Meanwhile...Back On Wall Street
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| Sun, 09-14-2008 - 8:45pm |
As we've dithered another week away, the economy goes on:
http://www.nytimes.com/2008/09/15/business/15lehman.html?_r=1&hp&oref=slogin
In Frantic Day, Wall Street Banks Teeter
In one the most extraordinary days in Wall Street’s history, Merrill Lynch is near an 11th-hour deal with Bank of America to avert a deepening financial crisis while another storied securities firm, Lehman Brothers, hurtled toward liquidation, according to people briefed on the deal. >>>full article at the link above
http://www.nytimes.com/2008/09/15/business/15aig.html?hp
Rush Is On to Prevent A.I.G. From Failing
A.I.G. became one of the focuses at an emergency gathering of Wall Street executives over the weekend, and was trying to arrange a capital infusion in the face of possible credit downgrades.>>>full article at the link above
http://www.nytimes.com/2008/09/15/business/15short.html?hp
Banks Fear Next Move by Shorts
In May, David Einhorn, one of the most vocal short sellers on Wall Street, made no secret he was betting against Lehman Brothers. Now, some investors are afraid that fund managers like him will take advantage of the climate of fear stirred up by the troubles of Lehman to single out other weak financial firms whose declining share prices would bring them rich rewards.
At emergency meetings over the weekend, the heads of major financial institutions urged Timothy F. Geithner, the president of the New York Fed, and Treasury Secretary Henry M. Paulson Jr., to consider having the Securities and Exchange Commission reinstate a temporary rule to limit the risky but potentially lucrative practice of betting on a firm’s falling share price, according to two people who were briefed on, but did not attend, the meetings. >>>full article at the link above
Former Federal Reserve Chairman Alan Greenspan offered a woeful outlook of America's economic situation on Sunday, saying the crisis with the country's financial institutions was as dire as he had ever seen in his long career, and predicting that one or more of those institutions would likely collapse in the near future.
"Oh, by far," Greenspan said, when asked if the situation was the worst he had seen in his career. "There's no question that this is in the process of outstripping anything I've seen and it still is not resolved and still has a way to go and, indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes. That will induce a series of events around the globe which will stabilize the system." >>>full article at the hyperlink above

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Sopal
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Sopal
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Just an update....the Fed will kinda' sorta' step in (in its own little way):
http://www.federalreserve.gov/newsevents/press/monetary/20080914a.htm
Press Release
Release Date: September 14, 2008
For immediate release
The Federal Reserve Board on Sunday announced several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities.
Sopal
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But none of that matters, don't you see? All you have to do is have faith and choose the candidate your preacher tells you will follow God's plan. God will fix all our economic problems, as long as you elect the leader GOD wants.
You don't have to worry about the issues--leave it to God. Just be sure you pick the candidates that God has on HIS side. (Oh, and remember, God is white!)
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http://www.pnhp.org/news/2009/october/meet_the_new_health_.php
http://www.youtube.com/watch?v=DQTBYQlQ7yM
"Oh, by far," Greenspan said, when asked if the situation was the worst he had seen in his career. "There's no question that this is in the process of outstripping anything I've seen and it still is not resolved and still has a way to go and, indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes. That will induce a series of events around the globe which will stabilize the system.""
I agree that this is scary.
Sopal
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Hmm, that's interesting. What will housing stabilization look like I wonder? I don't know, who do you think the
I worry about deflation. I have no idea what living with that would be like and I don't want to find out.
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