Daily Summary over World’s Efforts. by Milota Sidorova

American and European markets declined yesterday despite of few good or at least detailed news from the highest positions. Fed unveiled Washinghton’s latest five point plan to stop investors from blanking their accounts. Government is intending to buy commercial papers and certificates from the top rated institutions. Something White House alike has been adopted in Argentina that stood up for nationalizing even private pension funds to guarantee people their future. Nationalization as a way to survive – that’s what many declare these days.
Fed chairman Ben Bernanke urged for the second rescue plan and Treasury chairman Henry Paulson said he had nothing against however, the crisis won’t split for at least several months. To complete this extraordinary puzzle one can’t forget John McCain’s word’s he wasn’t going to spend another $750 billion, stolen from American people to buy out Wall Street. He claimed he had another plan and to rescue families.
Poor Americans must suffer except of financial crisis so controversial words. One could ask whether McCain isn’t schizophrenic. One day he’s up to buy the biggest financial corporates and the second day he is the biggest open market defender.
However, let’s abandon these political buzz and focus on economy.
Dow Jones lost around 216 points or 2,5 percent yesterday. S&P 500 and Nasdaq Composite went down 3 and 4 percent. As for technological sector, watchers join the fact with Yahoo and Apple 3Q declining reports. According Yahoo, advertising has gone more difficult in this industry and people are not willing to buy unessential goods.
Dollar rose against most of the currencies and reached year-and-a-half maximum and pushed down the prize of oil and gold.
Despite of slight drop all over the planet, it was Japan that ended with 3.3 percent gain. Its Economic Minister Kaoru Yosano assured the possibility of drawing public funds by troubled banks.
As for IMF, it’s on the best way to a deal with Ukraine, Hungaria, Iceland and the trouble stoned Pakistan. The United States are the major contributor to international organization and its officials told they were not supporting Pakistan neither long term progress in the country. According them Pakistan would easily fund the militants, just few miles from troubled Afganistan. I’d like to add one more statistic. While the average day spending on whole Afganistan population took around $70 million a day, the U.S. happily covered daily more than $100 million just on its troops. While we fear about our money, millions of civilians out there fear for their lives.
Canadian banks cut their lending rates after the main Bank of Canada lowered interest rate cut quarter percentage point.
Summing all of this, everyone is doing the best to survive and the best according his or her belief, but personally I am looking forward to another bitter comedy alike 24 hours in the world of finance.


related story: http://news.yahoo.com/s/nm/20081021/ts_nm/us_financial5;_ylt=As5.kg67017k9XS1yUfcf1Ks0NUE

by Milota Sidorova for PocketNews (http://pocketnews.tv)

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