What a day. Please read Kaushik’s post for an update. A summary:
- Dow down 350. S&P down some 3.5%.
- FTSE down 5.2%
- AIG down 45% to $2, but who’s paying $2? That one should be zero.
- ICICI down to Rs. 560, but what’s worse, the current price in the US is $22.61, which, at Rs. 46.3 to a dollar, translates to 524.
- Morgan Stanley is down 32, Goldman Sachs 21%, Wachovia 25%.
- Gold up 7%.
- Crude has been down nearly 10% in two days, but is at $92 today. In India we don’t get to see price reductions until $67, says our Petroleum minister.
- The TED spread reaches 2.89%. This is the difference between what the US govt. gives you versus what you can hope to get. (or something like that)
Whoa. Too much excitement. This calls for some beer.