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Thread: Here comes the correction.

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    Politics.ie Member richie268's Avatar
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    Default Here comes the correction.

    I do not really know what to say!
    Wall St drops as mortgage worries hit banks | Reuters
    For the first time in my life I am thinking of getting out!
    Jesus on a tricycle this is messed up.
    October will speak volumes and Joe Six pack will hear about it in MARCH 2011.
    Last edited by richie268; 20th October 2010 at 03:36 AM.

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    Politics.ie Member ocoonassa's Avatar
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    Default

    [ame=http://www.youtube.com/watch?v=VdkJp1k7sZg]YouTube - Bob Marley Ride Natty Dread[/ame]

    And it's the fire (fire), it's the fire (fire)
    That's burning down everything:
    Feel that fire (fire), the fire (fire);
    Only the birds have their wings, yeah!

    No time to be deceived.
    Oh, brothers, you should know and not believe:
    Jah say this judgement - it could never be with water,
    No water could put out this fire (fire):
    This fire (fire), this fire (fire),
    This fire (fire), a yaga y'all! Ride, Natty, ride!
    Go deh, Dready, go deh,

    'Cause now the fire is out of control,
    Panic in the city, wicked weeping for their gold!
    Everywhere this fiyah is burning,
    Destroying and melting their gold,
    Destroying and wasting their souls.


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    Moderator NYCKY's Avatar
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    Not a bad idea. The correction isn't over yet. Fasten your seatbelts!

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    Politics.ie Member  Donnchadha's Avatar
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    The market is still skittish. The Mortgage mess is still unresolved, and corporate America is sitting on their money.

    On top of this, we have a President and Lawmakers who are spending money like drunken sailors. Bad medicine.

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    Its widely expected in some circles to have a market crash today.

    The perfect storm is here, the UK with their Budgets Cuts, some major business announcements in the US.

    Could be bumpy today.
    Last edited by Bi ciuin; 20th October 2010 at 10:53 AM.

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    Politics.ie Member firefly123's Avatar
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    Feck it. I just got through the last cache of tinned goods from the last scare.
    Off to the supermarket I go again. The missus won't be happy

  7. #7
    Politics.ie Member Chrisco's Avatar
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    Quote Originally Posted by Bi ciuin View Post
    Its widely expected in some cirlces to have a market crash today.

    The perfect storm is here, the UK with their Budgets Cuts, some major business announcements in the US.

    Could be bumpy today.
    The sort you and Rhondda are active in?

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    US index futures are up this morning, commodities are rallying and risk currencies are seeing infows, strange sort of "correction".

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    Quote Originally Posted by Donnchadha View Post
    The market is still skittish. The Mortgage mess is still unresolved, and corporate America is sitting on their money.

    On top of this, we have a President and Lawmakers who are spending money like drunken sailors. Bad medicine.
    And the common people, damn them, have the audacity to save their cash.

    Federal Reserve Bank of Chicago President Charles Evans said we are in what Keynesians call a "liquidity trap":

    A liquidity trap may be defined as a situation in which conventional monetary policies have become impotent, because nominal interest rates are at or near zero - so that injecting monetary base into the economy has no effect, because base and bonds are viewed by the private sector as perfect substitutes.
    In order to make monetary policy "effective" during a recession, they say you have to stimulate the economy by creating price inflation. They create price inflation by printing money (quantitative easing or QE). This will free up all those dollars that savers are "hoarding." What this will do, according to Krugman and Keynes, is cause people to spend because they will see that inflation is depreciating their dollars and there is no use continuing to maintain high savings. This new spending will break the "trap" and people will spend, businesses will borrow, and banks will lend. But it won't work unless people know that the Fed really means it when it comes to creating inflation. If they think the Fed will "chicken out," then folks will just hold on to savings during economic uncertainty and they won't spend. So, the Fed really needs to push the money pedal hard.
    Fed: We Are In A Liquidity Trap Which Can Only Be Cured By Inflation | zero hedge
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    Politics.ie Member Hewson's Avatar
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    Quote Originally Posted by richie268 View Post
    I do not really know what to say!
    Wall St drops as mortgage worries hit banks | Reuters
    For the first time in my life I am thinking of getting out!
    Jesus on a tricycle this is messed up.
    October will speak volumes and Joe Six pack will hear about it in MARCH 2011.
    Well, maybe, maybe not.

    Wall Street is a cross between a seedy back-street gambling casino and a noisy creche. I've seen so many 'terminal' shocks to the system over the last few years that I just grin and The instinctive reaction among traders to the slightest of events is the knee-jerk reaction. Then it wears off, gets forgotten about and the whole show moves on.

    Yesterday the pandemonium was largely set off by the rise in Chinese interest rates. That was yesterday's excuse. Today it'll be something else. Tomorrow something else again.

    And never, but never, underestimate the levels of manipulation going on in the background.
    Abortion is an act of violence. Violence demeans humanity, particularly violence against women and children.

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