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Indonesia: Stock Trading Frozen(indefinitely) To Prevent Panic(Should US market follow suit?)
the next pm ^

Posted on 10/09/2008 9:38:22 PM PDT by maccaca

JAKARTA, INDONESIA: Indonesian stock trading was frozen indefinitely Friday (10 Oct) to "avoid deeper panic" as global markets plunged over concerns stemming from the U.S. financial crisis, the bourse president said.

A suspension was imposed on the Jakarta Stock Exchange on Wednesday in response to sudden, steep loses, but authorities had planned to resume trading Friday morning.

The last-minute reversal came just minutes before the scheduled reopening in Jakarta as Asian stocks tumbled again in response to a whopping 7.3% decline of the Dow Jones Industrials Average. In Tokyo, Japan's main index sank more than 10% Friday morning.

"The situation is not yet conducive. This is to prevent deeper panic," bourse President Erry Firmansyah told The Associated Press. "It will be closed indefinitely while we will continue to monitor."

Heavy selling by foreign investors drove down the benchmark JSX index 21% this week and it is down 47% this year, making it one of the worst performers in Asia.

On Thursday, the Indonesian government and Bank Indonesia took steps aimed at boosting liquidity and averting a credit crunch. That came after an ill-timed hike in interest rates on Tuesday (7 Oct) to fight inflation.


TOPICS: Politics/Elections
KEYWORDS: financialmarkets

1 posted on 10/09/2008 9:38:23 PM PDT by maccaca
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To: maccaca

It will only delay the inevitable.


2 posted on 10/09/2008 9:40:32 PM PDT by divine_moment_of_facts ( "The carnage of the free love generation has come home to roost.")
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To: maccaca
This will just compound the fear of not having any control over your assets/money.

I want my money!!

3 posted on 10/09/2008 9:43:33 PM PDT by blam
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To: divine_moment_of_facts

I sense George Soros is driving the markets down.


4 posted on 10/09/2008 9:43:59 PM PDT by Raster Man
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To: maccaca

(obligatory)

This is hugh and series.


5 posted on 10/09/2008 9:44:56 PM PDT by jddqr (Chuck Baldwin for President '08)
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To: Raster Man

Look for a Carl Rove connection...


6 posted on 10/09/2008 9:45:06 PM PDT by Positive (Nothing is sadder than to see a beautiful theory murdered by a gang of brutal facts.)
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To: maccaca

I sure hope my cash is worth something so that I can buy bargains when this crash bottoms out.


7 posted on 10/09/2008 9:46:14 PM PDT by umgud (In a crisis, dump gold, buy lead)
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To: maccaca

At least it’s Friday. Perhaps the weekend will cool some heads.


8 posted on 10/09/2008 9:47:57 PM PDT by BGHater (The GOP, the new DNC.)
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To: maccaca

Obama, your native land needs you!;)


9 posted on 10/09/2008 9:50:20 PM PDT by Frank_2001
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To: Positive

what the hell are you ranting about ?


10 posted on 10/09/2008 9:52:27 PM PDT by ncalburt
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To: Raster Man
That crossed my mind, too.. The Democrat October Surprise with Soros leading the charge.. the timing is freaky.
11 posted on 10/09/2008 9:54:01 PM PDT by divine_moment_of_facts ( "The carnage of the free love generation has come home to roost.")
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To: Raster Man

I just listened to Jimmie Rodgers on CNBC Asia...the guy has lost his mind....saying hyperinflation is around the corner..... judging from all the marked down food at the supermarket tonight, I would say deflation is around the corner.


12 posted on 10/09/2008 9:54:35 PM PDT by BurbankKarl
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To: Raster Man

There is no way one man like Soros could cause this.

There are dozens of trillions in wealth, he controls just a tiny portion of that, not enough to move markets.


13 posted on 10/09/2008 9:54:58 PM PDT by Boiling Pots (Wright, Ayers, Alinsky, ACORN and Odinga - Attack!!)
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To: umgud

Ride it out, this will come out in America’s favor. It seems apparent that the world bought America’s debt. A strong military indeed...


14 posted on 10/09/2008 9:57:18 PM PDT by eyedigress ( My first 4 wheeler was on the rocks in Fairbanks)
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To: umgud

Greed is the factor.


15 posted on 10/09/2008 9:59:14 PM PDT by eyedigress ( My first 4 wheeler was on the rocks in Fairbanks)
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To: BGHater
NIKKEI 225 8,232.27 -925.22 -10.10% 00:32

HANG SENG INDEX 14,821.93 -1,121.31 -7.03% 00:35

S&P/ASX 200 INDEX 4,022.50 -298.40 -6.91% 00:52

yitbos

16 posted on 10/09/2008 10:02:24 PM PDT by bruinbirdman (GET OUT THE VOTE !!!!)
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To: maccaca

Oh man... shutting down the exchanges should be done for only very good reasons. The Treasury, Fed and POTUS better have a very, very good idea of what they want to accomplish with this move before they do it, and they should be able to explain the problem and why this would help solve it.

If this is done because we simply don’t like the fact that stocks are going down... it will cost us 100 years of credibility. Literally.

The last time the market was shut down for 15+ weeks was July 1914, at the behest of President Wilson.


17 posted on 10/09/2008 10:03:40 PM PDT by NVDave
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To: BurbankKarl
I just listened to Jimmie Rodgers on CNBC Asia...the guy has lost his mind....

I'm not sophisticated enough to judge anyone's comments on
hyperinflation...
but I did like his suggestion for this mess should have unraveled:
let the failed company fail...it's the way things have worked for
thousands of years...

I did admit there may have been some reasons for bailing out
AIG because of it's long tentacles throughout bidness...
but it seems like the guvmint intervention
(as judged by the Dow) has been not beneficial, or even neutral...
but maybe just gasoline on the fire sales atmosphere.
18 posted on 10/09/2008 10:05:00 PM PDT by VOA
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Soro’s screwed them before and now he is doing to us. When will somwbody convict this guy. He is a cancer on the US and the World.

Why has nobody gone after him. You know he is not clean.


19 posted on 10/09/2008 10:05:45 PM PDT by ncfool ("Obama been lying. "Get it? Sounds Like "Osama bin Laden"?)
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To: VOA
"it seems like the guvmint intervention (as judged by the Dow) has been not beneficial,"

That's because they haven't done anything yet except get permission to do something.

First "actually doing something" will be next week.

yitbos

20 posted on 10/09/2008 10:12:48 PM PDT by bruinbirdman (GET OUT THE VOTE !!!!)
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To: ncalburt

That was an old joke dummy...


21 posted on 10/09/2008 10:24:06 PM PDT by Positive (Nothing is sadder than to see a beautiful theory murdered by a gang of brutal facts.)
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To: maccaca

“Should US market follow suit?”

No, I’m not done buying yet!


22 posted on 10/09/2008 10:32:31 PM PDT by Ellendra (Most eco-freaks wouldn't know nature if it bit them on the butt . . . and it often does!)
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To: BurbankKarl
"the guy has lost his mind....saying hyperinflation is around the corner....

Caution... remember you quoted him as saying "around the corner."

As I see it, the circumstances are as follows... governmental manipulation leads to financial crisis which leads to massive dislocation of assets... which leads to deep recession if not depression, which leads to additional massive government intervention, which cannot be paid for by taxation or borrowing... this leaves only one alternative... crank up the presses...

Net result... as a Hong Kong stockbroker told me on October 20th 1987, when I arrived there from Tokyo..."IT IS DISASTAH, IT IS DISASTAH..."

23 posted on 10/09/2008 10:37:29 PM PDT by Positive (Nothing is sadder than to see a beautiful theory murdered by a gang of brutal facts.)
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To: divine_moment_of_facts
It will only delay the inevitable.


24 posted on 10/10/2008 12:25:21 AM PDT by D-fendr (Deus non alligatur sacramentis sed nos alligamur.)
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