Back to earth

Posted by ednathan on October 17, 2008 · Leave a Comment

by Ednathan Thadeu Andrada

After the Dow Jones Industrial average reeled and ended with its worst beating in a single week, investors sighed in relief with the composite rebounded for over 900 points on Monday. For the first time in a long while, people got positive news out of Wall Street.

Central banks all over the world coordinated their actions never seen before and the investment community saw it as sign that the nations are starting to recognize the scale of this crisis. For a moment, everyone taught it was the end of the rabbit hole. It seems now that they are mistaken.

The Dow went back to earth again last night as it ended in negative territory although not as brutal as last week’s numbers. the idea that the United States can not avoid a recession is now starting to sync in among the public.

The Philippine Stock Exchange composite index rose substantially following the lead of other emerging markets on Monday but expected to stay on the sidelines now the US markets are starting to send mixed signals once again. Still, there has been limited coverage of the global financial crisis in the local mainstream media. It is interesting how Congress would respond to this crisis in the midst of another impeachment attempt against President Arroyo.

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