Word: panics
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...first formal public defense and explanation of his actions since the dust settled from the financial panic of late September and early October, and Treasury Secretary Henry Paulson had clearly been thinking about it for a while. Normally a believer in brevity, especially at press conferences, he arrived in the Treasury press room Wednesday morning with a 3,500-word speech prepared. He then proceeded to read the whole thing, taking a few big swigs of water along the way, before hoarsely submitting to questions...
...French business and military interests, French authorities on Tuesday nabbed a group of anarchists suspected of having sabotaged the nation's high-speed rail system over the last several weeks. The arrests aim not only to put an end to the spate of vandalism that had wreaked havoc and panic among French travelers for the past two weeks; they may also derail any violent plans French anarchists might have been preparing with like-minded extremists with whom authorities say they were in contact in Germany, Belgium, and the U.K. (See Today in Pictures...
John Maynard Keynes famously warned that "the markets can remain irrational longer than you can remain solvent." Considering the recent volatility in stocks worldwide, irrationality appears to be the order of the day. Rarely have investors been so prone to bouts of panic selling, punctuated by spasms of equally frenzied buying. The Dow Jones Industrial Average index lost nearly a quarter of its value between Oct. 1 and Oct. 27, including an epic 700-point drop on Oct. 15. The carnage was followed on Oct. 28 by a 900-point rise, the second largest points gain on record...
...reason for the relative lack of panic so far is that Dubai real estate remains a financial haven for wealthy individuals from less stable countries like Iran and Pakistan. What's more, Dubai's property sector is dominated by a handful of companies--collectively dubbed Dubai Inc.--that are directly or indirectly owned and controlled by the government. Some argue that Dubai's authorities could thus avert a bubble burst by keeping finished projects off-line until conditions improve. Also, in the event of a systemic threat, Dubai can probably rely on superrich Abu Dhabi for a bailout...
Congratulations, Mr. President-elect. And best of luck averting Depression 2.0! In the meantime, forgive me for reaching for the panic button: with unemployment expected to move into the double digits, I'm looking for a way to survive until you get us out of this mess. So here's what I'm thinking, and please do not tell my wife: I'm planning on turning my basement into a full-service karaoke...