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French Bank freezes US funds;Stocks Plunge on Rising Credit Anxiety

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posted on Aug, 9 2007 @ 10:06 AM
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French Bank freezes US funds;Stocks Plunge on Rising Credit Anxiety


biz.yahoo.com

NEW YORK (AP) -- Wall Street fell sharply again Thursday after a French bank said it was freezing three securities funds that struggled to find liquidity in the U.S. subprime mortgage market. The Dow Jones industrials were once more down by triple digits.
(visit the link for the full news article)


Related News Links:
www.bloomberg.com
www.breitbart.com

[edit on 26-8-2007 by UM_Gazz]




posted on Aug, 9 2007 @ 10:06 AM
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Like I said....here comes the domino effect..... So many of you already know the game and know what is coming or really what is already here..it's just sad to actually see it happening...

biz.yahoo.com
(visit the link for the full news article)



posted on Aug, 9 2007 @ 10:11 AM
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got to love Karma

wounder how long this will take for the full domino effect to take place

this is not a one line reply



posted on Aug, 9 2007 @ 10:23 AM
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The USA still has moves to make. All is not lost and I think people will see how resourceful America can be in the upcoming months/years.



posted on Aug, 9 2007 @ 10:37 AM
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Ekkk!

ECB Offers Unlimited Cash as Bank Lending Costs Soar





Aug. 9 (Bloomberg) -- The European Central Bank, in an unprecedented response to a sudden demand for cash from banks roiled by the subprime mortgage collapse in the U.S., loaned 94.8 billion euros ($130 billion) to assuage a credit crunch.

The overnight rates banks charge each other to lend in dollars soared to the highest in six years. The London interbank offered rate rose to 5.86 percent today from 5.35 percent and in euros jumped to 4.31 percent from 4.11 percent.


Please visit the link provided for the complete story.


www.bloomberg.com...



posted on Aug, 9 2007 @ 10:47 AM
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Originally posted by infinite
Ekkk!

ECB Offers Unlimited Cash as Bank Lending Costs Soar




Ekkk! Is right....now how many more time, or how much more can they afford to lend.....they will reach the limit of their comfort level some time and then with no more capability to lend or no longer at a reasonable rate the snow ball will keep rolling on....

Perhaps this is world war 3, yet only its financial fallout and not nuclear.


mod edit, fix quote tag

[edit on 9-8-2007 by DontTreadOnMe]



posted on Aug, 9 2007 @ 11:01 AM
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BNP Paribas SA halted withdrawals from three investment funds today because the French bank couldn't value its holdings.


Because they are changing so fast no doubt...


Originally posted by infinite
Ekkk!

ECB Offers Unlimited Cash as Bank Lending Costs Soar






...a sudden demand for cash from banks roiled by the subprime mortgage collapse in the U.S....

...The overnight rates banks charge each other to lend in dollars soared to the highest in six years....

"There seems to be a hole in the balance sheet of World Inc. that will have to filled by government intervention,'' said Peter Lynch, chairman of private equity fund Prime Active Capital Plc in Dublin. "The ECB is treating this like an emergency; it might make traders even more afraid.''

The ECB said today it provided the largest amount ever in a single so-called "fine-tuning'' operation, exceeding the 69.3 billion euros given on Sept. 12, 2001, the day after the terror attacks on New York.


Hear that all you naysayers out there?

We are currently undergoing a bigger financial emergency in the markets than the aftermath of 911!

.

[edit on 8/9/2007 by Gools]



posted on Aug, 9 2007 @ 03:34 PM
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Canada joins the liquidity bailout.


Bank of Canada Provides 'Liquidity' to Aid Markets
Bank of Canada Provides 'Liquidity' to Aid Markets

Aug. 9 (Bloomberg) -- The Bank of Canada said it will ``provide liquidity'' to support financial markets after the European Central Bank loaned money to ease a credit crunch that started with the U.S. subprime mortgage collapse.

The Bank of Canada said in a statement from Ottawa that its plan is part of "normal operational duties relating to the stability and efficient function of Canada's financial system.'' Spokesman Jeremy Harrison said by telephone that the Bank of Canada also is in contact with other central banks.

"While a 'normal' response by the bank, in its own words, the statement does reflect a heightened sense of concern,'' Andrew Pyle, an investment adviser at Scotia McLeod Inc., a division of Scotia Capital,...

Please visit the link provided for the complete story.


I note that the markets are down between 2 and 3 percent today.
.



posted on Aug, 9 2007 @ 03:57 PM
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Man, if the Chinese pull their chips too... whew! Bad money day here in the States!



posted on Aug, 9 2007 @ 04:31 PM
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I note that the markets are down between 2 and 3 percent today.


Yup! Dow Jones Industrial average has gone down 387 points.

DOW JONES INDUSTRIAL AVERAGE IN (^DJI) - Yahoo Finance

This could mean - even worse bloodbath on the markets tomorrow!



posted on Aug, 9 2007 @ 04:33 PM
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The U.S. Federal Reserve added $24 billion in temporary reserves to the banking system today, the most since April. Fed spokesman David Skidmore declined to comment on the increases in overnight money-market rates.


The markets took a beating.

let's hope Asia has a strong session later on.



[edit on 9-8-2007 by infinite]



posted on Aug, 9 2007 @ 04:56 PM
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Sub prime loan crises may affect some Chinese banks





The latest US sub prime loan crises didn't render Chinese banks safe. A US report said Chinese financial institutions had bought US$107.5 billion worth of US mortgage securities by the end of June last year, accounting for 47.6 percent of similar investments amongst Asian countries.

And a part of those may be the highly risky sub prime loan securities, the Shanghai-based Oriental Morning Post quoted an industry insider as saying today.

According to a report from the United States Department of the Treasury, several large banks from China have bought sub prime loan backed securities.


Please visit the link provided for the complete story.


www.chinadaily.com.cn...



posted on Aug, 9 2007 @ 05:13 PM
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Here is a queation for you all. when does this reach critical mass? the Fed just had its quarterly meeting and kept the prime lending rate static. Should we expect movement up or down in the near future?



posted on Aug, 9 2007 @ 05:23 PM
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Most Americans dont have a clue and even if they read this they would go "huh" and "so?" Only until prices change drastically...oil skyrockets and they realize our dollar isn't worth the crap its worth now will they begin to see...but by then the mushroom cloud will be long gone and financial nuclear winter well have set in.



posted on Aug, 9 2007 @ 05:23 PM
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The USA has only one move...inject money to ease the pain. I mean did Cramer look like a junkie begging for a fix last week...or what.

1. Boost open market [repo] operations (24 billion emergency injection today).

2. Employ the discount lending window.

3. Cut the Fed Funds Rate.

Like many here on ATS have been predicitng, the US Bond market (Oct. contract) is currently pricing in a 68% chance for a September rate cut (Dec. contract = 95%). Goodbye inflation bias



posted on Aug, 9 2007 @ 05:29 PM
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Originally posted by Justin Oldham
Here is a queation for you all. when does this reach critical mass? the Fed just had its quarterly meeting and kept the prime lending rate static. Should we expect movement up or down in the near future?


It depends on what the guys pulling the strings do.

I would expect to see a drop in the prime rate. The logic is (for me at least) simple. You reduce the rate at which all these sub prime loans are fluctuating at thus reducing the number of defaults which reduces the number of homes avalible, which in theory should bring a modicum of stability to the market.

But as homer says: In theory Lisa, but communism works, in theory.

Now I will admit my economic knowledge is not my strogest area.

Given the problems the GOP has I would expect them to do this and it may be coupled by a miraculous decrease in the cost of gas as a temporary measure to prop things up till after the 08 elections.

The bottom line is this:

I never got in huge trouble but learned by credit card lession in collage when I ran up a 2K debt. and took a while to pay it off.

Here is the simple way to live your life:

1) You need at most 2 major credit cards. We keep an Amex for the points and costco use and a VISA from our credit union.

We use are cards everywhere BUT we never carry a balance. this also helps with our FICO scores. When we bought our Hybrid a few months ago they ran our creadit for no reason and our FICO's were 816 and 820

2) Live within our means. As a nurse in the highest RN wage area in the world (SF Bay Area) I make a really good living. A new grad nurse with no experience is in the $40 range base. Top of scale can be over 75. Before you get too excited, a 1100 sq foot home in Palo Alto runs 1.2-1.3 million. My wife also a nurse works 1/2 time. Its not as exciting as working at a dot com, but its also pretty much recession proof.

3) NO debt No Debt and No debt. No car loans, no nothing. Again you have to live within your means. We paied cash for a Hybrid and waited untill we could do so. Yes its not as fun as impulse buying that 50" plasma, but if you cannot pay cash for it you should not buy it period.



posted on Aug, 9 2007 @ 05:34 PM
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Gools

The liquidity bail out is meerly a speed bump. If its going to crash it will, it just won't make as loud of a thump

its not the subprime market that has me worried anymore so many peopel are overextended in the lower end of the prime market that they will be also joining the ranks of the defults.

If there is a middle east crisis and oil hits 100 a barrel, the whole thing will collapse IMHO.


that being said, people make money in a down market as well. If you are in a solid financial footing you can scoup up real estate and the like.



posted on Aug, 9 2007 @ 05:40 PM
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Look for something to happen 8/9/07

"According to Dr. Turi, something is going to happen 8/9/07. We should keep our eyes on this one, because he has been more right than wrong in many cases!
He does not say this time what it will be. He's predicted many things correctly so i wanted to forewarn you all."

DGTempe | Read post...

My girl DG was right on the money this time! (pun intended)
Did you actually figure on a financial crisis?

So how bad are things going to get. Cause and Effect - whats going to happen out here in Middle America? Projections, anyone? Oops, maybe I should read the rest of the thread...

[edit on 8/9/2007 by damajikninja]



posted on Aug, 9 2007 @ 05:46 PM
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And the MSM is giving more coverage to whether Lilly Allen is heading for an early death.


[edit on 9-8-2007 by Peyre]



posted on Aug, 9 2007 @ 05:57 PM
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The USD is King...........Long live the Queen?

How long can the world banks prop up the USD?

The world trades in USD, that is why the proping was necessary. How long will people throw good money at a bad deal?

The only way for it to get right is for all of the greedy people who have stripped the value out of the USD, to put back their ill gotten stockpiles of money. They are probably trying to convert this money into other currency. They will bring the house of cards to the ground.



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