aardvarkcola

Fear: the word “crash” is used to describe market meltdown

Posted on: October 10, 2008

There is fear now in world financial markets.

American president George Bush has addressed his nation 20 times in the last month, providing reassurance. The stock market responds by going into free fall.

A “crash” on the markets is a 20 per cent loss in value of the stock market. The Dow Jones Industrial Index is down 22 per cent over eight days. The Toronto Stock Exchange (TSX) is down 16 per cent this past week. Mary Pillon writes, Whats a Market Crash? defining the stock markets having experienced a crash or near-crash this past week. In Japan the Nikkei index was down 16 per cent in a week.

The national debt of the United States is so big the Durst national debt clock has run out of enough zeros to post the $10 trillion owing.

Leftover debt of former investment giant Lehman Brothers have been auctioned off today, going for less than nine per cent of its former value.

General Motors, Ford and Chrysler are about to become a crash test dummy as the companies face serious financial trouble, including possible bankruptcy.

The finance ministers of the G7 are meeting in Washington to deal with the unravelling of the economy of the world. Their collective statement: “The current sutuation calls for urgent and exeptional action.”

The American version of the RRSP, the 401K, the relied-upon investment vehicle for many, is being reduced in value as stock markets decline. That follows the housing price plummet. Middle America has become much poorer and less secure very quickly.

No wonder there is fear in the air.

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1 Response to "Fear: the word “crash” is used to describe market meltdown"

[…] The Dow Jones Industrial Index is down 22 per cent over eight days. The Toronto Stock Exchange (TSX) is down 16 per cent this past week. Mary Pillon writes, Whats a Market Crash? defining the stock markets having experienced a crash or …[Continue Reading] […]

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  • None
  • wordbeeps: No, he doesn't deserve an apology. Who tweets during a funeral? If you do, expect feedback. I didn't say the mourners were faking it. I think they we
  • Holly Stick: Look you fuckwit, are you too stupid to realise that Ghomeshi was an actual friend of Layton's, when you tweeted to him that the mourners were faking
  • aardvarkcola: Thank you. I see the rest of your message now. i'm honoured to to have your words on my blog. That alone is a delight. Lawrence

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