Europe Scared, Wall Street Worried

[SoCalDem]

Breaking News
Europe Scared, Wall Street Worried

http://www.smartmoney.com/bn/index.cfm?story=20040315085007
By Igor Greenwald
March 15, 2004
EUROPEAN MARKETS SHOOK and Wall Street shuddered Monday as mounting evidence of al Qaeda's involvement in last week's deadly Madrid train bombings cost the U.S. an important ally.

The Dow slumped 137 points to 10103, while the Nasdaq dropped 46 to 1939. The S&P 500 fell 16 to 1104, nose-diving as the closing bell neared to join the other gauges at the year's lows.

Energy suppliers and home builders held up best. Techs, financials, airlines, broadcasters and chemicals producers endured another adverse reaction. United Technologies (UTX) was the lone blue chip to escape unscathed.

Spain's conservative government suffered a surprise loss in Sunday's election, angry voters replacing one of President Bush's closest allies in the war on terror with an opposition leader who immediately vowed to pull Spanish troops out of Iraq. "The war has been a disaster, the occupation continues to be a disaster. It has only caused violence," said Spain's next prime minister.

snip............

[kalian]

1. I think Spain might later be known as the "turning point"....

when it comes to "alliances".
Spain will now join other rational European nations and become part
of the future alliance against the US.

They're trying to sping this in a BIG way. Eventually you will hear:
a vote for Kerry is a vote for terrorism...

I think we should be worried.

[bemildred]

2. It's going to put the poodle on the spot too. nt

[kalian]

3. Definitely

and its going to be interesting to watch how it plays out in the UK.

[freeforall]

4. For what it's worth...

When the EU brought the euro in in January 2002, I had the feeling that it would become the dominant currency within about 20 years, and that Europe would start challenging the US as a power again.

The US needs to boot Bush out, or it's in trouble.

Admittedly, I don't know much about economics, but - just a thought.

[K-W]

12. Thats exactly what the neo-cons think.

Thats why they want to control oil reserves as part of a plan to retain dominance for a 'new american century.

Europe is finally wising up and the US corporations are scared shitless.

[Columbia]

13. Well, considering European markets are trending lower too

It would seem that European corporations are just as scared.

[K-W]

16. Uncertanty isnt good for anyone.

Europe isnt neccesserily in line to top the world either. But the EU is thier best hope. Asia is going to be coming on very strong. Who knows who will lead the new world economy, perhaps no one, but things will change soon and the US at the very least cant retain the amount of power we have had for a while, not without drastic and unreasonable actions. The European Elite will also be very conservative in any uncertainty, thier piece of the pie is still pretty good right now. It will be asian countries it seems that really push for a change in the global economy.

[Columbia]

17. I agree

[Striker Davies]

5. Australia is getting angry.

Despite serious warnings from police chiefs and terrorism experts that Australia is now seriously at risk, little johnny howard is wriggling and spewing denials that any such conclusion could be reached.

It's going down like a train smash. We have an election due in October, and it may be that howard doesn't even last till then. Polls this week show he'd lose big if an election were held today.

[cliss]

6. I would say that Europe at this moment

is terrified. Terrified at the prospect of another Al-Qaida attack. If another one does occur, things could rapidly spiral downhill.

Most European countries feel like they're caught between a rock and a hard spot. One the one hand, they have to placate "Big Daddy USA", and on the other hand, they have their own people who are overwhelmingly against Big Bad Brother.

I would say that if Al-Qaida strikes again (if it really was them, some are not so sure here at the DU), european countries will think of their own survival first, and that means forget the US and their threats. Several countries have already been given a warning: the UK, Poland, Italy and Japan.

Another attack could easily swing heavily against the US. It could determine the upcoming election, as it did in Spain.

[Capt_Nemo]

18. As an european I don't feel terrified, I feel F***IN' ANGRY!

We are angry at governments that instead of tackling terrorism
play the tough guy, lying us into wars against non-existant threats that
hand terrorists excuses for their bloody actions, and then when hit
by the blowback try to spin and lie about for political gain.

That is what happened to the PP in Spain, but I can tell you the
majority of europeans are as angry as the spaniards.

[burrowowl]

7. To think that people

worship Wall Street, legalized gambling run by manic-depressive scarity-cat macho a$$holes!
Ah! But Wall Street is the Murikkkan way, it is OUR Economy!
I thought an economy was the production of foods, goods to maintain a reasonable life, not playing Monoply!
The DOW at 6000 would be reasonable and everybody, not just the filthy 1% rich would be better off.

[Columbia]

8. Dow at 6000?

How would everybody be better off? I'm nowhere near the richest 1%, but I know I would be hurting pretty badly if the market dropped that low.

[burrowowl]

9. Read Kevin Phillips

Wealth and Democracy

As a measure of actual wealth and not speculation the DOW should be at around 6000.

The stock market is legalized gambling where the house always wins, occassionly a small player wins ... but the odds are, it isn't going to be you.

[markses]

11. The problem with that version

is that actual wealth is always speculation - the speculative leap between the production of use value as potential surplus value and the realization of surplus value in exchange. It's speculation from top to bottom, friend.

[burrowowl]

15. Yep!

Speculation or gambling.
Wonder why Jesus got mad at the wall Streeters of the day?

[pfitz59]

10. Link to United Technologies.....

Evil war profiteers!
http://www.utc.com/

[annagull]

14. I guess Wall Street voted for the terrorists, too

since that is the prevailing logic today, Wall Street got scared and traded for bin Laden.