Global financial markets were in turmoil
again on Monday as Wall Street braced itself for a dramatic plunge in
share prices after the collapse two major US investment banks.
On
Sunday, investment bank Merrill Lynch sold itself to Bank of America
for about $50 billion in order to avert a financial crisis. Meanwhile,
another top investment bank, Lehman Brothers, filed for bankruptcy
protection very early on Monday after it failed to find a buyer.
The
New York Times has called it “one of the most dramatic days in Wall
Street's history.” The Wall Street Journal has named today the “Mother
of All Mondays.”
Anticipating a sharp drop in share prices when Wall Street opens
later on Monday, European stock markets were seeing strong falls,
inspired by fears that many European financial companies are exposed to
the collapse of Lehman Brothers.
By early afternoon European
time, the leading European stock market indices were all between 4 and
6 percent lower. Especially financials were falling and heavily traded.
Fortis lost another 12 percent; Barclays 13 percent.
NEWSFLASH – In answer to the crisis in an already over regulated financial market, the EU has come up with a totally unexpected solution.
European
finance ministers, meeting at the weekend during an informal gathering
in Nice, said more and better regulation was required for financial markets.
Haven't you really had enough now ! How many of you are going to end this year bankrupted because of the collusion between Governments and Banks.
The
Libertarian
Party has a range of fiscal policies that would put an end to this cynical game of boom and bust where the public are the only losers, policies to cut back on wasteful Government spending to reduce
the tax burden and has undertakings to put an end to the cycle of Spin and
the Politics of Fear.
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