World on edge of crisis, ANZ says


And the fun continues as the whole global economy is like a slow motion train wreck. Queenbee

http://www.smh.com.au/business/world-on-edge-of-crisis-anz-says-20110819-1j17o.html

Eric Johnston
August 19, 2011 - 12:38PM
The world economy is on the edge of another economic crisis, ANZ chief executive Mike Smith says.
Mr Smith said the fragile economic situation in the US and Europe in particular, was "delicately poised" and this was likely to cause global markets to remain volatile for some time to come.
He labelled Europe "a mess" and warned that failure by political leaders to tackle the economic problems could lead to a much wider global crisis

U.S. Stocks Slide the Most Since 2009 Over Weak Growth, Europe

U.S. stocks tumbled, sending the Standard & Poor’s 500 Index to its biggest four-week loss since March 2009, as concern the global economy is stalling overshadowed the cheapest valuations in 2 1/2 years.
Hewlett-Packard Co. (HPQ) plunged 27 percent this week, the most since the October 1987 market crash, after a strategy shift undermined confidence in its managers. Technology, industrial and raw-material companies in the S&P 500 dropped at least 6.9 percent, the most among 10 groups. Caterpillar Inc. (CAT) and Alcoa Inc. (AA) retreated more than 8.4 percent after some of the world’s biggest banks -- Morgan Stanley, JPMorgan Chase & Co. and Citigroup Inc. -- slashed economic growth forecasts.
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