Japan Stock Market Falling off A Cliff

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[Ravi]

why cut rates and kill the savers, the few who are actually spending money and keeping the economy going. Low rates got us into this mess and they will not get us out of it.

[GOP_Thug_Mom]

Just read on Yahoo news that Iceland may be the first country to go bankrupt.

[Arkinsaw]

Appears Jakarta trading suspended

Wow, they went flatline.

[politicket]

But these hearings on capitol hill are not helping. Ben Bernanke opening his mouth does not help. Keep your mouth shut and give us an emergency rate cut.

I think that Ben Bernanke wants the markets to tank. I don't know why - but every move he has made recently just makes the matters worse.

Also, be careful about your desire for a rate cut. It will hurt us instead of helping us. The only reason for a rate cut should be when there is too little money in the economy. We have too much money in our economy right now. Bernanke is confusing the "amount of money" with the "circulation of money". These are two different problems - and a substantial rate cut will hit us upside the head with inflation.

[MarcoPolo]

We wouldn't have to freak out at all if we would simply correct the mistakes and stop doing the wrong things that we've been doing in our financial system for years. As it is, people do have a reason to kind of "freak out" because it has become readily apparent that not only is our government and system NOT going to correct their mistakes but rather are determined to make more and worse ones from now on.

It's my view that we will see an attempt at either real globalization of our economy (joining with other countries under a single international regulating body) or a full-on power grab by our government over its people in order to raise the funds needed to stay in power and pay for the awful debt it has so foolishly incurred. What's it, 10 trillion now?

I could suggest people buy gold, but then I think our government won't be too long in declaring another 1933, where it became illegal for all U.S. citizens to buy gold. Frankly, I would have to say invest in stable foreign currencies. That may be the wisest investment move one could make at this time.

[jddqr]

Can we get this in Breaking News?

[AmericanInTokyo]

But the doctrinaire Bushbots told us on FR for the last year we were overreacting when we mentioned we were headed for major economic trouble. I remember many of those conversations. We were called alarmists, what not.

[vaudine]

How can panic last this long?

I was born in AL in 1935 and we were still in the depression. Luckily, we had a house, water, and a good garden spot, but very little money. That was 6 years after the stock market crashed.Looks like it is still crashing, now.

vaudine

[jddqr]

I’m convinced this is tied in with McCain’s $300 billion mortgage announcement. The timing is uncanny.

[griffin]

Was reading up on the 29 market crash. At least IT came back for a few months before things trended down....we seem to just be like a coaster going over that first drop....straight down.

When I start to see >10% drops in a few hours I begin to wonder...

[John W]

Done.

[VOA]

How can panic last this long ?

For the US stock markets continue to bleed as they have for the
last couple of weeks, one CNBC commentator said that the US
stock markets will simply not exist (go to $0 valuation)
in about NINETEEN DAYS.
Of course, that rate of bleed will HOPEFULLY slow down as bottom-feeders
decide the prices are so cheap, they've got to buy.

Unless the US government has scared them off by destroying
shareholder value as in the case of Freddie/Fannie (the Wall Street
Journal had a story about some guy that bought $100,000 of Fannie/Freddie
when it was very cheap. Too bad for him...he lost it ALL when
the US guvmint took over.)

It looks like the US guvmint just wants to be sure nobody takes
the approach of the late Sir John Templeton and buy $100 of
shares in an array of stocks beaten down (to under something
like $5/share) near the bottom of the Great Depression. His move
made him a rich man when stocks started crawling out of the pit.
Even though some of his purchased stock went belly-up.

Why are people freaking out when there is no reason to freak out ?

Actually there are reasons:
1. not able to predict how the US guvmint will interfere in
the markets
and
2. Better to have cash to buy up bargains in day, week, month, or year.

You should have seen the panel on CNBC late this day after the
closing bell (hosted by Dylan Ratigan, sp?).\
While the trading hot-shots said it sure looked like there are
some beaten-down stocks that look attractive...
one of the panelist summed up the situation:
"I don't know how to play the market because thanks to all the
new rules, I can't even begin to predict what is a real buy."
...in other words, given that the US guvmint might destroy your
speculative buy in a distressed stock, or you don't know when
short-selling will be or not be an option...it's just better
to stay in cash until a solid "capitulation"/bottom occurs.

[eyedigress]

The package and repackage of thousands of crap loans cost Europe and Asia alot. It was a pyramid scheme of highest proportions. America falls down as the money stops. It will come back but the greedy damage is done.

[bray]

Starting to think its time to get back in???

Pray for W, Palin/McCain and Our Troops

[tcrlaf]

“Why are people freaking out when there is no reason to freak out ?”

Because banks have stopped loaning money to other banks, as no one knows whom is solvent, and who isn’t.

EU Countries are making banking promises they can’t possibly cover, and the bailout money will take TIME to have an effect.

[AmericanInTokyo]

Nikkei Index Crashing to NEW LOWS!

Down the lowest in nearly six years..... Almost 900 point drop. It is after 2:30 p.m. here in Tokyo. People's faces are ashen and burned out:

Yes, I would say "Breaking News" alright!

Dollar has now dropped to 100 yen to the dollar. Yen rising, up, up, up, up.

Hong Kong (above)

[Redcloak]

The more Big Gubmint does, the worse things get.

I’m shocked! Shocked, I tell you!

[Arkinsaw]

Why are people freaking out when there is no reason to freak out ?

Derivative fear.

Some of it is margin calls where good stocks are being sold at low prices to be able to meet them.

People cashing out of hedge funds, etc. to pay bills now that the credit is hard to get.

People cashing out 401K's because they are seeing "-28%" and are willing to take the cash out fee to get control of their own money.

Lots of stuff.

[se_ohio_young_conservative]

but dont the banks realize that all will not matter when/if the whole thing comes crashing down ?

[jddqr]

BTW, that picture is some old dude putting eyedrops in his eye, not freaking out.

But the news above it is very troubling...