NO Victory Cheer On Wall Street

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Wall Street has plunged as investors worried about the global financial crisis and a US recession, a day after Democrat Barack Obama was elected the next US president in a landslide victory.The Dow Jones Industrial Average fell by 486.01 points to 9,139.27 and the tech-heavy Nasdaq fell by 98.48 points to 1,681.64. The elected President faces the Crisis rising Unemployment, Falling house values and what not. ” The problems will not wait till the newly elected President takes charge on January 20 “… Source said. ” Investor concern returns to the economy and signs of further weakening in virtually all sectors of the economy “, said Fred Dickson at Davidson and Co. The main crux is that the Banks are unwillingly lending money inspite of Global Crisis.      NYMEX>>

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India not Affected by Financial Crisis-Jamie Dimon,CEO JP Morgan

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Indian economy will not be affected as badly as other countries by the global financial crisis as it has a strong growth record, Jamie Dimon, CEO Financial Services firm JP Morgan Chase and Co, said. In an interview with NDTV he said India is doing far better than most other countries. But it has a little bit slow down due to crisis still because of the good growth it don’t need special care like some other countries, he added in the Interview. Referring to the great depression that happened in 1930’s, he said, ” I don’t think it will go that bad but that will be the worst “. The three major Economics in the World are US, Europe and Japan.

Japan’s Premier Anounces $277 billion bailout Package

Japan’s Prime Minister Taro Aso on Thursday introduced a $277 billion bailout package for Asia’s largest economy to heal the global economic crisis, Some said he did this inorder to with stand the Snap election. With the economy unstable on recession, the package’s highlight is sending back a total of two trillion yen to all households. Generally Financial crisis is once in a 100 yrs event that triggers the world and makes it Stubborn. Due to this effect most of the People gave importance to Policies rather than Political Affairs.. Premier told the News paper.The package includes cuts in tolls on expressways, tax breaks for housing loans and capital gains, along with support for child care, elderly care and regional economies. Aso assured of giving stable jobs to the Young Japanese. It is estimated that around 600,000 jobs will be given under his control. But Credit Suisse economist Hiromichi Shirakawa doubted the package could stop Japan’s slowdown, saying that unemployment would likely rise as US and other countries’ demand for Japanese exports slumps.