Shanghai drops as trading resumes, while Tokyo dives - MarketWatch
The Hanke-Panke Plan at work: gasoline on the fire. And last I heard, Hank isn't going shopping for junk assets for six weeks, meaning past the election. I guess his purchases are not expected to make Republicans popular.
If the Feds are going to do anything useful, it looks like they have a week, maybe two but probably not, to do it. It looks like the plan is just to keep City Bank of Goldman Morgan going, let everything else crash, then give the overlord-approved survivors lots of cash to buy everything else up at five cents on the dollar.
It looked like Wells-Fargo was among the favored few (Warren has a big stake in it, but maybe he's not really part of the ruling clique), but with the Feds apparently trying to force the Citi takeover of Wachovia despite WFC making a much better offer which may also cost less or no government money, one has to wonder: why do they hate America so much?
Shanghai drops as trading resumes, Tokyo slumps
Nikkei hits lowest level since May 2004, Hang Seng loses 3.5%
HONG
KONG (MarketWatch) -- Asian markets tumbled Monday amid concerns about
a raging global financial crisis. Japanese shares were down sharply --
with banks falling hard, and Sony Corp. moving below a five-year low --
and Shanghai-listed stocks dropped as trading resumed after a week-long
holiday.
"The fact that the [U.S. bailout package] has gone through hasn't seen
a freeing up of the credit markets, and because that hasn't happened,
people are wondering what else the government can do now," said Andrew
Sullivan, a sales trader at Main First Securities in Hong Kong.
The Hanke-Panke Plan at work: gasoline on the fire. And last I heard, Hank isn't going shopping for junk assets for six weeks, meaning past the election. I guess his purchases are not expected to make Republicans popular.
If the Feds are going to do anything useful, it looks like they have a week, maybe two but probably not, to do it. It looks like the plan is just to keep City Bank of Goldman Morgan going, let everything else crash, then give the overlord-approved survivors lots of cash to buy everything else up at five cents on the dollar.
It looked like Wells-Fargo was among the favored few (Warren has a big stake in it, but maybe he's not really part of the ruling clique), but with the Feds apparently trying to force the Citi takeover of Wachovia despite WFC making a much better offer which may also cost less or no government money, one has to wonder: why do they hate America so much?
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