Statement from EU Regarding Nuclear Crisis in Japan

This is an extremely concerning statement made during a speech by the European Union's energy chief:

"Stocks deepened modest losses on Wednesday after Günther Oettinger, the European Union's commissioner for energy, told a European Parliament committee that a nuclear power plant in Japan is 'effectively out of control,' and that the situation could continue to deteriorate."

Peterson, Kristina, 2011. Stocks drop on nuclear warning. The Wall Street Journal, Mar. 16.

This is another statement from the speech:

"'In the coming hours there could be further catastrophic events which could pose a threat to the lives of people on the island,' he said."

Perhaps most concerning to me is the following:

"Mr. Oettinger also said the statements of the utility operating the distressed plant and those of the Japanese government were starting to differ."

Overall, communication regarding the nuclear disaster has been very poor. TEPCO and the Japanese government are releasing confusing and conflicting information. The Wall Street Journal and New York Times seem to be in a battle over ideology rather than reporting the news and providing accurate analysis. The think the WSJ is not doing a very good job. Some of the articles are disjointed. At least the NYT articles are well written.

There is every justification for stock prices to go down. A great deal of uncertainty exists.