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Imminent and severe market correction

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Yes indeed, this seems to be more a case of antidisestablishmentarianism and in need of upanishad streptomycin. Bring on the corroboree and make a night of it.
 
noirua said:
Yes indeed, this seems to be more a case of antidisestablishmentarianism and in need of upanishad streptomycin.
Click to expand...

You know I'm a pedant.

<edit> ahhh see you corrected... good lad.
 
Will be some time before the international business language changes from English.

Just depends on how many of us get wipped out when China destroy the rest of the world.

And, what influence BRI have as part of that..

Well be well dead by then though.
 

The international business language for the whole world will be English. Those running Australia will be Chinese speaking English. They will use an Aussie keyboard, not Brazilian, however - lol
 
Bem, a respeito de BRI, eu supor que nós devemos jogar portuguêses na mistura para a boa medida.

Pelo menos nós poderemos requisitar um caipiriha… ou 2, quando em Rio.
 
noirua said:
The international business language for the whole world will be English. Those running Australia will be Chinese speaking English. They will use an Aussie keyboard, not Brazilian, however - lol
Click to expand...
...made in China.
 
Crikey, I can not even speak Spanish right now let alone Spangslishportugeuesesish...

Is this still part of the Imminent correction?

Just must be that time of the night?

.....

Or afternoon in my case...
 
I speak scene and obscene have a Wife made in China and after post am looking at shares in electronic translator companies.
 
Now that we are getting way off topic, but still could have repercussions for the USA, is that they are fast becoming a nation of brown skinned Spanish speaking people, if the current trends continue. African Americans & Latinos will outnumber whites by about 2030 or so, not that far away.

The white English speaking establishment are getting a bit concerned, not least with Obama getting so close to the seat of power. There is more at play here than just the 'credit crisis' I think - it's the whole conservative white establishment who are throwing every last dime of taxpayers & electronic money to stay alive, and in power?
 
hacheln_mice said:
Bailouts are almost as American as gun ownership. Moral hazard is not part of the American vocabulary.

With the exception of Paul Volcker, the 'solution' has always been to inflate your way out of an economic crisis.

Click to expand...

Bernanke might as well as seek advice from Alan Greenspan, who emerged from several crisis as a hero by inflating money supply.
 

According to the UK Times AIG is planning a 20 BLN USD asset sell-off as it fights to correct a record slump in its share price and braces for the impact of Hurricane Ike. Details of the plans could come as early as Monday. On Friday the insurer appointed investment bank JP Morgan to work on a rescue plan after its shares fell a record 31% in a single day. Assets under the hammer include Transatlantic Holdings, its New York-listed reinsurance group. Swiss Re and Munich Re, two giants of the European reinsurance business, are understood to be potential buyers. Other assets on the block are AIG"s consumer finance, reinsurance and plane-leasing units, according to analysts at Citigroup.

Slainte
...........Kauri
 
And from the other side of the pond, this should help things along nicely...

SWITZERLAND'S biggest bank UBS is set to write down a further $US5 billion ($6 billion) in assets amid continuing financial turmoil, Swiss weekly SonntagsZeitung reported yesterday.

The bank will post the loss in the second half of the year and is likely to inform markets just before its extraordinary general meeting on October 2, the paper said without citing its sources.

Subprime losses will account for $US1 billion worth of the writedowns, while Alt-A loans -- made to borrowers one step up from subprime in credit terms -- will yield another billion in losses.

Investments in monoline insurers -- a form of bond insurance -- will result in $US2 billion writedowns and student loans the remaining billion, the paper said.

One of the banks worst hit by the subprime crisis, UBS has written down some $US42.5 billion on its subprime-related assets.

For its second quarter, it posted a net loss of 358 million Swiss francs ($390 million), but the bank's chief insisted last month it would still return to profitability next year.

"We will be profitable again in 2009,'' CEO Mr Kurer said in an interview with Swiss Sunday newspaper NZZ am Sonntag.

Mr Kurer said the current situation faced by the bank could be compared to the aftermath of a severe storm. "One must first remove the fallen trees, then tidy up the house and cellar, and in the third phase, bring the shine back to the house,'' he said, adding that he believes the bank to be now in the second phase.

Gee. Ya gotta admire the man's spunk after having presided over the LOSS OF $US42.5 Billion thus far?

Then again, Old Chinese proverb say - "Sometimes easier to bulldoze block than to patchup shell..."
 
G DUBA talked about WMD .. greed has done more to the World than Bin Liner and his crew.
Greed as we can see is a great leveler.


The Man Who Lived Through 1929 (Reprinted)

Here is a post from last year that you may enjoy. This one gives you a feeling for what may lay ahead. It offers some perspective as to what we may expect, this time around. prev. printed 8/31/07

Let's go back and picture a man from the 1929 era. He would have been born about 1890 and been about 40 at the time. His world had gone from horse and buggy to the automobile. Between 1908 and 1927 Ford had produced 15,000,000 model T's. In 1904 there were three million telephones, by 1915 you could call coast to coast (the cost was prohibitive). By 1906, the electric light bulb was commercially feasible to produce. Radio came into its own in the 1920's. By 1924 there were 3 million radios in use in the US. The airplane had come on line. It was used to speed up mail delivery; commercial aviation was still a few years away. Technology had turned his life into something new and different.

The banks were loaning money out, 100% financing, interest only, 5 year loans that had to be refinanced at the end of the term. Also, you could borrow any amount you desired from your stock broker just pay the interest. Buying stocks on margin (10% down) was the name of the game.

Another thing to come of age, was installment buying. GMAC was created in 1919 to help sell more cars, and it did just that. There had been a stigma attached to not paying cash and through advertising, it became more acceptable. By the eve of the great depression, it had become a way to acquire the American Dream. You didn't have to wait and save up for what you wanted, you could have it now.

From 1915 to 1930 we had been transitioning from an agrarian economy to a more industrialized economy. Technology had changed our way of life without any perceived realization of it by the general population. A farmer was 10 times more productive with modern machinery. Agricultural prices were dropping because of this over supply. The speculation that had been going on in farm land was unsustainable. A bigger farm did not increase your return on investment, just the opposite.

Things started to go bad in 1926 with the Florida Hurricane, land speculation lost its appeal (severe understatement). Then in June of 1928 there was a mini stock market crash, a precursor to the big one. In October of 1929 the big crash came and "rearranged" the financial markets. In 1930 Congress passed The Smoot-Hawley Tariff Act, which some claim was responsible for the unemployment rate climbing to 25% (over the next two years). Bank failures started to be a problem in 1929 only to get worse in 1930, 1,352 banks failed. In 1931, 2,294 banks bit the dust.

So what happened to our gentleman? If he had a 5 year I/O loan that was due for renewal, it wasn't renewed; the bank wanted and needed the cash. Result, the bank got the house. He stood a 1 in 4 chance of being unemployed. If his bank had failed, he might have no savings left. Anything bought on installment might have to be returned or a payment made on it.

He probably survived with memories of the rough times he had. People from that generation were seasoned with these memories. They acted differently as so to avoid making the same mistakes over again.

Today, in the world of 2008, the "group memory" of these people is no longer with us. Are we destined to make the same mistakes as they did so long ago?

The evolution of the Internet is comparable to Radio of that time. And Google stock isn't quite as high as RCA's stock got to, before the crash. Then, there was the installment buying and interest only loans of the 1920's, verses the credit card of today and the same old loan formula (use their money not mine).

Almost sounds like an eerie episode of The Twilight Zone, doesn't it?
 
I do not expect a servere market correction. Most of the negatives are alreday known now. Seems it's more a case of riding out the storm. There will be ups and downs, more downs than ups are very likley but somewhere the tide will turn.
 
The S&P futs are tapping 1205 now, if the July lows at 1200 give way then look out below. I think there is still allot that can unwind here and we may not see the bottom until some time in October.

Cheers,


CanOz
 
So ladies and gents .......is tonight the night we start making new records ? gunna be intresting thats for sure
 
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