Markets in Japan, South Korea, Australia plunge amid recession fears

Looks like the US is driving us all into a possible depression. Can Obama rescue us - that is the question?

BurakuminDesu, actually the cause of today's sell off started from Eurozone and then spilled over to US. Then to Asia. Eurozone has a huge liquidty problem in banking (Italy, Spain) and they are still in denial. Europe as a whole combined is the largest economy in the world. FYI

"Obama = Hope". I don't know how long you can hang on to this idea.

Arrange G-7 summit and invite China as an active player not as an observer.

Gee, thanks Team America...

Tea Party hangover.

If the US Congress wouldn't battle like children on the playground and tried to come up with real solutions instead of ideological pissing matches then we might not have as wrecked a US economy. They're all at fault.

Ten plus years of fighting two or more wars has tapped out the US federal reserve. And, when they go down we'll all go down with them. Uncertain future for all.

@Smokian: Do you mean congressmen shouldn't do what they were elected to do? These guys state their postiton on the issues and their constituents decide which stance they approve, then, you think they should go to Washington and forget all of theat and just sit around the camp-fire and sing Kumbaya? It's the long run you should be looking at. The U.S. getting their financial house in order will do more for the world economy than quick fix extentions of the debt limit. I elected a congressmen who promised to reign in spending and that's what I expect him to do.

Well I am a market technician and there is nothing that says this is not just a continuation of the decline that started in Oct. of 2007 and hit an inter-term bottom in Mar. of 2009. The Dow broke the right shoulder of the head and shoulder top of a few days ago, broke the moving average trend line including the 200 day moving average and is now deeply over sold. That being said, the dow, S&P500 and NASDAQ are at near-term support levels. You should expect a bounce but historically there are times when you don't get the bounce and the market just crashes. Anyway, we should now be in the next leg or the bear market which should eventually take the dow below 6626. Of course, as go the dow....so enjoy the coming jet coaster ride as we enter and join Japan in a deflating world economy. BTW, political leader have no control on the economy, they can only help ease some effects... you feel better as when the US government started hiring the unemployed to do infrastructure projects in a deficit expanding policies of the 1930's. There is also a social economic theory that goes that we are starting a long term decline in civilization akin to the dark ages (duration 1500 years).

The US markets were too high and a correction was needed, but I don't think there will be a double dip recession, maybe slow growth thru the end of the year into 2012. That said, the selling could become overdone in the short term. The problem with markets today is they move wildly not only on emotion but because computers rule the day. Program trading, high frequency trading, whatever you want to call it, is both a blessing and a curse ( I think more a curse).

I think "depression" is more valid word than recession. time for America to introduce "the New Deal" like they did in the 30's. Work camps all over America just like N Korea.

Fearful all over to see how greed and fumbling brings the world down and turns recession into depression. Incurably I'm afraid. It's just we getting closer to the end of a long march to a final crack down.

I wouldn't blame either the US, the EU, Japan or any of the players specifically. They are all only a small part of a big cake.

But whoever they are they are playing by the same rule - trust in the mechanism - be smart and expert, go blindfolded, carelessly, overly self confident, believing that tricks will work and even if the world falls down they cant be hurt until they finally lose the game. It's just things are falling into their place. Inevitable.

Millions gonna suffer again. Businessmen today are a bigger butcher than the generals of the past centuries.

All that money Japan pumped into the yen yesterday.... gone... total waste of money... could have been used elsewhere.

Gotta agree with ikuikuiku

It went up to 80 only for a minute and now it's back at 78 again

I could've done that. Are those peeps really qualified????????

This is what happens when you use a credit card to pay off another credit card. Hang onto your hats People.. Its going to be another tough year......

How about using your card's shopping credit to get cash? First you know-it-alls said it was a legal loophole to buy a worthless stone for 300,000yen from such a servive which would deduct 5-10% and forward you the rests of the cash. This morning I watched a president of such a company being hauled off to jail. LOL

Tea Party hangover.

LOL. Greece has something like 300 different 'civil service' positions that allow for retirement at age 50.

It da tea party fault!

Arrange G-7 summit and invite China as an active player not as an observer.

Time for yuan to take a hit.

Time for Obama to pledge he will not seek re-election.

Time for American 'progressives' to let the rest of the country pursue a rational energy policy and develop the massive domestic resources we possess.

@ka-chan, I appreciate your post here. I agree with every single analysis. Excellent!!

Just an thought. Computers use many numbers and calculations; maybe the computers are trying to take-over.

I made out fine by shorting the markets last week. SMN, EEV and TWM all doing double digits percentage wise.