Daily Financial Crisis Recap 17.10.08

The Dow ends the day 127.04 pts lower than yesterday at 8,852.22. A loss of 1.41%. The Dow is pretty volatile right now. It’s just the start. As soon as the recession sets in, things won’t be good.

The French bank La Caisse d’Épargne lost $807 million because of the derivatives market. They are currently in talks for a merger with La Banque Populaire. European banks are reticent to take money from their govts due to limits on their decision making and executive pay.

Fortunes built on debt are crumbling apart in Russia.

No one is listening to Bush. There are risks for the govt as it gets stakes in the banks. Nothing would be worse than if the markets continued to plunge.

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Relevant Posts (check out the finance category for more)

Author: range

I'm mathematician/IT strategist/blogger from Canada living in Taipei.

3 thoughts on “Daily Financial Crisis Recap 17.10.08”

  1. I don’t know. It’s the start of a correction that was needed in the markets. I don’t think that a few weeks of turmoil are enough to correct it. The Dow might still be volatile for a few more weeks, sending the US deeper into a recession, and plunging the rest of the world into it as well.

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