Plunge Protection Team and the Fed ride to the rescue Tuesday, or is it time to just stand back and get out of the way?
You know, no matter what it saddens me that the United States lost control of its financial markets. If people can't have confidence in the balance sheets and unbiased auditing of US companies, where can they?
Shame on the Fed and SEC for allowing companies to cook the books and obscure the truth to the extent that they did. And for gods sake, go arrest someone so we can at least make it look like we're on the case!
And for those who though stocks were liquid because you could just hit the "sell" button and be done with it, how was your trading today? Bit frustrated eh?
European, Asian Markets Plunge Amid Pessimism Over US Stimulus Plan
LONDON (AP) -- European and Asian stock markets plunged Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession.
The U.K. benchmark FTSE-100 dropped 3.9 percent to 5,673.1; France's CAC-40 Index plunged 4.5 percent to 4,861.2, while Germany's slumped 5.35 percent to 6,922.7.
In Asia, India's benchmark stock index tumbled 7.4 percent, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks.