Word: panics
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...only to circle back to fear. At a panel discussion on Friday on the seventh floor of the New York Stock Exchange, JPMorgan Chase CEO Jamie Dimon was asked how much more credit crisis is left to play out. "Nobody really knows," he said. "Clearly we're in the panic stage of unreasonable behavior." At the Connecticut offices of UBS, nervous colleagues passed around a joke about why the market was like a divorce but worse: "I've lost half my net worth, and I still have my wife." Off-color humor for off-color times...
Global stock markets were sending an unmistakable signal too: panic. The Dow Jones industrial average finished its worst week ever, off about 22%. On Friday, the market swung wildly, dropping 500 points on three occasions, then vaulting into positive territory before coughing up its gains in the last half-hour of trading to finish the day down 128 at 8,451. The NASDAQ managed a small gain. But European and Asian markets were pummeled again...
...unique position to speak about the crisis.” Business School professor F. Warren McFarlan ’59, who is in charge of organizing the summit, noted the parallel between the current financial situation and that of when the Business School was founded, six months after the Panic of 1907. “[The aftermath of the Panic] was the beginning of the modern financial regulatory era,” McFarlan said. “It’s ironic that 100 years later, we’re standing at the precipice of another turning point...
...worst stock market rout suffered by the region since 1987. Hong Kong's benchmark Hang Seng index gained 3.3% after an 8.2% drop yesterday, while Korea's Kospi index rose .6%. Japan's Nikkei index fell .5% after rising in morning trading - hardly a robust recovery, but the panic selling that marked Wednesday's 9.4% free-fall dissipated, at least temporarily...
...effectively guaranteeing the solvency of the country's financial system. Britain announced a similar plan to shore up shaky banks by helping them refinance debt in exchange for ownership stakes. That move toward partial nationalization of the banking system underscores just how deep - and how apparently uncontrollable - the financial panic has become. With few tools left to central bankers seeking to calm markets, investors are likely in for more anxiety...