"All progress is based upon a universal, innate desire on the part of every organism to live beyond its income." Samuel Butler
Wall Street Braces for More Volatility
"If we're not at a bottom, we're probably very close," said Anthony Conroy, managing director and head trader for BNY ConvergEx Group. But, he added, the market is mercurial because there are many questions still unanswered—a big one being, how risky is the debt on banks' books right now following their bad bets on subprime mortgages?
...He noted that in the 11 recessions since World War II, on average, stocks fell 26 percent, the recessions lasted 10 months and Wall Street bottomed out six months into them.
2 comments:
THis one is going to worse then any of the last 11 by far for many reasons. For 1. the World hates us now and wishes us ill so nobody is going to come to our rescue. If anything we see investors pulling out left and right and countries and Int'l banks abandoning the dollar as the world's exchange currency. All this means real trouble for us in the near future. Gold at 900.00 should be a wake up call for everyone that the Reagan Revol. is over and its a big fat failure for 90% of the population. BV$H and his crowd have set out to destroy whats left of Americas once bustling middle class and he's done one hell of a job Brownie! As for him and his friends they will feed like vultures now on all the victims of their policies growing even fatter then they already are. A few votes in Fla. almost 8 yrs. ago has come to this and whose surprised? I re-read my own predictions in one of my journals of the time and I have to admit BV$H has even exceeded my scary predictions of what he would do at the time.
Capitalism is a mysterious and snake like thing. It creeps under anything and its full of surprises.
Most articles I read in both the liberal and financial news point to nothing but bad news. There's not much optimism. I think a lot of people are looking at putting their money on China and India.
BBC and world news still point to the USA as the leader. I think the demise of the dollar as the world currency isn't immediate. When American multinationals start completely dropping dollars for euros then its curtains.
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