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I don't see what all the panic is about

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Garpal Gumnut

Garpal Gumnut

Ross Island Hotel
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2 January 2006
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I really don't see what all the panic is about. The markets are good value now, the outlook is crap and highly paid executives are jumping in front of trains.

It would appear to me to be an ideal time to either take off out west roo and pig shooting and wait for the market to steady, or , sit about and wait for the donkeys of finance ministers to meet and attempt to sort the market out.

Unfortunately without short selling this will be very difficult as liquidity is down without short sellers.

Fortunately roos and pigs are aplenty.

gg
 
Garpal Gumnut said:
I really don't see what all the panic is about. The markets are good value now, the outlook is crap and highly paid executives are jumping in front of trains.

It would appear to me to be an ideal time to either take off out west roo and pig shooting and wait for the market to steady, or , sit about and wait for the donkeys of finance ministers to meet and attempt to sort the market out.

Unfortunately without short selling this will be very difficult as liquidity is down without short sellers.

Fortunately roos and pigs are aplenty.

gg
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Monday may see a surprise. Time to buy is when everyone else is selling. Henry Paulsen, US Treasury Secretary is speaking in a few minutes time.
 
noirua said:
Monday may see a surprise. Time to buy is when everyone else is selling. Henry Paulsen, US Treasury Secretary is speaking in a few minutes time.
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Let us know what he said mate. Lets hope he doesn't close the market.

I now only listen to 4TO our local commercial station, populated most of the time by hyperactive monkeys with language skills, so they probably won't broadcast it.

I stopped listening to the ABC last week, as they seem to have made John Hewson of all people their resident "expert".

gg
 
Garpal Gumnut said:
Let us know what he said mate. Lets hope he doesn't close the market.

I now only listen to 4TO our local commercial station, populated most of the time by hyperactive monkeys with language skills, so they probably won't broadcast it.

I stopped listening to the ABC last week, as they seem to have made John Hewson of all people their resident "expert".

Dow was down 122 and Nasdaq up 4, at the close.

gg
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Henry Paulsen said that, the G7 meeting that has just finished, agreed an aggressive action plan to tackle the crisis. Each country has a varied plan depending on the setups of their financial systems.
 
noirua said:
Henry Paulsen said that, the G7 meeting that has just finished, agreed an aggressive action plan to tackle the crisis. Each country has a varied plan depending on the setups of their financial systems.
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So, sounds like nothing happening mate. Lets hope they let the market wash it all out.

gg
 
Garpal Gumnut said:
So, sounds like nothing happening mate. Lets hope they let the market wash it all out.
gg
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The more I listen to all these foreign reports the more I realize Australia are best a long way from the close action.
A number of American Banks and institutions will not be rescued, Henry Paulsen said, and they will instead follow the British system of nationalizing any important Institution in trouble. The G7 have also agreed to follow in the same manner.
 
noirua said:
The more I listen to all these foreign reports the more I realize Australia are best a long way from the close action.
A number of American Banks and institutions will not be rescued, Henry Paulsen said, and they will instead follow the British system of nationalizing any important Institution in trouble. The G7 have also agreed to follow in the same manner.
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I'd agree, when it comes to banking and finance. Our forte is resources. Uranium, coal and iron will boom again once this all washes out.

gg
 
Garpal Gumnut said:
I'd agree, when it comes to banking and finance. Our forte is resources. Uranium, coal and iron will boom again once this all washes out.

gg
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I'm wondering about coking coal and iron ore. General Motors are about to announce heavy layoffs. The market cap is down to $2.9 billion, the same as it was in 1929. They are asking for US$10.3 billion to tide them over.
If you want to know how the American economy is doing, look at General Motors, they say.
 
This is a little off topic :topic

Just chatting with my brother who works on some big Rio gas project in Karatha, WA and I asked him how things were on the ground among workers up there.

He reckons a big snow job is coming in the form of 100,000s of Aussie workers losing their jobs at the expense of the huge numbers of overseas workers coming in for cheaper labor.

At the moment, on his site, foreign workers get the same as Aussie workers, but he says on other sites he knows about there are some cracks appearing - and they are paying overseas labor cheaper. Sorry, I don't have any more information - but was wondering if this is how this is going to play out???

Brad
 
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