Day 27 October 2008Posted by marisacat in Inconvenient Voice of the Voter.
An Azeri man gathers salt in a lake in Azerbaijan, where people have gathered salt from May to November for more than 300 years. (Sergei Ilnitsky / EPA)
STAT OF THE DAY:
Barack Obama spent more than $105 million during the first two weeks of October, according to campaign finance reports.
HONG KONG (Reuters) – Japanese stocks tumbled to 26-year lows on Monday and most other Asian markets fell heavily in chaotic trade as investors feared a flurry of central bank moves would not be enough to stave off a global recession.
Little that officials said could convince panicky investors that governments can stem the fast-spreading crisis that is menacing financial markets, economic growth and company earnings.
The yen continued to gain even after Group of Seven finance ministers on Monday singled out the excessive volatility of the currency, which is battering Japanese share prices.
European shares were expected to open sharply lower with losses of up to 2.3 percent, tracking weakness in Asia, while oil prices extended falls to below $64 a barrel.
“The outlook in terms of growth and exports remains shaky, so it’s hard to make a case for any sustained EM (emerging markets) rally for now,” said Win Thin, a senior currency strategist at Brown Brothers Harriman in an email to clients.
Japan’s Nikkei index swung wildly throughout the session before ending down 6.4 percent at its lowest close since 1982 as exporters such as Canon Inc slumped on the stronger yen. ::snip::
Hong Kong also saw shares routed, with the Hang Seng index plunging almost 12% in late trading – putting it on track for its biggest daily fall since 1997. And the Chinese stockmarket tumbled over 6%, bringing more pain to small investors who have watched the Shanghai Composite index fall 70% from last year’s peak.
With India’s stockmarket losing 8%, shares across Europe are also expected to fall sharply when trading begins. The Dow Jones index is tipped to fall by another 400 points, or 5%, later today.
The latest sharp falls, following last week’s heavy losses, showed that investors have little confidence that the world’s leaders can stave off a painful economic contraction.
I’d dearly love to believe.… Kathryn Jean Lopez – premiere classe de schnauzer – and Drudgerina both have this tonight…
It Wasn’t Just a Joe-the-Plumber-Inspired Whim [Kathryn Jean Lopez]
In a radio interview in 2001, Barack Obama sounds like he unequivocally embraced “redistribution” of wealth several times, and, correct me if I am wrong, also laments that the Warren Court was not liberal enough.
Tell me this isn’t socialism. Obama is the most radical nominee for president in modern history.
Enter at our own risk.
Barack Obama on Chicago Public Radio WBEZ-FM, 2001: The Supreme Court never ventured into the issues of redistribution of wealth, and of more basic issues such as political and economic justice in society… and one of the, I think, tragedies of the civil rights movement was, um, because the civil rights movement became so court focused I think there was a tendency to lose track of the political and community organizing and activities on the ground that are able to put together the actual coalition of powers through which you bring about redistributive change. In some ways we still suffer from that… MORE…
As a friend emailed me back, “oh please god, if only”… and I remind myself that 2001 is the same year he said he was fine with Rumsfeld at DOD… from within the moderate to liberal, mixed race SS Chicago… fine with Rummy?
So… you know, I’ll believe in manna from heaven when it is stuffed up my nose, in my ears – and more is comin’ down. Til then…