HUGE Drops Overseas Markets....

[Blackhatjack]

Bloomberg interview with British guest said 50 billion pound bailout would not be enough, it will take 2-3 times that amount. He also went on to say that Britain would have to choose 3-4 banks to survive and let the rest die... there are way too many banks for the Government to save, and the amount of money needed to rescue them all is way too much. Take their assets and add them to the 3-4 banks they choose to help.

The screen is almost totally red with dropping prices, and announcements that Spain and other countries are creating their own bailout funds.

It is looking like this train is gaining speed traveling downhill...

[Blackhatjack]

1. Headlines at Bloomberg.com LINK

Headlines at www.bloomberg.com

•Asian Stocks Plunge; Nikkei Drops Most Since 1987, Indonesia Halts Trading

•HSBC, Royal Bank, Barclays in Financing Double Whammy as Debt, Rates Rise

•Indonesia Exchange Halts Stock Trading After Benchmark Index Plunges 10%

•Japan Corporate Bankrupties Jump 34%, Fastest Pace Since 2000, on Turmoil

[TTUBatfan2008]

2. Shit...

well, at least it will keep this fucking election focused on the issues. I hope to God the public isn't stupid enough to fall for the character assassination that's going to be taking place in the next 30 days.

[vaberella]

3. Huh, I guess that means Lloyds dies. Barclays and HSBC survive.

All in all what this means is that everything is going to nationalise. I think what we're seeing is that competition is actually not healthy for industry and it results in economic disaster to the detriment of many. So we get an oligarchy of sorts running around or out right monopoly control by the State.

[Blackhatjack]

4. NIKKEI is down 9.75% ... these are huge drops n/t

[Alhena]

6. Holy crap

[jillan]

5. I'm sick.

[Blackhatjack]

7. These reports from Britain, Spain, Australia, Japan etc. are astounding...

NIKKEI drop is biggest in 20 years ... all 225 stocks are down.

[Median Democrat]

8. Welcome To Globalization - The US Is Not Going Down Alone

Also, as noted by Obama, a recovery is going to require a coordinated response between countries. So, sorry McCain, we can't bomb our way out of this one.

[Blackhatjack]

9. Any predictions as to what this means for the US market opening?

[Blackhatjack]

10. France just issued statement "No French Financial Institution Will Be Allowed To Fail"

Sounds like damage control is operating at full speed.

[Born_A_Truman]

11. Nikkei 225 closed down 9.38 percent

CNN International Live just announced that the British government will take stakes in their banks (partial nationalization).

Jakarta Comp down 10.38%
HK Hang Seng down 5.55%

[Blackhatjack]

12. Now INDIA Market is DOWN 7.34%

[Blackhatjack]

13. Does this sound familiar... British Commentary on bailout sounds just like US approach

They are hitting the same points the US pundits were raising when the US bailout was about to be announced.

"nationalization of banks'

[Blackhatjack]

14. All these characters appearing on CNN International could be US pundits 5 days ago...

... they even have the government officials opposing the bailouts speaking now.

DEJA VU?

[Blackhatjack]

15. Now the Indian Market and China Market are reporting big drops...

the kicker is that many of the people losing money in these markets are Americans and Europeans who sought safety from the US market dropping