Monday in Asia. 8-8-2011. "Stocks in the Asia-Pacific region plunged, wiping billions of dollars more off world share prices. Last week’s turbulence in financial markets chopped off an estimated $2.5 trillion from the value of global equities.
Among the major Asian markets, Hong Kong’s Hang Seng tumbled 3.8 percent, while Japan’s Nikkei 225 stock average dropped 2.2 percent. South Korea’s Kospi was down 3.8 percent after briefly diving nearly 7 percent.
Elsewhere in the region, Australia’s S&P/ASX 200 index fell 2.9 percent, Singapore’s benchmark dived 4.7 percent, Taiwan’s market slid 3.8 percent and China’s Shanghai Composite shed 3.6 percent.
The main Philippine Stock Exchange index declined 2.4 percent." See http://newsinfo.inquirer.net/38527/global-markets-in-turmoil
Monday on Wall Street. 8-8-2011. 10-year and 30-year US Treasuries rallied (prices rose, interest rates dropped) despite S&P's downgrade of US debt.
The Dow closed down 634.76 points or 5.55 percent.
The are two ways to fix this:
1. US and Europe to incur more debt, China to buy more with the cash it supposedly has or
2. with option 1. not being likely, Obama ought to announce to the nation and delay the effective date of his health care plan to 2022, disengage from all foreign wars and conflicts immediately, lay-off 50% of federal government staff and allow their talents to serve the private sector and fire all the economists who have proven time and again that their theories and econometric models are diametrically opposed and worthless and the combination of them deadly.
In the next blog, I get to point my finger again, this time at the economists and their theories.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment