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Gatsby
Joined: 09 Feb 2007
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 Posted: Thu Jul 26, 2007 10:18 pm Post subject: What me worry? Worry. |
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| "Markets are imploding," Sal Morreale of Cantor Fitzgerald said from his trading desk in Los Angeles. "A lot of people have been calling for this for a long time. You're finally starting to see reality." |
If you are planning to go back to the States to look for work any time soon, you might want to pay attention.
Dow Dives More Than 300 Points; S& P and Nasdaq Also Plunge
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By Tomoeh Murakami Tse and Frank Ahrens
Washington Post Staff Writers
Friday, July 27, 2007; D01
The U.S. stock market yesterday suffered its second worst day of 2007, with the Dow Jones industrial average plunging more than 300 points as anxiety over housing and increasing evidence of weakness in the lending market spilled over into stocks.
Investors fled from almost every type of stock, hunkering down with U.S. Treasurys and other safer investments.
It was the biggest drop in stocks since easy access to credit, the economy's engine in recent years, began showing signs of drying up several months ago. The problems started when investors in securities backed by risky mortgages were hurt by the housing downturn earlier this year, making them worried about other debt-related products such as those that finance corporate takeovers.... |
http://www.washingtonpost.com/wp-dyn/content/article/2007/07/26/AR2007072600397.html?hpid=topnews
Then again, economic woes in the U.S. could cause a ripple effect across the rest of the world.
NY Times:
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July 27, 2007
Global Markets Tumble as Credit Worries Deepen
By FLOYD NORRIS and VIKAS BAJAJ
Stock prices tumbled on Wall Street and across much of the rest of the world yesterday. They were driven sharply lower by worries over slowing economic growth in the United States and worsening borrowing conditions that could make everything from huge corporate buyouts to buying a new home more difficult.
Major stock market gauges � including the Dow Jones industrial average and the Standard & Poor�s 500-stock index � were down more than 2 percent.
It was the worst one-day decline on Wall Street since markets plunged worldwide in late February after an investing scare in Shanghai, and it occurred amid the biggest volume of trading on the New York Stock Exchange in five years. Losses were comparable throughout Europe, and larger in many developing countries.
�The preconditions for a shock are in place,� said Mark Zandi, chief economist at Moody�s Economy.com. �Until very recently investors were very nonchalant about risks.�
Stock markets have been volatile in recent weeks. Continued strong profits for many companies and an economic boom in Asia have helped push oil prices higher. Meanwhile, however, there are various signs of weakness in the American economy and new difficulties in borrowing for many homeowners and companies that are highly leveraged or have poor credit.... |
http://www.nytimes.com/2007/07/27/business/27stox.html?hp=&adxnnl=1&adxnnlx=1185516660-WN1ay1Ebr989/0VdYeUF9g&pagewanted=all
And CNN:
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Washout for the Dow
Blue chip index tumbles 311, its 2nd worst day of the year, on credit market, housing worries.
By David Ellis, CNNMoney.com staff writer
July 26 2007: 5:23 PM EDT
NEW YORK (CNNMoney.com) -- A tidal wave of worry about housing and credit markets swept over Wall Street Thursday, sending the Dow industrials tumbling 311 points in its second-biggest point loss of the year.
"Uncertainty is not what the market likes," said Todd Clark, director of stock trading at Nollenberger Capital Partners Inc. in San Francisco. "Sell first and find out later - that's pretty much what happened today."
A glimpse of the Dow Jones industrial average after the 30-stock index plunged over 400 points Thursday afternoon amid fears about credit and housing markets.
Money Magazine's Eric Schurenberg answers the question, where is the best place to put your money long term? (April 20)
Play video
The 30-share Dow (down 311.50 to 13,473.57, Charts) plunged nearly 450 points earlier in the session before moving off its lows and closing down about 2.3 percent. The Dow sank 416 points on Feb. 27 on worries about slowing global growth.
The broader S&P 500 (down 35.43 to 1,482.66, Charts) tumbled 2.3 percent while the tech-laden Nasdaq (down 48.83 to 2,599.34, Charts) fell 1.8 percent. |
http://money.cnn.com/2007/07/26/markets/markets_445/index.htm?cnn=yes
I suppose Bush will propose more tax cuts for the rich as the answer. |
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thepeel
Joined: 08 Aug 2004
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| Posted: Thu Jul 26, 2007 10:25 pm Post subject: |
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Aww dude. It was a great post until your last sentence.
Bush can't fix this. Too much credit was pumped into the economy. It has been the cause of bubbles from America to Dubai, Singapore and China. We had the boom, and here comes the inflation. |
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Sincinnatislink
Joined: 30 Jan 2007
Location: Top secret.
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| Posted: Thu Jul 26, 2007 10:53 pm Post subject: |
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| Actually, this is good news for those of us paying off school loans . . . |
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Gatsby
Joined: 09 Feb 2007
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| Posted: Thu Jul 26, 2007 11:45 pm Post subject: |
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BJWD:
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| Bush can't fix this. |
NSS.
Bush wouldn't even make a competent Maytag repairman.
The question is whether the U.S. is headed into a recession. And whether the stock market will cause it.
After all the advances in the stock prices, the market could have a 10 percent decline, a textbook correction, and it would be healthy. In a healthy economy. Which it's not.
The U.S. economy is more like a person with TB on crutches and dialysis waiting for kidney and heart transplants. A gust of wind could blow him over flat on his face. Tnen he would need a nose job, too. But he will probably fall over, regardless.
Americans might not realize this, but foreign investors are no fools. Why do you think the dollar is sinking? |
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thepeel
Joined: 08 Aug 2004
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| Posted: Fri Jul 27, 2007 12:06 am Post subject: |
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I don't think it is that bad. Not even close, really.
There will be a period of lower growth and higher inflation. It won't be a significant recession, in my opinion. Some places will be worse off than others. But the lower dollar will help reinvigorate exporters which will offset some of the unemployment from the housing bubble bursting.
Or so I hope, as I'm moving to the USA shorting. Miami too, where the bubble was worst. On the good side, I guess, I can get a nice condo on the cheap. |
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Alyallen
Joined: 29 Mar 2004
Location: The 4th Greatest Place on Earth = Jeonju!!!
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| Posted: Fri Jul 27, 2007 1:31 am Post subject: |
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| Sincinnatislink wrote: |
| Actually, this is good news for those of us paying off school loans . . . |
How so?
Lower interest rates or something? |
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Gatsby
Joined: 09 Feb 2007
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| Posted: Fri Jul 27, 2007 4:24 pm Post subject: |
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Washington Post:
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Wall Street Extends Slide; Dow Drops 200
By TIM PARADIS
The Associated Press
Friday, July 27, 2007; 6:35 PM
NEW YORK -- Wall Street extended its steep decline Friday, propelling the Dow Jones industrials down more than 500 points over two days after investors gave in to mounting concerns that borrowing costs would climb for both companies and homeowners. It was the worst week for the Dow and the Standard & Poor's 500 index in five years.
Investors cast aside a stronger-than-expected read on the economy and maintained negative sentiment that dominated Thursday when the market shuddered amid worries over the U.S. mortgage and corporate lending markets. Investors globally took flight from equities, shifting cash into safer investments in Treasurys.
The pullback Thursday and Friday wiped out $526.1 million in shareholder wealth from the stocks in the Standard & Poor's 500 index.
Although the market has often rebounded after a steep drop _ and has done so in recent weeks _ investors appeared unable Friday to set aside their concerns about a weakening housing market and tightening credit....
Although the GDP reading might have reassured investors that the economy was more than holding up even with soaring fuel prices, it could also raise the possibility that the Federal Reserve, ever vigilant about inflation, might put off a rate cut or even raise rates. Higher rates would exacerbate the market's intensifying concerns about credit.
"I think people are really cautious right now. We're seeing the convergence of a whole host of sort of unrelated or only slightly related issues," said Randy Frederick, director of derivatives at Charles Schwab & Co. He contends market volatility will remain as investors sort through issues such as the availability of credit for corporate buyouts, soured subprime mortgages and rising energy prices....
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NY Times:
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| In Asian trading today, few markets were spared from the downturn. South Korea�s Kospi index closed 4.1 percent lower after the biggest sell-off in three years. Also, the Taiex, in Taiwan, fell 4.2 percent; the Singapore Straits Times index fell 3.2 percent; the Nikkei 225 Stock Average in Japan fell 2.4 percent; and the Hong Kong Hang Seng index fell 2.8 percent. The China stock indexes were mainly flat.... |
Korea Herald:
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Seoul shares plunge on massive foreign sell-off
South Korean stocks traded sharply lower late Friday morning as foreign investors went on a selling spree in line with overnight losses in U.S. markets, analysts said, according to Yonhap News.
The benchmark Korea Composite Stock Price Index (KOSPI) plunged
61.75 points, or 3.14 percent, to 1,901.79 as of 11:20 a.m.
"Taking a cue from a pullback in U.S. stocks, foreign investors dumped a net 570 billion won worth of shares, outweighing bargain hunting by institutions and retail investors," Yonhap quoted Han Yo-seop, an analyst at Daewoo Securities, as saying....
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desultude
Joined: 15 Jan 2003
Location: Dangling my toes in the Persian Gulf
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| Posted: Fri Jul 27, 2007 4:39 pm Post subject: |
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| BJWD wrote: |
I don't think it is that bad. Not even close, really.
There will be a period of lower growth and higher inflation. It won't be a significant recession, in my opinion. Some places will be worse off than others. But the lower dollar will help reinvigorate exporters which will offset some of the unemployment from the housing bubble bursting.
Or so I hope, as I'm moving to the USA shorting. Miami too, where the bubble was worst. On the good side, I guess, I can get a nice condo on the cheap. |
Yeah, $400,000 condos are now going for $300,000. Unfortunately, that is a small one bedroom that ten years ago went for $100,000. There is not enough correction, short of a depression, to bring prices in Miami back to this universe. Oh, yeah, and one of my friends has had his "maintenance" fees (monthly) go from $200 plus to $400 plus. Oh, and property taxes have just bone up, in spite of the decline of the value of property. And don't even think about the price of hurricane and flood insurance.
Unless you have a trust f | | |
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