August 2006 Weddings
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Closing of world's financial markets?
I just saw this on Drudge?
Italian Prime Minister Berlusconi said political leaders discussing idea of closing world's financial markets while they 'rewrite the rules of international finance'... MORE
So, my question is-could this work? It seems like it could and allow people to calm down, etc, and get some confidence back, but rewriting the rules? That is that part I question more.
Re: Closing of world's financial markets?
Sorry, here is the article from Bloomburg as well:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aP5mpMUORBWM
I'm surprised that some of the markets haven't already closed.
?
I thought most had an automatic closing point if stocks fell too much too quickly??
It's almost all hysteria at this point. The only cause for the plummeting markets at this point is people's fragile psychological dispositions.
I think that closing the markets is a very good idea. It was done after 9/11 and served the US well.
There is a lot of panic going around, but the exchanges all over the world have rules in place that halt trading once a certain index drops 10% in one trading day. I know Thailand and Iceland and Russia had to shut down their exchanges but no major ones, like the FTSE in London or the NYSE, have done so yet.
In all honesty, I have no idea what benefits and consequences making such a move would reap on the global economic system. We are in unchartered territory at this point. Perhaps it will ease some of the panic since there is a concerted effort by global leaders to figure something out. However, all of the steps that the central banks have taken so far has yet to erase fears. Right now I feel like we are in a self-fulfilling prophecy phase. The fundamentals no longer matter since everything is driven by emotion, which is ten times worse IMO.
NPR rattled off several countries who had closed markets temporarily on my way in this morning, Iceland, Italy, a few others. Russia has haulted trading indefinitely.
I really don't understand how investors - theoretically well-informed businessmen - can operate on such pure hysterics. These people are supposed to be smarter and more reasoned than me.
I 100% agree.
"As of page 2 this might be the most boring argument ever. It's making me long for Rape Day." - Mouse
Here's some more countries: Trading was halted in Austria, Thailand and Indonesia because of steep declines after the opening bell.
In Indonesia, authorities have suspended trading indefinitely on the Jakarta Stock Exchange after the index plunged more than 10 per cent on Wednesday.
Regulators in Russia have also ordered Moscow's MICEX not to open for regular trading and the opening of the RTS was postponed until further notice.
In Vienna, the stock exchange has been suspended until midday after stocks tumbled 10 per cent at the opening bell.
ETA: Home to just 304,000 people, tiny Iceland is emerging as the biggest casualty of the global financial crisis. On Oct. 9, the government took control of the country's largest bank, Kaupthing, and halted trading on the Reykjavik stock exchange until Oct. 13.
MSNBC headline: Is This the End of American Capitalism? (way to inspire confidence!)
You cannot separate emotion from money, regardless of all the training and experience in the world. And remember, much of the sell-off is coming from individual investors pulling their money out of the stock market and stuffing it into their mattresses.
The PP is absolutely correct - economic downturns (and upswings) are self-fulfilling prophecies. When people feel good about things, they invest. When they don't, they pull out.
I think Bush, et al., would have done everyone a service if they had not waited so long to speak to the nation about this mess, and if they spoke to us regularly. People need a little handholding right now. FDR didn't give those fireside chats because he had nothing better to do.
Didn't Iceland have to take a loan from Russia, too, and complain vociferously that its European allies weren't helping it in its time of need?
Ditto this!
Apparently the White House said a market closure isn't going to happen. From Yahoo News:
White House says markets will stay open
Mike Allen 1 hour, 17 minutes ago
A White House official said the United States is not considering the idea floated by the Italian government of closing world financial markets in an attempt to restore stability.
Bloomberg said he was talking about world markets, quoting him as saying that a solution to the financial crisis "can't just be for one country, or even just for Europe, but global.''
A senior White House official tells Politico: "There are absolutely no plans or discussions to interfere with the functioning of markets in the United States."
Bush meets Saturday at the White House with international finance ministers who are in Washington for the annual meetings of the World Bank and International Monetary Fund.
Market losses continued Friday in New York and around the world. The New York stock exchange on Thursday suffered its largest loss since 1987.
Bush said in the Rose Garden on Friday morning: "We can solve this crisis, and we will."
All three broadcast networks interrupted programming to carry his remarks.
This reminds me of Dana Carvey's Bush I impression - "Not gunna happen".