'Panic' grips global markets

[Newsjock]

Source: (Toronto) Globe and Mail

Living up to its reputation as one of the cruellest months for stocks, September has a perfect score so far: Three days, three gut-twisting losses.

In the span of just 72 hours, the S&P/TSX composite index has plunged 957 points or 7 per cent, including a 324-point tumble Thursday that could have been much worse: At one point, the index was down as much as 428 points before a few brave – or reckless – bargain hunters stepped in.

“The sentiment has gone from euphoria to panic,” said John Stephenson, senior vice-president and portfolio manager at First Asset Investment Management. “Right now people want out at any price.”

... Exacerbating the commodity rout was Ospraie Management LLC's decision to close its biggest hedge fund, which at one point was worth $4-billion (U.S.) but has suffered steep losses after its bets on resource stocks backfired.

Fearing that Ospraie will liquidate its portfolio of natural gas, oil, metals and other commodity holdings at fire-sale prices, many investors are selling their resource equities now in an attempt to minimize their losses. But the pre-emptive selling is only pushing prices lower.

“You've got people saying, ‘We've got to get out in front of this before we get crushed,'” Mr. Stephenson said.

Read more: http://www.reportonbusiness.com/servlet/story/RTGAM.20080904.wheinzl05/BNStory/Business/home

[McCamy Taylor]

1. I told you, Palin is bad for business. She is a loose cannon. The thought of her so close to the

presidency is driving all kinds of business interests---including energy that is usually stable---crazy. She makes reckless decisions that are based on her personal whims and prejudices and which have no long term planning involved. You should see what kind of havoc she is creating in the energy business world in Alaska.

There is no way the business community is going to allow this shit for brains with her psychotic "you had better kiss my feet or I will drive you out of business" attitude to become president of this country.

Dems can just ignore her and the market will take care of her. If McCain keeps her on the ticket, he is doomed with a great big D and it serves him right. If he does not have the judgment even to run a political campaign, he is not fit to be president.

[Mr Hedley Bowes]

2. Why not?

"...psychotic 'you had better kiss my feet or I will drive you out of business' attitude to become president of this country" worked for the current occupant.

[Amonester]

3. It worked because: 1. proprietary software

2. "compASSionate conservative" :puke:

3. Bush In 2000: Bush Blamed Clinton Administration For High Gas Prices; Promised "Immediate Relief" By Using His "Capital" With Saudis And Kuwaitis. "Campaigning for president in a state particularly hard-hit by high gasoline prices, Texas Gov. George W. Bush on Tuesday blamed the nation's predicament on the Clinton administration, which he said is operating without an energy policy. "This is an administration that is hoping the issue goes away,' Bush said. ... 'The vice president seems to forget who's been in office for seven years,' Bush said. 'This is an administration that has been in charge, and the price of gasoline has risen steadily since they've been in office.' Asked what he would do as president to address the price at the pump, Bush said he would confer with oil-producing allies and ask them to pump more crude. 'I would use the capital my administration will earn with the Kuwaitis or the Saudis, to convince them to open up the spigot,' Bush said. 'That's where we will get immediate relief.'"

Crap, but "hidden crap" (until up to 72% of the people realized "he was not fit to lead").

her Lies. She's too.... "early" (if you will).

"Fool me once..."

[Dr.Phool]

21. But, wait until they let people know that McCain was a POW!

And although he has no executive experience, Palin has. Just like our preznit.

When she fucked everything up from the get-go as Mayor of Mooseturd, they brought in an administrator, (kinda like a VP) to run things, while she was out gutting caribou.

And "low information voters", aka, dumbfucks love it!

[krkaufman]

5. Just what I was coming in to write... The Palin Panic of 2008... !!

Big business and money handlers would recognize she's an empty suit, and would be a disaster in the White House.

[nolabels]

8. The M-t suits that have been there for the last 7+ years created nothing also......

They might be in panic because they know soon they might be called to task in more ways than they ever realized. Heck if i were one of them i would be selling off and squirreling away the jack under the mattress too

[StClone]

11. No Brains behind the wheel = CRASH!

Goddam right. These SOBs are not smart enough to run a country unless destruction is a form of Government.

[Kokonoe]

23. He is a POW.

But you said it.

[KT2000]

4. McCain/Palin

just bring their bad mojo on all of the US
they need to stay home
Oh yeah - she is.
Only hope it helps

[Demeter]

6. I Wouldn't Give Palin THAT Much Credit--This Crash Has Been Coming for a Year (or 8, Depending)

She's not even the straw that broke the camel's back.

She IS the sign reading: "Abandon Hope, All Ye Who Enter Here", though.

[krkaufman]

7. buzz kill. n/t

;)

[girl gone mad]

9. Hey, Republicans are still blaming Clinton..

for our current market woes.

Let us have a little fun. :)

[bread_and_roses]

14. Now THAT is the perfect summation - both pitth and wit. (n/t)

[d_b]

10. Palin nothin. I'm thinking war

:scared:

[willing dwarf]

12. Time to start a Winter Vegetable Garden

Prices of everything are so high anymore. I can't see how we'll all make it through if we don't get a grip on controlling what we can. -- Managed to feed the family from the garden all spring and summer, but the chickens aren't laying and the beans are almost through.

I work for a community organization that runs a health center, soup kitchen etc. We are seeing so many more people coming for free meals, particularly we're seeing a huge increase in the number of mothers with children. No one can afford the cost of food.

Get ready folks. Some turbulence ahead.

[BelgianMadCow]

13. Planting spinach on sunday

lots of it, too. And made 50 jars of apple jam - I know what I'll eat for the next year on my bread :-)

[SpiralHawk]

15. 2009 is going to make 2008 look like the good old days

[whistle]

16. Gee, that doesn't sound like the Bush/McCain mantra that "the economic fundamentals are sound"

[zeemike]

17. I think "smart money" will be getting out of the market

And the dumb money like 401ks and pension funds and the little guy will be left holding the bag.
Has it not always been so?

[fasttense]

18. Oh those stock market players are just a bunch of whiners. n/t

[whistle]

19. War and rumors of war

[Wednesdays]

20. Japan's stock market closed down 2.75% today

Hong Kong closed down 2.24%.

[OhioChick]

22. Welcome to that much tauted

Global Economy.

[Odin2005]

24. "Mental Recession" my ass. n/t.

[Zenlitened]

25. It's the "Palin Panic"... With all this talk that the GOP base...

... wants to flip the ticket and put Palin at the top...

Well, it's terrifying to the Big Money crowd. They're fine with a lapdog like McCain in the Oval Office. But the voters have largely rejected McCain by now, and the GOP may need another desperate gamble to have any chance at all in November.

Will the GOP flip the ticket? People are asking.

[libodem]

26. Dubya

better get out the check book and write a stimulus payment to the world.