Manuel: It's no big deal, we'll make it okay/NVDL: This is serious
When the Rand reaches a level such as it has today $1 = R11.30 (it's softest level since April 2002) I think you have to wonder whether there is any point in placating ourselves that 'things aren't so bad', or that we can continue operating 'business as usual'. FNB and other banks are flighting advertising claiming just that.
I have been saying for a few years now that we are heading towards some fundamental shifts. They're happening now. Get real, and get with the program.
NEW YORK – Wall Street tumbled again Wednesday as investors shifted their focus from improving credit markets to worrisome corporate profit forecasts that are raising fears of a deep economic slowdown. The major indexes fell more than 1 percent, including the Dow Jones industrial average, which lost 250 points.
While reduced strains in world credit markets have eased some investors' nervousness about the economy, market anxiety remains high as hundreds of companies this week release third-quarter results and in some cases fourth-quarter forecasts that offer a glimpse of the rough conditions that may lay ahead.