Banks fail, Investment Houses go under, 401K's evaporate before out very eyes. What is the lesson for Christians? Waht about those whose hopes are in the world, and its 'Masters of the Universe" financial wizards. If you have been working according to God's plans, then it is not a surprise nor will it crush your faith.


I would like this thread to be a place to take a look at the signs of the times in the economic issues that are coming our way fast and furious. It is a barameter of what we knew would be coming and what we should be ready for. Lets take a look at the latest news on the economic issues (and this is just today):

World markets plummet
European markets plunge again and Japan's Nikkei drops nearly 10 percent. » 'Gripped by fear'

The Dow's seven-day decline of 20.9 percent is the largest since the seven-day plunge ending Oct. 26, 1987, when the Dow lost 23.8 percent. That sell-off included Black Monday, the Oct. 19, 1987 market crash that saw the Dow fall nearly 23 percent in a single day.

In Japan, the benchmark Nikkei 225 index in Japan 881.06 points, or 9.6 percent, to 8,276.43, its lowest closing level since May 2003. It was its biggest one-day percentage loss since the stock market crash of October 1987 and meant that the Nikkei lost nearly a quarter of its value during the week.

"Investors were gripped by fear," said Yutaka Miura, senior strategist at Shinko Securities in Tokyo.

Finance ministers and central bankers from the Group of Seven industrialized nations are due to meet later Friday in Washington to address the financial meltdown but analysts are skeptical that they can do anything to soothe concerns about the world economy. US President George W Bush is due to make an address to the American people later in the day.

"I don't know what they can do. The actions of governments and central banks have had no effects, they haven't freed up credit markets and not inspired confidence in stock markets," said David Jones, chief markets strategist at IG Index.

Few places escaped the deepening gloom. In Australia, where the S&P/ASX200 plummeted a record 8.3 percent, market watchers were calling it "Black Friday." Key indices in Hong Kong, Singapore, the Philippines and India were all down about 8 percent. South Korea's Kospi closed down 4.1 percent, while the Shanghai Composite Index posted a more moderate decline of 2.8 percent.

Wall Street seen adding to global rout AP
Financial turmoil, weaker sales batter GM shares AP
Banks borrow record amount from Fed AP
New AIG loan renews concerns over insurer's health AP
States, cities look for thaw in credit freeze Time.com
The Fed, the Crisis, and Your Portfolio BusinessWeek Online
Snowballing sell-off drives Dow down 679 points AP
Asian markets tumble during Friday trading
Hong Kong shares tumble on Friday
Japan to propose bailout
financial meltdown
Britain unveils massive rescue plan at The Los Angeles Times, Oct 09
Wall Street seen adding to global rout AP
Oil plummets below $83 on global slowdown fears AP
GE profit falls 22 pct, hurt by financial arm AP
Wells Fargo plans to buy Wachovia; Citi ends talks AP
Japan to propose bailout fund at G-7
Fearful investors dump stocks, bonds for cash

LONDON - European stock markets slumped in early trading Friday following massive sell-offs on Wall Street and Asia as lending rates between banks continue to rise despite this week's efforts by central banks to break the logjam in credit markets.

At mid-morning London time, the FTSE 100 index of leading British shares was down 233.84, or 5.4 percent, at 4,079.96, having fallen below the 4,000 mark earlier for the first time in five years. Germany's DAX was 383.70, or 7.9 percent, at 4,503.30, and France's CAC-40 was 209.67, or 6.1 percent lower at 3,233.03.

In Vienna, the stock exchange has been suspended until midday after stocks tumbled 10 percent at the opening bell, and in Russia representatives of the MICEX and RTS exchanges said they suspended regular trading until further notice under orders from financial regulators.

This week's coordinated interest rate cuts by the world's central banks to thaw frozen credit markets and boost investor confidence have fallen flat as markets remain gripped by fears about the scale and depth of the likely global recession."

CNNMoney: U.S. stocks ready for rough start
CNNMoney: Wells Fargo wins Wachovia
Can things get even worse?
Business »

Global stock selloff
Oil sinks to one-year low on global fears
Europe joins global dive

Markets followed Asia and America into the deep with recession-worried investors selling off shares across the board.
Investors, bankers have lost their faith

The financial crisis can seem hopelessly complex. It boils down to confidence.

CRISIS GOES ON: Fear's a slippery slope for stocks
DISBELIEF: Russia among hardest-hit in meltdown
INVESTING: Look for some stock gems amid the rubble
PREVIEW: Tech firms' growth, profit outlook less rosy
Asian markets in freefall; Nikkei down 10 percent; trading stopped in Japan, Indonesia

TOKYO — A massive sell-off on Wall Street and escalating fears of a global recession sent Asian stocks plunging Friday, with Japan's benchmark index plunging more than 10 percent.

"Selling is unstoppable in New York and Tokyo," said Yutaka Miura, senior strategist at Shinko Securities Co. Ltd. in Tokyo. "Investors were gripped by fear."

Markets in Hong Kong, Australia, South Korea, Thailand and the Philippines were all down more than 7 percent. Shanghai's index was down 3.8 percent.

Indonesian authorities suspended trading indefinitely on the Jakarta Stock Exchange after they had halted trading Wednesday when the index plunged more than 21 percent over three days earlier this week.

In Tokyo, the gut-wrenching drama left individual investors shellshocked.
World markets topple after U.S. fall

Overseas markets fell sharply, continuing the massive stock sell-off that has slammed Wall Street and world markets. Government officials are rushing to contain the damage. World finance ministers and central bankers will gather in Washington this weekend to brainstorm solutions for the global financial crisis, CNNMoney reports. full story
Commentary: Another Great Depression?


Markets in turmoil
The Dow plunged at the opening bell, dropping more than 660 points in the first minutes of trading to below 8,000 for the first time since 2003, CNNMoney reports. Stocks were swinging sharply after the initial sell-off. President Bush this morning said the economic crisis is being made worse by anxiety. "Much of it is driven by uncertainty and fear, " he said in a Rose Garden address. developing story

CNNMoney: World markets topple
CNNMoney: GE meets expectations
Commentary: How to make it stop
Commentary: Another Great Depression?
Oct 10, 2008

Market in turmoil
Following huge declines overseas, U.S. stock prices swing sharply in early trading. » Latest

Consumers lose faith in Fed, finance
Japan bailout
Oil below $80
NEW YORK - Stock prices swung sharply on Wall Street, with investors still selling heavily but also scooping up stocks that have been decimated by more than a week of huge losses. The Dow Jones industrials, down nearly 700 points in the opening minutes of trading, recovered to an advance of more than 100 before turning lower again, and the other major indexes fluctuated sharply as well.

Frozen credit markets and a loss of confidence in the world's financial system have caused the Dow to drop 21 percent in just 10 trading days. The blue chip index tumbled 678 points Thursday, and is heading to its worst weekly point drop, and one of its biggest weekly percentage drops, since being created 112 years ago.

"Momentum is running against the market and you don't want to get hit by a train," said Jack Ablin, chief investment officer at Harris Private Bank. "This is now about market psychology. There's extreme fear and panic out there."

Stocks volatile after early plunge
Stocks mauled at open as U.S. joins global slide.
OIL PRICES: Crude plummets to $82
YOUR MONEY: Stock gems amid the rubble

Investors, bankers have lost their faith
Bush poised to talk about economic crisis
Fear's a slippery slope for stocks

Traders watch stock prices as they work on the main trading floor of the New York Stock Exchange early in the trading session.

NEW YORK (CNNMoney.com) -- The Federal Reserve and Treasury Department haven't been able to stop the panic gripping U.S. financial markets.

Neither have finance ministers and central bankers across the globe - from powers such as Britain and China to smaller countries such as Iceland.

In the face of the growing global crisis, can the Group of Seven and International Monetary Fund make a difference?

That's what the world is hoping. But even those calling for coordinated action on a global scale aren't sure they can.

The IMF and its sister organization the World Bank are holding their joint annual meeting in Washington, while the finance ministers of the world's leading industrialized nations, the G-7, are also set to meet in Washington this weekend. In addition, the G-20, the finance ministers and central bankers for a larger group of the world's top nations, will also meet.

With governments moving to pump billions into the troubled banking system, talk is brewing of the need for coordinated action to restore confidence and stability to markets......

Dow's wild ride
The Dow fell nearly 700 points this morning, dropping below the 8,000 mark for the first time since 2003. The Dow then recovered most of those losses before plunging below 8,000 a second time. President Bush reassured investors that the government will solve the financial crisis gripping world economies. "We can solve this crisis and we will," Bush said in remarks from the White House Rose Garden. developing story



Latest News
Bush: Anxiety is making it worse | Text
iReport.com: How is the crisis affecting you?
Commentary: How to make it stop
Time: Calm down, be brave
CNNMoney: Bush: 'We can solve this crisis'
CNNMoney: World finance leaders to huddle
Campbell Brown: Things are getting desperate
Commentary: Is this the start of another Great Depression?

If I hadnt read it, I would not have believed it.......

I have been watching this on CNN each day with great interest.

It is incredible to see how quickly the finances and wealth of man can be undone, in minutes, hours and days rather than the expected weeks, months and years, with seemingly no way to stop it or control it. I have always believed this is how the last days will be, events and laws happening too quickly for anyone to react. So as I constantly tell my brethren in church, dont wait for the 'Sunday laws' to come as by the time you see them it will be in a rush to the end events in which prophecy will be fulfilled, and then the coming of Christ.

Here is something to chew on that just struck me......

The fact that the global economy has united enemies and friends on a scale never seen before has been largely missed by SDA's. Russia supplies most of Europes oil and gas, China supplies a large amount of what Americans consumers buy, Germany and Japan are some of the worlds biggest exporters, India has many companies that do the tech work for America, and of course if the United States stock market crashes and burns as it goes down, every other market follows as we saw.

Its all one economy tied in together like a Gordian Knot, nothing can pull it apart or unravel it. Like Europe, the forces that control the laws are being centralized at meetings such the Group of 7/8 and other multination groups which can quickly act together in times of 'crisis' as you saw when all the major countries reduced their interests rates in a 'cordinated' move to bring 'stability' to the worldwide markets. As events happen which they feel can threathen the global stability they will act in concert as a united front, whether it be a economic event, Islamic terrorism, or a political or religious 'leader' who brings the world together with great 'ideas'.....

Here is another angle to "chew on"

Is Big Brother the guy next to you with his cell phone, that just clicked a pic of you?

With the down turn in the US and other countries economy will we be seeing more of a bounty-hunter approach as offered in Korea, to line the pockets?


I have heard of programs for senior citizen here in the US, that offer $ for info.

With security cameras combined with cell phones that can video capture things, etc. we are just about there as far as technology goes.