| It's hard to believe driving down the street and seeing | | | | decision to stop trading in shares of Gulf Bank sent a |
| a gas station sign that reads- Unleaded $2.15! You | | | | shock wave through the country's bourse, which |
| read that right. Weren't we paying $4.75 not too long | | | | closed down almost 3.5 percent and brought its |
| ago? How is this possible? It's possible because the | | | | year-to-date losses to over 19 percent. |
| barrel of oil that once cost $147, now is being sold for | | | | Trading in Gulf Bank shares would be suspended |
| $62. and then there's this thing called a RECESSION | | | | pending an investigation into the derivatives deals that |
| and CREDIT FREEZE which is happening in the oil-rich | | | | caused the losses. The bourse's statement said some |
| Arab nations such as Kuwait. | | | | investors had balked at covering their losses, but |
| Kuwait's Central Bank stepped in Sunday to prop up | | | | neither the central bank nor Gulf Bank indicated the |
| one of the country's biggest banks and said it was | | | | scope or timeframe of the bank's losses. BALK isn't |
| considering guaranteeing deposits in domestic banks | | | | the word, CAN'T cover their losses is the reality. |
| — in one of the first concrete signs that the global | | | | Over the past few weeks, Kuwaiti investors have |
| financial crisis may next hit the oil-rich Gulf. While in | | | | voiced clear concerns about the market. One |
| Saudi Arabia, meanwhile, the government said it would | | | | stockbroker unsuccessfully sued to temporarily close |
| deposit $2.7 billion into the Saudi Credit Bank to help | | | | the bourse while other traders last week stormed out |
| lower-income citizens deal with financial difficulties. | | | | of the exchange, demanding the government intervene |
| Amazing! | | | | to halt their near-daily losses. Investor al-Fadhli said |
| This is not only bad news for the Arab nations, but for | | | | about 40 brokers walked Sunday from the exchange |
| Hugo the red-capped dictator in Venezuela. He was | | | | to the nearby seaside Seif Palace, demanding to see |
| not able to make the positive changes for the people | | | | the prime minister, Sheik Nasser Al Mohammed Al |
| at $147 a barrel, so what's going to happen at $62? | | | | Sabah, to ask for more government intervention. |
| The answer is nothing good. But, back to the Mideast. | | | | The bottom line to take away from this story is? |
| Finance ministers from the six-nation Gulf Cooperation | | | | We're looking at a world-wide melt down and it's not |
| Council held an emergency meeting to echo | | | | going to turn around over night, nor is a $700 billion |
| assurances, which they have repeatedly voiced over | | | | bailout the answer. we're going to need MANY |
| the past few weeks, that the region's banks face no | | | | answers. |
| liquidity crisis. With oil at $147 yes, but at $62? Kuwait's | | | | |