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Dec 6th, 2017
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Joined: Jan 2003
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old hand
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old hand
Joined: Jan 2003
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Kinda nice to have this thread alive. It's interesting to look back at developments. Here's one little blip of news that made me wonder how American Billionaires are faring in the wake of current developments. Gotta confess that I'm a little surprised at the $$$ wealth accumulation of investors in other countries. ov. 13 (Bloomberg) -- Mukesh Ambani and Lakshmi Mittal led India's richest in losing $200 billion this year as the global financial crisis triggered a plunge in stocks and property values, Forbes Asia said.
The combined wealth of India's 40 wealthiest people slumped 60 percent to $139 billion, the magazine said today in an e-mailed release. Mittal, 58, lost his top position to Mukesh Ambani of Reliance Industries Ltd. Mittal lost $30.5 billion after the world's biggest steelmaker ArcelorMittal extended production cuts. The net worth of Mukesh Ambani, 51, dropped 58 percent after demand for petrochemicals made by Reliance Industries slumped and oil refining margins shrank.
There are 27 Indians with a net worth of $1 billion or more, compared with 54 last year. The key Sensitive index declined 53 percent this year and is set for its worst annual performance on record. At the same time, there are 456 million Indians who live on less than $1.25 a day, according to the World Bank. (Aside) If my numbers are right, those 40 billionaires could have redistributed their last years' wealth, and increased the annual income of 456,000,000 poor Indian citizens by 74%. Wow! What would you have done?
Last edited by itstarted; 11/14/08 11:13 AM.
Life is Good!
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Joined: Aug 2008
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Joined: Aug 2008
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- Paulson, hammered by legislators: ...ar plane by the seat of your pants"An unrepentant Henry Paulson told irate Democratic lawmakers that the administration’s $700 billion rescue is starting to work and that it’s just a matter of time before lending resumes.
“We’ve turned a corner in terms of stabilizing the system and preventing a collapse,” the Treasury Secretary told the House Financial Services Committee today. “I am confident in a successful outcome.” - Secretary of the Treasury Andrew Mellon, Feb 1930 -
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Joined: Aug 2004
Posts: 17,132 Likes: 250
It's the Despair Quotient! Carpal Tunnel
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It's the Despair Quotient! Carpal Tunnel
Joined: Aug 2004
Posts: 17,132 Likes: 250 |
It started, looks like the DOW finally hit your magic 7500 figure today.
Now what?
"The Best of the Leon Russell Festivals" DVD
deepfreezefilms.com
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Joined: Sep 2011
Posts: 17,985 Likes: 178
Moderator Carpal Tunnel
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Moderator Carpal Tunnel
Joined: Sep 2011
Posts: 17,985 Likes: 178 |
I think the market is now trading where it should have been all along, were it not for the hyper-inflated values of so many stocks, based largely on "engineered profits" - e.g., false reporting by the majority of reporting companies.
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.
Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich
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Joined: Aug 2008
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- WHOPEE! WE'RE ALL GONNA DIE! The black hole in financial marketsAmericans are beginning to understand how much of their economy depended on the housing bubble. The collapse of housing prices has led to a collapse of consumer spending, which leads to a rise in unemployment, which in turn erodes the value of commercial property - and so the destruction of wealth spreads. Barack Obama will take office as the most powerful peacetime president in US history - he will be the only man in town with a checkbook. -
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Joined: Jun 2007
Posts: 4,245 Likes: 33
old hand
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old hand
Joined: Jun 2007
Posts: 4,245 Likes: 33 |
President-elect Barack Obama is the only man in town with a checkbook, and by virtue of the Treasury's near-monopoly of financial power, will take office as the most powerful peacetime president in US history. From the article. ?????????
Get your facts first, then you can distort them as you please.
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Joined: Jun 2004
Posts: 15,646
Carpal Tunnel
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Carpal Tunnel
Joined: Jun 2004
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Isn't that an odd thing to say, eh Ken?
If it weren't for the TWO wars we are still engaged in, we'd have a couple of TRILLION more dollars to help rescue our failing economy.
I'm ruefully remembering a sarcastic slogan from the 2004 Presidential elections: "Drunken frat boy runs country into ditch."
Is there a rescue vehicle big enough to pull us out?
Steve Give us the wisdom to teach our children to love,
to respect and be kind to one another,
so that we may grow with peace in mind.
(Native American prayer)
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Joined: Jun 2007
Posts: 4,245 Likes: 33
old hand
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old hand
Joined: Jun 2007
Posts: 4,245 Likes: 33 |
"Drunken frat boy runs country into ditch." That was one of the better bumper stickers of the last several years. Too bad it was both prophetic and pathetic.
Get your facts first, then you can distort them as you please.
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Joined: Aug 2004
Posts: 1,489
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Joined: Aug 2004
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The financial trampoline act continues...
Dow Close: 8,047.93 +495.64 (6.56%)
Larry
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"To the intelligent man or woman, life appears infinitely mysterious. But the stupid have an answer for every question." - Edward Abbey
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Joined: Aug 2004
Posts: 1,472
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Joined: Aug 2004
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The financial trampoline act continues...
Dow Close: 8,047.93 +495.64 (6.56%) NPR is saying the big surge is due to the naming of Tim Geithner as Secretary of the Treasury...they're also saying Hillary Clinton has agreed to be Secretary of State and Bill Richardson will be the new Secretary of Commerce.
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