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PANIC HITS WORLD CREDIT MARKETS, WORST SINCE WORLD WAR II

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Anonymous Coward
User ID: 457129
9/17/2008 8:12 PM
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PANIC HITS WORLD CREDIT MARKETS, WORST SINCE WORLD WAR II

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Panic grips credit markets
By Krishna Guha in Washington, Michael Mackenzie in New York and Gillian Tett in London

Published: September 17 2008 18:23 | Last updated: September 18 2008 00:01

The panic in world credit markets reached historic intensity on Wednesday, prompting a flight to safety of the kind not seen since the second world war.

Barometers of financial stress hit record peaks across the world. Yields on short-term US Treasuries hit their lowest level since the London Blitz, while gold had its biggest one-day gain ever in dollar terms. Lending between banks, in effect, stopped.

EDITOR’S CHOICE
.

The $85bn emergency Fed loan for the troubled insurance group AIG, announced on Tuesday night, failed to curb the surge in risk aversion. Instead, markets were hit by a fresh wave of anxiety.

One cause for fear came when shares in a supposedly safe money market mutual fund fell below par value – or “broke the buck” – owing to losses on debt in Lehman Brothers, which filed for bankruptcy protection on Monday. This raised the risk that retail investors in other such funds could panic and pull out their money.

All thought of profit was abandoned as traders piled in to the safety of short-term Treasuries, with the yield on three-month bills falling as low as 0.02 per cent – rates that characterised the “lost decade” in Japan. The last time US Treasuries were this low was January 1941.

[link to www.ft.com]

captain bly the economic guy
User ID: 489888
9/17/2008 8:21 PM

Re: PANIC HITS WORLD CREDIT MARKETS, WORST SINCE WORLD WAR II	Quote
her's the link-good reading........ [link to www.ft.com]

Anonymous Coward
User ID: 486875
9/17/2008 8:31 PM

Re: PANIC HITS WORLD CREDIT MARKETS, WORST SINCE WORLD WAR II	Quote
RaaAAAAAAAAAAHHHHHHHHHHHHHHH! 1941... fake nylon stockings and third - grade tobacco! Someone get me out of this nightmare!

Witness_ Subscriber

User ID: 352356
9/17/2008 8:35 PM

Re: PANIC HITS WORLD CREDIT MARKETS, WORST SINCE WORLD WAR II	Quote
The new law banning "naked short selling" may well stop this and turn it around. If what they say is true, that bear raiders killed the market.

Best in Texas
User ID: 193501
9/17/2008 8:37 PM

Re: PANIC HITS WORLD CREDIT MARKETS, WORST SINCE WORLD WAR II	Quote
and this late breaking story, just in: President Bush is expected to fly over Wall Street tomorrow.

Anonymous Coward
User ID: 505096
9/17/2008 8:44 PM

Re: PANIC HITS WORLD CREDIT MARKETS, WORST SINCE WORLD WAR II	Quote
The new law banning "naked short selling" may well stop this and turn it around. If what they say is true, that bear raiders killed the market. Quoting: Witness_ It is always the shorts, they will cover soon.

Anonymous Coward
User ID: 502659
9/17/2008 11:14 PM

Re: PANIC HITS WORLD CREDIT MARKETS, WORST SINCE WORLD WAR II	Quote
The new law banning "naked short selling" may well stop this and turn it around. If what they say is true, that bear raiders killed the market. Quoting: Witness_ ONLY if it is enforced. Given the lack of enforcement and prosecution and the level of outright lying going on, well, I will not hold my breath.

Anonymous Coward
User ID: 489383
9/17/2008 11:16 PM

Re: PANIC HITS WORLD CREDIT MARKETS, WORST SINCE WORLD WAR II	Quote

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