Open Top Toolboxes

Markets face fresh chaos, analysts say

LONDON — World equities, fresh from their worst week since the 2008 global financial crisis on eurozone debt fears, face more turmoil after Washington lost its AAA rating, analysts said Saturday.

Standard & Poor's cut the rating to AA+ with a negative outlook, saying US politicians were increasingly unable to come to grips with the country's huge fiscal deficit and debt load.

"The news that S&P finally pulled the trigger... will surely rock the financial markets when they open on Monday," said Capital Economics analyst Paul Dales.

And he warned: "If the market mayhem continues, the risks of a recession will rise further."

European markets had slumped last week on concerns that the eurozone debt debacle -- which threatens to engulf Italy and Spain -- and the faltering US economy could spark another vicious worldwide downturn.

London's FTSE 100 index plunged by almost ten percent, wiping £150 billion ($246 billion, 173 billion euros) off the value of top British companies, to register its worst weekly loss since November 2008.

Wall Street also suffered its worst week since the financial crisis, shedding 5.75 percent despite Friday's better-than-expected US jobs report and hints of progress in Europe's debt crisis.

The S&P move, which followed persistent downgrade rumours in markets, will send investors hunting for safer assets and away from risky equities, according to Lloyds TSB Corporate Markets economist Charles Diebel.

"The key theme will be risk off -- so equities will be marked lower," Diebel said.

And CMC Markets analyst Michael Hewson added: "The effect on the US dollar is not likely to alter that much -- it's been on a downward trend for quite some time now. The stock market could be a different matter."

Saxo Bank economist Steen Jakobsen described recent turmoil as evidence of a second financial crisis, as many western nations buckle under vast debts that were incurred in the 2008 banking crisis and subsequent global recession.

"Welcome to the official Crisis 2.0 which is now in progress," Jakobsen told AFP.

"Crisis 1.0 was the failure of the banking system to sustain the losses from the (US) subprime loans.

"This created a run on the banks, which the policymakers solved by moving the debt burden from the private sector into the government sector, under the presumption that governments would be able to finance these debt obligations cheaper and guaranteed by tax issuance.

Custom LeatherCraft 1579 20-Inch Open-Top Soft Sided Tool Box ...

This review is from: Custom LeatherCraft 1579 20-Inch Open-Top Soft Sided Tool Box (Tools & Home Improvement)

This is the first review I’ve written on here about anything, but I wanted anyone looking for a nice tool tote to know the good, and the BAD, about this one before plunking down 50 bucks. I got this 4 days ago, for Christmas, to use at work (I’m a plumber). First the good. The bag is really well made, and it seems to be quality stuff. The pockets are excellent, looks like they’d hold up a while. After always using toolboxes with lids, I decided I wanted to be more organized so I could save time hunting thru a box for loose tools. And it does that really well. Once organized, I can look down and see every tool I have, and quickly get whatever I need. The handle seems sturdy, and it has a tape measure clip which is convenient. Now the bad. In my mind, this bag, after I’ve used it a couple of days on the job, has a few flaws. Two are more minor, but one is major, and the reason I’m sending it back. Number one…..the handle is fixed and wont fold over out of the way. This limits how large of an item you can put in the tote and take it out easily. Number two…..I have to put my handsaw in the large main compartment, and it’s always in the way when I reach for other tools, nicking my fingers. Number 3….and this is the MAJOR flaw…..as other reviewers have stated, the bottom is not rigid, it’s just cloth. So if you have anything with any weight in it, the bottom sags, and makes it not sit straight if you set it on a stool or whatever, and makes the divider useless, the tools can go under it. This is the main reason I’m sending it back. Now, I did go just today and purchase one I think will work much better. It’s the large Husky tote at Home Depot. It’s only $40, has a folding handle, a pocket made into the side of it specifically made to slide a handsaw in (which will be really nice!)and most of all….it has a SOLID bottom and the divider is made to the bottom and sides so it cant move. It also has a LOT of pockets, and seems to address all the flaws in this one. Only time will tell of course, but it fixed the 3 problems I thought this tote has. All in all, this is a nice tote, I just don’t think it’s for professional use. At home it should be fine. But why spend $50 for one that’s “fine”, when you can spend $40 for one that’s better? Sorry for the long review, but maybe it will help someone else decide when they’re looking for a nice large tote.

Popular Mechanics

Popular Mechanics

Popular Mechanics

Mechanic's Toolbox Tips

American Woodworker