Friday, 10 October 2008

A week is a long time in global economics


Who would have predicted?

- Brown to buy ALL our banks

- The Dow to be below 900 and sinking fast enough to take General Motors down (they need to turn huge loans, not likely to get them....).

- Iceland to go bankrupt and screw our local councils, then we declare economic war by using terrorist legislation against them (oh, but there is NO law of unintended consequnces...)

- A global 0.5% rate cut to have no bounce effect on the markets.

- Gold to be nearly unchanged.

Phew, much more too. Next week should be fun. Today we get the results of the Lehmans CDS shake-out, who will get caught when the music stops?

15 comments:

Blue Eyes said...

I think the sky is actually falling in.

Tom P said...

Dow below 900? We really are in trouble ;-)

Nick Drew said...

might want to have a peek at gold again ...

Houdini said...

I think we are reaching rock bottom...aren't we?

Interesting thought too after Browns 'age of irresponsibility' speech...how did Labour get into their mess over the past decade with assets sold off and staff redundant if it was only the banks fault?

This is going to come back to bite him very hard.

Mark Wadsworth said...

What Tom P says. At 900, even I'd consider buying!

CityUnslicker said...

gold keeping me up.

huge bet on RBS gonna cost me about £1500 once the dilution sets in next week...ouch.

we could be near the bottom. bets wait and see if Lehman CDS sets off more dominoes.

We are crossing a minefield in fog, hard to know when out of it..

Letters From A Tory said...

I'm not so worried about what will happen when the music stops so much as I'm concerned that there aren't any financial chairs left to sit on.

Anonymous said...

I just got £4k that I'm not going to need to touch for few years. Even risk averse I am thinking of investing in a s&s isa now.

Sebastian Weetabix said...

At the bottom? I doubt it. We haven't even had the dead cat bounce yet. This is only just beginning...

Sackerson said...

@anon 10:06; not so overpriced as before, but Elliot Wave followers say this is leg 3 of 5. Next, a rally, followed by an even lower down. If they're right and you buy now, logic would say either you have to get your timing right on the sell, or you should be prepared to hold well past the end of leg 5. It's the bear market whipsaws that really wipe people out. Mind you, after the coming inflation what will £4k be worth anyway? Maybe you should pop the corks on a few bottles of bubbly instead.

N.B. We`are not regulated by the Oenological Services Authority. If you need personalised alcohol advice, consult a qualified wine merchant.

mr popodopolous said...

You missed out a 0 on the dow of course.

What you meant surely was Dow below 9,00?

Still,a few weeks ago ago it was over 11,000!

Anonymous said...

Sackers, thanks for the common sense. I, like Mitchel & butlers about a year ago (as I learnt on this site) am proposing getting into something I know nothing about, and since posting earlier I’m having some second thoughts about it.

All I want is to save up for a deposit on a house in the not to near future and am wondering how best to stop the erosion of my little stash. High(er) risk investments is probably not the best plan. En exiting index linked isa perhaps.

Or I could follow your other advice and invest it all in some crazy semi-professional brewing kit. Make my own beer through the recession.

dearieme said...

If you are going to ferment your own, I recommend wine. Pick some elderberries or brambles, mix with some grape juice, choose a good yeast, and off you go. In our experience the worst you get is good enough to put in a stew, the best good enough to drink at table.

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