Friday, May 14, 2010

Why Stocks Are Tanking Today

As of 6AM.

All in the space of a few hours:

Wen Jiabao, Chinese Premier said last night: "The foundations for a worldwide recovery aren’t “solid” and the sovereign-debt crisis is 'deepening,' .

Joseph Ackerman, CEO of Deutsche Bank AG said Greece may not be able to repay its debt in full.

Paul Volcker, former Federal Reserve Chairman said he’s concerned the euro area may break up: “You have the great problem of a potential disintegration of the euro,” “The essential element of discipline in economic policy and in fiscal policy that was hoped for” “so far not been rewarded in some countries.”

Sony Corp., said it may suffer a “significant impact” if Europe’s deficit spreads.

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