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  • Market Meltdown

    Canada's stockmarket the TSX, is in free fall. As of 1:00pm the TSX was down 580points, it has lost 2000 points in two weeks. Erasing all the gains it had made this year. Both Asian and European markets are in freefall aswell.. Not since the tech bubble burst has such a sell off been seen.

    TSX plunges as sell-off deepens

    All of this is being caused by a credit crunch in America. Because of the housing boom, Loans were being giving to people with iffy credit, now many of those loans are going into default as those people can no longer make the payments. This means that lenders are loosing confidence, and are either stopping to lend, or raising interest raits.

    "What we have now is a brewing crisis in confidence. Lenders are afraid, and they are beginning to stop lending or they're charging higher interest rates to lend, which means that whole era of cheap money that's fuelled so much of the global activity is ending,"
    Last edited by Canmoore; 16 Aug 07,, 19:07.

  • #2
    The North American markets are rebounding, but are still down. The TSX is now only down -346 points. While the NYSE is now only down -160. However, this is still a huge one day loss for both markets.

    Perhaps this is more of a market correction than a meltdown?

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    • #3
      Is the sky really falling?

      Comment


      • #4
        Do blind squirrels really find nuts occasionally?
        "Every government degenerates when trusted to the rulers of the people alone. The people themselves, therefore, are its only safe depositories." Thomas Jefferson

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        • #5
          More than my salary

          My portfolio is down eight percent. That's a third of what I gained all year.
          Reddite igitur quae sunt Caesaris Caesari et quae sunt Dei Deo
          (Render therefore unto Caesar the things which are Caesar's and unto God the things which are God's)

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          • #6
            Originally posted by Canmoore View Post
            The North American markets are rebounding, but are still down. The TSX is now only down -346 points. While the NYSE is now only down -160. However, this is still a huge one day loss for both markets.

            Perhaps this is more of a market correction than a meltdown?
            I don't think so and I won't console myself either.

            Tighten the belt and that is all one can do and hope for the best!

            Tough times!


            "Some have learnt many Tricks of sly Evasion, Instead of Truth they use Equivocation, And eke it out with mental Reservation, Which is to good Men an Abomination."

            I don't have to attend every argument I'm invited to.

            HAKUNA MATATA

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            • #7
              Looks like the market staged a furious comeback late in the trading session. Dow is only down 15 for the day. That's not bad considering it was down 350 earlier.

              The market is fundamentally sound. Corporates are still making money. Some of the stocks were overpriced due to hype. This is merely a long overdue correction.
              "Only Nixon can go to China." -- Old Vulcan proverb.

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              • #8
                Originally posted by gunnut View Post
                Looks like the market staged a furious comeback late in the trading session. Dow is only down 15 for the day. That's not bad considering it was down 350 earlier.

                The market is fundamentally sound. Corporates are still making money. Some of the stocks were overpriced due to hype. This is merely a long overdue correction.
                My stock portfolio lost a little over a year's worth of pay in the wake of 9/11. Gains and losses happen. The key is picking sound companies that understand their business and can communicate that to investors.

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                • #9

                  Banks intervene in Asian markets

                  A pedestrian in Tokyo walks past an electronic board showing stock prices (16/08/07)
                  On Thursday, falls in Asia triggered further losses in Europe
                  Central banks in Asia have again intervened in the financial markets in an effort to restore stability after more than a week of turmoil.

                  BBC NEWS | Business | Banks intervene in Asian markets
                  How much of a difference will this make?


                  "Some have learnt many Tricks of sly Evasion, Instead of Truth they use Equivocation, And eke it out with mental Reservation, Which is to good Men an Abomination."

                  I don't have to attend every argument I'm invited to.

                  HAKUNA MATATA

                  Comment

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