Dow 8,451.19 -128.00 -1.49%
Articles Worth Reading
IMF warns that markets could collapse by another 20%
Summary: IMF comments during G7 meeting to discuss banking system
Favorite Quote:
Olivier Blanchard, his chief economist, said stock markets had further to fall. “At the worst, the governments will need another few weeks to make the right assessment and the stock exchanges could fall by another 20%; then there will be a turnaround,”
http://business.timesonline.co.uk/tol/business/economics/article4926584.ece
Ford, After Almost 3 Decades as Investor, May Sell Mazda Stake
http://www.bloomberg.com/apps/news?pid=20601103&sid=a.Ks4ZvFG7vU&refer=news
Will the US current account deficit fall faster than the IMF forecasts?
Summary: US dollar to rise as US consumption of imports fall
Favorite Quote:
From say 2002 to 2005 the US did drive global demand growth, but starting in 2005 the EU picked up and from 2006 through 2008 it carried the baton.
The simultaneous increase in the Gulf’s surplus and China’s surplus explains why the combined deficit of the US and Europe became so large — it was the only way the global economy could balance.
Norway’s sovereign “oil fund” takes heavy hit
Summary: Norway got screwed
Favorite Quote:
Aftenposten figures that at the end of 2007, the oil fund had earned NOK 302 billion over the first 10 years since it was established. By June 2008, the fund’s gains had been cut to NOK 165 billion.
