The Dow shot up more than 900 points Monday after nations around the world pitched into the effort to resuscitate the dangerously flagging global marketplace by announcing their own rescue plans.
The New York Times:
Moving swiftly to restore confidence, central banks around the world flooded the financial system with billions of dollars in liquidity. Britain, France, Germany, and several other European nations announced aggressive plans to guarantee loans, take ownership stakes in banks and prop up ailing companies with billions in taxpayer funds. Treasury officials were also working to shape the government’s bailout plan and the Treasury secretary, Henry M. Paulson Jr., was scheduled to meet with banking executives later today.
The moves amount to a drastic reshaping of the world of high finance. While stock markets in New York, Europe and Asia all moved higher on Monday, doubts still lingered that investors would be able to fully shake off the fears unleashed by last week’s enormous sell-off, the worst on Wall Street since 1933.
Shortly before 2 p.m, the the Dow was 563 points higher, a 6.6 percent gain that sent the blue-chip index above 9,000. The broader Standard & Poor’s 500-stock index gained 6.8 percent, and the Nasdaq was up by 7.2 percent.
Gains were even bigger in European markets, with the German DAX index [rising] 11.4 percent and the CAC 40 in Paris up 11.18 percent. The FTSE-100 in London rose 8.2 percent.
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Too Soon to Tell: The Case for Hope, Continued
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By nrobi, October 14, 2008 at 5:47 am Link to this comment
Is the public really this uninformed and stupid to believe that an injection of only $700 Billion US will solve the problem of a multi-Trillion dollar boondogle? For this is only the beginning of the global financial crisis, more is to come once the derivative markets see their way clear to ask for the bail-out, or as Rep. Pelosi, put it, buy-in, happens.
Report thisAmerican markets are not the only ones to blame for the financial crisis, all the greedy and avaricious traders of derivatives and mortgage backed securities are to blame for the mess.
My idea is to hang all of these greedy, avaricious bastards by the balls and let them suffer the ignominious defeat that they have created for the rest of the world.
We, the people, are now faced with bailing out the worst kind of people, those who do not give a damn about the little people of the world and yet we, the little people, who pay our taxes on time, bills on time and work and slave in their factories and stores to sell products that are essentially worthless, now have to bail out these people for whom we are nothing more than wage slaves and who are at the mercy of those who make decisions that are not in our best interest.
Give us a break, and do not spend another dime of our money for these greedy and avaricious men and women who have looted the once proud companies we worked for and left us a legacy of poverty and disrepute in its place.
By Inherit The Wind, October 13, 2008 at 8:18 pm Link to this comment
Yup. The Europeans figured out that with George W. Bush at the helm the US will NEVER have a sensible plan so they better come up with one themselves. It did, from Britain, and it’s WORKING!
And, as a pitiful “Me Too"er, the Bush admin follows.
Bush created this mess. Period. Budget deficits and thoughtless deregulation allowed short-term thieves and their greed to sink the world’s economy. It’s Bush’s fault. It is.
He’s the worst President ever in the history of the United States. Worst. Ever.
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