Carnage on the markets as bailout fails

More than $53 billion has been wiped from the local sharemarket (.AXJO

.AXJO , 4624.2, -183.2, -3.8%) after US markets suffered a record drop overnight as the $840 billion Wall Street bailout collapsed.

In the first 20 minutes of trade, the market dropped by 5.4 percent after US stocks suffered their biggest ever loss overnight.

In the first 20 minutes of trade, the market dropped by 5.4 percent after US stocks suffered their biggest ever loss overnight.

Macquarie Bank (MQG.AX

MQG.AX , 34.470, -2.730, -7.340%) shares dropped, while mining giants Rio Tinto (RIO.AX RIO.AX , 87.990, -7.510, -7.860%) and BHP Billiton (BHP.AX BHP.AX , 31.980, -2.260, -6.600%) also plummeted on fears that a global downturn will hurt demand for commodities.

Just prior to the local market open, Prime Minister Kevin Rudd and Treasurer Wayne Swan attempted to soothe nervous markets and pledged to lobby the US to pass the Wall Street bailout plan.

ninemsn.com.au 30 Sep 2008

Just like the Great Depression was DELIBERATELY created, by the MONEY EXCHANGERS, to get rid of the middle class, whist a LOT of financiers made ASTRONOMICAL amounts of money, similarly the same is happening today.

During this depression, some wealthy industrialists bathed in milk, whilst other slept on the streets. This have been widely documented.

As stated in his speech to the nation G.Bush said that the middle class must tighten their belt buckles ( read : pay for it).

The 700 billion dollar bail out SOUNDS like alot to the general public, BUT pales in comparison to what some company's assets are. E.g. ONE Company alone, US Insurer AiG has a asset base of 2 trillion ( 2,000 billion - nearly 3 times more than what the US public are forced to pay for).