Russia Closed Markets!

Did you all hear about what’s going on in Russia? It seems that Russia is worst off than we are in America, which we already knew that. But it’s so bad that Russia ordered its main stock exchanges closed. They closed Wednesday after the RTS, a leading index, fell 6.5 percent and the MICEX exchange dropped 3 percent. By simply closing their exchange markets it will buy time for President Dmitry Medvedev to pump billions in to stabilize the markets. This will be the second day their markets will be closed. Maybe closing the exchange down and sending everyone on vaction for a little rest isn’t such a bad idea. Now you know I’m just joking here, but maybe that’s what everyone needs, a little down time and rest. We should also close our markets while the Fed works to stabilize. Maybe the Russian’s know something we don’t.

Tags: Russian Markets

Hurricane Ike!

Hurricane Ike slammed the coast of Galveston with 110-mph winds. With heavy rain and towering waves the calls started to come in for help. As always there are a few who always think it won’t happen to them. I never really understood why people that are given mandatory evacuations stick around. I read that there were about 140,000 people who stuck it out, makes no sense to me. So far on report that 2 people have died related to the storm. But many are still missing and fared dead. Hopefully rescuers will be able to get to more survivors this morning. Ike came in like a lion and is now leaving like one. This storm will cause major flooding as it rolls north. I will end with saying, relief from major storm as stop for now. There are no reported hurricanes as of today.

Tags: Hurricane Ike

Bad Banking!

Want to know how to bring America to its knee’s? Just watch how when Lehman Brothers and other banks fail. If you haven’t heard Lehman Brothers is currently trying to sell off the whole company, before they completely go under. Their shares had dropped in value by almost 46 percent in one day. And right now their down another 37 percent with share value at $4.50. There not the only bank with major problems. Another one is Washington Mutual Inc, which is down 9 percent to $2.11. They’re losing money as well; because of huge loses on mortgage-related debt. I was reading that there is going to be some form of resolution with Lehman Brothers by the Treasury Department. Everyone is hoping that the Treasury Department is going to get some people together to help bring Lehman through this. Of course this is just talking right now, will it happen is anyone’s guess.

Tags: Banking, Lehman Brothers, Washington Mutual Inc

Stocks Slide!

Wall Street is catching right up with the rest of the world’s stock markets. In other parts of the world stock markets are way down. In China there stock market is down 56% for the year. If we stay on the course we’re on we’ll be in the same boat. This is almost unbelievable what is going on. Our markets show a little sign of relief, and then out of nowhere it drops like a bad habit. The drop in the market is do to unemployment going up and poor reports from retailers. It seems that people are holding back their spending for back to school supplies. Based on these reports the Dow took a huge drop right out of the starting gates. Investors are pulling back until signs of the economy turn, which could be awhile. Things need to get better very soon or we’re all going to be in trouble.

Tags: Economy, Investing, Stocks