Berlusconi Says Leaders May Close World's Markets

Oct. 10 (Bloomberg) – Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world’s financial markets while they ``rewrite the rules of international finance.’’

The idea of suspending the markets for the time it takes to rewrite the rules is being discussed,'' Berlusconi said today after a Cabinet meeting in Naples, Italy. A solution to the financial crisiscan’t just be for one country, or even just for Europe, but global.’’

The Dow Jones Industrial Average fell as much 8.1 percent in early trading and pared most of those losses after Berlusconi’s remarks. The Dow was down 0.5 percent to 8540.52 at 10:10 in New York.

Group of Seven finance ministers and central bankers are meeting in Washington today, and will stay in town for the International Monetary Fund and World Bank meetings this weekend. European Union leaders may gather in Paris on Oct. 12, three days before a scheduled summit in Brussels, Berlusconi said today, while Group of Eight leaders may hold a meeting on the crisis ``in coming days,’’ he said.

This scheme appears to be a plan to help those that have wealth to keep it despite their own stupidity; a stupidity of wallowing in debt. Now that the Baby Boomers have begun to lose their wealth in their houses, they will lose their wealth in the 401k’s. A continuing crash is what is needed to stem this culture of greed. :tsktsk:

May the markets tank. :clapping:

  • Kathie :bowdown:

Don’t be so happy at other’s misfortune. A lot of retired people and widows depend on interest from 401k plans here in the US. My Mother in Law lost 30% of her plans and she is 85 years old. She is afraid she won’t live to see them recover.

This is a major problem around the world. Many, many people will be hurt by this. Much of it has the root in excessive greed as people have forgotten the lessons of the 1930’s. The older generation passed away and the younger ones have not heard the stories from their grandparents or great-grandparents.

WASHINGTON (Reuters) - The White House on Friday dismissed suggestions that U.S. markets would be suspended so international financial rules could be rewritten amid the turmoil that has gripped markets for weeks.

“There are absolutely no plans or discussions to interfere with the functioning of markets in the United States,” White House spokesman Tony Fratto said in response to a question about the idea raised by Italian Prime Minister Silvio Berlusconi.

The Italian leader, who is set to meet U.S. President George W. Bush on Monday, later played down the idea.

Did she retire at 65? That would be twenty years ago which is about the time 401k plans first started. Why didn’t she have a defined benetfit plan if she started working decades for that?

How about the poor person who had no 401k plan, or could not afford to contribute to one? :tsktsk:

Let us get real, we need Social Security based on corporate taxes not these company and employee contributions. And the plan should have a benefit that will actually pay for all living expenses.

Whiners, whose 401k plans are beginning to tank, are just feeling a fraction of what poor working people have been experiencing.

Just wait until 401k redemptions start to kick in. Or when Yuppies want to buy another BMW and draw down their 401K or IRA. They can’t get a home line of credit. The market will really begin to tank. :dancing: Think lower corporate earnings and then think P/E ratio of the S&P based on forward lower earnings. The market could go down to 1/2 of what it is today.:bigyikes:

You want a free market? Then don’t whine. :clapping:

  • Kathie :bowdown:

Be charitable, now. Not EVERYONE is whining about losses and not everyone is greedy. Be careful about whose misery you may be rooting for.

Some thoughts for you. Some people don’t have benefits provided by their companies and have saved their money for the future in stocks or bonds or real estate or gold or (take your pick – even some of those “poor working people” have saved and invested)…should you be happy for them?

Some people are out of a job now because others (possibly you?) are not buying as much of the product their company made – should you be happy for them?

Some people saved away money in banks, stocks, etc. as a contingency (accident, medical issues, etc.) and now find themselves in the hospital, etc., not able to pay the bill.

Be careful at whose misery you are celebrating. You may find yourself miserable one day with nobody to help you.

Peace and love.

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