Axis of Right

Three Native Rhode Islanders Commenting From the Right on Politics and Anything Else

Worldwide Market Panic

Posted by Ryan on January 21, 2008

American economic woes drove world markets down considerably today, making today the worst worldwide market plunge since 9/11! 

They’re even calling it “Black Monday” in London, as the FTSE (“footsie” as they say), lost 5.5% before recovering to a 4.3% loss by day’s end.  London markets haven’t had a worse January since 1936.  The drop is being fueled by speculation that President Bush’s plan won’t be enough to help the ailing US economy.

Japan, China, Hong Kong, India, South Korea, Brazil, Europe, and Canada were all off by big percentages today and the ripple is apt to hit American markets tomorrow, which are currently taking a breather for the Martin Luther King Jr. Holiday.  India was apparently hardest hit and China took a sizable hit (they aren’t used to that).

Hopefully, some good news that oil is testing $90 a barrel and that a stimulus package is likely to be addressed quickly should slow the bleeding.

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