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NEW YORK (CNN/Money) - Ten trading days, 1,360 points off the Dow. Let's start calling the "sell off" what it is. Let's call it a panic. Let's call it a crash.
Indeed, after rallying following Sept. 11, the markets topped out in March, and have been careening downward ever since: The Dow is down 25 percent since then; the S&P 500 is down 27 percent, and the Nasdaq is down 32 percent. And the continuation of selling on Monday, following the seventh worst point-loss in Dow history, is doing little to reassure investors that the worst is over.
People worry that, with .7 trillion knocked off U.S. market capitalization since March 2000 ( billion in the past week alone!), the selling will bleed into the economy, not just snuffing the recovery but sending the country into a deflationary episode like the one Japan labors under. Or like the United States strained under in the 1930s.
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The fears came true?
The fears never came true, of course. The hurt that got put on markets never turned up in the economy -- heck, economic growth actually accelerated through the entire episode. And now, even though all the indicators are pointing toward economic growth, people are starting to worry stocks could snuff the recovery.
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BE A MILLIONAIRE!
Your one dollar is about one and half million Turkish Liras! Forget the Crash of 2002...
Buy something in Turkey, From Turkey. Only in Turkey. Buy a hotel room... Buy a gold necklace...Buy a horse...Rent an apartment...Buy a land...Buy a farm...Rent a car...Buy a carpet...
They will worth it.
Do something! You are already a millionaire in Turkey...
ONLY IN TURKEY
Or, enjoy playing a gitar...
Sleep all day? Wake-up early?
What ever you do, what ever you want...
Forget the crash. Enjoy your time.
ONLY IN TURKEY...
ISTANBUL CONNECTION
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Only In Turkey...
Come Turkey. And feel to be a royal...Again. |
Welcome...
Enjoy your stay!
IT'S THE TIME NOW!
Government to Take Off 6 Zeros from Lira Next Year
Ankara, TURKEY, September 10, 2003 - Yesterday, at a press conference declaring 2003's 8-month budget status, Minister of Finance Kemal Unakitan stated that the decline in inflation, in accordance with government goals, formed a proper environment for the removal of 6 zeros from the Lira in 2004.
"We already have difficulty calculating quadrillions in huge budgets. We should quickly take off 6 zeros from the Lira. With the help of Allah the Turkish public could see those bright days."
Unakitan reported that in August the primary budget surplus reached a new record. He emphasised that last year's consolidated budget monthly incomes surpassed expenditure for the first time in 29 months. In 2003, for the January-August period, income totalled TL 92,1 quadrillion and expenditure TL 63,6 quadrillion. Unakitan stated that the primary budget surplus reached TL 5 quadrillion 35 billion. Total expenditure for the end of the year is envisaged at TL 145,9 quadrillion, and the income target was TL 100,8 quadrillion.
www.zaman.com
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