Asian markets have worst close since 9/11 on US mortgage market fallout

[Bluebear]

TOKYO (AFP) - Asian stock markets endured one of their most brutal selloffs in recent years Thursday with dramatic falls of more than five percent on some bourses as the fallout from US mortgage woes escalated.

Markets buckled under a wave of selling as the growing fallout from turmoil in US credit markets prompted investors to flee to safe havens such as bonds.

From Tokyo to Sydney, Hong Kong to Mumbai, weary stock dealers' screens were awash with red again as fears over problems in US subprime mortgages to high-risk borrowers continued to buffet stock markets around the world....

"The market is in full flight," said Jeremy Hall, a Japanese equity fund manager at Henderson Global Investors in Singapore.

http://news.yahoo.com/s/afp/20070816/ts_afp/stocksworld

[aquart]

1. Deregulation sure got expensive in a hurry, didn't it?

But the free market is correcting itself, yes indeedy. Having fun?

[Lasher]

2. Looks like another gloomy day ahead for US stocks

That idiot Larry Kudlow said about a week ago that the subprime loan fiasco would have little impact on the stock market. And that all we need is more tax cuts for his rich pals.

[C_U_L8R]

3. And Bush is on vacation

again

[fasttense]

4. Interesting that the corporate media is barely covering this.

The majority of stocks are owned by the wealthiest top 5% of Americans. When the markets drop it means the richest among us aren't doing so well. Except for a few article in main stream newspapers and of course financial journalist, barely a mentions has been made in the media. I wonder if it is intended to keep people from panic selling?

So much money has been pumped into the market that it is surprising the dollar is at 81 and not lower. The PPT is working constantly to keep the markets going, and yet not a comment from the free market converts. Where is the uproar from the free market true believers? The US government and most other countries are furiously pumping money into the markets to keep overvalued assets from falling to their real value. Why aren't free market enthusiasts complaining about this blatant market manipulation? Seems to me most economist who spout free market ideology are happy to see manipulation when it's their assets at stake. They certainly don't keep their mouth shut when the middle class complains about losing money and asset value. The silence about the wealthy being bailed out is deafening.