By Bloomberg's estimate, global stocks have lost about $2.8 trillion this week. This trader delivered as clear and succinct an analysis as I've yet read:
"It's ugly," said Michael Mullaney, a Boston-based money manager for Fiduciary Trust Co., which oversees $10 billion in stocks and bonds. "It's about the worst I've seen it in 25 years. You have to have free-flowing credit to lubricate the system. That's not happening right now."
categories: Wall Street
maybe international investors are pulling their capital. Consider the risky moves made by govt lately. growing deficit and debt. smart money knows US economy in need of readjustment for years overdue. The govt policy of creating fear of terrorism and dishonesty towards public has also probably spilled over to create an atmospher of panick and distrust.
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