8,695.79
–443.48
–4.85%
The severe 'fall off' slowed significantly at about 1:45 PM. I still believe 8500 is the low point. It hasn't really descended very far below 'that mark' since it started its decline this year. Lately, the markets seem to 'be happy' about 'that mark.' The other markets are sustaining losses as well, all are around 4 - 5 percent. This will go on. I'm not really more worried today than two weeks ago.
The USA has to wait for a transition into a government that are WILLING to put people back to work to re-establish the American economy rather than faux stimulus plans that simply drop enough cash in the markets to 'see it through the holidays.' It is a flash in the pan economy. It isn't sustainable and contributes to the debt of the country. Grow the tax base and solve the country's problems, basically. I don't see any other alternative.
WASHINGTON (MarketWatch) - Commercial banks, investment banks, American International Group, and commercial paper issuers borrowed $590 billion from the Federal Reserve as of Wednesday, the Fed reported Thursday. This is up from $408 billion in the previous week. The increase reflected $243.3 billion in commercial paper purchased by the central bank under a new facility. The program is aimed at allowing nonfinancial firms to restart issuing commercial paper to pay for near-term funding needs. As of Wednesday, Nov. 5, commercial banks borrowed $108.6 billion, the investment banks and broker-dealers borrowed $71.6 billion and AIG borrowed $81.2 billion.
Did the 'bailout' work?
No.
Global financial markets close with major losses (click here)
Published: Thursday 06 November 2008 21:45 UTC Last updated: Thursday 06 November 2008 21:45 UTC On Thursday, global financial markets closed showing major losses, with investors worried that the credit crisis is having an increasing impact on the real economy. Central banks in Europe announced steep interest rate cuts, but were unable to halt the markets' decline....
