Sep. 15, 2008.
Global markets were reeling Monday after a convulsive day on Wall Street that saw a leading U.S. investment bank file for bankruptcy and other institutes scramble to merge as the credit crunch claimed one of its biggest victims yet.
Stock prices plunged in Asia and Europe in the wake of investment bank Lehman brothers announcing its collapse and Bank of America’s $50 billion buyout of ailing brokerage Merrill Lynch.
This crisis is clearly deeper than anybody had imagined only a short time ago,” Peter Stein, an ociate editor at the Wall Street Journal in Asia, told CNN.
The Dow Jones Industrial Average fell 330 points or 2.9 percent to around 11091 in early trading. In Europe, FTSE index in London declined 3.37 percent while the Paris CAC 40 was down 4.47 percent.
Major Asian indexes were closed but India’s Sensex fell 5.4 percent, Taiwan’s benchmark dropped 4.1, Australia’s key index dropped 2 percent and Singapore fell 2.9.
The turmoil followed a roller-coaster weekend for a Wall Street already concussed by woes at other major financial firms and mortgage-financing titans Fannie Mae and Freddie Mac.
At one point the U.S. Federal Reserve was forced to step in, announcing plans to loosen lending restrictions to the banking industry in an effort to calm markets, while a consortium of 10 leading domestic and foreign banks agreed a $70 billion fund to lend to troubled financial firms.
In an effort to calm market jitters, the European Central Bank on Monday said it has pumped $42.6 billion into money markets. The Bank of England in London also took steps, offering nearly $9 billion in a three-day auction.
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fiat currency is an …
fiat currency is an illusion.
gold and silver are money.
The bankers do this …
The bankers do this: Imagine u and i were sitting here thinking how to earn money. We decide to set up some bank even when we have NO gold, silver, jewellery to begin with.
Some customers come in and need money. All we do is type some numbers into their account and hey….they have money. But thats all it is. Just numbers we typed onto their screen. Nothing more.
Thats how the banking system works today. Money is an illusion.
Ur not insensitive …
Ur not insensitive at all. I agree with u.
These banking companies are responsible for all the debt the world is in today. They create paper money even when theres NO treasure such as gold and silver in thier vault. Thats illegal and therefore, this always ensures the bankers wealth.
They then lend out money to customers on interest. Thats how they make money!!
Im happy these bankers collapsed. But sadly, the bailout money goes back to them. The scum
I say let all of …
I say let all of these banking companies fall. Sorry if I sound insensitive.
just ask …
just ask yourselfs.How this happens?It is sad but the ones who got the cash flowing are not worried at all.
I hate the ing …
I hate the ing Lehman brothers!
Prov. 11:6 – “the …
Prov. 11:6 – “the treacherous are caught by their own greed”
They need to drag …
They need to drag them greedy suite wearing s out into the streets, and horsewhip them! Son of a es don’t EVER, answer to anyone but God.
stupid is …
stupid is laughing. can’t be that hard for her
U are right. It …
U are right. It disgusts me how the world can make such a big deal and feel sorry for these banking scum.
Lehman, along with other banking firms are corrupt, greedy and war mongering. Lehman got exactly what it deserved and im not shedding a single tear.
People, u wanna feel sorry and help someone? Help human trafficking vicitms instead who are forced into sexual slavery while no one gives a crap and instead, cries for banking vampires like lehman.
Get ur priorities right people.
Foolish and …
Foolish and downright illegal investing, out of control greed, and a belief that what goes up, stays up has brought this company down…and will bring down the others as well. When Lehman employees get $50M Christmas bonuses, while your granny loses her life savings, destruction is not far behind. End the central banks, stop this “war on terror” and make loan practices responsible, otherwise there will be more and more of the same.
before i say that …
before i say that that is a stupid idea, what exactly do you mean by a credit system of technocracy?
may I ask you do …
may I ask you do you beleive greed will see the end of humanity? Things are so bad the rich get richer and poor get poorer and how long do you think this will go on for? plannet earth has 6 billion people on it and I beleive God made food and space for each person to live freely sadly we have abused this and want more and more
The U.S. future is …
The U.S. future is that of a nuclear-armed Argentina under the generals.
Abolish the …
Abolish the monetary system, to be replaced with credit system of technocracy.
I suppose they will …
I suppose they will have to murder more Iraqi’s for oil now
Is a real lame for …
Is a real lame for all americans there. Blessings and the best of lucks from Russian Federation. Udachi!
It’s not quite a …
It’s not quite a collapse, though. Because it’s bankruptcy protection, if Lehman plays its cards right, it can be back on its feet in a few years. Unfortunately, its soured “assets” still are affecting our banks,
Out with a …
Out with a cardboard box to join us all in the real world!
euro is leading the …
euro is leading the world.keep ur money in euro guys.usa is sinking.the morons americans are busy with fighting the monkeys in aghanstan mountins and thir economy is ed.
looool bush is smart one.and the condom looza rice is a bussnise ugly ghost
okay i know this is …
okay i know this is a shoot in the dark BUT does anybody know the video about some black christian guy talking about in septemeber the dollar was going to be weak he was black in their was like 5 vids that he did that this was going to happend PLEASE IF you know give me the link he predicted the fall of the dollar in other stuff thats going to happend like last month he predicted this
“We’ve seen the …
“We’ve seen the worst of the casualties.” Now I don’t know if these people are compulsive liars, or just plain oblivious. This is simply the beginning, not the bottom. You’ll know the bottom when you’re reaching into it for pennies.