Collect yourselves

AFP via The Standard: European Central Bank Chief Jean-Claude Trichet urged financial markets to "collect'' themselves after Wall Street and European stock exchanges tumbled again despite coordinated central bank cut rates."Collect yourselves,'' Trichet said on France 3 television. "Excessive pessimism is ill advised.''"We all together call upon the market participants who are in this state of intense turbulence, we tell them to collect themselves, there are elements of confidence out there,'' said the ECB chief. Leading central banks including the US Federal Reserve and the ECB unleashed coordinated interest rate cuts on Wednesday in a bid to counter the global financial crisis amid dire warnings about the economic pain ahead.

What does he mean? Collect yourselves means "accumulate shares" ourselves? Or be calm, pull ourselves together and make rational decisions? Now count to ten....take a deep breathe...breathe in and out (X2)...relax?...better?...... now start selling again! Collect yourself is also a type of prayer you know? refer here.

* So far the surprise and concerted interest rate cuts by major central banks managed to do the magic on the "day and night scare"....temporary. The latest rates for the countries are as follow:-

US 1.5%, ECB 3.75%, Canada 2.5%, UK 4.5%, Sweden 4.25%

The others that followed behind today include: South Korea 5%(-25bps), Taiwan 3.25%(-25 bps) and China 6.93%(-0.27% points)

Rate cuts will safe the day? How about 100% government guarantee of savings?

* Badawi not contesting for UMNO's top post coming March. Badawi: Over to you Najib, best of luck!

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* Bloomberg: AIG needs further USD37.8b on top of the USD85b agreed earlier by Federal Reserve.

* Bloomberg: Australia's unemployment rate climbs to 4.3% in September. (August 4.1%)