View Full Version : Wall Street fears for next Great Depression

03-16-2008, 06:11 PM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.

One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they had never experienced such fear. The Fed's emergency funding procedure was first used in the Depression and has rarely been used since. </div></div>

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body"> Mr O'Sullivan added that the dollar's free-fall is set to continue and may need cuts in European interest rates to trim the euro's recent strength against the dollar. "But the ECB doesn't like cutting rates," he said.</div></div>

link (http://www.independent.co.uk/news/business/news/wall-street-fears-for-next-great-depression-796428.html)

When traders and economists start to use the word "Depression," we should pay attention.

03-16-2008, 10:41 PM
Where's good old Speedy when you need him?