CNN BREAKING NEWS IN TOKYO: Nikkei closed down 9.38%. Described as panic selling.

[Bigleaf]

Biggest drop since the 1980's.

[TTUBatfan2008]

1. Another 500 point drop for the Dow coming...

possibly worse. :(

[ej510]

3. The world is fucked because of greedy people.

[alcibiades_mystery]

10. 900 point

:shrug:

[doublethink]

2. CRASH !

Tokyo. Hmmmmm tomorrow will be interesting here.

on edit: being described as a 'rush for the exits' ... wow, prayers.

[Critters2]

4. Yeah. Richard Quest is just ranting!

Says UK going to nationalize banks.

[vaberella]

11. Yes they will. I only hope HSBC is still standing, which I think it will be.

It's their largest bank and dominates China and Asia as a whole. I think Barclays will remain standing for prestige alone. Which means Lloyds and all the other smaller ones are gone.

It's the same thing that's going to happen in America in order for us to survive.

[Parker CA]

5. Fasten your seat belts ladies and gentlemen. Tomorrow is gonna be a wild ride. n/t

[PBS Poll-435]

18. And, tomorrow, the Dow, the Nas, and the S/P will all be up.

:shrug:

[Chovexani]

6. Fuuuck.

Somebody get those twins on the line to Mothra, quick.

[aint_no_life_nowhere]

7. Time for McCain to start talking about investing social security in the stock market again

In fact, why doesn't McCain sell his 13 houses and umpteen cars and invest all of his cash and equity in the stock market now?

[FVZA_Colonel]

8. Well fuck-a-doodle-do.

I'm sure the headlines will be just WONDERFUL when I wake up...

[jillan]

9. What is going to happen to the global economy?

I'm watching, and I am freaking out.

[vaberella]

13. Don't bother. I've got an idea of what's going to happen.

Basically every country is totally interdependent on the other. You'll see that they'll nationalize. Britian is not far and is prone to doing such things. They'll do it. Asia, in paticular Japan has nationalized many things. S. Korea is KNOWN for nationalizing it did it with Dawoo and Hyundai then forcing them to specialize. So that's what's going to happen.

America HAS to do that in order for us to survive. Problem is people hate nationalizing because it reflects socialism; but they'll have to be fucked in order for the government to regulate this mess. Then what's going to happen there will be a period of stabilization but through that more jobs will open up. Most people think without competition no job. That's crap...they can open more and more locations. Jobs will be built and when the economy stabilizes they'll open up the market for new competition.

But many things have to die in order to manage this disaster, mismanagement, and stupidity on the part of the government and Wall Stree thugs.

[Born_A_Truman]

15. Yes, British government will announce they are going to

partially nationalize their banks when the markets open (per CNN International).

[vaberella]

33. Which is what we need to do. And if they continue it will be full nationalization like Sweden. n/t

[Lifetimedem]

38. I agree.. n/t

[Blackhatjack]

12. Indian Market DOWN 7.34% .... this is widespread.

[VolcanoJen]

14. Gack!

:wow:

I don't even know what to say. My own job is looking incredibly, incredibly shaky. Looking rough heading into the weekend.

Horrible news all the way around.

[Blackhatjack]

16. There is NO SAFE HAVEN.... bottom line.

[Bigleaf]

17. Trading in Indonesia halted after Jakarta composite dropped over 10%

Japan's Nikkei plunged more than 9 percent Wednesday, and Indonesia's Jakarta composite dropped 10 percent as Asia markets responded to the Dow's lowest close in five years and fears of a global recession.

In Seoul, the KOSPI fell 6.4 percent, the Taipei Weighted declined 5.8 percent, and Hong Kong's Hang Seng index plunged more than 5.6 percent. The Hong Kong Monetary announced it would lower interest rates a full percentage point starting Thursday.

Trading in Jakarta was halted to slow the plunge there, and Sydney's All Ordinaries index was down nearly 5 percent in late afternoon trading.

The Nikkei's drop -- near 10 percent near closing -- was one of the steepest since 1987, CNN's Kyung Lah reported.


http://www.cnn.com/2008/BUSINESS/10/08/stock.markets/index.html

[Blackhatjack]

20. So how 'interconnected' are all these economies when they all fall at once...

Someone needs to explain how all these economies are falling at once.

IS it because they were all dependent on the US economy, and risked too much on the US economy not failing?

[Bigleaf]

22. I wish I could help you Blackjatjack but I just don't know. Someone here @ DU with more knowledge

of the world markets should be able to help.

[Blackhatjack]

24. Presumably all world economies do not tank at once... someone benefits

The only explanation is a lot of paper profits are being exposed as frauds, and the governments are having to step in and shore up the financial institutions.

[aint_no_life_nowhere]

19. What will this do to the price of gold?

Is that going to go through the roof now?

[nadinbrzezinski]

21. To a point I don't know

hopes that we can get out of this and stabilize this

[Blackhatjack]

23. IF you are awake, you are seeing history in the making....

European markets appear to be ready to implode

[aint_no_life_nowhere]

26. I thought I heard them say on CNN that the Russian stock market is down 14%

and that for them it's a definite crash.

[Number23]

35. And it's terrifying

IF you are awake, you are seeing history in the making....

Here in Australia, the market suffered it's biggest drop since 19 freaking 87.

What the hell was that $700 BILLION bailout for?? Was that ONLY for the Lehman Brothers and AIG execs or is anyone else going to see some returns on that money???

[jillan]

25. UK doing their version of bailout plan.

Geez - they want to do it - they just do it.

No politics in play over there, I guess.

[TwilightGardener]

27. They're used to being taxed out the wazoo, I suppose.

[Cali_Democrat]

28. Thanks Bush and the Federal Reserve, you've fucked up the world economy

We fucked up the Middle East by invading Iraq.

We've also fucked up the world economy because of the US housing bubble. Decreasing regulation and increasing the money supply by cutting interest rates after 2001.

This is insane. The whole world is dependent on the US economy and WE fucked it up.

Thanks Bush, you're a peach.

[WinkyDink]

37. He got his. Now watch this drive.

[Blackhatjack]

29. Honda down 10% and Toyota down 11%.... Asian Markets tanking

[vaberella]

34. That's what happens when you base most of your economy on cars or

the financial sector. In America we made jobs about moving money from one location to another popular and in Asia they base a lot of it on electronics and/or cars. They have too many different car companies. They need to eliminate them in order to function. Too much competition results in diminishing returns eventually when it's one type of commodity.

[Blackhatjack]

30. HOLY COW... This happened AFTER Tokyo pumped in $20bil

There is not enough $$ available to stem this tide.

[Bigleaf]

31. I thought they meant 20 billion today. They have been pumping in billions more over the last 16 days

Did I hear that right?

[Blackhatjack]

32. I understood the comment to be that the $20bil infusion happened before the drop

I am not sure with the time difference

[WinkyDink]

36. So WHO IS BUYING? There's where the money is.

[workinclasszero]

39. Reminds me of a song...

http://www.youtube.com/watch?v=qiSkyEyBczU

Black hole sun
Wont you come
And wash away the rain
Black hole sun
Wont you come
Wont you come

Maybe the financial disaster that is unfolding on the world will finally teach these dollar worshiping free trade capitalist bastards that their green god is false and greed is not a good thing.

Empires fall, maybe its our turn now.......

[underpants]

40. Markets DOWN Japan 9%-Hong Kong 7%-Jakarta 10% (trading suspended) FTSE (UK) down 4%

:scared: