Peter Schiff tells Australians to sell their American investments. Great Depression is here.
NEW YORK – A stunning makeover of the Wall Street landscape sent stocks falling precipitously Monday, with the Dow Jones industrials losing 500 points in their worst slide since the September 2001 terrorist attacks. Investors recoiled after a shakeup of the financial industry that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co.
The pullback, which erased about $700 billion in shareholder wealth, occurred across much of the globe as investors absorbed Lehman’s bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock. While those companies’ situations had reached some resolution, the market remained anxious about American International Group Inc., which is seeking funding to shore up its balance sheet. A faltering of the world’s largest insurance company likely would have implications far beyond that of Lehman, already the largest U.S. bankruptcy in terms of assets.
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{ 7 comments… read them below or add one }
Hope we don’t end …
Hope we don’t end up like Iceland, dudes.
not exactly 14trill …
not exactly 14trill but you will earn more than you lose
its esamated thet there are 144trillon in oil in iraq and afgan and iran
so yea your wars will be repayed from that oil
i may of got the numbers a bit wrong
How do figure that …
How do figure that the war in iraq brings back 14 trillion dollars?! Do you have any idea what you’re talking about? Where did you get those numbers?
the wars in iraq …
the wars in iraq and afgan will
bring back 14trill and cost 5 trill
each 28tril for 10tril
thats very good
….the americans …
….the americans have uses everybodys wealth and gave them paper money
when they figerd it out they stoped useing it and there in debt
I wouldn’t read too …
I wouldn’t read too much into that comment. He probably had planned to say it before the interview began because it kinda sounds intelligent.
He was a good host.
America has an ” …
America has an “official” debt of around 11 trillion but that is not even the worst liability that we have. The Wars in Iraq and Afghanistan will cost us close to 5 trillion in spending and opportunity cost(the money could have gone to better, more productive activities). We committed to around 7.2 trillion dollars for the bailouts. Over the next 50 years we have 50 trillion dollars worth of entitlements such as social security, medicaid in the next 40 years. I would diversify your investments.