Fed Cuts Rate, Dollar Falls, Stocks Fall

All of this is finally coming to a head I suppose you can only run hard and fast
for so long without food

and on top of this Chrysler announced 12,000 job cuts at plants in
Michigan
Ohio
Illinois

and I am not sure about the fourth state all told Chrysler is going to be cutting their work force by 30 percent this takes their current 80,000 employees and cuts it back to 56,000 anyway just fuel to the fire


GEO

I love Rick Santelli on MSNBC.. i'll paraphrase

"We're all relaxing in the livingroom while the kitchen is on fire"



don't worry people, all is okay, just keep on doing what you're doing, nothing to see here, move along...

reply to post by uberarcanist


nearly all romanian oil companys using russian oil.
lukoil spreads like wildfire.
russia is becomind the powerhouse of the world.

so pls google it.

oh and btw for those who don't know, Euro made another all time high today... over $1.45..

Euro touches new record high vs. dollar

Originally posted by encoder
reply to post by uberarcanist

 

nearly all romanian oil companys using russian oil.
lukoil spreads like wildfire.
russia is becomind the powerhouse of the world.

so pls google it.

Russian infrastructure (especially in oil) is actually propped up by American companies .. sometimes through a proxy that is the Russian state oil company, but without American companies to assist they would be spilling more oil from their wells then exporting (literally) .. Of course, IF Russia could turn its industry around then its believed they COULD seriously gain some power from their oil and gas reserves ... of course it would also end any hope for a Democracy.

Then again, America also has large oil reserves, we just choose to take oil from outside sources and save our own.

I also can't help but wonder...

Stocks where all over the place today, some bad news from banks (Merrill) and good news from the unemployment / job creation sector .. I wonder how well those new jobs pay? .. Service industry is included in that count you know (Mcdonalds, Taco Bell, minimum wage jobs)...

Haha!

Looked ugly in early trading, but my portfolio is all up today (and throughout the day, everybody running from finacials into tech!)

Watch out for Citigroup on Monday, they have an 'emergency meeting' this weekend, could be further writedowns, decreased revenues, the sacking of dancing charlie or even bankrupt!

Could be carnage on Monday, depending what the outcome is. There are a lot of nervous people out there!

As for daytraders, they seem to be shorting everything at the moment, including the US dollar!

reply to post by DeepCoverUK


Citigroup bankrupt? Damn! Aren't they the largest private bank in the world or close?

Originally posted by uberarcanist
reply to post by DeepCoverUK

 

Citigroup bankrupt? Damn! Aren't they the largest private bank in the world or close?

"one of the" .. Yes, they are one of the largest banks in the world, though not the biggest. There are to many categories to say "biggest"..

As for Citigroup bankrupt, no, don't count on it.. lower then expected revenues? Of course, thats why they cut dividends, and perhaps and most likely they will lay off a few thousand mortgage and loan officers.


By holdings (per person) they are the largest in the world, Citigroup that is, and by assets they are the largest in America, but in the world the largest bank is HSBC Bank of Great Britain (assets) Citi also makes the largest profit of all banks in the world. Of course, and obviously, one of the largest banks in the world coming under financial distress is a horrible sign eh?

The idea that this is helping the Canadian economy is insane. What percentage of our goods are exported to the US? %95? Every penny our dollar rises against the US is hundreds of millions of dollars right out of the pockets of giants like the lumber industries. You think those 'tech segment' businesses can thrive on their own? Think again, the wood and mining are what built this country and what greases the wheels. Mills are already shutting down left and right because of this - there is nothing good for Canada with a $1.07 loonie right now.

reply to post by uberarcanist


Sorry about the tardiness of response Uber...Had to sleep and its been a busy Saturday here

With regard to economies which could still grow in spite of a US recession, Australia and Canada come to mind...Both resource based, both have currencies which have appreciated against the USD over the last two years in a major way...

Australia has unemployment at 40 yr lows, I can't speak for Canada...

Basically, much of these two countries income is derived from resource poor rapidly growing economies such as India and China...

Most economists in Australia see the "resource boom" lasting until the end of the decade at least...Sure there will be a slowdown in recession hits the US, but resourced based economies will be insulated from this to some extent...

There is also the issue of interest rates...Feds around the world a largely in a tightening mood, except the US..Higher interest rates makes you more attractive to investors looking for a "safe" place to park their money in fixed interest securities and so on...

So yeah, I think Canada and Australia in particular who have resource based economies could be not so hurt by a recession in the US

Peace

It was incredible today! The US dollar lost TWO CENTS compare to the canadian dollar in 24 HOURS!

Where are those still claiming that the US economy is not about to collapse?

Seriously, I'm in Canada so this is even worse for us, because 75% of our exportations go in the US...

[edit on 6-11-2007 by Vitchilo]