F**k me.
FTSE 100 4589.19 down -391.06 -7.85%
Dax 5387.01 down -410.02 -7.07%
Cac 40 3711.98 down -368.77 -9.04%
Dow Jones 9759.33 down -566.05 -5.48%
Nasdaq 1814.04 down -133.35 -6.85%
(Data from the BBC Market Tracker website)
This has been the largest single day fall on the British Stock market ever. £93.4 billion (roughly $162 billion at todays exhange rate) waved goodbye today from Britains stocks and shares.
Guess the $700 billion bail out hasn't quite hit the mark yet then...
FTSE 100 4589.19 down -391.06 -7.85%
Dax 5387.01 down -410.02 -7.07%
Cac 40 3711.98 down -368.77 -9.04%
Dow Jones 9759.33 down -566.05 -5.48%
Nasdaq 1814.04 down -133.35 -6.85%
(Data from the BBC Market Tracker website)
This has been the largest single day fall on the British Stock market ever. £93.4 billion (roughly $162 billion at todays exhange rate) waved goodbye today from Britains stocks and shares.
Guess the $700 billion bail out hasn't quite hit the mark yet then...
Profile
angusabranson- Angus Abranson
- Chronicle City
Comments
It was still at about -5% when I last checked - guess there was a late surge (or whatever the opposite is).
Makes me wish I really understood how it all works - surely there's some long-term investment potential for those souls fool enough to put some money in?
In theory the cost of investing in the stock market right now is at an all-time low, (well, it's not actually as low as it got last week, but that's by the by), so if anyone did have any spare funds sitting around without any intended purpose, they might stand to make a pretty steep short to medium term gain if they got stuck in right now.
To be honest, if it keeps sinking, losing some of your savings will be the least of your worries.
People say this is like the Great Crash of 1929.
They are wrong.
In 1929 the banking system was untouched.
Today?
Much much worse.
Much.
Like the Great Crash there is the classic plummet and then surge (indicating people buying erratically); like October 1929 the issue is not ONE bad day- but MANY bad days...
Like 1929- the issue is about belief in the mantras... "The economy is fundamentally sound" etc.
Like 1929 what we have here are people waking up from a gold rush (the Coolidge Bull market of the twenties matches the Clinton/Bush bull market of the last decade or so)...
The only differance- in 1929 they did not have an over-inflated price of oil (caused by the same people who have caused this credit crunch) and the banks were fundamentally sound (unlike now).
Still, just like 1929 everyone will seek to pin the blame on someone (politicos, bankers, traders etc), and not realize that it was a gold rush.
The ONLY people who can allocate blame with a degree of reasonableness are those who did NOT take out a mortgage or large loan over the last ten years.
The rest of us are equally to blame- but to be blunt- people do weird things in a gold rush. Like not spot its a gold rush until its too late...
Oh, unless of coarse all you want to do is sell that lottery ticket, I mean share, to someone else for more.