[Bas]

$this->bbcode_second_pass_quote('', 'A')fter dropping more than 3 percent on Monday, the Nikkei fell nearly 5 percent on opening Tuesday. Across the Korea Strait in South Korea, Seoul's KRX 100 index was down about 4 percent.

Hong Kong's Hang Seng Index opened lower, falling 5.0 percent.

The Australian Securities Exchange was down nearly 5 percent, and the Singapore stock exchange was down about 3.7 percent in early trading.

Investors nervously watched for other Asian markets to open -- shares in India's Sensex fell nearly 11 percent -- a four-month low -- on Monday and Hong Kong's Hang Seng index fell 5.5 percent, its largest percentage drop since the Sept. 2001 terrorist attacks.

[Nicholai]

I went to school today and didn't hear anyone talking about it. I don't even think people know. It's so embarrassing.

[perdition79]

Two days of Asian market losses. Today may be the day for the U.S. markets. Guess it's time to stock up on toilet paper, ammo, and whiskey.

[Novus]

I would like to go the more classical term by dubbing this:

The Panic of 2008

[Nicholai]

Most scientists and intellectuals have just given up hope while the rest of the population sits dazed by consumerism. When the crash comes, no one will have expected it except the top 1%.

[mmasters]

The fed better have some emergency rate cut at market open.

[I_Like_Plants]

But a rate cut won't fix it. May relieve things for oh...... 3 hours?

[lawnchair]

My question is, what could the ECB, Bank of England, etc do overnight to help? More "digit infusions"?

[perdition79]

$this->bbcode_second_pass_quote('I_Like_Plants', 'B')ut a rate cut won't fix it. May relieve things for oh...... 3 hours?

[mmasters]

Yup, wont do a lot but better to act sooner then later!

[fireplaceguy]

$this->bbcode_second_pass_quote('Bas', 'B')lack Tuesday 2008

[jasonraymondson]

$this->bbcode_second_pass_quote('perdition79', '')$this->bbcode_second_pass_quote('I_Like_Plants', 'B')ut a rate cut won't fix it. May relieve things for oh...... 3 hours?

[fireplaceguy]

Here's the "rest of the story"

There are specialized financial insurers who back the CDO's, CMO's, hedge funds, etc., etc. that we've been reading about lately, and here's the recent market performance of the publicly traded ones:

ACA Capital Holdings Inc. (ACAH) has lost virtually all its value and may be out of business this week unless bailed out.

Ambac Financial Group Inc. (ABK) has lost over 75% in value in the last 30 days, and just lost its AAA rating.

MBIA, Inc. (MBI) also lost over 75% in value in the last 30 days, and is also in danger of a downgraded rating

Assured Guaranty Ltd. (AGO) lost about 37% in value in the last 30 days.

Moneygram International, Inc. (MGI) dropped about 75% in the last 30 days.

RAM Holdings Ltd. (RAMR) fell about 80% in value in the last 30 days.

MGIC Investment Corporation (MTG) has lost half it's value in the last 30 days.

Radian Group Inc. (RDN) dropped about 55% in value in the last 30 days.

The losses of the last 30 days come on the heels of significant losses last year, so this entire market sector is imploding before our eyes. Investors are bailing because they understand there's no way to cover the massive write-offs these insurers are contractually obligated to cover this year. The capital market is telling us what the media hasn't - that these insurers are technically insolvent! That's troubling because they're the last line of defense between us and a multi-trillion dollar global meltdown...

What we're seeing in the broader markets is the result, and a preview of what awaits if the cookie crumbles...

[drgoodword]

$this->bbcode_second_pass_quote('fireplaceguy', '')$this->bbcode_second_pass_quote('Bas', 'B')lack Tuesday 2008

[jboogy]

I caught Cramer on CNBC talking about all the insurers going belly up, scary stuff. I watched the news tonight to see if anyone was talking about the other markets tanking and not nary a peep, but I don't subscribe to fox news or msnbc so maybe they said something, anderson cooper was all presidential candidates, ( big surprise ), local news zippo. Link TV had english language German news program " journal " and the markets were the top, big story. Nothin' in this country though, is this a great country or what?

[gampy]

The Canadian news channels were all over this.

TSX down 500+

Although I don't think Canada is as exposed as the US or Asia. At least in the short term.

[Bas]

update

$this->bbcode_second_pass_quote('', 'H')ong Kong's Hang Seng index fell 8 percent in early afternoon trading Tuesday as global markets tumbled on fears that a U.S. economic slowdown will lead to a global recession.

Japan's Nikkei index plunged below 13,000 for the first time in more than two years, down 4.5% in afternoon trading.

South Korea's Korea Composite Stock Price Index fell 90.03 points, or 5.4 percent, to 1,592.63.

Australia's benchmark S&P index was down 6 percent.

The Singapore stock exchange was down 4.5 percent, and Taiwan's benchmark Taiex was down 6.6%.

Trading was halted in Indian markets Tuesday as shares plunged on opening, with the benchmark index falling 9.5 percent. Shares in India's Sensex fell nearly 11 percent -- a four-month low -- on Monday.

[Zardoz]

$this->bbcode_second_pass_quote('Bas', '.')..then again, the Dow might have to play catchup having missed all the fun yesterday!

[Bas]

$this->bbcode_second_pass_quote('Zardoz', '')$this->bbcode_second_pass_quote('Bas', '.')..then again, the Dow might have to play catchup having missed all the fun yesterday!

[deeciduous]

$this->bbcode_second_pass_quote('jboogy', 'I') caught Cramer on CNBC talking about all the insurers going belly up, scary stuff. I watched the news tonight to see if anyone was talking about the other markets tanking and not nary a peep, but I don't subscribe to fox news or msnbc so maybe they said something, anderson cooper was all presidential candidates, ( big surprise ), local news zippo. Link TV had english language German news program " journal " and the markets were the top, big story. Nothin' in this country though, is this a great country or what?