Saturday, October 25, 2008

Good morning, internet

Well, I almost didn't need a cup of coffee.

Wall St plunges amoid global meltdown

US shares have plunged amid a wave of panic selling and a meltdown in share prices around the world on rising fears of a global recession...

"We have now reached a point where fundamentals and long-term valuation considerations do not matter any more for financial markets," said economist Nouriel Roubini at New York University.

"There is a free fall as most investors are rapidly deleveraging and we are on the verge of a a capitulation collapse," Mr Roubini said.

"What matters now is only flows - rather than stocks and fundamentals - and flows are unidirectional as everyone is selling and no one is buying as trying to buy equities is like catching a falling knife.

"There are no buyers in these dysfunctional markets, only sellers and panic is the ugly state of this destabilising game."

Yay. Time to go back to bed and bury my head under the covers.

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