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Post US: Financial Crisis Update (Bienvenido Macario, Philippines / US)
Created by John Eipper on 09/30/08 5:21 AM - us-financial-crisis-update-bienvenido-macario-philippinesus

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US: Financial Crisis Update (Bienvenido Macario, Philippines / US) (John Eipper, USA, 09/30/08 5:21 am)

Bienvenido Macario writes:

I thought I should update WAISers on the market reaction around the
world after the rejection of the bailout bill.

Further reports indicate that some Republican members of the house
took offense at Speaker Nancy Pelosi's opening speech "that former
Pres. Bill Clinton left the White House with the US Government
enjoying a budget surplus and that Bush's failed policies has now
brought a massive deficit and this financial crisis."

Anyway the bailout bill was defeated with a 206-227 vote. I heard
over the radio that it was just a matter of 13 votes either from the
94 Democrats who voted "no" or the Republican minority.

The 777.68 points wiped out from the Dow translates to $1.2 trillion!
Is this amount familiar to you? This is the first time that the stock
market lost over $1 trillion value of stocks in one day. We could see
the market sink further to 10,200 before stabilizing.

JE comments: Nope, a cool trillion is way out of my league. US
financial markets have yet to open as of this writing, but Asian
markets are deep in the red. And Tuesdays (especially in the
fall) rarely bring good news--think 9/11 and "Black" Tuesday 1929:
d a martes, no te cases, no te embarques...

For information about the World Association of International Studies
(WAIS), and its online publication, the World Affairs Report, read its
homepage by simply double-clicking on: http://wais.stanford.edu/

John Eipper, Editor-in-Chief, Adrian College, MI 49221 USA

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