Panic! 3 Trillion Wiped Out of Global Stocks In 2 Weeks

by Pete SantilliThe Pete Santilli Show & The Guerilla Media Network

Goldman Sachs is having to issue their “calm” order to their investors, but we know how credible Goldman Sachs is when it comes to giving advice during a crash.  In 2008, they were telling their investors to continue buying mortgage backed securities in public while in private they were betting that the subprime mortgage market would melt down.

2 weeks of declines have resulted in a $3 trillion wipe out of global stock profits.  We say it again:  The stock market decline in 2 weeks has wiped out 3 trillion dollars!  With a T.

There’s only one thing that could come from such a decline: Despare & suffering for “main street”.

When Wall Street takes a hit, they pass the suffering on to others.  Wall Street takes the profits and pawns off losses and pain to other people; especially the little guy.

Goldman to Fidelity Call for Calm After Global Stock Wipeout

Panic is making an enemy of telephones for Catherine Yeung, the director for equities at Fidelity Investment Management Ltd. in Hong Kong.

“My children hate that BlackBerry,” said Yeung, whose clients have been calling amid two weeks of declines that erased $3 trillion from global stocks. She’s advising calm, noting that profits are rising and shares just got a lot less expensive.

“Being a contrarian and getting in when things seem bad is often a good thing,” she said in an interview today. “The companies we are looking into can still deliver attractive margins. Things are getting cheap.”

Strategists from Goldman Sachs Group Inc. to AMP Capital Investors and JPMorgan Chase & Co. are also telling clients to hang on after losses that began with currencies in Turkey and Argentina spread to developed markets. The Standard & Poor’s 500 Index slid 2.3 percent yesterday, capping its first 5 percent retreat in eight months, while Japan’s Topix index plunged 4.8 percent for its biggest decrease since June.

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