I hate Mondays. Today is exceptional bad.In times like this, I try and avoid thinking about things I cannot change or cannot fix. I had a bad feeling things were going to be bad; but frankly the situation is now terrifying.
The more I think about it - the more angrier I get. Trouble is I did prepare for this disaster - last year I placed the bulk of the company's funds in cash fixed deposit. I remember telling "LN" - "Keep it there - PLEASE! No one can touch us. We're in a solid position." And then I left thinking praying that all would be well. But lol no one listens to me ya? :) Like I said, thinking about it just makes me fucking furious.
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Note: the Dow fell 800 points at one stage but thankfully had a late rally at the end of the day and ran up - but still closed over 300 points down.
Nikkei at the moment is also down sharply as are the rest of the markets. But at least we're not seeing massive crashes ... well, touch wood.
http://biz.yahoo.com/ap/081006/wall_street.html
Dow industrials plunge 500 amid global sell-off
Monday October 6, 10:55 am ET
By Joe Bel Bruno, AP Business Writer
Investors are realizing that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze credit markets, and many banks are still having difficulty gaining access to cash. European governments also took steps over the weekend to limit the damage from the growing global financial crisis.
5 comments:
yep - and I wonder what the reserve droping 100 basis points is going to do... encourage people into buying mode and boost inflation again?? back to square one...
Not to worry Andrew. With Labor in charge - it won't be long before they effect moronic economic policies like the Emission Trading Scheme or a ban on coal or a tax on breathing.
The reserve is independent... or on the surface it is anyhow. Sure economic policy will cause the biggest cock ups in living history, with Rudd on holiday somewhere and Swann still reading treasury101, we'll all not be able to pay tax. Maybe they'll need to introduce a charge on Singaporeans flying in and out of Melbourne every few months. haha! :D
No, I wasn't referring to the Reserve Bank's decision to cut interest rates - no matter what the Reserve Bank does - the Australian economy is still affected by Labor's economic policies. And Labor being Labor - will always screw up the economy. What next? They'll probably be stupid enough to ban coal or pour a couple of billion dollars in their ridiculous ETS scheme or perhaps hike tax rates to 55%.
I'd not expected anything less. :D
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