US failure hits European shares

[saltwn]

The main UK and other European share indexes have fallen sharply in early trading after a US financial rescue plan failed to gain backing

Asian stocks have already seen big declines in Tuesday trading.

Meanwhile, in Russia all trading has been suspended on the country's two main stock markets.
US Treasury Secretary Henry Paulson, the architect of the rescue plan, said it was vital to get a new deal agreed.
President George W Bush is now due to make a statement on the deadlock over the bail-out plan later on Tuesday.
But the president has been wholly ineffectual in the crisis so far and it is difficult to see how that might change, says the BBC's North America correspondent Justin Webb.
Monday also saw the partial nationalisation of Benelux banking giant Fortis by three governments, and UK lender Bradford & Bingley was taken into state ownership. BBC NEWS | Business | US failure hits European shares

The article also mentions Japan and Germany.
From a related article:

The world's financial markets are in deep trouble, because too many banks have invested heavily in the huge US mortgage market. Since the US housing bubble burst, banks do not know how many of these loans will be paid back.

What started as a little local difficulty has now engulfed banks around the world. ...This has brought the global financial system to a standstill, sent interest rates soaring and hit both consumers and businesses. BBC NEWS | Business | Q&A: US $700bn bail-out plan

After much deliberation, the US bail-out package could be approved by Congress this week, with EU officials hoping its approval will help to ease tensions. "My hope is that they will do it quickly because, when I look at financial and stock markets, exchange rates and global confidence indicators, the Americans' hesitation over their intentions deepens uncertainty," said Luxembourg Prime Minister and chairman of eurozone finance ministers Jean-Claude Juncker. EurActiv.com - Credit crunch hits European banks | EU - European Information on Financial Services

I tried to find some comments by ordinary citizens in Europe. But I imagine they are as stymied as we are.

[L.P. Farnsworth]

DOW is now below 10,000 today, don't know if it will stay there, but there is a lot of foreign ownership of U.S. companies, so the drop is bound to affect the big Eurobanks and corps as well.

Economyincrisis.org - America's Economic Report - Daily

The right side of the linked page has some info on foreign holdings, not all of them are EuroCorp holdings, of course, and some of the data is not current, but it gives some idea of the situation, including the drop in Asian markets.

Unfortunately, these types of crisis's usually lead to major wars down the road a few years.

[saltwn]

Originally Posted by L.P. Farnsworth

DOW is now below 10,000 today, don't know if it will stay there, but there is a lot of foreign ownership of U.S. companies, so the drop is bound to affect the big Eurobanks and corps as well.

Economyincrisis.org - America's Economic Report - Daily

The right side of the linked page has some info on foreign holdings, not all of them are EuroCorp holdings, of course, and some of the data is not current, but it gives some idea of the situation, including the drop in Asian markets.

Unfortunately, these types of crisis's usually lead to major wars down the road a few years.

From your link:

German Finance Minister Peer Steinbrueck has said that after the smoke clears from the current financial crisis we are certain to see "the end of America as a financial superpower."

I read similar expressions on websites dedicated to our enemies (quotes by Chavez and others), but to hear this from Europeans is quite disturbing.
However, America has been through dark places before. I have to have faith that not only the will is finally there, but that our spirit which is the driving force of any nation, shall rise above the fray and push us toward financial strength. Honesty and transparency will be assets to any effort to rectify this situation. I suspect, though that more than rectify, we need a fresh start.

[L.P. Farnsworth]

Originally Posted by saltwn

From your link:

I read similar expressions on websites dedicated to our enemies (quotes by Chavez and others), but to hear this from Europeans is quite disturbing.

I don't pay much attention to that stuff. Those predictions have been said since the founding of the republic. One thing is certain, though, and that is the U.S. will no longer be able to spend more than the entire rest of the world on 'defense' pork. This is a double-edged sword, as it means we will have to attack without any pretext of 'occupation and development' style plans, as we did after WW II and other conflicts; it will be move in and destroy the threat immediately, and leave the ruins to be picked over by the survivors. No aftermath of massive funded 'rebuilding' programs.

This is why 'liberals' are so utterly ignorant to gloat over our predicted 'demise', as it will not be the Nirvana of 'World Peace', they think it will be after the 'death of American Imperialism'; it'll be a much more violent world. They'll discover too late that the U.S. was not even remotely the 'root of all evil', after all, despite what they're spoon fed at 'Democracy Now!', Daily Kos, and the rest of the Soros, Inc. media outlets.

[tristanrobin]

This is why 'liberals' are so utterly ignorant to gloat over our predicted 'demise', as it will not be the Nirvana of 'World Peace', they think it will be after the 'death of American Imperialism'; it'll be a much more violent world. They'll discover too late that the U.S. was not even remotely the 'root of all evil', after all, despite what they're spoon fed at 'Democracy Now!', Daily Kos, and the rest of the Soros, Inc. media outlets.

And writing that "liberals" think all that is why right wing neo-conservatives are so full of shit.

[L.P. Farnsworth]

Originally Posted by tristanrobin

And writing that "liberals" think all that is why right wing neo-conservatives are so full of shit.

I agree. I think neoconservatives are full of shit, too, just not as full of it as white suburban 'progressives', weekend hippies, and shallow, faux 'Peace Left' hypocrites.