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Bush Did This Too?

Mike

Well-known member
:lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol: :lol:

If you think he is responsible for this. you are giving him way too much credit.

Biggets WORLD Stock market decline since 1997.............
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Europe Stocks Post Steepest Drop in Eight Months; Fortis Falls

By Adria Cimino

Sept. 29 (Bloomberg) -- European stocks tumbled the most in eight months, sending the Dow Jones Stoxx 600 Index to the lowest level since January 2005, after bank bailouts accelerated and the $700 billion plan to rescue American financial institutions failed to unlock money markets.

Anglo Irish Bank Corp. Plc, Dexia SA and Deutsche Postbank AG plunged more than 20 percent after the governments of Belgium, the Netherlands and Luxembourg were forced to rescue Fortis and the U.K. seized Bradford & Bingley Plc. Hypo Real Estate Holding AG slid 74 percent as the German government and a group of private banks provided a 35 billion-euro ($50 billion) guarantee for the commercial-property lender.

Europe's Stoxx 600 fell 5.5 percent to 251.43, the steepest decline since Jan. 21. The gauge is down 31 percent this year as banks worldwide racked up more than $590 billion in credit losses and writedowns, pushing the global economy toward a recession.

``There's more pain to come,'' said Andy Lynch, who manages about $3 billion at Schroder Investment Management Ltd. in London. ``People knew the bailout was going to happen. Now it's back to the same-old, same-old of capital writedowns and weekend bailouts. Earnings estimates for next year still are too high.''

Credit losses at UBS AG, along with profit declines at technology companies such as Ericsson AB, helped send earnings lower at 153 of the 332 members of the Stoxx 600 tracked by Bloomberg that reported quarterly results since the beginning of July. More than 40 percent of the Stoxx 600's companies trailed Wall Street's estimates, Bloomberg data show.

National benchmark indexes fell in all of the 18 western European markets. The U.K.'s FTSE 100 sank 5.3 percent, while France's CAC 40 lost 5 percent. Germany's DAX slid 4.2 percent as Commerzbank AG and Siemens AG declined.

Money-Market Rates

The cost of borrowing in euros for three months soared to a record after the bailouts deepened concern more financial institutions will collapse, prompting banks to hoard cash. The London interbank offered rate, or Libor, climbed 8 basis points to 5.22 percent today, the largest jump since June, the British Bankers' Association said.

The pound fell the most against the dollar in 12 years and the euro weakened.

U.S. lawmakers reached agreement yesterday as House Republican leaders backed away from opposition to the bank rescue proposal after it included plans to create insurance for mortgage-backed securities. The House and Senate are scheduled to vote on the bill early this week, although it wasn't clear last night that it has sufficient votes to pass the House.

Economic Confidence

European confidence in the economic outlook fell to the lowest since the slump in the wake of the Sept. 11 terrorist attacks. An index of executive and consumer sentiment dropped to 87.7 in September from 88.5 in August, the European Commission in Brussels said.

Anglo Irish, the nation's the third-biggest lender, fell 46 percent to 2.30 euros. Deutsche Postbank, Germany's biggest bank by clients, retreated 24 percent to 26.94 euros. Dexia tumbled 30 percent to 7.07 euros as the world's biggest lender to local governments scheduled a second board meeting to discuss the financial market crisis.

`Not Over'

Fortis lost 24 percent to 3.97 euros after the company received a bailout of 11.2 billion euros. Belgium will buy 49 percent of Fortis's Belgian banking unit for 4.7 billion euros, while the Netherlands will pay 4 billion euros for a similar stake in the Dutch banking business, the governments said. Luxembourg will provide a 2.5 billion-euro loan convertible into 49 percent of Fortis's banking division in that country.

``The banking crisis is not over,'' said Jacques Porta, who helps manage $180 million at Ofivalmo Patrimoine in Paris. ``Look at Fortis today, we are not sure other banks in Europe are not going to have the same problems. The problem is even if we have the good news with the Paulson plan, investors think it is not enough to stop all this mess.''

Bradford & Bingley, the U.K.'s largest lender to landlords, was seized by the government after the credit crisis shut off funding and competitors refused to buy mortgage loans that customers are struggling to repay. The stock was suspended from trading.

Banco Santander SA, Spain's biggest lender, will pay 612 million pounds ($1.1 billion) to buy Bradford & Bingley branches and deposits, the U.K. Treasury said today. Santander shares declined 4.2 percent to 10.46 euros.

Hypo Real Estate

Hypo Real Estate slumped 74 percent to 3.52 euros. The German government and a group of private banks will provide a guarantee to rescue the bank from insolvency. The country's second-largest commercial-property lender earlier said it expects to scrap a 2008 dividend payment after securing a ``multi-billion-euro'' credit line to shield itself from turmoil on financial markets.

Commerzbank sank 24 percent to 10.95 euros even as Germany's second-biggest bank by assets said its funding is secure.

Citigroup Inc., the largest U.S. bank by assets, agreed to buy the banking operations of Wachovia Corp. in a transaction the Federal Deposit Insurance Corp. helped arrange. Citigroup will absorb as much as $42 billion of losses on Wachovia's $312 billion pool of loans, the FDIC said.

Iceland agreed to buy 75 percent of Glitnir Bank hf for 600 million euros in a government bailout of the nation's third-biggest bank, as the global credit crisis extends to the Atlantic island. The stock was suspended from trading.

Commodities Fall

Basic-resource shares retreated as metal prices dropped in London. BHP Billiton Ltd., the world's biggest mining company, lost 10 percent to 1,232 pence. Rio Tinto Group, the second- largest iron-ore exporter, decreased 11 percent to 3,310 pence. Copper, lead, nickel and tin prices sank.

Renault SA, France's second-biggest carmaker, fell 7 percent to 44.02 euros after Credit Suisse Group AG downgraded the shares to ``underperform'' from ``outperform.''

Siemens AG lost 2.8 percent to 64.91 euros. Europe's largest engineering company may face a ``certain slowdown'' in the growth of its orders in the coming months as the economy falters, Les Echos reported, citing CEO Peter Loescher.

Akzo Nobel NV tumbled 7.8 percent to 32.75 euros. The world's biggest maker of paints postponed a plan to repurchase 1.6 billion euros of its stock, as debt repayments loom.

To contact the reporter on this story: Adria Cimino in Paris at [email protected]

Last Updated: September 29, 2008 13:16 EDT
 

kolanuraven

Well-known member
The only reason I say he's to carry the blame is that :


HE IS THE BOSS !!!


He loves strutting across a carrier deck when he thinks he's in charge then.....well...he's in charge in the bad times also.


It comes with the office.


As far as him having the brains to even half way understand ANY of this mess.....NO WAY.
 

Mike

Well-known member
HE IS THE BOSS !!!

Oh? He caused the World's Central Banks to fail?

He made all those loose loans worldwide?

You libs are getting downright comical.................. :lol: :lol:
 

kolanuraven

Well-known member
Mike said:
HE IS THE BOSS !!!

Oh? He caused the World's Central Banks to fail?

He made all those loose loans worldwide?

You libs are getting downright comical.................. :lol: :lol:



No ,not the world....I give him credit for this mess in our own backyard.

For all we will know when the dust clears, we have been the spark that lit the fire around the world. Who'da hell knows for sure?????

As the US ,we were the ones who liked to brag to the rest of the world about how our ways were the best ways and the world needs to follow us, and they did follow us cause we're smart and we know what we're doing. :roll: :roll: :roll:

Now be it the worlds fault for following us or not, who can say.
 
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