Friday, October 24, 2008

it looks like another bad day for world economy

Stock markets around the world have dropped, in some cases by nearly as much as 10%. The Dow Jones Indices went into free fall this morning and lost over 400 points.

gold is down to $681 the price it was the beginning of the year.

and good news for us bad for OPEC nations is the fact that oil is done to $63 a barrel.

and the dollar is down

this recession originally looked like it was mainly going mostly just effect the "developed" nations but now investors are pulling their investments form emerging markets due to fears that those markets wouldn't be able to handle being hit hard by a financial crisis. Of course these withdrawals of money can be the very thing that would send these nations into a financial crisis.

I wonder if all this down turn is just due to the already nervousness of the market or was it giving a little push due to Greenspan's talk with the House Committee on Oversight and Government Reform yesterday, where he admitted that he was wrong (at least partly) on some of his views and in his hands off way of managing banks.

In a time when people are already nervous about the state of the economy that news is easily enough to make a lot of people feel unsafe about the market.

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