| Submit your comments on this article |
| Home Front Economy |
| Financial crisis wreaks havoc on global markets |
| 2008-09-17 |
| Amid fears of a full blown crisis in the global financial system, the U.S. Federal Reserve on Tuesday pumped $50 billion into the financial system to help ease credit stresses, a day after upheaval in the American financial system sent shock waves through the stock market, producing the worst day on Wall Street in seven years. IMF chief Dominique Strauss-Kahn, meanwhile, warned the global financial crisis is not over and more banks could close, possibly leading to the disappearance of the independent investment houses. "The fact that a certain number of banks in the United States are restructuring shouldn't lead to panic," he told AFP in the wake of Monday's collapse of major U.S. investment bank Lehman Brothers. "But these events add to the uncertainty, and financial tensions cannot be excluded in the short term," with banks other than Lehman Brothers also in a bad position, he said. Predicting "a narrower global financial sector", the International Monetary Fund managing director said certain "players will disappear", particularly in the United States, with the possible gradual disappearance of independent investment banks like Lehman or Merrill Lynch. |
| Posted by:Fred |
| #7 The Russian excursion into Georgia certainly has paid off well for them if their markets are any indication. I'm sure their market dive is the fault of "The West". |
| Posted by: remoteman 2008-09-17 13:42 |
| #6 "certain players will disappear"? The IMF sounds like Ahmadinejad and other Islamist propaganda on Hidden Imam vigil. |
| Posted by: Danielle 2008-09-17 11:16 |
| #5 with the possible gradual disappearance of independent investment banks like Lehman or Merrill Lynch. Check out the brains on that guy. No mention of Morgan Stanley beating expectations. |
| Posted by: Mike N. 2008-09-17 09:11 |
| #4 That includes a lot of house purchasers. This is the culmination of a generation of greed. Few were immune. I'm glad I got out early. |
| Posted by: Nimble Spemble 2008-09-17 07:58 |
| #3 I don't have a word strong enough for the people who knowingly led the markets into this position in the first place. They knew it was coming, and didn't care as long as they could rake in money before the bubble burst. |
| Posted by: gromky 2008-09-17 05:52 |
| #2 Doesn't due any harm to my investments. |
| Posted by: g(r)omgoru 2008-09-17 04:26 |
| #1 See CHINESE MIL FORUM/REDDIT > MARKET ORACLE.UK -THE END OF WESTERN CAPITALIST CIVILIZATION [ + US Power as USA is now bankrupt]??? |
| Posted by: JosephMendiola 2008-09-17 01:37 |