SHANGHAI STOCKMARKET REBOUNDS

IHT:

Chinese regulators shifted into damage control, denying rumors of plans for a 20 percent capital gains tax on stock investments as share prices recovered modestly Wednesday following their worst plunge in a decade.

About an hour after trading began, the Shanghai Composite Index was up 1.2 percent to 2,804.28 after opening down 1.3 percent. On Tuesday, it tumbled 8.8 percent, its largest decline since Feb. 18, 1997.

Concerns about slowdowns in the Chinese and U.S. economies sparked Wall Street's worst drop since the Sept. 11, 2001, terror attacks. The Dow Jones industrial average lost 3.3 percent.

THESE CONCERNS WERE SET OFF BY GREENSPAN - THE RETIRED FED CHIEF, WHO OPENED HIS BIG FAT UGLY OLD SMELLY OLD MOUTH THE OTHER DAY AND EXPRESSED "CONCERN" THAT THE USA MIGHT BE HEADED FOR A RECESSION -- WHICH IS IDIOTIC IN AND OF ITSELF, AND ONLY MORE IDIOTIC FOR GREENSPAN TO UTTER THIS IDIOTIC CONCERN OUT LOUD.

HE CAUSED THE STAMPEDE. MAYBE WE SHOULD CUT OUT HIS TONGUE? FOR THE COMMON GOOD, OF COURSE! HEH.

BTW: the NYSE plunged to the lowest it's been in.... two months. YAWN. (Hat tip ACE.)

UPDATE: SHANGHAI CLOSED UP!