Global economic crisis

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Tuesday 16 September 2008 1.22pm
Following the turmoil of yesterday (which included the 4th largest bank in the US going bankrupt), the FTSE is down another 4% today.......... ditto for the Dow-Jones.

AIG, the world's largest insurance company (worth $1 trillion), is on the brink of collapse...

HBOS shares are down 40%...

Morgan Stanley reportedly in trouble...

Even the Royal Bank of Scotland has lost 12% of its value today.

All this, on the same day that UK inflation has hit 4.7% (this is just the government's figure - the actual figure is probably far higher!!).

People, we're in for some very, very tough times ahead.

Tuesday 16 September 2008 3.01pm
It's mostly the US, rather than global as your heading says though of course the US being the largest economy in the world it will affect other countries.

Other large economies such as India, Brazil and China are still doing well and European financial institutions generally haven't exposed themselves to the same risks as American finance houses.

The price of oil has fallen sharply recently meaning that inflation pressures from energy prices will reduce over the coming months.

Sure, there's a lot of turmoil in the finance markets but this isn't reflected in the economy as a whole.
Tuesday 16 September 2008 6.15pm
It is reported that the CEO of Lehman Brothers, Dick Fuld aka the Gorilla of Wall Street, 'treated' himself on a 10 million dollar bonus, whilst knowing that the bank was in trouble.

Makes you wonder.
Wednesday 17 September 2008 4.45am
Greed Greed...everyone's guilty. From the CEOs and their obscene bonuses to the people who saw fit to take 110% loans to buy houses and items they could never dream of paying for in order to impress the neighbours, from banks which only cared about their commission and their targets. I'm not suggesting we should all go back to hunting and gathering, but a little moderation wouldnt hurt. But people will tighten their belts, and in another few years will have forgotten and decide that "this time it's different" and do it all over again.
Wednesday 17 September 2008 5.00am
Under U. S law money paid out this way could be seen
as fraud, as paying out bonuses counts as transfers of money from companies that are insolvent. Bet the old Gorilla hangs on to his dosh!

The newspaper articles were incorrect about staff quaffing alcohol in the staff restaurant unless they had smuggled it in themselves!

The only booze available was on the top floor...
Heart breaking to see all those people lose their
Wednesday 17 September 2008 3.18pm
my sympathy is with the ordinary workers who have lost their jobs not the city traders who have made more than enough in bonuses to survive on
Thursday 18 September 2008 12.41pm
me an all DeeDee, I woz one of them ordinary workers and was paid by the hour as agency temp!
Friday 19 September 2008 1.31pm
FTSE is up nearly 10 percent right now.
Friday 19 September 2008 1.36pm
The FTSE has long been far too susceptible to "sentiment", and the current situation has magnified this. Its volatility is alarming and is frequently out of step with underlying economic reality.
Friday 26 September 2008 4.08pm
The financial markets are, and always have been, fickle when responding to news. The initial reaction is always overshooting. In addition, this is not a market that learns from history - I should know, been here long enough.....
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