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The FED in all out panic mode now
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Anonymous Coward
User ID: 472814
7/24/2008 8:21 PM | | Re: The FED in all out panic mode now | Quote |
it would be cool if the Fed money temple fell on the 9th of Av. |
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Lester 
User ID: 472797
7/24/2008 8:30 PM | | Re: The FED in all out panic mode now | Quote |
Every grifter who had a visa card borrowed the max and became a "day trader". Then it was off to the races.
All "investment" is now basically gambling.
Every public company has become stock driven after the Corporate Raiders of the 80s showed great American businesses the folly of not protecting their stock price. Damned if you do, cheated if you don't. Then there was the raider objective, to get the pension plan assets and hire a consulting actuary to blue sky the plan assets so the raider could loot the shit out of the bene plans.
All the politicos, lawyers, and grad school fucks got the chance to loot, so they did! Every level and institution of our society has been plundered by the "leaders". Yet, they killed the goose that laid their golden eggs; and managed to tow the USA economy at the same time.
There is no more wealth creation going on in terms of business activity. No mining, timbering, steel-making, because EPA regs hobbled the industries. Then the govt paid corps to ship jobs and factories overseas. The Carribean Basin Initiative paid a company $10,000 PER JOB for each job moved to a qualifying nation. Our taxes used to fund the murder of our Nation.
All has been done, planned for failure.
We trusted "the best & the brightest", just didn't realize they were selling US out totally!
All of TPTB Effort is being aimed for Economic & National Collapse, with mega die-off situations which will be lauched to allow The Crooks to escape with our money.
Gonna talk about the macro-picture and discuss your financial Kevorkianism, or will you do all you can to preserve you and your loved ones?
Most Americans are simply in denial. Pretty hard to believe that "nice people from good families" really want you dead so they can finish stealing every last thing you ever had. They will grind your bones and sell your blood for fertilizer if they can figure out how to do it with a profit margin.
The NAZIs were just beginners compared to these motherfuckers. How gently will you go into that good night? |
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Anonymous Coward
User ID: 442699
7/24/2008 8:36 PM | | Re: The FED in all out panic mode now | Quote |
Omega, why do you think that the Federal Reserve is crapping their pants? Unlike you, the people who run the Fed have something called a college education. Relax. They know what they are doing. Quoting: Anonymous Coward 472760
Are you fucking nuts or just plain stupid? |
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Anonymous Coward
User ID: 385881
7/24/2008 8:36 PM | | Re: The FED in all out panic mode now | Quote |
Lester, you nailed it! |
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Anonymous Coward
User ID: 442699
7/24/2008 8:44 PM | | Re: The FED in all out panic mode now | Quote |
Every grifter who had a visa card borrowed the max and became a "day trader". Then it was off to the races.
All "investment" is now basically gambling.
Every public company has become stock driven after the Corporate Raiders of the 80s showed great American businesses the folly of not protecting their stock price. Damned if you do, cheated if you don't. Then there was the raider objective, to get the pension plan assets and hire a consulting actuary to blue sky the plan assets so the raider could loot the shit out of the bene plans.
All the politicos, lawyers, and grad school fucks got the chance to loot, so they did! Every level and institution of our society has been plundered by the "leaders". Yet, they killed the goose that laid their golden eggs; and managed to tow the USA economy at the same time.
There is no more wealth creation going on in terms of business activity. No mining, timbering, steel-making, because EPA regs hobbled the industries. Then the govt paid corps to ship jobs and factories overseas. The Carribean Basin Initiative paid a company $10,000 PER JOB for each job moved to a qualifying nation. Our taxes used to fund the murder of our Nation.
All has been done, planned for failure.
We trusted "the best & the brightest", just didn't realize they were selling US out totally!
All of TPTB Effort is being aimed for Economic & National Collapse, with mega die-off situations which will be lauched to allow The Crooks to escape with our money.
Gonna talk about the macro-picture and discuss your financial Kevorkianism, or will you do all you can to preserve you and your loved ones?
Most Americans are simply in denial. Pretty hard to believe that "nice people from good families" really want you dead so they can finish stealing every last thing you ever had. They will grind your bones and sell your blood for fertilizer if they can figure out how to do it with a profit margin.
The NAZIs were just beginners compared to these motherfuckers. How gently will you go into that good night? Quoting: Lester
Yep, that about tell it all. We are fucked. |
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Anonymous Coward
User ID: 472814
7/24/2008 8:49 PM | | Re: The FED in all out panic mode now | Quote |
Every grifter who had a visa card borrowed the max and became a "day trader". Then it was off to the races.
All "investment" is now basically gambling.
Every public company has become stock driven after the Corporate Raiders of the 80s showed great American businesses the folly of not protecting their stock price. Damned if you do, cheated if you don't. Then there was the raider objective, to get the pension plan assets and hire a consulting actuary to blue sky the plan assets so the raider could loot the shit out of the bene plans.
All the politicos, lawyers, and grad school fucks got the chance to loot, so they did! Every level and institution of our society has been plundered by the "leaders". Yet, they killed the goose that laid their golden eggs; and managed to tow the USA economy at the same time.
There is no more wealth creation going on in terms of business activity. No mining, timbering, steel-making, because EPA regs hobbled the industries. Then the govt paid corps to ship jobs and factories overseas. The Carribean Basin Initiative paid a company $10,000 PER JOB for each job moved to a qualifying nation. Our taxes used to fund the murder of our Nation.
All has been done, planned for failure.
We trusted "the best & the brightest", just didn't realize they were selling US out totally!
All of TPTB Effort is being aimed for Economic & National Collapse, with mega die-off situations which will be lauched to allow The Crooks to escape with our money.
Gonna talk about the macro-picture and discuss your financial Kevorkianism, or will you do all you can to preserve you and your loved ones?
Most Americans are simply in denial. Pretty hard to believe that "nice people from good families" really want you dead so they can finish stealing every last thing you ever had. They will grind your bones and sell your blood for fertilizer if they can figure out how to do it with a profit margin.
The NAZIs were just beginners compared to these motherfuckers. How gently will you go into that good night? Quoting: Lester
Most Americans are simply in denial. Pretty hard to believe that "nice people from good families" really want you dead so they can finish stealing every last thing you ever had. They will grind your bones and sell your blood for fertilizer if they can figure out how to do it with a profit margin.
and dont forget the gold and silver teeth or the hair...the nazis had piles of gold teeth that went to swiss banks. |
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Omega
Total Unequivocal Bad Fuckin' News
User ID: 376763
7/24/2008 8:53 PM
 | | Re: The FED in all out panic mode now | Quote |
NEW YORK, July 24 (Reuters) - U.S. banks' direct primary credit borrowing from the Federal Reserve rose to the highest level ever in the latest week, reflecting the growing need of the banking sector to rely on the central bank for cheap funding, analysts said.
Banks primary credit borrowings averaged $16.38 billion per day in the latest week, a record high and up from $13.92 billion the previous week, Federal Reserve data showed on Thursday.
On the day of July 23, banks' primary credit borrowings rose to $17.68 billion, the highest borrowing since September 12th 2001 when banks borrowed $45.5 billion in a single day.
"Who else is going to lend to them?" said Howard Simons, strategist with Bianco Research in Chicago.
"The financial sector, everyone whose business is essentially lending money is now a ward of the state. They could lend to each other but they don't trust each other. They can't raise money in the equity market. There is nowhere else to turn," Simons said.
Banks' overall discount window borrowings averaged $16.51 billion per day in the week ended July 23, up from an average $14.30 billion per day the week before.
Dealers borrowed zero from the Primary Dealer Credit Facility (PDCF) in the latest week, versus $9 million average per day the week before. The PDCF is one of several programs the Fed has introduced to provide cheap financing to financial institutions pinched by the credit crisis.
The portfolio of Bear Stearns assets held by the Fed in holding company Maiden Lane LLC were $29.06 billion as of July 23, compared with $29.02 billion on July 16.
Yahoo IM omega375hh |
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Anonymous Coward
User ID: 380667
7/24/2008 8:57 PM | | Re: The FED in all out panic mode now | Quote |
Omega, why do you think that the Federal Reserve is crapping their pants? Unlike you, the people who run the Fed have something called a college education. Relax. They know what they are doing.
Are you fucking nuts or just plain stupid? Quoting: Anonymous Coward 442699
Yeah, are you nuts? They know what they are doing???
Oh yeah, they know what they're doing all right... |
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paladin 
Forum Moderator
User ID: 473000
7/24/2008 9:53 PM
 | | Re: The FED in all out panic mode now | Quote |
Omega, why do you think that the Federal Reserve is crapping their pants? Unlike you, the people who run the Fed have something called a college education. Relax. They know what they are doing.
Are you fucking nuts or just plain stupid? Quoting: Anonymous Coward 442699
are you nuts..
do you have auy money in the game??
Omega said it .......it is you who who hold after the DOT COM crash..
the FED said it was..
the spec's
then..
the shorts..
and now it is the blogs..
if the FED has brown stuff in their shorts....and it smells bad.......then I think it is CRAP..... |
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Anonymous Coward
User ID: 472720
7/24/2008 9:57 PM | | Re: The FED in all out panic mode now | Quote |
Warren Buffett in his 2006 annual letter to shareholders observed:
"Foreigners now earn more on their U.S. investments than we do on our investments abroad … In effect, we’ve used up our bank account and turned to our credit card. And, like everyone who gets in hock, the U.S. will now experience ‘reverse compounding’ as we pay ever-increasing amounts of interest on interest. …. no matter how rich you are, borrowing on top of borrowing is not a great long-term financial plan. I believe that at some point in the future, U.S. workers and voters will find this annual 'tribute' (of interest payment on the debt) so onerous that there will be a severe political backlash … How that will play out in markets is impossible to predict – but to expect a 'soft landing' seems like wishful thinking."
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Anonymous Coward
User ID: 430474
7/24/2008 10:00 PM | | Re: The FED in all out panic mode now | Quote |
Blackstone Group LP and Carlyle Group
Are you fucking kidding me?
They are going to just HAND 70% of all homes++++ to the Bush Dynasty & Friends?
The BinLadens and Bush's will have TOTAL ownership of the USofA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Fucking terrorists have WON!
The VERY FIRST THING the Republcons did when they came into power in 2000 was CHANGING THE BANKRUPTCY laws. I think their EIGHT YEAR PLAN is complete. Bastards. Quoting: Anonymous Coward 419054
You're onto something there. It was almost like they knew how the cards were going to play out.
Interesting.
I already emailed my congressman threatening to hang him for what he did to the party. I'm just sad that we probably won't get the chance to vote him out in 2010. :(
Man, people are so worried about feeding their families, they just don't have the time to think....
We've got to give up sports, movies, and games for a while to change things. It's time to use our brains.
Seriously bros and sisses. |
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Anonymous Coward
User ID: 465490
7/24/2008 10:12 PM | | Re: The FED in all out panic mode now | Quote |
Omega, why do you think that the Federal Reserve is crapping their pants? Unlike you, the people who run the Fed have something called a college education. Relax. They know what they are doing.
Are you fucking nuts or just plain stupid? Quoting: Anonymous Coward 442699
A lot of folks are in a state of denial. They just can't envision the house of cards falling. |
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Anonymous Coward
User ID: 465490
7/24/2008 10:35 PM | | Re: The FED in all out panic mode now | Quote |
Nikkei at -209.50 as the plot thickens... |
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Flyboy
User ID: 473087
7/24/2008 10:36 PM | | Re: The FED in all out panic mode now | Quote |
Omega, I am very suprised at how MOST everyone was polite and cordial while you were napping. I have seen no need to head slap or berate any poster during the nap.
IMO........................................ |
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Omega
Total Unequivocal Bad Fuckin' News
User ID: 376763
7/24/2008 10:39 PM
| | Re: The FED in all out panic mode now | Quote |
Omega, I am very suprised at how MOST everyone was polite and cordial while you were napping. I have seen no need to head slap or berate any poster during the nap.
IMO........................................ Quoting: Flyboy 473087
LMAO. Thanks for the backup!!!
EDIT: What do you fly flyboy if I may ask??? Commercial jets?
Yahoo IM omega375hh |
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Anonymous Coward
User ID: 472889
7/24/2008 10:51 PM | | Re: The FED in all out panic mode now | Quote |
Down for a nap....laterz....here come the trolls I see,lol.....
EDIT: don't try it fools, I was up at 5:30am this morning working in the garden.....I earned it...
We're all scared you attention whoring moron. First of all, it's blatantly obvious you can't predict shit. To your credit, however, you have accumulated a bunch of brainless dimwit followers that will believe whatever BS you spew so long as it speaks to doom. Quoting: Anonymous Coward 430474
If it's BS then you should be able to easily debunk it then.
Can you? or are you just mindlessly shouting BS at a reality you dont like? |
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Flyboy
User ID: 473087
7/24/2008 10:52 PM | | Re: The FED in all out panic mode now | Quote |
My moniker is an illusion. I fell 275 feet off of a cliff when I was 17 and lived to tell about it. I had an NDE and it changed my life. I am just a lurker..........................
But.......................I know the truth when I see it.
You sir, are an angel in the barren waste land............... |
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Omega
Total Unequivocal Bad Fuckin' News
User ID: 376763
7/24/2008 11:05 PM
| | Re: The FED in all out panic mode now | Quote |
My moniker is an illusion. I fell 275 feet off of a cliff when I was 17 and lived to tell about it. I had an NDE and it changed my life. I am just a lurker..........................
But.......................I know the truth when I see it.
You sir, are an angel in the barren waste land............... Quoting: Flyboy 473087
Thank you. You fell 275 feet, wtf???
You should start a thread and share your NDE experience on GLP.....just sayin....
Yahoo IM omega375hh |
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Anonymous Coward
User ID: 473095
7/24/2008 11:06 PM | | Re: The FED in all out panic mode now | Quote |
Hmmered the commidities, mostly grain, to prop up the DOW this week. |
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Anonymous Coward
User ID: 473103
7/24/2008 11:11 PM | | Re: The FED in all out panic mode now | Quote |
Every grifter who had a visa card borrowed the max and became a "day trader". Then it was off to the races.
All "investment" is now basically gambling.
Every public company has become stock driven after the Corporate Raiders of the 80s showed great American businesses the folly of not protecting their stock price. Damned if you do, cheated if you don't. Then there was the raider objective, to get the pension plan assets and hire a consulting actuary to blue sky the plan assets so the raider could loot the shit out of the bene plans.
All the politicos, lawyers, and grad school fucks got the chance to loot, so they did! Every level and institution of our society has been plundered by the "leaders". Yet, they killed the goose that laid their golden eggs; and managed to tow the USA economy at the same time.
There is no more wealth creation going on in terms of business activity. No mining, timbering, steel-making, because EPA regs hobbled the industries. Then the govt paid corps to ship jobs and factories overseas. The Carribean Basin Initiative paid a company $10,000 PER JOB for each job moved to a qualifying nation. Our taxes used to fund the murder of our Nation.
All has been done, planned for failure.
We trusted "the best & the brightest", just didn't realize they were selling US out totally!
All of TPTB Effort is being aimed for Economic & National Collapse, with mega die-off situations which will be lauched to allow The Crooks to escape with our money.
Gonna talk about the macro-picture and discuss your financial Kevorkianism, or will you do all you can to preserve you and your loved ones?
Most Americans are simply in denial. Pretty hard to believe that "nice people from good families" really want you dead so they can finish stealing every last thing you ever had. They will grind your bones and sell your blood for fertilizer if they can figure out how to do it with a profit margin.
The NAZIs were just beginners compared to these motherfuckers. How gently will you go into that good night? Quoting: Lester
An extraordinary piece of writing. Nicely done |
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Omega
Total Unequivocal Bad Fuckin' News
User ID: 376763
7/24/2008 11:13 PM
| | Re: The FED in all out panic mode now | Quote |
Every grifter who had a visa card borrowed the max and became a "day trader". Then it was off to the races.
All "investment" is now basically gambling.
Every public company has become stock driven after the Corporate Raiders of the 80s showed great American businesses the folly of not protecting their stock price. Damned if you do, cheated if you don't. Then there was the raider objective, to get the pension plan assets and hire a consulting actuary to blue sky the plan assets so the raider could loot the shit out of the bene plans.
All the politicos, lawyers, and grad school fucks got the chance to loot, so they did! Every level and institution of our society has been plundered by the "leaders". Yet, they killed the goose that laid their golden eggs; and managed to tow the USA economy at the same time.
There is no more wealth creation going on in terms of business activity. No mining, timbering, steel-making, because EPA regs hobbled the industries. Then the govt paid corps to ship jobs and factories overseas. The Carribean Basin Initiative paid a company $10,000 PER JOB for each job moved to a qualifying nation. Our taxes used to fund the murder of our Nation.
All has been done, planned for failure.
We trusted "the best & the brightest", just didn't realize they were selling US out totally!
All of TPTB Effort is being aimed for Economic & National Collapse, with mega die-off situations which will be lauched to allow The Crooks to escape with our money.
Gonna talk about the macro-picture and discuss your financial Kevorkianism, or will you do all you can to preserve you and your loved ones?
Most Americans are simply in denial. Pretty hard to believe that "nice people from good families" really want you dead so they can finish stealing every last thing you ever had. They will grind your bones and sell your blood for fertilizer if they can figure out how to do it with a profit margin.
The NAZIs were just beginners compared to these motherfuckers. How gently will you go into that good night?
An extraordinary piece of writing. Nicely done Quoting: Anonymous Coward 473103
Agreed. When Lester gets warmed up watch out,lol....
Yahoo IM omega375hh |
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Anonymous Coward
User ID: 419558
7/24/2008 11:24 PM | | Re: The FED in all out panic mode now | Quote |
There is no more wealth creation going on in terms of business activity. No mining, timbering, steel-making, because EPA regs hobbled the industries. Quoting: Lester
So all your yammering and you throw in a gem like this. You've learned disinformation techniques. Say what the people want to hear and then your pet issue mixed in is ingested as well by the low IQ set.
Look sucker we don't need to destroy the environment because some Neocons decided to loot the country.
They'll just loot the environment if we let them!
You CANNOT be trusted to think clearly.
You are RIGHT WING. That's not what America needs right now. |
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Omega
Total Unequivocal Bad Fuckin' News
User ID: 376763
7/24/2008 11:27 PM
| | Re: The FED in all out panic mode now | Quote |
There is no more wealth creation going on in terms of business activity. No mining, timbering, steel-making, because EPA regs hobbled the industries.
So all your yammering and you throw in a gem like this. You've learned disinformation techniques. Say what the people want to hear and then your pet issue mixed in is ingested as well by the low IQ set.
Look sucker we don't need to destroy the environment because some Neocons decided to loot the country.
They'll just loot the environment if we let them!
You CANNOT be trusted to think clearly.
You are RIGHT WING. That's not what America needs right now. Quoting: Anonymous Coward 419558
Yahoo IM omega375hh |
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Anonymous Coward
User ID: 429709
7/24/2008 11:54 PM | | Re: The FED in all out panic mode now | Quote |
Every grifter who had a visa card borrowed the max and became a "day trader". Then it was off to the races.
All "investment" is now basically gambling.
Every public company has become stock driven after the Corporate Raiders of the 80s showed great American businesses the folly of not protecting their stock price. Damned if you do, cheated if you don't. Then there was the raider objective, to get the pension plan assets and hire a consulting actuary to blue sky the plan assets so the raider could loot the shit out of the bene plans.
All the politicos, lawyers, and grad school fucks got the chance to loot, so they did! Every level and institution of our society has been plundered by the "leaders". Yet, they killed the goose that laid their golden eggs; and managed to tow the USA economy at the same time.
There is no more wealth creation going on in terms of business activity. No mining, timbering, steel-making, because EPA regs hobbled the industries. Then the govt paid corps to ship jobs and factories overseas. The Carribean Basin Initiative paid a company $10,000 PER JOB for each job moved to a qualifying nation. Our taxes used to fund the murder of our Nation.
All has been done, planned for failure.
We trusted "the best & the brightest", just didn't realize they were selling US out totally!
All of TPTB Effort is being aimed for Economic & National Collapse, with mega die-off situations which will be lauched to allow The Crooks to escape with our money.
Gonna talk about the macro-picture and discuss your financial Kevorkianism, or will you do all you can to preserve you and your loved ones?
Most Americans are simply in denial. Pretty hard to believe that "nice people from good families" really want you dead so they can finish stealing every last thing you ever had. They will grind your bones and sell your blood for fertilizer if they can figure out how to do it with a profit margin.
The NAZIs were just beginners compared to these motherfuckers. How gently will you go into that good night? Quoting: Lester
Spot on except the ones left holding paper currency will also be left with nothing.
Currency in the old days was a limited precious resource - gold. Replace that with an infinite supply of paper currency and you control ones hierarchy placement - aka 'wealth'.
What TPTB will be walking away with is limited resources that CREATE WEALTH! Land, homes, gold, oil, copper, tin and the list goes on.
Paper currency is a TOOL used to swindle the common folk out of any TRUE wealth. We will be serfs all over again. |
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Anonymous Coward
User ID: 468929
7/25/2008 12:08 AM | | Re: The FED in all out panic mode now | Quote |
<<"nice people from good families" really want you dead>>
That's the hardest part to accept as true. But it is true. |
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Anonymous Coward
User ID: 473125
7/25/2008 12:17 AM | | Re: The FED in all out panic mode now | Quote |
The National Australia Bank's decision to write off 90 per cent of its US conduit loans will have dramatic repercussions around the world. Wall Street will be deeply shocked when they understand the repercussions of what NAB has done. It is clear global banks have nowhere near provided for their exposures to US housing loans which in the words of John Stewart are experiencing a “meltdown”.
We are now way beyond sub-prime. NAB says that it is suffering a 55 per cent loss on American housing loans – an event that has never happened in the history of a developed country in recent memory. This is an unprecedented event and means that the cost of bailing out the US financial system is now far beyond the highest estimates. A US recession is now locked in, but more alarmingly, 55 per cent loan losses point to the possibility of a depression.
It means the cost of bailing out housing exposures to the two mortgage insurers will be so great that it will leave no room to bail out anything else and there are several US banks that are now in big trouble. NAB says that the dislocation in the residential market is separate from the corporate market, but the flow on is inevitable.
While global banks have been writing down their balance sheet assets, few have tackled their conduit exposures which are off balance sheet but to which they are ultimately liable.
This morning at around 6am I wrote that we had been experiencing a 'dead cat bounce'. I had no idea that NAB would trigger the downturn and confirm what I had written. And of course Wall Street will receive a deep shock when it wakes up.
How did NAB get caught in $1.2 billion mess? They had a number of big clients who wanted to invest in these US housing loans. They were sucked in by the 'triple A rating' given to the securities by the rating agencies. They did not take into account that the monoline insurers who guaranteed some of the loans had no substance. To become a player NAB took out $1.2 billion in these triple A securities and 90 per cent of it has been lost.
Many Australian institutions are very angry. NAB is paying out far too much in dividends and should be conserving capital. The American bank it purchased, Great Western, was a good idea but it is now clear it overpaid for it. Fortunately it only has a small exposure to the bad loans. But what’s happening to the NAB is not the main game.
The global banks have been marking to market the assets they held on their balance sheet, but the vast amounts held in so called 'conduit trust accounts' have not been written down because they were not marketable. NAB wrote them down when they saw the bad mortgages.
US banks have written down $450 billion in bad housing loans. The revelation from NAB means that they will now certainly need to take provisions to $1,000 billion. But write-downs of $1,300 billion and perhaps even more are on the cards.
Where will the equity come from to cover these bad loans? The world has never attempted a rescue effort of this size and it will make liquidity in the globe very tight. That’s why corporates will be hit. All Australian companies that need equity should raise it now.
[link to www.businessspectator.com.au]
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Anonymous Coward
User ID: 473125
7/25/2008 12:23 AM | | Re: The FED in all out panic mode now | Quote |
NAB will take a double hit
John Stewart and Michael Chaney’s decision to go straight to 90 per cent provisioning on National Australia Bank’s portfolio of US residential mortgage-backed securities (RMBS) is a shocking event that will reverberate around the world.
The CEO and chairman of NAB will live with the consequences of their decision as it affects their own bank, but so will every other banker on the planet.
NAB’s exposure to the US property market through the CDOs held in its conduits is relatively small – $1.2 billion worth of structured finance assets. The money is in 10 collateralised debt obligations (CDOs) in two conduits (off balance sheet vehicles to which NAB provides “liquidity”).
Leaving aside the dodgy nature of the vehicles, the assets themselves were all rated AAA, which technically means a one in 10,000 chance of default.
Stewart, Chaney and the NAB risk committee have now assessed the prospect of loss at 90 per cent, that is a 9,000 in 10,000 chance of default. In other words, the securities have turned out to be far worse than junk.
To be specific, the 10 CDOs consist of two “super senior” strips and eight AAA senior strips. The NAB brains trust has now determined, on a worst case basis, that it will recover half of the super senior CDOs and none of the AAA senior debt.
To repeat: NAB is now expecting 100 per cent loss on $900 million worth of AAA rated debt securities.
This is based on the information revealed this morning by John Stewart – namely, that recoveries on US residential foreclosures is now down to 45 per cent of the mortgage value.
Just consider that: US lenders, when they take possession of homes in foreclosure, are recovering less than half of the mortgage.
I have been reading voraciously on the subject, and that is the first time I have seen any bank disclosing that.
The implication of that for the US banking system is catastrophic.
This little Aussie bank down under has gone too far, they’ll be saying on Wall Street. They’re wearing the full hair-shirt and suffering the bed of nails all at once, only because they can – they have the capital to do it.
John Stewart said this morning that he didn’t want to drip feed the provisions out over several years as the truth about the situation in the US unfolds; far better, he says, to take it all now and move on.
But there is a big problem with that approach: if other banks are forced to do it, especially the big US banks, the economic impact will be swift and drastic. The $4.5 billion that NAB holds in other securities through its off-balance sheet conduits, will also be hit.
But Stewart and Chaney have pulled the pin out of a grenade; there’s no going back now.
[link to www.businessspectator.com.au] |
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Anonymous Coward
User ID: 419558
7/25/2008 12:32 AM | | Re: The FED in all out panic mode now | Quote |
There is no more wealth creation going on in terms of business activity. No mining, timbering, steel-making, because EPA regs hobbled the industries.
So all your yammering and you throw in a gem like this. You've learned disinformation techniques. Say what the people want to hear and then your pet issue mixed in is ingested as well by the low IQ set.
Look sucker we don't need to destroy the environment because some Neocons decided to loot the country.
They'll just loot the environment if we let them!
You CANNOT be trusted to think clearly.
You are RIGHT WING. That's not what America needs right now.
:epcfl: Quoting: Omega
Cool picture Omega. I don't think you buy into the drill, drill theory do you? I thought you were smarter than that. |
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Irdooomed
User ID: 329170
7/25/2008 12:33 AM | | Re: The FED in all out panic mode now | Quote |
Trying to find buyers for the FDIC "already failed" list.
YUP. The Fed has pulled out ALL the stops these last two weeks and that bought them what?? 800 points on the dow???
MASSIVE failure here.
haa..sounds good
we need it all to crumble so we can get NESARA..i have heard that it is ready to go after this BS economy falls and after all the dark are removed from government positions...
[ link to www.nesara.us]
Erm... There's no nice way to say this, there never was a nesara, isn't now and never will be.
If the system crumbles there will be a lot of unhappy people, a lot of unhappy poor people that will have to dig their way out of their predicament, like they did in the great depression.
Rather than hoping that some magical alien will pop out of their DUMB, why not try to use whatever little ability to make the world a better place.
It's the only way out of this one.
I'm going to be a nuclear chemist!
What runs around yelling "YOU'RE FUCKING DOOMED", the terrorist that arms the other terrorists with Astrolyte!
I'm going to continue playing with chemicals until you decide it's not a great idea for me to freeze my arse off.
I have a pathological hatred for the denizens of this trailer park. |
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loosecannon
User ID: 396653
7/25/2008 12:44 AM
 | | Re: The FED in all out panic mode now | Quote |
The pigmen shit their pants and put this out late day in a lame effort to jam the stock market.....ain't gonna work fella's.... Quoting: Omega
No the fed just understands the real situation (and you have no clue) and is getting downright creative in trying to manufacture a solution scenario within their powers.
The basic premise is right on. couple equity holders with equity poor enterprises. Shore up cash poor banks and hope that a recovery can be manufactured.
That's econ 102.
The bigger pic is of course that the Fed is creatively trying to avert a runaway contraction fueled by a credit collapse that it doesn't have the means to suppress.
You interpret every event from a chicken crossing the road to a red light at an intersection as another precursor of doom, so naturally your opinion is useless. |
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