Global Financial Crisis Updated 9-30-8
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Global Financial Crisis Round Up
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Updated For
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9-30-8
Here is an update of news for 9-30-8 related to the economic crisis now unfolding. Prior news from previous posting are shown further down the page.
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US Stocks Stabilize on Tuesday
DJIA +485
Still Expects Congress Bailout
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World Looks To US
For Economic Salvation
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EU Bank Rescues Continue
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Western Civlization Losing Wealth
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Congress Scrambles To Revise Bailout
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UK Report Says:
Meat & Milk Must Be Rationed
To Save Planet
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Information Below Posted on 9-29-8
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Editor's Comments:
It was a stunning day for the world's current economic system. This editor interprets these recent events as the death rattles of the "old" economic world order, even while the "birth pangs" of a "New Financial World Order" increase in volume and intensity. I suspect we'll see far greater volatility in the next two to three days and this situation will likely continue to deteriorate into October. I expect to see a Global Meltdown of the world's markets in October.
For those who wonder about the Babylon-America prophecies. We'll be posting an article addressing that question in the near future, however, what is now occuring is NOT the fulfillment of those prophecies. This ia a GLOBAL event and by no means is limited to just the United States. Everyone is going down. The entire international banking system is in its death throes.-
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777 Drop - Divine Signal?
Wall Street On Brink of Collapse
After Congress Fails To Pass Bailout
DJIA Drops 777 Points
Wachovia Bank Rescued on Collapse by Citicorp
Wall Street's investment markets plunged across the board on Monday as the US House of Representatives failed to pass the bailout legislation negotiated by President Bush and the leaders of both political parties.
The New York Stock Exchange's Dow Jones 30 Industrials opened this morning on the downside amid concerns that GOP Congressmen might rebel against party leadership and fail to approve emergency bailout legislation. The DJIA traded down all morning between 200 to 300 points until early afternoon when the House vote was taken. More details - LINK HERE.
After the House vote failed, the DJIA began plunging during the last hour of trading and at the closing bell, the DJIA was down 689 points but heavy last minute trading brought the settlement price to a closing loss of 777.68 points for the day. Market News . More News from Bloomberg News - LINK #2 HERE.
Global Markets Shaken
It's not just American markets and banks quaking and collapsing. Global markets around the world are imitating American markets. British banks teetered and Iceland's government bailed out its 3rd largest bank. LINK
Overnight, Wachovia Bank was rescued from bankruptcy by a Citigroup when federal regulators engineered the rescue before the bank could be officially declared bankrupt. LINK. Two major European banks also collapsed, sending shock waves across Europe and around the world. Kuwait's Central Bank frantically tried to stabilize its banking system with a massive injection of liquidity. LINK. Canda's Central Bank was buying up US dollars for protection. LINK.
It's not just stocks that plummeted. All the credit markets around the world were tanking as also various currencies and almost all commodities -- except Gold which closed above $916 -- see LINK. -- Oil dropped $10 a barrel - Numerous floor traders in various markets used the same term to describe the activity - "nightmare."
President Bush issued a comment stating he was "very dissappointed" with the House vote. LINK. Meanwhile, Congress adjourned for the 2-day Jewish holiday of Rosh Hashanah and will not reconvene until Thursday. LINK.
Traders interviewed by CNBC and Fox Business Network conveyed grave concerns for the direction of the markets for the rest of this week.
TV business commentators have been noting all day that bank liquidity remains essentially frozen, despite massive Federal Reserve injection of cash - LINK - and there is now a growing concern that many companies around the world will not be able to conduct normal borrowing to meet payrolls and pay bills. Unless the banking system's liquidity is restored quickly, we could see numerous corporations conducting mega-mega mass layoffs all around the world.
CNN posted an I-Report from a CNN viewer who claimed to be an employee of Bank of America, that Bank of America will cut off and cancel its credit card customers no matter how good their credit is or how much their credit line is. Consider that an unfounded rumor, but its one of many sweeping around the internet. LINK.
The A-O Report will continue to monitor developments and post accordingly.
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