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Sun Nov 25, 2012, 08:45 AM

Egypt's stock market plummets after Morsi's decree

Source: AP-Excite

CAIRO (AP) - Egypt's benchmark stock index has plunged 9.5 percent halfway through the first trading session since the country's Islamist president issued decrees to assume near absolute powers.

Sunday's losses on the Egyptian Exchange's EGX30 index are among the biggest since the turbulent days and weeks after the ouster of authoritarian leader Hosni Mubarak last year.

The fall follows the announcement Thursday by President Mohammed Morsi of a package of decrees that place him above any oversight, including judicial, and extend the same protection to two Islamist-dominated bodies: a panel drafting a new constitution and parliament's upper chamber.

Morsi says his measures are designed to "protect the revolution," but they triggered an uproar among non-Islamist political groups now vowing to press on with street protests to force him to back down.


Read more: http://apnews.excite.com/article/20121125/DA2P090O0.html




In this Friday, Nov. 23, 2012 photo released by the Egyptian Presidency, President Mohammed Morsi speaks to supporters outside the Presidential palace in Cairo, Egypt. Egypt's official news agency says that the country's highest body of judges has called the president's recent decrees an "unprecedented assault on the independence of the judiciary and its rulings." In a statement carried on MENA Saturday, the Supreme Judicial Council says they regret the declarations President Mohammed Morsi issued Thursday.(AP Photo/Egyptian Presidency)

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Response to Omaha Steve (Original post)

Sun Nov 25, 2012, 08:53 AM

1. Meet the new guy...worse than the old guy.

 

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Response to dkf (Reply #1)

Sun Nov 25, 2012, 09:43 AM

4. After all that bloodshed, time and effort of last spring...

status quo returns.

Man, you gotta keep on them every damn minute, it seems.

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Response to dixiegrrrrl (Reply #4)

Sun Nov 25, 2012, 09:50 AM

5. It's worse because where is the hope for a better situation now?

 

In addition, we've lost Mubarak who wasn't all that great but who we knew wasn't going to go against us.

Bad for Egyptians and bad for us.

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Response to Omaha Steve (Original post)

Sun Nov 25, 2012, 09:00 AM

2. He can fix that with his "temporary" absolute power

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Response to Omaha Steve (Original post)

Sun Nov 25, 2012, 09:17 AM

3. Who is running Egypt's army?

I lost track.

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Response to Omaha Steve (Original post)

Sun Nov 25, 2012, 09:59 AM

6. A President willing to use the powers at his disposal

Yeah, I can see why people complain about that

So would Obama's opponents.

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Response to Coyotl (Reply #6)

Sun Nov 25, 2012, 08:41 PM

10. Powers that he seized

 

and neutered the courts.
You seem to have no problem with that.

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Response to glacierbay (Reply #10)

Sun Nov 25, 2012, 10:58 PM

11. Before the Egyptian Courts could rule his rules illegal and give power back to the Military?

Remember, Egypt had courts, and still have the same Courts that existed at the time of the Revolution. These Courts ruled that the elected Parliament was illegal, primarily because those people allied with the Military did not win.

Remember, the Constitution of Egypt, is a dead letter, it no longer exists and everyone agrees on that. The elected Parliament was ruled by the Courts to be illegal, even while it was agreed that it be elected to write a new Constitution.

The law governing the parliamentary elections was ruled unconstitutional by a lower court because it breached the principle of equality when it allowed party members to contest a third of seats set aside for independents. The remaining two thirds were contested by party slates.

http://www.cbsnews.com/8301-202_162-57453035/egypt-court-rules-entire-parliament-illegally-elected-orders-body-to-dissolve-after-unconstitutional-vote/

Thus, no one is in charge and no one knows the limit of the Power of the COurts, the PResident or Parliament. President Mohamed Morsi Isa El-Ayyat (To give his full name) is in a fight with the Egyptian Military over who will actually rule Egypt, thus his grab for power is more an attempt to preempt the Military then anyone else. The "Riots" that have occurred since he took those powers, seems to be aimed at his SUPPORTERS, the Moslem Brotherhood, then by any movement of the Moslem Brotherhood to gain more power. Could this be a grab for power? Yes, but the question is who do you want to have these power, the elected President or the unelected Military hierarchy? In reality that is the choice, who do you want to have these powers, till such time as a New Constitution is written and it can be made CLEAR what is the power of the PResident AND what are the limits of his power.

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Response to Omaha Steve (Original post)

Sun Nov 25, 2012, 11:57 AM

7. I think we ought to wait and see how this shakes out.

These are supposed to be temporary measures to ensure that a new constitution gets written. Stay tuned.

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Response to Comrade Grumpy (Reply #7)

Mon Nov 26, 2012, 07:32 AM

14. Precisely. He is acting within his autority and in the interest of his country, just watch!

These are revolutionary times. Pay attention in case you are soon in the same position in your country.

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Response to Omaha Steve (Original post)

Sun Nov 25, 2012, 12:11 PM

8. Reminds me of

the Woody Allen film "Going Bananas", where he is involved in a revolution in South America to oust a totalitarian dictator. Once the new guy gets into place, he issues a decree requiring everyone to change their underwear every half hour, and requiring everyone to wear their underwear on the outside of their pants... "so we can check."
People love power. You put any one person in power and, unless there are STRONG mechanisms in place to prevent a power grab, they are going to become dictators. Anyone that wants to become a leader should not be allowed to take the job.

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Response to Omaha Steve (Original post)

Sun Nov 25, 2012, 08:14 PM

9. looks like his "supporters" does not include women

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Response to Skittles (Reply #9)

Mon Nov 26, 2012, 12:44 AM

13. My first thought too but you can see what appears to be a couple of them.

Look for the headscarves along the right border. I wonder if they willingly went or were dragged by male family members.

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Response to Omaha Steve (Original post)

Mon Nov 26, 2012, 12:32 AM

12. Same old stuff

Dictators can always find an excuse to make a power grab, at least the people aren't just letting him get away with it. I hope they can keep the protests up until they get someone who cares about them.

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