Word: crashing
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Dates: during 2000-2009
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...been convincingly reassured. Why doesn't the news of government's quick and sweeping response stop the slide? "The news has got nothing to do with it," says Jeffrey Saut, chief investment strategist at Raymond James. "What it is, is a sequence of events that have brought us into crash mode." Saut traces that sequence of events from the nationalization of Fannie Mae and Freddie Mac, which wiped out the stockholders of those institutions, to the collapse of Lehman Brothers, which did the same to that company's investors, to the run on money-market mutual funds...
...self-immolation of American capitalism did not last very long, and those who crowed about the humbling of the "hyperpower" should have known better. For it is an iron law of global economics that America goes first, and Europe follows; that has been true at least since the Great Crash...
...moral of this tale is that you can try to hide, but you can't run; there is no "decoupling," as the Europeans had hoped when the global crash was still a stumble back in January. Just look at the stock markets since the beginning of the year. By market close on Oct. 7, the Dow Jones Industrial Average had dropped by 27.5%; the FTSEurofirst 300 Index of European shares was down 32.5% over the same period. The pattern continues. As go U.S. shares, so go Europe's, but faster and harder on the downswing - and more slowly...
...announcement arrived after Asian markets had closed, too late to put the brakes on a near free fall in Asian stocks that began on Monday. In Japan, the world's second-largest economy, the benchmark Nikkei index plummeted 9.4%, its biggest one-day drop since the global stock market crash of October 1987. Hong Kong's benchmark Hang Seng index fell 8.2%, while Seoul's Kospi dropped 5.8%. Indonesia shut down its stock market after shares plunged more than 10%. It is unclear when trading will resume. "We need to watch further before we can open," Erry Firmansyah, the exchange...
...this took place a day after many of the world's major stock indices had experienced their largest percentage point drop since the October 1987 crash. American investors, it seems, are still worried about what may be on financial companies' balance sheets. The ad-hoc nature of the European response to its banking crisis has also raised concerns. Investors were clearly worried that even if a global financial meltdown is averted, a broad recession may be inevitable. And so, as governments attend to one crisis, the markets discover another to fret about - and the cycle of panic continues...