1) Jan 2, 2008
The year had a bad start. The Asia stock markets plunged at the begining, and Singapore lost 6% in one day, something unheard of in 20 years. How did this come? Many blamed it on hedge funds. This is only the beginning........
2) March 16, 2008
Bear Stearns, the world's 5th largest investment bank almost collapsed. They were later sold to JP Morgan. With Bear as their name, I wonder how else could the stock price moved.
3) July 3, 2008
Oil price hit US$147 a barrel. Inflation was the terror of the day. It was so bad that many economists thought that it was a greater threat then subprime. Of course, now we know that while inflation was tracking real demand-and-supply, and speculation boasted the extreme wild swings. Later in December, oil dropped to US$34. While the Western speculators pushed up the oil prices, the Arabs and the Russians grew very rich, and come buy over m
any Westerns iconic companies. Now because the no one buys cars, and Americans dumped their SUV and Hummers, oil are sitting idle in storage tanks.4) Sept 7, 2008
Fannie Mae and Freddie Mac bailed out. The govt pumped in US$200B to save the mortgage giants. These guys handled almost half of the US US$12T mortgage debt. If they die, many would be homeless. If you are too big to fail, dont worry. Uncle Sam will save you! I think USA has to bite the bullet and admit that sometime, Free Market Economy need bailout by Socialism.
5) Sept 15, 2008
Over a weekend, Lehman Brothers filed bankruptcy, and hours later Merrill Lynch was sold to bank of America. These guys were the 4th and 3rd largest investment banks respectively. Osama bin Laden must be very happy. On the anniversary of Spet11, he needs not bomb another twin towers. Corporate America blasted their own twin banks, and brought the world down with it.
6) Sept 17, 2008
AIG almost goes belly up, but the govt stepped in with US$85B. The execuitives were so happy that they celebrated by spending US$440,000 on the retreat, complete with spa treatments, banquets and golf outings in top end St Regis. Yea these guys are smart! Champagne on the house, brought to you by Fred.
7) Oct 27, 2008
Bloody October. The massive carnage hits. The world probably saw its worst month in history as an estimated US$5.79T was lost in the exchanges. Just before that, McCain declared "the fundamentals of this economy are strong." Yea, didn't he know it's strongly resting not on concrete but on bubbles?
8) Dec 1, 2008
US officially in recession.... finally. After screwing up the rest of the world into recession, US finally admit it. When all your major banks are downed, the days of lying are no over.
9) Dec 11, 2008
Madoff's madness. Just as we thought we done with coprorate American's greed and stupidity, Bernard Madoff's Ponzi pyramid stunned the world with US$50B loss. One trader even committed suicide over grief, while's billion is still hidden somewhere. Greed is getting sky-high...
10) Dec 16, 2008
Almost free loans! Fred cuts interest rate to 0.25%. When the rates are almost zero, this game is over... what else to do?
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