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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.
Originally posted by infinite
Ekkk!
ECB Offers Unlimited Cash as Bank Lending Costs Soar
BNP Paribas SA halted withdrawals from three investment funds today because the French bank couldn't value its holdings.
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.
I note that the markets are down between 2 and 3 percent today.
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.
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?
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...