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| Europe |
| World stocks plunge on Greek default, eurozone risks |
| 2011-11-02 |
| [Dawn] Global stock markets plunged Tuesday after Greece announced a referendum on its latest bailout deal, agreed only last week, putting the hard won accord in jeopardy and Europe in uncharted waters. Dealers said the announcement late Monday by Greek Prime Minister George Papandreou completely trumped any idea the Greek debt issue could be resolved gradually, so allowing the rest of the eurozone to put its house in order. The news was even more troubling as it followed weak Asian manufacturing growth data, especially in China, the world's number two economy, which further clouded an already very uncertain outlook. "The wheels look set to fall off the European bailout effort as the Greek prime minister's call for a referendum sent the market into a tail spin," said ETX Capital trader Manoj Ladwa in London. The markets have tumbled as investors begin "to factor in an ever increasingly likelihood of a Greek default," Ladwa said. In London, the benchmark FTSE-100 index of top companies lost 2.21 percent to 5,421.57 points -- but even this sharp loss was better than most others. In Gay Paree, the CAC-40 slumped 5.38 percent to 3,068.33 points and in Frankfurt, the DAX-30 was down 5.0 percent to 5,834.51 points. Milan tumbled 6.8 percent and Madrid fell 4.19 percent while Athens, the epicentre of the latest crisis, dropped 6.82 percent. Italia was especially under pressure as investors looked to cash out at all costs amid increasing fears Rome will need outside help to get through its debt crisis. |
| Posted by:Fred |
| #27 I partially agree. But for every Baby Boomer out smoking dope, screwing around and thinking s/he had invented freedom and morality (both ... LOL), there was another Boomer quietly going about building a decent life in a small business or a small town or in uniform until Clinton hollowed out the military. The others got all the publicity, tho. And they certainly did a lot of self-promotion. |
| Posted by: lotp 2011-11-02 20:21 |
| #26 BP, No p*ssing contest intended. As a generalization I completely agree with you. It just bothers me that I have to be associated with so many f**king 'unlucky' peers. |
| Posted by: Glenmore 2011-11-02 19:15 |
| #25 Not really, Microsoft tried to copy the idea, but they screwed things up and made him cheerful. |
| Posted by: Thing From Snowy Mountain 2011-11-02 18:50 |
| #24 In the background (1:08) the other Ark B types are working out the important task of what colour their invention "the Wheel" should be. Marvin the Paranoid Android was also invented before Microsoft invented Clippy. Which is rather prescient don't you think? |
| Posted by: Bright Pebbles 2011-11-02 18:41 |
| #23 BEWARE of Greeks bearing bad bonds!! |
| Posted by: AlmostAnonymous5839 2011-11-02 18:36 |
| #22 Dale: while looking for an explanatory video I found this instead: |
| Posted by: Thing From Snowy Mountain 2011-11-02 18:30 |
| #21 If it makes the rest of you feel any better, those baby boomers who haven't been successfully provident are now getting retirement jobs as McDonald's counter people and WalMart greeters, leaving ever fewer jobs for the college kids. But the truly selfish generation was the so-called Silent Generation, those who were children during WWII, who benefitted from the lumps of populations both before and after them -- and from the heyday of the unions and the social security surpluses to vote themselves all sorts of benefits beyond what they paid in. The baby boomers really only started garnering power on the national stage about fifteen years ago -- Bill Clinton was only elected president in 1992, right? And his predecessors had all fought in the second world war. |
| Posted by: trailing wife 2011-11-02 18:09 |
| #20 I know some people like that - who feel that they don't need to work and continually suck on the public teat. Totally F**king Useless - except to produce that Democratic Vote every 2 years. Ann Rynd called them the 'moochers'. Unfortunately they (just like in Greece) will have to learn the 1st law of parasites: Do Not Kill The Host. |
| Posted by: CrazyFool 2011-11-02 16:20 |
| #19 Snowy you had to say that. I have a family relation that graduated from an Ivy league school with a law degree. He then parked cars for two years saying he was making more money doing that than starting out in practice. So he said anyway. He now works in law however. BP with your skills do you feel you have more control. Seems there is always something to do or worry about. |
| Posted by: Dale 2011-11-02 15:55 |
| #18 I've got a brain the size of a planet and they've got me parking cars. |
| Posted by: Thing From Snowy Mountain 2011-11-02 15:39 |
| #17 Glenmore If you're interested I have a degree in computing maths. If you want really your bank account and life jerked around run a business, like I do. Anyway this is getting into a pissing game. Basically a generation thought (falsely) it found the way to work-free wealth, and did anything to hide the truth from itself. |
| Posted by: Bright Pebbles 2011-11-02 15:15 |
| #16 lotp - But the majority of you were the most self-venerating generation ever Some of us not only put in the work for advanced technical degrees, as Glenmore notes, we also allowed our lives and bank accounts to be jerked around by military service. |
| Posted by: lotp 2011-11-02 14:26 |
| #15 Yes, BrightPebbles. And not only were we self-venerating, some of us were also LUCKY enough to select college majors in subjects like computer science or engineering, and lucky enough to avoid getting into immense debt buying McMansions and Porsches. All that good luck obliges us to pay the bills for our unlucky peers. |
| Posted by: Glenmore 2011-11-02 13:56 |
| #14 Dale It's because DEBT has been used to cover up the damage caused by taxation on working, saving, employing and investing. |
| Posted by: Bright Pebbles 2011-11-02 13:32 |
| #13 lotp But the majority of you were the most self-venerating generation ever. |
| Posted by: Bright Pebbles 2011-11-02 13:31 |
| #12 Children and grandchildren need help. Co-sign on loans of all types also. Bailout of jail, medical, lawyers, start a new business, divorce, College,move back home; and whatever. Don't forget the cars. |
| Posted by: Ebbang Uluque6305 2011-11-02 12:44 |
| #11 EP "I read that most baby boomers don't plan on leaving anything to their kids. Not that there will be anything left". I have been hearing that for several years now. Bumper stickers saying " I'm Spending The Children's Inheritance". Just to maintain a normal standard of living they are accustomed to is causing them to access retirements(for several years now). Children and grandchildren need help. Co-sign on loans of all types also. Bailout of jail, medical, lawyers, start a new business, divorce, College,move back home; and whatever. So do you give it to them now or later. Life is for the living but nobody said it would be easy. Good job for a Patriarch or Matriarch, hopefully up to the task. |
| Posted by: Dale 2011-11-02 12:13 |
| #10 A few of us baby boomers are trying to do our part in various ways, Eohippus, Fred by publishing Rantburg and others of us by living prudently, saving for our kids and voting wisely. |
| Posted by: lotp 2011-11-02 11:38 |
| #9 EP Yes. "Who withdraw funds which further depresses the markets". The flow of money is slowing(since or before 2008). Like our government, they can never get enough. So what do they do? print more. Then make us do with less. Occupy people want government to manage everything when they are a big part of our problems today.We will reach a reset point; a default and do it again I guess. |
| Posted by: Dale 2011-11-02 10:55 |
| #8 Many people in the system to retire soon. Who withdraw funds which further depresses the markets. Many people are looking at retirees as a cash cow. Especially the early dinner buffet line at Luby's. I read that most baby boomers don't plan on leaving anything to their kids. Not that there will be anything left. Just keep sending in your money. We will invest it wisely. Give it some time. Be patient. Like when all the baby boomers are dead and buried. |
| Posted by: Eohippus Phater7165 2011-11-02 10:18 |
| #7 US financial markets up strongly so far today (several companies reported upside on rev and earnings). |
| Posted by: Lord Garth 2011-11-02 10:14 |
| #6 tu3031 Go to your room. AH yes, January sometime they say. But they basically have already defaulted. As the markets drop so go retirements. With everything costing more to live people will not be able to retire. Just keep sending in your money. We will invest it wisely. Give it some time. Be patient. Many people in the system to retire soon. Many people are looking at retirees as a cash cow. I should say many people and governments."Show me the money"; no, give me your money. |
| Posted by: Dale 2011-11-02 09:56 |
| #5 They take the pressure and throw away conventiality, belongs to yesterday |
| Posted by: swksvolFF 2011-11-02 08:00 |
| #4 Call me when they don't have enough money for "Palestinians". |
| Posted by: g(r)omgoru 2011-11-02 03:44 |
| #3 From a comment at the Telegraph: The referendum will never take place: not because it's been stopped by the Powers That Be, but because it is moot. The very act of calling it has decided the game. Nothing can now be done until after the referendum is held - in a couple of months at the earliest - and by then it will be too late. The eurozone will already have collapsed, one way or the other. |
| Posted by: Anguper Hupomosing9418 2011-11-02 03:41 |
| #2 My investment managers better have seen this one coming. |
| Posted by: gorb 2011-11-02 03:09 |
| #1 So...it's default of the Greeks. Goodnight everybody. Drive safely. |
| Posted by: tu3031 2011-11-02 00:03 |