Asian markets soar on possible US rescue package

Source: AP

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AP
Asian markets soar on possible US rescue package
Friday September 19, 12:34 am ET
By Jeremiah Marquez, AP Business Writer
Asian markets soar on possible US rescue package, Wall Street rally; Hang Seng jumps 7 percent

HONG KONG (AP) -- Asian stock markets soared Friday as news of a possible U.S. government plan to rescue banks from risky mortgage debt brought hope of a letup in the world's worst financial crisis in decades.
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Hong Kong's Hang Seng Index jumped 7 percent at the open and was up 5.8 percent in mid-morning trading at 18,648.64. Japan's Nikkei 225 average was up 3.1 percent at 11,852.99.

China's Shanghai benchmark surged a stunning 9.5 percent as encouraged investors resumed buying following a government decision to cut a tax on share purchases and to buy up shares in state-owned lenders. Stock measures in Taiwan, South Korea and Australia were also sharply higher.

Read more: http://biz.yahoo.com/ap/080919/world_markets.html

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Well I am not shocked... people want this to be over, and if this is only temporary...

is not the sign of a stable market.

Buyer beware.

is "instead of rescuing the troubled banks, would an "RTC" type bailout actually cause the Fed/Treasury to go into default?"

Holders of T-bills all around the world HAVE to be getting nervous about their "sound" investment. So to are the holders of actual dollars.

We haven't stopped this yet. An "RTC" announcement isn't a fix, only a bigger band-aid.

And we don't even have the RTC fix yet... no one has said that it will happen... and no one has said that it's even a good thing. This isn't the S&L crisis over again. This one is much worse.

is going to be a good thing??? It seems like an extremely complicated issue that was a long time in the making and would take months of debate of the best financial minds in the country to really come up with a plan that had any chance of working. Why does everyone feel confident about the plan??

...referring to all the things that would need to be taken into account to make the plan workable. Just one facet was discussed, and I have no mind for financial jargon, but what I understood was that it would rely on the honesty of the seller to value fairly, and I thought "that's what got us into this mess".

And never mind how long it'll take, it doesn't address the underlying problem of insolvency, does it?

I can see Norquist's bathtub from here...

it's the COUNTRY.

It the US defaults on T-bills... or "prints" so much to induce hyper inflation... the world will quit dealing with us. And not just the government, but every company that hasn't moved out of the US.

IF it's just the government, we'd be leaving a very bad bathtub ring right about now.

:)

:)

Food for thought.

I imagine the "irrational exuberance" brought on by the intoxicating elixir of government bail-outs will wear off in a few days, if not sooner.

Leading UK shares rose in early Friday trading as investors appeared to welcome the City regulator's ban on short-selling in financial stocks.

The FTSE 100 index was up as much as 215 points or 4.4% at 5,095 in early exchanges, with banking stocks among the biggest risers. HBOS was up 32%.

The gains come after the Financial Services Authority (FSA) announced its temporary move on Thursday night.

Short-selling involves traders profiting from falling share prices.

http://news.bbc.co.uk/1/hi/business/7624654.stm

No mention of the US rescue plan contributing to the rise. Maybe other factors have affected the Asian markets too ?

They've inserted: "Shares were also lifted by US plans to rid American banks of their bad debt."

And there's another piece, saying

The "solution" now used by the USA was always available. Perpetuation of the mortgage scam was necessary to keep their economy afloat. However - like most scams it's like running with a brick tied to your neck on piece of elastic : fine until you stop running. Makes me wonder if financial mayhem around the world was simply part of a plan.

The USA's current adminstration can now proudly boast "we saved the world's economy" with no mention of how they fucked it up in the first place.

except for those who only gets to pay for them :grr: