Financial Thoughts And Comments

Crikes! Are things scary in the stock markets or what? The last couple of days have been really serious. Talk about volatility!!

For years, workers on Wall St and in The City have been the 'Masters of the Universe' and they may continue to be ... but most financial stocks are getting a battering in the markets. Sure, it is a credit crunch and as such you wouldn't expect umbrella manufacturers to be suffering as much as companies involved with money, but still...

It must be a very tough time to be employed by a merchant bank. Your bonus is probably gone, all those stocks given to you as a bonus don't look so great and there isn't much point worrying about 'job security'. Soon enough your employer may be gone.

Just a couple of days ago an IMF economist suggested that another major investment bank would be likely to go under very soon. He didn't say which one, but we must presume that there is one or more that the IMF are worried about currently. He also said that the credit crunch is probably only half done! That is banker code for 'much worse to come'.

And we all thought it had been bad so far. We haven't even officially got to recession yet.

Batten down the hatches I say.