"Vote out Brendan Nelson" <vote@[EMAIL PROTECTED]
> wrote in message
news:47dd26da$0$15754$afc38c87@[EMAIL PROTECTED]
> kangarooistan wrote:
>> Fresh banking fears knock shares
>>
>> Wall Street is now fearful other banks will follow suit
>>
>> America's main share indexes have fallen sharply due to renewed fears
>> about the impact of bad mortgage debt and the wider credit squeeze.
>>
>> The declines come after the news that US bank Bear Stearns, at the
>> centre of the mortgage debt crisis, has been forced to seek emergency
>> funding.
>>
>> Increasing concerns that other lenders may follow suit sent the S&P's
>> 500 down 27 points or 2% to close at 1,288.
>>
>> Meanwhile, the Dow Jones lost 1.6% or 195 points, and the Nasdaq fell
>> 2.3%.
>>
>> Sentiment on Wall Street has been further hit by the continuing
>> weakness of the dollar and high oil prices.
>>
>> Sub-prime spark
>>
>> Speculation had intensified in recent days that Bear Stearns, Wall
>> Street's fifth largest investment bank, was struggling to fund its
>> daily business.
>>
>>
>> This is another chapter in a book rather than a one-act play
>> Analyst Phil Orlando
>>
>> Its shares ended down 46% following Friday's announcement.
>>
>> Analysts said markets were now worried that further banks may now need
>> emergency funds, and that it will only exasperate the threat of the US
>> sliding into recession.
>>
>> "This is another chapter in a book rather than a one-act play," said
>> Phil Orlando, chief equity market strategist at Federated Investors.
>>
>> The credit crunch was caused because banks became less willing to lend
>> to each other after they suffered large losses on investments linked
>> to the US housing market, and the sub-prime sector in particular.
>>
>> Sub-prime lenders focus on clients with poor or non-existent credit
>> histories, and a record number of borrowers have defaulted on loans.
>>
>> This has had a knock-on impact on the wider US housing market, which
>> has seen the first countrywide fall in prices in decades.
>>
>> http://news.bbc.co.uk/2/hi/business/7297554.stm
> they deserve it
Here is the big picture idiot, open your broken eyes:
http://www.marketwatch.com/tools/quotes/intchart.asp?symb=DJIA+&time=20&freq=1&comp=&compidx=DJIA%7E1643&compind=&uf=0&ma=&maval=&lf=1&lf2=&lf3=&type=2&size=1&txtstyle=&style=&submitted=true&intflavor=basic&origurl=%2Ftools%2Fquotes%2Fintchart.asp
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