Page 107 of 172

US free speech lawyer defends satire of Glenn Beck

Sunday, October 4, 2009

Massachusetts-based First Amendment rights lawyer Marc Randazza is defending a controversial parody website which satirizes American political commentator Glenn Beck. The website was created in September by a man from Florida named Isaac Eiland-Hall, and it asserts Beck uses questionable tactics “to spread lies and misinformation”.

The website created by Eiland-Hall is located at the domain name “www.GlennBeckRapedAndMurderedAYoungGirlIn1990.com”. Its premise is derived from a joke statement made by Gilbert Gottfried about fellow comedian Bob Saget. The joke was first applied to Beck on the Internet discussion community Fark. It then became popular on Internet social media sites including Reddit and Digg, and was the subject of a Google bomb, a technique where individuals link phrases in order to artificially change Google search results.

Eiland-Hall saw the discussion on Fark, and created a website about it. The website asserts it does not believe the rumors to be true, and states: “But we think Glenn Beck definitely uses tactics like this to spread lies and misinformation.” In an interview with Ars Technica, he said the website was “using Beck’s tactics against him”. The website was created on September 1, and by September 3 attorneys for Beck’s company Mercury Radio Arts took action. Beck’s lawyers sent letters to the domain name registrar where they referred to the domain name itself as “defamatory”, but they failed to get the site removed.

Even an imbecile would look at this Web site and know that it’s a parody.

Beck filed a formal complaint with the Switzerland-based agency of the United Nations, the World Intellectual Property Organization. Beck alleged that the website’s usage is libelous, bad faith, and could befuddle potential consumers. Beck’s complaint was filed under the process called the Uniform Domain Name Dispute Resolution Policy. The policy allows trademark owners to begin an administrative action by complaining that a certain domain registration is in “bad faith”. A lawyer for Beck declined to provide a comment to the Boston Herald, however a source told the newspaper that Beck’s complaint with the site is primarily a “trademark issue”.

Randazza established an attorney-client relationship with Eiland-Hall after his client received threatening letters from attorneys representing Beck. He then sent an email to Beck’s attorneys, and pointed out inconsistencies between their client’s recent actions and his prior public statements in support of the First Amendment. Randazza wrote a reply to the World Intellectual Property Organization, and contends that the website is “protected political speech”, because it is “satirical political humor”. Randazza stated that “Even an imbecile would look at this Web site and know that it’s a parody.” In his legal brief, Randazza compared the website to other Internet memes, such as “All your base are belong to us” and video parodies of the German film Downfall.

It’s not often that I would recommend reading a World Intellectual Property Organization legal brief for its entertainment value, but today is going to be an exception.

“We are here because Mr. Beck wants Respondent’s website shut down. He wants it shut down because Respondent’s website makes a poignant and accurate satirical critique of Mr. Beck by parodying Beck’s very rhetorical style,” wrote Randazza in the brief. The brief also commented on Beck’s style of reporting, and pointed out a controversial statement made by Beck when he interviewed a Muslim member of the United States Congress. Beck said to Representative Keith Ellison: “I like Muslims, I’ve been to mosques. … And I have to tell you, I have been nervous about this interview because what I feel like saying is, sir, prove to me that you are not working with our enemies.” According to the Citizen Media Law Project, the website’s joke premise takes advantage of “a perceived similarity between Beck’s rhetorical style and the Gottfried routine”.

Public interest attorney Paul Levy told Ars Technica that if a statement in a website’s domain name were both false and “stated with actual malice”, it is possible it could be considered defamatory. The First Post reported that Electronic Frontier Foundation attorney Corynne McSherry gave an analysis asserting that though the domain name of the website is “pretty dramatic”, it constituted “pure political criticism and there’s nothing wrong with that”. McSherry and Levy both agreed that the action of Beck to take the matter to the World Intellectual Property Organization was probably a tactic to determine the identity of the website’s owner.

Andy Carvin of National Public Radio wrote that Randazza’s legal brief was amusing, commenting: “It’s not often that I would recommend reading a World Intellectual Property Organization legal brief for its entertainment value, but today is going to be an exception.” Nate Anderson of Ars Technica commented “In any event, the WIPO battle promises to be entertaining, and there’s even a bit of serious purpose mixed in with the frivolity. Just how far can WIPO go in using its domain dispute system to address Internet spats?”. Domain Name Wire wrote that “…when someone who has created a bitingly satirical web site works with his lawyer to put pen to the paper, the end result can be quite amusing.”

Writing for Adweek, Eriq Gardner pointed out the comparison made by Randazza’s legal brief between the website’s parody nature itself and the statement made by Beck to Congressman Ellison, noting: “this case also makes a political point”. Jack Bremer wrote in The First Post that the attempts by Beck’s lawyers to argue that the website’s domain name is itself defamatory “looks like a first in cyber law”. Rick Sawyer of Bostonist characterized Randazza’s legal brief as “Hillarious!”, and called the attorney “among the North Shore’s most hilarious legal writers”.

[Glenn Beck] did the one thing guaranteed to garner the greatest amount of publicity for the site…

The FOX News-critical site FoxNewsBoycott.com likened the legal conflict between Beck and the site to the Streisand effect, a phenomenon where an individual’s attempt to censor material on the Internet in turn proves to make the material itself more public. “Glenn Beck is experiencing the Streisand Effect first hand,” wrote FoxNewsBoycott.com. John Cook of Gawker.com also compared Beck’s actions to the Streisand effect: “Now Glenn Beck’s trying to shut down their web site, ensuring that people will write about it.” Jeffrey Weiss of Politics Daily wrote that by taking legal action, Beck “did the one thing guaranteed to garner the greatest amount of publicity for the site”. Techdirt described Beck’s legal action as “not particularly smart”, and noted: “Beck would have been better off just ignoring it. Instead, in legitimizing it by trying to take it down, many more people become aware of the meme — and may start calling attention to situations where Beck (and others) make use of such tactics.” The blog Hot Air noted the issue could gain attention if it becomes a test case for the First Amendment: “If this becomes a First Amendment test case, the smear’s going to be covered far and wide…”

Retrieved from “https://en.wikinews.org/w/index.php?title=US_free_speech_lawyer_defends_satire_of_Glenn_Beck&oldid=4498159”

Wikinews interviews Rocky De La Fuente, U.S. Democratic Party presidential candidate

Thursday, March 31, 2016

Businessman Rocky De La Fuente took some time to speak with Wikinews about his campaign for the U.S. Democratic Party’s 2016 presidential nomination.

The 61-year-old De La Fuente resides in San Diego, California, grew up in Tijuana, and owns multiple businesses and properties throughout the world. Since getting his start in the automobile industry, De La Fuente has branched out into the banking and real estate markets. Despite not having held or sought political office previously, he has been involved in politics, serving as the first-ever Hispanic superdelegate to the 1992 Democratic National Convention.

De La Fuente entered the 2016 presidential race last October largely due to his dissatisfaction with Republican front-runner Donald Trump. He argues he is a more accomplished businessman than Trump, and attacks Trump as “a clown,” “a joke,” “dangerous,” and “in the same category as Hitler.” Nevertheless, De La Fuente’s business background begets comparisons with Trump. The Alaskan Midnight Sun blog described him as the Democrats’ “own Donald Trump.”

While receiving only minimal media coverage, he has campaigned actively, and according to the latest Federal Election Commission filing, loaned almost US$ 4 million of his own money to the campaign. He has qualified for 48 primary and caucus ballots, but has not yet obtained any delegates to the 2016 Democratic National Convention. Thus far, according to the count at The Green Papers, De La Fuente has received 35,406 votes, or 0.23% of the total votes cast. He leads among the many lesser-known candidates but trails both Senator Bernie Sanders who has received nearly 6.5 million votes and front-runner Hillary Clinton who has just shy of 9 million votes.

With Wikinews reporter William S. Saturn?, De La Fuente discusses his personal background, his positions on political issues, his current campaign for president, and his political future.

Retrieved from “https://en.wikinews.org/w/index.php?title=Wikinews_interviews_Rocky_De_La_Fuente,_U.S._Democratic_Party_presidential_candidate&oldid=4585942”

Active Adult Retirement Communities Toronto}

Submitted by: Mary Trescolada

There is a suborn belief amongst the elderly or those about to retire that dignity is found by avoiding retirement and all of its trappings for as long as possible. Stay in your home thats difficult to maintain, keep working the job thats no longer fulfilling or financially necessary, and continue saving for a future where you will likely be too sick to actually reap the benefits of your diligent retirement planning. Doesnt all of that sound kind of stupid? Its the old way. One thats been mercifully replaced with the advent of active adult living in retirement.

Active adult living involves rethinking retirement. Retiring is not something you do when you are no longer capable of doing anything else, but a reward for doing some much of everything else for so long. Previous generations have viewed retirement as a nuisance or like the warm up to dying. Thankfully now, healthy seniors are choosing to leave the workforce and spend the final part of their lives pursuing their dreams. They feel entitled to happiness and are healthy enough to achieve it in their advanced age. These people are looking for communities to facilitate a more relaxed lifestyle, to acknowledge their retirement and desire to live for themselves for once, and to provide care in a non-medical sense. These active seniors are generally seeking hospitality over a hospital. They need someone to recommend a new restaurant, help refine their palates technique, or finally teach them how to edit videos; not change a bed pan, monitor their heartrate, or simply keep them occupied.

[youtube]http://www.youtube.com/watch?v=GY73nW8HPBo[/youtube]

In this way new active adult living communities in Toronto and elsewhere are more like hotels than traditional retirement homes. Geriatric professionals are becoming the new concierges, arranging stimulating and above all physically active things for their guests to do each day. The focus moves from medical care to self-actualization or more bluntly from preventing death to enjoying life.

Todays seniors, as young as 55, are changing what retirement means. Active adult living communities are making retirement something to look forward to again. Seniors in Toronto and throughout the world are looking at places like Trinity Ravine Towers and changing their retirement goals in order to spend a few years living an active lifestyle away from work before they may need to move somewhere with more medical care.

Nobody is saying these active adult living retirement communities will ever replace nursing homes. What they do is make it so that people who are ready to leave work, have the opportunity to live with likeminded people in an environment conducive to their relatively unique situation. A section of the population too old for work and too young for hospice care is very new. Active adult communities have filled an obvious need by giving seniors in this position a place to live a fulfilling life, without wasting their money maintaining homes they no longer need or their times at jobs they have also out grown. In the process they create plenty of jobs for young people in the community, stimulate local entertainment based businesses, and can reduce unnecessary stress on nursing home facilities.

If youre thinking about retirement, why not consider actually enjoying part of it by moving into an active adult community while you have the chance.

About the Author: Mary Trescolada is a geriatric, elder care, and retirement professional

trinityravine.ca/

Source:

isnare.com

Permanent Link:

isnare.com/?aid=1947857&ca=Finances}

Man in UK convicted for having obese dog

Wednesday, May 13, 2009

A British man, Ronald West, has been convicted of animal neglect after authorities received complaints about his five-year-old dog being severely overweight. Authorities discovered the case of neglect in December 2008 after a neighbor complained that West’s Border Collie Taz appeared to be too fat.

When authorities arrived at West’s residence, they found Taz’s feces scattered around the house and in every room. Authorities made several more visits to West’s home until March 2009, at which point they determined that there had been no improvements in living conditions, and so they seized the dog. Taz weighed 88lbs (40kg) when authorities seized him.

West had said that he had been ill with the flu and was unable to clean up after Taz or take him for walks. He admits that he and his friends overfed Taz which led to his obesity, but West says it was not intentional.

“I’ll put my hands up and say I’m guilty of [Taz] being overweight, but it wasn’t deliberate. You can be cruel with kindness,” said West in March, according to the police report.

West’s sentencing has been postponed because he failed to appear at today’s hearing. When sentenced, West could face a fine of up to £5,000 (US$7,581), six months in prison, and may be forbidden from owning any pets.

Retrieved from “https://en.wikinews.org/w/index.php?title=Man_in_UK_convicted_for_having_obese_dog&oldid=821316”

Martial law declared in Philippine province after massacre

Sunday, December 6, 2009

Philippine officials have put a southern province under martial law today, and arrested the patriarch of a powerful clan, following last week’s massacre of 57 people. Government officials say President Gloria Arroyo suspended civil rights in the Maguindanao province.

This comes soon after the Philippine authorities received reports that some groups were arming themselves to resist arrests by security forces.

Officials said that troops took Andal Ampatuan Senior, the local governor, and his son Zaldy Ampatuam, into custody at their home in Maguindanao. Another of Ampatuan’s sons, Andal Ampatuan Junior, is already in jail in connection with the massacre. More than 100 soldiers and dozens of police raided homes belonging to the Ampatuan family Friday. The Ampatuan clan has ruled the southern province of Maguindanao for more than a decade.

“There are more than 80 people suspected of having participated […] We need a massive force to assist ordinary police to be able to arrest them. It appears that if martial law […] is not adapted, the probability of trouble is very high because they will prevent themselves from getting arrested,” said acting defence secretary Eduardo Armita to the Al Jazeera news agency.

Martial law has not been imposed anywhere in the Philippines for the last 28 years.

During the November 23 massacre, about a hundred gunmen attacked and slaughtered members of a convoy traveling to register politician Esmael Mangudadatu for governor — challenging the Ampatuan clan’s hold on power. The dead included Mangudadatu’s wife, sisters, and supporters. More than half the victims were journalists.

President Arroyo has faced intense pressure to take action against the violence because of her political ties to the Ampatuan clan. She continues to promise justice will be served.

Retrieved from “https://en.wikinews.org/w/index.php?title=Martial_law_declared_in_Philippine_province_after_massacre&oldid=4215911”

Sweden’s Crown Princess marries long-time boyfriend

Monday, June 21, 2010

Sweden’s first royal wedding since 1976 took place Saturday when Crown Princess Victoria, 32, married her long-time boyfriend and former personal trainer, Daniel Westling, 36. The ceremony took place at Stockholm Cathedral.

Over 1,200 guests, including many rulers, politicians, royals and other dignitaries from across the world, attended the wedding, which cost an estimated 20 million Swedish kronor. Victoria wore a wedding dress with five-metre long train designed by Pär Engsheden. She wore the same crown that her mother, Queen Silvia, wore on her wedding day 34 years previously, also on June 19. Victoria’s father, King Carl XVI Gustaf, walked Victoria down the aisle, which was deemed untraditional by many. In Sweden, the bride and groom usually walk down the aisle together, emphasising the country’s views on equality. Victoria met with Daniel half-way to the altar, where they exchanged brief kisses, and, to the sounds of the wedding march, made their way to the the silver altar. She was followed by ten bridesmaids. The couple both had tears in their eyes as they said their vows, and apart from fumbling when they exchanged rings, the ceremony went smoothly.

Following the ceremony, the couple headed a fast-paced procession through central Stockholm on a horse-drawn carriage, flanked by police and security. Up to 500,000 people are thought to have lined the streets. They then boarded the Vasaorden, the same royal barge Victoria’s parents used in their wedding, and traveled through Stockholm’s waters, accompanied by flyover of 18 fighter jets near the end of the procession. A wedding banquet followed in the in the Hall of State of the Royal Palace.

Controversy has surrounded the engagement and wedding between the Crown Princess and Westling, a “commoner”. Victoria met Westling as she was recovering from bulemia in 2002. He owned a chain of gymnasiums and was brought in to help bring Victoria back to full health. Westling was raised in a middle-class family in Ockelbo, in central Sweden. His father managed a social services centre, and his mother worked in a post office. When the relationship was made public, Westling was mocked as an outsider and the king was reportedly horrified at the thought of his daughter marrying a “commoner”, even though he did so when he married Silvia. Last year, Westling underwent transplant surgery for a congenital kidney disorder. The Swedish public have been assured that he will be able to have children and that his illness will not be passed on to his offspring.

Westling underwent years of training to prepare for his new role in the royal family, including lessons in etiquette, elocution, and multi-lingual small talk; and a makeover that saw his hair being cropped short, and his plain-looking glasses and clothes being replaced by designer-wear.

Upon marrying the Crown Princess, Westling took his wife’s ducal title and is granted the style “His Royal Highness”. He is now known as HRH Prince Daniel, Duke of Västergötland. He also has his own coat-of-arms and monogram. When Victoria assumes the throne and becomes Queen, Daniel will not become King, but assume a supportive role, similar to that of Prince Phillip, the husband of the United Kingdom’s Queen Elizabeth II.

Retrieved from “https://en.wikinews.org/w/index.php?title=Sweden%27s_Crown_Princess_marries_long-time_boyfriend&oldid=4509139”

Why Society Wouldn’t Normally Function Without Current Sense Transformers

Why Society Wouldn’t Normally Function Without Current Sense Transformers

by

Claire Winters

The amount of electrical current supplied through an isolated area (e.g. power to a home) from a larger circuit (e.g. a power grid) has to first be measured so as to avoid consequences. To meet specific needs of a given electrical system, the volume of electrical current is measured and monitored effectively. The input current and output voltage are analyzed utilizing current sense transformers. After the initial measurement, current transformers will assist in the measurement of error levels to verify if the volume of output voltage will cause damage to the overall system. Why current transformers are needed and important are illustrated below.

The ability to measure current is extremely important on a number of different levels. First, current sense transformers give utility companies the ability to read meters and charge property owners or renters appropriately. For instance, a person living in a small home likely uses less electricity than a massive hospital. Considering that electricity is provided by independent companies, independent people or entities pay based upon usage in lieu of a government tax, unlike the usage of interstate highways. Besides ensuring a fair way of providing electricity from a main power grid by reading a meter, current transformers also assist in keeping track of what power goes where.

[youtube]http://www.youtube.com/watch?v=X7woJN8KNqM[/youtube]

Current transformers assist measurement devices in making certain current is kept in measured proportions (i.e. 10 – 1) so that a bigger power grid does not go out, thus losing critical power for an entire block. To keep them functioning properly, measurement devices must be isolated from high voltage. Whereas current transformers are unable to directly prevent a power outage, they can be the first line of defense in the protection against a snowball effect.” Interventions can be put in place to reduce the risk of power loss, especially in critical areas by keeping measurement tools working and continuously keeping track of the current. Unsuspected power loss may differ from inconvenience to a major event, such as when New York City lost power in the early 2000s. Many inhabitants were displaced for a remarkable period of time.

Integral in keeping an overall power grid functional from both social and physical perspectives, tracking what electricity goes where is vital. One major concern is taxation on electric power. Key elections have been won and lost dependent upon taxation and other elements involved with power resources. Keeping track of energy consumption by reading a meter does not only make things fairer for the parties in charge of payment; it also allows for a generally unbiased way for citizens to access and pay for energy consumption. As a way to spend less on electrical bills and expenses, one could always turn off unnecessary lighting or even a thermostat thereby using less.

Current transformers also allow for larger power grids to physically operate via assisting in making certain the amount of current being used is not overloading the power infrastructure. Although current transformers do not directly transform the amount of voltage that reaches an outlet, they support devices important for measurement and maintenance. Current sense transformers help society function on a variety of levels. Two main issues are addressed with current transformers which are, they ensure that the amount paid for the resource is dependent on usage and is fair plus they also ensure that larger power grids will remain functional on a continuous basis.

The type of market sectors that use

current sense transformers

are automotive, computer, medical and telecommunications industries. For additional details on T.I. Chen Associates, have a look at their webpage at

tichenassociates.com/

.

Article Source:

Why Society Wouldn’t Normally Function Without Current Sense Transformers

Category:June 8, 2010

? June 7, 2010
June 9, 2010 ?
June 8

Pages in category “June 8, 2010”

Retrieved from “https://en.wikinews.org/w/index.php?title=Category:June_8,_2010&oldid=1040733”

Egypt protests: Army say they will not use force on demonstrators as Mubarak announces cabinet

Tuesday, February 1, 2011

The president of Egypt has suffered a “devastating blow” after the country’s army announced they would not use force against their own people, who continue to protest against the government tonight. The news came hours after six journalists who reported on the protests were released from custody.

Hosni Mubarak yesterday announced a new cabinet, which does not include several figures who protesters largely do not approve of. Analysts have, however, suggested little had changed within the government; many positions, they say, are filled with military figures.

To the great people of Egypt, your armed forces, acknowledging the legitimate rights of the people … have not and will not use force against the Egyptian people.

In a statement broadcast on state media in Egypt, the army said: “To the great people of Egypt, your armed forces, acknowledging the legitimate rights of the people … have not and will not use force against the Egyptian people.” A BBC correspondent in Cairo said the announcement meant it “now seems increasingly likely that the 30-year rule of Mr Mubarak is drawing to a close.”

“The presence of the army in the streets is for your sake and to ensure your safety and wellbeing. The armed forces will not resort to use of force against our great people,” the statement added. “Your armed forces, who are aware of the legitimacy of your demands and are keen to assume their responsibility in protecting the nation and the citizens, affirms that freedom of expression through peaceful means is guaranteed to everybody.”

Earlier today, six journalists from the independent news network Al-Jazeera were released from custody after being detained by police. The U.S. State Department criticized the arrests; equipment was reportedly confiscated from the journalists.

HAVE YOUR SAY
Have you been affected in some way by this unrest? Tell us your thoughts.
Add or view comments

Egyptian officials yesterday ordered the satellite channel to stop broadcasting in the country. Al-Jazeera said they were “appalled” by the government’s decision to close its Egyptian offices, which they described as the “latest attack by the Egyptian regime to strike at its freedom to report independently on the unprecedented events in Egypt.”

In a statement, the news agency added: “Al-Jazeera sees this as an act designed to stifle and repress the freedom of reporting by the network and its journalists. In this time of deep turmoil and unrest in Egyptian society it is imperative that voices from all sides be heard; the closing of our bureau by the Egyptian government is aimed at censoring and silencing the voices of the Egyptian people.”

On Friday, Wikinews reported the government had shut off practically all Internet traffic both out of and into the nation, as well as disrupting cellphone usage. A spokesperson for the social networking website Facebook said “limiting Internet access for millions of people is a matter of concern for the global community.”

A reported 50,000 campaigners, who are demanding the long-time leader step down and complaining of poverty, corruption, and oppression, filled Tahrir Square in Cairo today, chanting “We will stay until the coward leaves.” It is thought 100 people have so far died in the demonstrations. Today there have been protests in Suez, Mansoura, Damanhour, and Alexandria.

Speaking to news media in the area, many protesters said the new cabinet did little to quell their anger. “We want a complete change of government, with a civilian authority,” one said. Another added: “This is not a new government. This is the same regime—this is the same bluff. [Mubarak] has been bluffing us for 30 years.”

In Tahrir Square today, protesters played music as strings of barbed wire and army tanks stood nearby. Demonstrators scaled light poles, hanging Egyptian flags and calling for an end to Mubarak’s rule. “One poster featured Mubarak’s face plastered with a Hitler mustache, a sign of the deep resentment toward the 82-year-old leader they blame for widespread poverty, inflation and official indifference and brutality during his 30 years in power,” one journalist in the square reported this evening.

Retrieved from “https://en.wikinews.org/w/index.php?title=Egypt_protests:_Army_say_they_will_not_use_force_on_demonstrators_as_Mubarak_announces_cabinet&oldid=4576570”

Global markets plunge

Friday, October 10, 2008

Stock markets across the world have fallen sharply with several seeing the biggest drop in their history.

Asian markets saw the biggest sell-off. The Nikkei dropped 9.62% to reach a 20 year low. Japan also saw a collapse of a mid-size insurance company, Yamato Life Insurance Company, which declared bankruptcy. The Hang Seng, which was one of the few markets that was positive yesterday, fell 7.19%. Australia dropped by 8.4% and South Korea saw a 9% fall.

In Europe, markets dropped at the open with the FTSE losing 11%. They have recovered only sightly with all European markets losing more than 5%. The European sell off was more about the Asian lows then any specific news. European banks and financial institutes saw the most selling. Also, oil related companies saw large drops as an result of an expected decrease in oil consumption.

The U.S. markets opened lower with the Dow Jones Industrial Average falling below 8,000, before recovering slightly. President George W. Bush made an address on the economy and said markets were being “driven by uncertainty and fear.”

Oil has seen losses of more than US$6 in trading with the current price of a barrel of oil less than $80. This is a year low for oil. News also came out that OPEC will hold an emergency meeting on November 18 to discuss the falling price of oil.

Charities, such as Cats Protection, today said that they have lost much of their funds in collapsing banks. Cats Protection had a total of £11.2 million saved in the now-collapsed Kaupthing bank.

The British National Council for Voluntary Organisations said that 60 of its 6,500 have lost money due to the collapse of banks.

The Dow Jones Industrial Average fell to its lowest level in five years at 8,579.19, falling 679 points in one day. This, at 7.3%, is the eleventh largest percentage fall in the history of the index. The growth then continued, with the index being up over 150 points on the start of the day at one point.

The index, did however, recover, and as of 19:30 UTC was up 17.68 points, or 0.21%, pushing the index up to almost 8600.

Peter Cardillo, chief market economist at Avalon Partners, commented on these massive falls. “What we’ve seen here was one big margin call that just kept feeding on itself, so the opposite could happen. But you need a catalyst,” he said. “I’m more convinced now than ever that this market has made a bottom. The capitulation came when we breached 8,000,” he continued. “It doesn’t mean we can’t go back and revisit that level.”

The UK’s FTSE 100 index fell dramatically to close below 4000, in the index’s worst week in history. This is despite the fact that just a few days ago the index was above 5000, and the index peaked above 5500 in September.The FTSE 100 index has fallen by 41% this year.

Barclays Wealth analyst Henk Potts commented on this massive fall. “We are drowning in a sea of red numbers,” he claimed. “Investors are concerned about the exacerbation of the credit crunch and the gloomy forecasts for economic growth. The reality is that most investors have been spooked by the sheer pressure that the credit crunch is putting on the global economy.”

The Japanese Nikkei 225 has recorded it’s third biggest drop in history with a massive sell-off in the exchange that has resulted in USD 250 billion being knocked of the index’s value.

Toyota, which is the second largest carmaker in the world, fell by the largest amount in 21 years, while Elpida Memory, the world’s largest manufacturer of computer memory, dropped in value to a record low.

Masafumi Oshiden, a fund manager in Toyota commented on the drop.”It’s capitulation,” he said. “There are lots of forced sellers. If you’re a fund that’s going bust you need to close out all your positions.”

George W. Bush commented on the financial situation earlier today. “Over the past few days, we have witnessed a startling drop in the stock market — much of it driven by uncertainty and fear,” he said. “This has been a deeply unsettling period for the American people. Many of our citizens have serious concerns about their retirement accounts, their investments, and their economic well-being.”

Bush then continued by promoting the government’s plan’s to get through the crises. “Here’s what the American people need to know: that the United States government is acting; we will continue to act to resolve this crisis and restore stability to our markets. We are a prosperous nation with immense resources and a wide range of tools at our disposal. We’re using these tools aggressively.”

Gordon Brown, the UK Prime Minister, also spoke on the economy. “I think we quickly realised that we cannot solve the problems we have got as a result of the sub-prime market collapse simply by improving liquidity,” he said speaking in Birmingham to business leaders earlier today. “That would simply not be enough to deal with the bigger problem of rebuilding the banking system for the future and restoring trust is a fundamental element of that.”

Jim Flaherty, the Canadian minister for finance, also commented today on the recent incidents in the economy. “It is important to underline that Canada’s banks and other financial institutions are sound, well capitalized and less leveraged than their international peers,” he claimed. “Our mortgage system is sound. Canadian households have smaller mortgages relative both to the value of their homes and to their disposable incomes than in the U.S.”

“”However, it is becoming increasingly clear that the continuing disruption of global credit markets, which has been severe and protracted, is making it difficult for our financial institutions to raise long-term funding. This is beginning to affect the availability of mortgage loans and other types of credit in Canada,” he continued. “The Government has therefore decided to act to address the current scarcity of private sector lending to Canadian mortgage markets and lending markets overall. This is going to make loans and mortgages more available and more affordable for ordinary Canadians and businesses.”

20:15, 10 October, 2008 (UTC)
  • DJIA
  • 8.451,19 128,00 1,49%
  • Nasdaq
  • 1.649,51 4,39 0.27%
  • S&P 500
  • 899,22 10,70 1,18%
  • S&P TSX
  • 9.264,57 335,61 3.50%
  • IPC
  • 19.952,30 357,87 1,76%
  • Merval
  • 1.215,990 71.340 5,54%
  • Bovespa
  • 35.615,26 1,474.03 3,97%
  • FTSE 100
  • 3.932,06 381,74 8,85%
  • DAX
  • 4.544,31 342,69 7,01%
  • CAC 40
  • 3.176,49 266,21 7,73%
  • SMI
  • 5.347,22 451,62 7,79%
  • AEX
  • 258,05 23,92 8,48%
  • BEL20
  • 2.123,44 117,44 5,24%
  • MIBTel
  • 15.438,00 1,081,00 6,54%
  • IBEX 35
  • 8.997,70 905,20 9,14%
  • All Ordinaries
  • 3.939,50 351,80 8,20%
  • Nikkei
  • 8.276,43 881,06 9,62%
  • Hang Seng
  • 14.796,90 1,146,37 7,19%
  • SSE Composite
  • 2.000,57 74,01 3,57%
    Retrieved from “https://en.wikinews.org/w/index.php?title=Global_markets_plunge&oldid=4455717”

    Page 107 of 172

    Powered by WordPress & Theme by Anders Norén