Was that a chunk of the sky that just hit me on the head?

[SwissMrs&Pitchfire]

http://www.jsmineset.com/

Posted On: Monday, January 21, 2008, 2:32:00 PM EST

Emergency Action Required Immediately To Prevent Public From Joining The Panic Tomorrow

Author: Jim Sinclair

Dear CIGAs,

This is it.

The DJII futures are down over 500 points.

If the Federal Reserve fails to take emergency action before the US opening tomorrow, you will see the DJII open down 1000 points as the public joins this professional panic.

[SwissMrs&Pitchfire]

The rush to cash is on.

[Proud 2b Peculiar]

oh man....

[Proud 2b Peculiar]

Likelihood of a bailout?

[SwissMrs&Pitchfire]

One that will work or lip service?

I expect a rate cut, maybe trading curbs? The going speculation has the rate cut at .75-1% now! That could hurt as much as it helps as it will serve to punctuate the crisis and illustrate the feds inability to get in front of it with anything more than talk and temporary loans (that vastly under serve the need).

[Proud 2b Peculiar]

Estimate on time line if the lip service and temp loans continue?

[SwissMrs&Pitchfire]

I can only guess. I think it will follow an ever steepening curve (in it's effects, not numerically) down from here though. I suspect a big down day (watch the Asian markets as they open in just over an hour) followed by more of the same big lotta nothing bailouts from here. I think we are seeing the beginning of the end.

(note that since the results are delayed you will have to wait till like 4:30 before you actually see trading, but you can look at the futures)
http://www.bloomberg.com/index.html?Intro=intro3

The impact has already struck us. We are already in an unsustainable position. It is not that we are sitting around waiting to be hit, we are already way over extended, it is only a matter of watching the inevitable occur. The only watching going on is those expecting some miraculous mighty mouse intervention, and those who have been watching for the day of reckoning now come.

[drjme]

Overnight, the pan-European FTSEurofirst 300 closed down 5.8 per cent, taking its 2008 year-to-date losses to more than 15 per cent.

Losses on blue-chip stock indexes of Germany, Britain and France alone overnight amounted to more than US$350 billion ($468b), or roughly the size of the combined economies of New Zealand, Hungary and Singapore.

Britain's leading shares fell 5.5 per cent, suffering the largest one-day loss since September 11, 2001. The FTSE 100 closed down 323.5 points at 5578.2, its lowest close since June 2006 and wiping nearly 77 billion pounds ($201.5b) from the value of its constituent stocks.

Britain's blue-chip index has now lost more than 13 per cent since the start of the year.

Germany's DAX lost 7 per cent overnight and the French CAC 40 dropped almost 7 per cent.

Macquarie Equities NZ investment director Arthur Lim said following falls of the magnitude experienced in Europe meant New Zealand markets could not avoid a hit.

http://www.nzherald.co.nz/section/1/st ... 18&ref=rss

It's taking the world......

[SwissMrs&Pitchfire]

Nikkei futures down 480 now!

[Proud 2b Peculiar]

Is there anyway that they can essentially cut from us so that they don't go down with the ship?

[SwissMrs&Pitchfire]

There was a lot of speculation about that (decoupling), but the answer seems to be no.

Mish's comment on it:

Those misguided souls who thought Asia or Europe would decouple from the US were badly mistaken. Internal demand in China cannot possibly make up for falling demand in the US, UK, and now Europe. I am still struggling to see how anyone could have thought that.

[Proud 2b Peculiar]

wow

[buffalo_girl]

Not to worry...

http://business.smh.com.au/wall-st-exec ... m16.298151

The Wall Street gurus who presided over the subprime mortgage crisis currently shredding global sharemarkets have awarded themselves bonuses totalling $US33.2 billion ($38 billion).

http://www.breitbart.com/article.php?id ... _article=1

The icy Swiss mountains are to host the world's business and political elite this week for their annual gathering in Davos, where the cooling temperature of the world economy is set to focus minds.

The official theme of the meeting, The Power of Collaborative Innovation, appears intentionally vague.

An avalanche of weak economic data from the United States has raised fears the world's biggest economy is heading towards a recession, meaning the bankers, corporate executives and policymakers may arrive in more morose spirits than in previous years.

One of the key questions this year will be: "If America sneezes, does the world still catch a cold?"

Last year, a workshop called "Dialogue in the Dark" offered high-performing businessmen the chance to explore how they interacted as a group when asked to assemble a Russian doll in pitch darkness.

Last year, a survey released before the event showed that 92 percent of 1,100 chief executives in 50 countries were confident about their company's revenue growth in 2007.

This year's survey is likely to show a distinct swing in sentiment but Schwab warns about excessive pessimism.

"This year, it is very important, with all the problems that we have, not to fall into an overextended pessimism," he said.

A series of nightly parties also provide delegates with endless opportunities for winding down and smoozing, with the annual party thrown by Internet darling Google the highlight of the social calendar for many.

[SwissMrs&Pitchfire]

It has only gotten much worse. the indexes are down anywhere from
4 1/2 to 8%!!!

[SwissMrs&Pitchfire]

Strike the 8% part and replace that with India's Sensex where trading has been halted down 11.5%!

[Stephen]

You know...I've pictured this and other events happening for so long....it's almost surreal when it does. This does appear to be a milestone. I'll be interested to see the reaction tomorrow.

[Proud 2b Peculiar]

yeah, surreal covers it for me.. it is like I dream I have dreamed before, but that I didn't think I would actually see for real.....

[truthseeker]

The predicted rate cut appears to be happening this morning:

http://www.foxbusiness.com/markets/econ ... 949_3.html

[Proud 2b Peculiar]

Yeah, I got a news alert of a .75 cut. WOW.....

Unbelievable....

[Proud 2b Peculiar]

Another News Alert "Bush still willing to consider much larger Economic Stimulus package."

WOW...

That will go over well in the world..

Bush and Feds to the World:

ATTENTION!

We are VERY broke, we will just make more money give it to the poor that are behind on their bills so that they can catch those up, and three months later (at most) be in the same boat... yippeee.. (as the lemmings jump off a cliff)

[Proud 2b Peculiar]

http://www.youtube.com/watch?v=6zTg1iUWm4U

[Proud 2b Peculiar]

http://www.youtube.com/watch?v=r5q4_AWsg8c

[ChelC]

Okay, that first video was perfect!

I've always hated Annie though because I could never stomach her hair. I know that sounds terribly shallow but it's true. I can remember being about seven and hating her hair so much, and my Dad bought me an Annie barette and I had to fake like I liked it not to hurt his feelings. For years I was mad that my middle name was Ann just because of that girl's hair.

[Proud 2b Peculiar]

Okay, that first video was perfect!

I've always hated Annie though because I could never stomach her hair. I know that sounds terribly shallow but it's true. I can remember being about seven and hating her hair so much, and my Dad bought me an Annie barette and I had to fake like I liked it not to hurt his feelings. For years I was mad that my middle name was Ann just because of that girl's hair.

LOL ha ha ha

I wasn't for her hair either, but I loved the music. I performed in the musical as a teen LOL...

[Proud 2b Peculiar]

You have to see this clip to the very end...

LOL

http://www.youtube.com/watch?v=iil31Cb6Y_4