PALOOKAVILLE FINANCIAL stardate : capitulation day+55
...today on bloomberg...
Stocks in U.S. Slump on Economy; S&P 500 Falls to Lowest Level Since 2003
•U.S. Jobless Rolls Reach 25-Year High, Exports Drop as Growth Abroad Sinks
•GE Sticks With Dividend Policy as Shares Fall Below $15, Lowest Since 1996
•Goldman Sachs Employee Pay Will Be `Dramatically' Hit by Crisis, Palm Says
•Bulgari Abandons 2008 Earnings, Sales Forecasts on Slumping Jewelry Demand
vince : whahoppen muskie?
beulah : that freakin paulie wants lokkin up...bustin a banks an fixin a handout!...
laverne : does the bottom look big in this?
ambrose : .."The modern warning to us all is the "Lost Decade" in Japan, a loose term for the on-again, off-again slump that ultimately led to zero interest rates and – when that failed – to the printing of money. After 18 years, the Nikkei stock index is now trading at 8,700 – down from a peak of nearly 40,000. House prices have fallen by half. Yet after all the stimulus, the country is once again tipping back into deflation.
Governor King said Britain was likely to avoid this fate. "We've taken action much earlier than was the case in Japan," he said.
Not everybody agrees, even after the shock and awe cut of 1.5 percentage points by the MPC. Albert Edwards, global strategist at Société Générale, has long warned that central banks in the Anglo-Saxon countries have stored up trouble by stoking credit booms, and may find it harder than they think to engineer a soft-landing.
"This could easily go the way of Japan. It is true that Bank of England has moved faster, but Japan was a local bubble. This time it is the 'great unwind' on a global scale with leverage spaghetti everywhere," he said.
"The monetary authorities don't have foggiest idea themselves whether this is going to work. They're crossing their fingers and hoping," he said...."telegraph
petey : ahm feelin...in..sec..ure...ya mite not lurv me...any..more...
market ticker : ..."Without "silly credit", which cannot be restarted or maintained, we sell 11 million automobiles in the US a year, instead of 17.5 million. We sell one million fewer homes a year. Leisure travel dollars spent will fall by 20% and perhaps more. We sell a lot less "bling" of various sorts, whether it be $300 cell phones (the $50 one makes calls you know, and doesn't require a $100/month service plan either!), $5 lattes or $10 martinis. This is reality my friends, and there is no escaping it..."