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MaidMarion
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<b>Member</b>


Joined: Jun 12, 2007
Posts: 3128

PostPosted: Mon Mar 17, 2008 3:46 pm Reply with quote Back to top

http://www.newser.com/story/21789.html

Dollar Nosedives, Global Markets Tumble
Posted 11 hours, 51 minutes ago in Business

(newser) – The dollar took a pummeling and equity markets in Europe and Asia slumped as worried investors reacted to the Bear Stearns fire sale and the Fed's emergency rate cut. The dollar dropped to a shocking 95 yen, hit an all-time low of $1.59 against the euro, and remained below one Swiss franc. The US currency is "facing a credibility crisis," one Asian investor told Bloomberg, while another said that "the Fed is throwing the dollar out of the window."

After a bad day in Asia—the Hang Seng plunged 5.2% and the Nikkei 3.7%, leading declines across the continent—it was Europe's turn to reel. By late morning the DAX in Frankfurt was down 3.1%, with the FTSE and the CAC 40 following close behind. Investors were unimpressed by the Fed's facilitation of JPMorgan's $2-a-share buyout of Bear Stearns, which only stoked fears that more companies are in trouble.


**********

Take care of yourselves and get in some extra supplies this could get pretty bad! There does not seem to be any end in sight and this propping up of the market has been going on since last summer. We could still be just at the beginning of this mess and not even close to a solution. Frankly I don't think that the "big boys" know what they are doing right now. This global thing is new and they do not seem to be able to handle it very well indeed.
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