Australia awoke this morning to the news that the US Congress had not approved the US$700 billion bail out and the nightmare that had unfolded on Wall Street.
The Australian share market followed the US lead today with almost AUD$60 billion wiped off Australian shares.
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“NEARLY $60 billion was wiped off the value of local shares today after Wall Street suffered its biggest one-day points slide. The benchmark S&P/ASX 200 Index closed down 206.9 points, or 4.5 per cent, to 4600.5, while the broader All Ordinaries dropped 207.9 points to 4631.3.”
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Robert Gottliebsen is one of Australia’s most experienced market commentators has written an excellent article that Agmates readers will find instructive.
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Urgent Advise for Shareholders
“This comment is directed to all shareholders in Australia – and that includes most people with superannuation funds plus those who are now incurring hideous losses because of margin loans.
And I have a special word for Rio Tinto and BHP shareholders.”
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Have your say!
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