No way the financial crisis in the US will hurt us?

Stock watch: Spectacular drop on NZ sharemarket – 17 Mar 2008 – NZ Herald: New Zealand Business, Markets, Currency and Personal Finance News

Cullen said that thee sub-prime implosion and the resulting credit squeeze wouldn’t hurt us here in NZ. Yet we have had plenty of our own sub-prime lenders tank and today the NZX has taken a big hit.

In the first two hours after opening this morning, the key NZX-50 index has bled 1.4 per cent of its total value to 3452. That’s almost 50 points down from Friday’s close.

The benchmark index closed down 73 points, or 2 per cent, on Friday to end the week at 3500 – its lowest mark since 2006.

Friday’s events happened amid a widespread sell off, despite a positive session on Wall Street and elsewhere in the region.

Won’t hurt us my ass!

Powered by ScribeFire.