deprecating
> humour and its ilk. Way out of your league of understanding or you wouldn't
> even need to ask.
Oh yes, the much ballyhooed and talked about British humor, of course.
http://www.dailymail.co.uk/news/article-404792/The-death-British-humour.html
date: Tue, 30 Sep 2008 04:18:02 GMT
author: Jesse
|