DAX down 5.28%
FTSE Down 3.58%
Hang Seng Down 2.95%
Euro banks down
Gold up to $ 1,900.00
Europe down 5% overnight on new recession fears and the global financial
crisis continues.
More pressure on Italy to balance its budget commitments.
Chancellor Angela Merkel of Germany and her Christian Democrats lost 5% of their last count to the Center Lefty Social Democrats.
What does that mean to you?
America has a ton of exposure to Europe through American banks partial ownership of many Eurobanks. Greece is looking for more bailout money
and Germany and Finland are questioning anymore bailout money.
Here Obama will speak to the nation on thursday and propose spending
$2.2 Trillion on Innovative Infrastructure and Sector Specific Relief.
This is Poli-speak for I am giving more money to Wall Street, The to Big to Fail Banks and Businesses who give me big donations and am telling the American people to pay for this plan. Big problem Mr. O, where are we gonna get it? Don't think China or Euroland will be buying our Treasuries any time soon.
Look for more of the same here tomorrow as S & P futures are down 2%.
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