The blood in the street continues today. Before I continue, some people may wonder why am I blogging on such bad news. I am deliberately doing this because in the good times, many people refused to believe me the importance of asset allocation. People thinks that equity markets can go up all the way up in a straight line. I have lost countless business just because investors feel I am too conservative. I always advocate asset allocation based on a person's risk profile and objectives. Also, many people loves to buy exotic funds. I always advice them to invest in simple stuff but they don't believe me. Anyway to cut the long story short, today (17 Sept) the blood in the street continues. Despite AIG being rescured by the US government, the markets are still in turmoil. These are the summary from bloomberg:

•Stocks in U.S. Slump as Bank Lending Seizes Up Following Takeover of AIG
U.S. stocks tumbled as bank lending seized up in the wake of the government's takeover of American International Group Inc., raising concern that more of the nation's biggest financial companies will fail.

•Morgan Stanley, Goldman Shares Plunge Most Ever as Credit Crisis Deepens
 Goldman Sachs Group Inc. and Morgan Stanley, the two biggest U.S. securities firms, tumbled the most ever in New York after a government rescue plan for American International Group Inc. failed to ease the credit contraction.

•AIG Falls on Concern Shareholders Will Be Wiped Out
American International Group Inc. fell 44 percent on speculation the government's takeover will ultimately wipe out shareholders

•Russian Emergency Funding Fails to Halt Stock Rout (Update3)
Russia poured $44 billion into its three largest banks and halted stock trading for a second day in a bid to stem the worst financial crisis since the devaluation and default a decade ago.