World stock markets plunge as global recession fears grow: people "not buying" Bush bail-out story

[Bluebear]

LONDON (AFP) - Stocks plummeted across the world on Monday amid fears of a global recession, with markets in Europe suffering their biggest one-day losses since the September 11th attacks on the United States.

Dealers said a major new plan by President George W. Bush to prevent a US recession was not enough to offset the stream of bad news from banks due to the crisis in the American housing market.

"People aren't buying the US bail-out story and that feeling has been exacerbated by the weakness overnight in the Asian markets," said Richard Hunter, equities analyst at broker Hargreaves Lansdown in London.

http://news.yahoo.com/s/afp/20080121/bs_afp/stocksworld_080121214357

[Coexist]

1. scary shit.

any hints how to ride it out?

[ben_meyers]

4. Sure, if you are an individual investor or mutual fund

holder, ride it out. Don't do anything. It looks like 1987 again, and the markets recovered.

[Warpy]

2. I'm afraid I've seen the word "panic" in more than one article today

and while a 4% to 7% one day loss doesn't translate into a panic yet, it just might if repeated over enough days.

I will probably check Ozy's thread first thing in the morning, then go out and avoid all financial news all day. It is not going to be a nice day on Wall Street.

I once predicted the Dow could be down to 7000 by the time Stupid left office. It's another of those predictions of mine I hope won't come true.

[gratuitous]

3. Don't people know he's the MBA President?

Golly, it's like they don't trust him to know what he's doing! What's up with that?