Monday, September 29, 2008

Asian Markets Opening Down 4 - 7%

Asian markets are opening off quite a bit.

Us markets will probably drop another 4 - 5% tomorrow (we'll see). Altogether that would mean Republican's no vote will have cost the S&P close to 15% in under 24 hours. Remarkable!

UPDATE: European markets remained steady. So the mood is changing. Talk must be that people are execting something to pass this week. Stocks may well end up up a bit today.

The danger is that this might lull Congress into thinking there is still time. Clearly, if nothing is done, Suzy Ormand is right: the stock market will shed another 15% to 20%. If legislatured don't realize now that that's the value hanging over their heads, they should be booted out immediately.

Could those who voted NO have seriously miscalculated the effect of their vote on their changes?

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