Black Monday as biggest FTSE crash since 9/11 wipes off nearly £60bn in shares

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[ARCHIVED THREAD] - Black Monday as biggest FTSE crash since 9/11 wipes off nearly £60bn in shares

JBlitzen

Member

Joined Jan 2006
Posts 265
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NY, USA

Posted: 1/21/2008 10:40:39 AM EST

www.thisislondon.co.uk/news/article-23433407-details/Black+Monday+as+biggest+FTSE+crash+since+911+wipes+off+nearly+£60bn+in+shares/article.do

The stock market was in meltdown today as nearly £60billion was wiped off London shares as fears of a US recession sparked a global sell-off.

The bloodbath saw the Footsie plummet by 5.5 per cent, losing 323.5 points to close at 5578.2 - its biggest one-day points drop since the September 11 terrorist attacks in 2001.

The Footsie has now fallen by around 10 per cent in the last 10 days, by around 15 per cent over the last month and is well on the way to being off 20 per cent since its most recent high of 6754 in July - before the world's banking system was sent spiralling.

It is also the worst start to the year for the stock market since records began in 1936.

"I smell the acrid stench of fear and uncertainty," said markets commentator David Buik of BGC Partners.

Shares across Europe also dived and Asian stock markets suffered heavy overnight losses as fears over the health of the world's biggest economy swept through markets across the globe.

The falls followed Friday's falls for the Dow Jones Industrial Average on Wall Street, when investors were left unimpressed by the US Government's tax-relief plans to spur on the economy.

Rumours that Bank of China may become the latest banking giant to reveal a financial hit from the collapse of America's sub-prime mortgage market also tested investor nerves

The fall in the Footsie came after figures revealed a record government borrowing deficit for December of £7.8billion.

Howard Archer of forecasters Global Insight said: "The Chancellor's target of cutting public sector borrowing next fiscal year now looks like wishful thinking."

Big fallers included Wolseley, the building supplies company, which reported a 40 per cent drop in profits.

...

Discussion topic: Does the next recession start Tuesday?

Michael_B Joined Mar 2006 Posts 2243 EE Offline VA, USA	Posted: 1/21/2008 10:42:51 AM EST Black monday on MLK day? Thats racist.

Bluewaterheaven Joined Jun 2007 Posts 1060 EE Offline TN, USA	Posted: 1/21/2008 10:43:08 AM EST Yup looks like recession will be happening sooner than many thought.... I think this is good though, lets get this shit over with, These things happen and we hopefully will come out stronger then we were before.

1GunnerHogan1

I miss Lunada Bay Surfing

Joined Jan 2005
Posts 3420
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WA, USA

Posted: 1/21/2008 10:43:35 AM EST

Originally Posted By Michael_B:
Black monday on MLK day? Thats racist.

I was thinking the same thing.

Liberals...Short on Horsepower...Long on Exhaust!!

"Hippe has many negative connotations. I prefer the term Enlightened.... Illuminated"
John210 aka "DU" troll & Darwin 2007 award winner

Favre44

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Joined Jan 2007
Posts 907
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CA, USA

Posted: 1/21/2008 10:45:43 AM EST

Originally Posted By 1GunnerHogan1:

Originally Posted By Michael_B:
Black monday on MLK day? Thats racist.

I was thinking the same thing.

HAHAHAHAHA

I didnt reven recognize

What the hell is this idiot going to do? Lay in snow all day? While his wife is barely paying the mortgage on their igloo?

Seals are nothing but hippies. I bet they smoke weed too, only potheads are as useless as baby seals.

/rantover - Hemi

Trmaher

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Joined Oct 2005
Posts 73
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FL, USA

Posted: 1/21/2008 10:59:02 AM EST

It used to be said that if America's economy caught a cold, the rest of the world would catch the flu. I'm not so sure that is the case given how interrelated the global economy has become in recent years, but it's tough to look at these numbers and not gasp. Note that it wasn't just London's FTSE that got hammered today. The German DAX and French CAC 40 dropped about 7% each. HOLY SH!T! I would guess there's going to be some angina on Wall Street tomorrow.

If you have money in the market for the long haul, then this sort of thing is likely to be just a bad memory some time from now. I've seen enough downturns to know that the market is cyclical and our economy is resilient. And I'm confident in the economic underpinnings of America. On the whole, we're smarter, harder working and more innovative than any other country on this planet. This too, we will survive.

skygod

Certified Air Shark

Joined Jan 2006
Posts 789
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AL, USA

Posted: 1/21/2008 11:00:17 AM EST

Originally Posted By Bluewaterheaven:
Yup looks like recession will be happening sooner than many thought.... I think this is good though, lets get this shit over with, These things happen and we hopefully will come out stronger then we were before.

I wish more people realized this.

1997 - 2000 2/1 SFG(A) Ft. Lewis, WA
2000 - 2003 1/10 SFG(A) Stuttgart, Germany

Subconscious Joined Apr 2003 Posts 1770 EE Offline SC, USA	Posted: 1/21/2008 11:01:00 AM EST I swear, it's like lemmings. All those stockmarkets running to fail, simply because everyone else is.

sixgunsblazing One man, Six Guns.... Joined Feb 2002 Posts 10758 EE Offline WA, USA	Posted: 1/21/2008 11:01:22 AM EST I figure probably a 5% drop tomorrow, a 2% increase the next day, then down for the week. S&P is already down ~14% since the record high, and almost even with a year ago.
	No offense dude, but I think Subnet, Hardcase, and the gyrating stormtrooper pretty much got you on this one. كافر

Redcap

Bloodthirsty, mentally-ill savage.

Joined Feb 2004
Posts 7368
EE Offline

WA, USA

Posted: 1/21/2008 11:01:53 AM EST

Originally Posted By Michael_B:
Black monday on MLK day? Thats racist.

Originally Posted By ReallyLongAction:
I'd fuck it up like Rosie O at a Shoneys' buffet.

Originally Posted By GeorgiaBII:
excuse me while I go feed my wang to the dog.

dolanp Joined Apr 2004 Posts 7692 EE Offline TX, USA	Posted: 1/21/2008 11:05:42 AM EST The GDP has to shrink for two consecutive quarters for there to be a recession. We are nowhere close.

4v50 Joined Nov 2000 Posts 6891 EE Offline CA, USA	Posted: 1/21/2008 11:06:22 AM EST Recession is here. Watch our own market drop on Black Tuesday. Yep, that's racist.

Bluewaterheaven

Joined Jun 2007
Posts 1063
EE Offline

TN, USA

Posted: 1/21/2008 11:15:47 AM EST

Originally Posted By skygod:

Originally Posted By Bluewaterheaven:
Yup looks like recession will be happening sooner than many thought.... I think this is good though, lets get this shit over with, These things happen and we hopefully will come out stronger then we were before.

I wish more people realized this.

Its funny that they don't... I personally don't see this one being much worse then what happened after 9/11 but you never know.

anyway the market needs to correct itself, it s super inflated.

If you have your money invest wisely you should be fine anyway, you will take a hit, but nothing too bad. It is the people who invest in one thing and believe that what they invested in will always stay strong, that are screwed

cobra-ak Fan of the Krinkov Joined May 2003 Posts 6978 EE Offline FL, USA	Posted: 1/21/2008 11:15:49 AM EST What goes up must come down, oh well, no more Brazilian rodizio, and get the Sunday coupons for Steak & Shake.
	"In his latest video, Osama bin Laden urges all Americans to reject democracy and convert to Islam. Well, I can see that happening! Is this guy living in a cave?" - Jay Leno

armoredsaint "Si me perdis, te perdam" Joined Apr 2003 Posts 5487 EE Offline OH, USA	Posted: 1/21/2008 11:16:52 AM EST woot!!! i lost so much in my 401k during the past 2 months, i could have paid cash for a new car
	"people too weak to follow their own dreams will always try to discourage others" - unknown كافر

warlord

Joined Dec 2000
Posts 33155
EE Offline

CA, USA

Posted: 1/21/2008 11:30:56 AM EST

[Last Edit: 1/21/2008 11:31:26 AM EST by warlord]

People pooh-poohs the US dollar and the US. But when the US goes into a recession(a mere inconvience), the rest of the world is dying from a depression. The US economy is bigger than the next #2(Japan), #3(Germany), #4(China), & #5(UK) economies put together.

For the folks with a strong fortitude, now is the time to seek out good deals in growth stocks.

btw: now is NOT the time to buy Au/Ag because they are at near record highs.

JBlitzen

Member

Joined Jan 2006
Posts 268
EE Offline

NY, USA

Posted: 1/21/2008 12:31:26 PM EST

It likely won't be permanent or devastating. It's a pretty typical correction, though there's no judging the length of such things.

On the other hand, anyone who thinks it won't be noticeable is smoking something. 2002 was a bad year for a whole lot of people.

If you've refinanced your home, or are looking to sell in the next three years, or have heavy debt, you're in for trouble.

supersix4

Member

Joined Nov 2002
Posts 3359
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AK, USA

Posted: 1/21/2008 12:41:10 PM EST

Originally Posted By Michael_B:
Black monday on MLK day? Thats racist.

yer goin to hail fer that

Thank you BeetleBailey for the membersip

Tolerance is the virtue of a man without convictions

Michael_B Joined Mar 2006 Posts 2245 EE Offline VA, USA	Posted: 1/21/2008 12:45:03 PM EST S&P futures open in 15 minutes, i've never been this eager.

cluster

Joined Sep 2001
Posts 8296
EE Offline

TX, USA

Posted: 1/21/2008 12:45:58 PM EST

Originally Posted By supersix4:

Originally Posted By Michael_B:
Black monday on MLK day? Thats racist.

yer goin to hail fer that

thread got locked for calling it black monday about an hour ago ..

CZ75_9MM Member Joined Sep 2004 Posts 10024 EE Offline MO, USA	Posted: 1/21/2008 12:46:12 PM EST SELL, SELL, SELL!

dragongoddess Joined Jul 2006 Posts 2384 EE Offline TX, USA	Posted: 1/21/2008 12:49:58 PM EST I hear they are double checking all window locks from 2nd floor on up. It's too late to sell.

Lert Member Joined Sep 2005 Posts 1633 EE Offline AUS	Posted: 1/21/2008 12:50:36 PM EST The Australian stock exchange has lost all of 2007's gains in the last 3 weeks. So far its the biggest fall since 1987. Interesting times ahead...
	Thanks to 4XDawn, who gave me this membership for my 1000th post DUPE

rjroberts Joined Mar 2002 Posts 3933 EE Offline FL, USA	Posted: 1/21/2008 12:52:22 PM EST Tomorrow should be interesting. Perhaps the capitulation many have been looking for. Ready to sell the puts and buy the calls.

Engineer

Ragin' Asian

Joined Nov 2000
Posts 3818
EE Offline

OH, USA

Posted: 1/21/2008 12:52:36 PM EST

Originally Posted By CZ75_9MM:
SELL, SELL, SELL!

Yeah, if people keep doing that ... it will be "buy buy buy" for me...

Maximilian Joined Aug 2005 Posts 225 EE Offline TX, USA	Posted: 1/21/2008 12:54:48 PM EST The greatest Financial Crash Ever!

prk Joined Mar 2001 Posts 11002 EE Offline USA	Posted: 1/21/2008 12:54:56 PM EST Another case of THE MAN trying to blames his troubles on a brother.

txgp17

Executive Director, Vast Right Wing Conspiracy

Joined Oct 2004
Posts 7769
EE Offline

NC, USA

Posted: 1/21/2008 12:57:47 PM EST

Originally Posted By Michael_B:
Black monday on MLK day? Thats racist.

<font size=3>FRED THOMPSON FOR PRESIDENT - 2008</font id=s3>
What would Ted Kennedy know about SIMULATED drownings? -PAEBR332 11/1/07

FMD

Marlboro Man

Joined Aug 2004
Posts 5686
EE Offline

WI, USA

Posted: 1/21/2008 1:35:00 PM EST

Originally Posted By Lert:
The Australian stock exchange has lost all of 2007's gains in the last 3 weeks. So far its the biggest fall since 1987.

Interesting times ahead...

Agreed.

The answer is: "Glock G19 and a CompTac CTAC".
Please stop asking the same silly question.

DavidK: You've never met FMD? He's 6'6, 240, and trains Navy Seals for a living.

[ARCHIVED THREAD] - Black Monday as biggest FTSE crash since 9/11 wipes off nearly £60bn in shares

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