THE PANIC OF '08
Stock Markets Plunge Worldwide...
Nikkei fell nearly 5% on opening Tuesday...
Is This The Big One?
By Mike Whitney
On Monday, fears of a US recession spilled over into Asian markets sending stocks tumbling. Indexes were hammered across the board in what turned out to be the worst day of trading since 2001. Continue
A Stimulus to What?
Delusions Prevail in Washington
By Paul Craig Roberts
US job growth in the 21st century has been confined to low-pay domestic services. During 2007, waitresses and bartenders, health care and social assistance, and wholesale and retail trade, transportation and utilities accounted for 91% of new private sector jobs.Continue
Stock markets plunge worldwide Britain's benchmark FTSE-100 slumped 5.5 percent to 5,578.20, France's CAC-40 Index tumbled 6.8 percent to 4,744.15, and Germany's blue-chip DAX 30 plunged 7.2 percent to 6,790.19.
Chinese shares close more than 5% lower : Analysts with Shenyin & Wanguo Securities warned that investors should take every caution against the latest correction, which had just begun, and that risks would overweigh opportunities in the near future.
US recession fears wipe £57bn from London shares: London's FTSE 100 fell to an 18-month low as markets took a dim view of President Bush's plan to fight off a US downturn
Corporate Default Risk Soars to Record on Ambac Ratings Cut : The risk of European companies defaulting soared to a record on concern credit ratings cuts at bond insurers Ambac Financial Group Inc. and MBIA Inc. may trigger forced asset sales and worsen credit market turmoil.
Day of reckoning in the US glasshouse: There is a growing consensus: America is going into a marked slowdown, if not a downright recession. There will be a large gap between potential growth – usually estimated at 3 per cent to 4 per cent – and actual growth, meaning lost output of hundreds of billions of dollars. America actually faces three separate but related problems; a credit crunch, a debt crisis and a macro-economic problem.
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