Rough Monday in the works?


Wall Street is bracing for a bumpy ride on Monday, as Asian markets dropped 4%….

Asian markets tumbled Monday morning as investors reacted nervously to a steep decline on Wall Street Friday after disappointing economic and corporate news reawakened worries about a U.S. recession.

Japan’s benchmark index sank 4 percent, while Australia’s market fell 3 percent and key indices in South Korea and Hong Kong were down nearly that much.

AIG and Dell led the downturn last week. The near $10 billion write down taken by insurance giant AIG is related to the continuing problems in the debt market, collateralized debt obligations, and related valuations of the underlying investments of derivatives, which began to unravel a few months ago in the subprime mortgage market. AIG share prices have dropped nearly 30% since October.

Dell posted a 6 percent decline in its quarterly profit, falling below analysts’ expectations, and warned that its business could suffer from reduced customer spending.

More from AP via MyWay News

22 Responses

  1. Ride that rollercoaster!
    It is both exhilarating and frightening, but in the end, after all the rises and plunges, it comes to a stop.
    I’ve seen too many economic ups and downs over the years to get too upset anymore. Do you remember the disastrous days, weeks, and months following 11 Sep 01? I sure do, and this current event is nowhere near as bad.
    One thing I do know is, everytime there is an economic down turn, it is always followed by a long period of prosperity.
    At least we haven’t had to resurrect the Resolution Trust Corporation.

  2. Ah yes, the RTC. At least there’s that….

    I used to own quite a bit more of AIG stock than I do now. Actually my stock position was in a Texas insurance company named American General, which was bought out by AIG 5 or 6 years ago. AIG bought AG with a stock swap, AIG was trading close to $100/share. It is now about $45….. Yikes.

  3. Well… just hang with it, it’s too late now to sell.

  4. So nothing much happened (except Nuke’s shares in AIG are still somewhat more valuable than a box of Kleenex)?

    I didn’t watch any news at all; the thing I was mostly concerned about was the prospect of tornaders out in y’all’s territory.

  5. The front just came through here. Nasty stuff, but no twisters.

  6. We had that crappy weather all last night and all day today.
    Went out about 5a.m. this morning, wind blowing at 40mph, rain was a torrent, lightening, the whole nine yards.
    Then it quit raining for a little, the wind kept blowing, and as the temp started dropping, the rain came back.
    I saw the national weather map on Fox just before 5p.m., and saw where nuke, and a whole bunch of other folks, were gonna get slammed. They said we had a slight chance of some snow this evening, but nothing so far. Then we will have a slight chance of snow again Thursday night-Friday morning. I sure hope not. I was bragging last week that it looked like we were actually gonna have a winter without any of that crap.

  7. It actually got over 60 today. Robins are moving in and the bees are a buzzin’. I think spring has sprung here, for the most part.

  8. We were in the 70’s and 80’s all last week, until about midnight last night.
    Trees are budding, pollen is flying, even had an ol’honey bee try and get in my car window the other day. He seemed a little disoriented, though, like he hadn’t had enough sleep.

  9. I saw a honey bee last week while we still had snow on the ground. I felt sorry for the little thing. But the snow is gone now, and we’ll have our ups and downs with the rain and snow until at least May. BTW, can you believe we set the clocks ahead this weekend? Dang, how time flies……..

  10. This weekend?
    Whaaaaaaa?

  11. Robert D, if you will email NASCAR and tell them to run their races in the time allotted, I will email Fox and tell them the same thing.
    /dadgumnit

  12. California was Terrible, wasn’t it? I waited up ’til 11 to have them tell me it was over for the night. And I live in the same time zone. They need to get their poo-poo together.

  13. Not trying to be a blog whore, but have you seen this video?
    What Did He Say?

  14. I had forgotten about Cali, that was totally screwed up.
    I was talking about last night.
    I had my dinner planned around being finished in time for the Simpsons at 7p.m. CDT.
    I know, I’m just gonna ask Fox to move my favorite shows to a week night, as racing, nfl, and other sports playoffs mess up my Sunday night viewing, all year round.

  15. If they want races to run into the dinner hour, they need to be on a Saturday. (anyones dinner hour)

  16. Yeah…what you said!
    Dang, innernut connection just went blinkie on me.

  17. Dangit!!!
    Just looked outside to see if it was still raining, and there is a light dusting of snow on some parked cars.
    Well…shoot!
    There goes my wish of at least one winter never having to see any at all.

  18. Looks like I’ve got some of your weather for a while. 🙂 As long as it stays below 70 I’ll be happy…. for a while.

  19. Don Surber was following up on a contest to give B-HO a new middle name, since no one is supposed to call him Hussein anymore.
    I told him what I thought, and he liked my reply, of course he is European, and would understand who I was talking about.

  20. Well, I guess I better get ready to shut it down, and go snuggle with ma’Buddy.
    Since it is just you and me, nite Robert D.

  21. Quisling….I’m Going to try and remember that! Very good n2l. Hug yer Buddy for me, see ya tomorrow.

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