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

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posted on Aug, 17 2007 @ 07:37 AM
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This is interesting.

Pink slips hit Wall St.; Bear Stearns pares 240


LONDON (CNNMoney.com) -- Job cuts have begun at Bear Stearns and that could mark the start of a broader wave of layoffs across Wall Street as firms survey the damage caused by the recent downturn in financial markets.


money.cnn.com...

It seems that even Wal st. will not be exempt from the job cuts after the markets low turns.

But no to fear many will still be given record profits earned so far this year.

Time to save.




posted on Aug, 18 2007 @ 04:17 AM
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California Bank Run


Here's something you don't see everyday....


LOS ANGELES — Anxious customers jammed the phone lines and Web site of Countrywide Bank and crowded its branch offices to pull out their savings because of concerns about the financial problems of the mortgage lender that owns the bank.

Please visit the link provided for the complete story.

Link


On the Wednesday, William Poole of the St. Louis Fed said:

'the subprime mortgage rout doesn't threaten U.S. economic growth, and only a ``calamity'' would justify an interest-rate cut now.'

What was he thinking? Only two days later the Fed expressed obvious alarm and cut the discount rate. Even Bernanke seemed nonplussed at the August 7 FOMC meeting. This must send a powerful message to the global community: If it looks like we don't know what the hell we're doing over here...it's because we don't know what the hell we're doing over here! Impressive way for the "Worlds Economic Leader" to encourage confidence in countries we're dependent on for financing


In reality, the Fed already has a de facto 50pt rate cut in place. Thanks to the $illions pumped into the system, the effective Fed Funds Rate dropped to 4.75 a week ago. This is the longest divergence from the stated Fed Funds Rate (currently 5.25) since post 9-11. In order to raise the effective lending rate and balance the disparity...the Fed needs to drain liquidity from the system...not increase it. The problem is they can't drain $ until the system regains a measure of health and stability. This is why I expect official confirmation of a minimum .25pt rate cut at, or before the Sept FOMC meeting.



posted on Aug, 18 2007 @ 07:18 AM
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A little humor about this past week in the markets I found on Yahoo, of all places.

news.yahoo.com...




One joke likened the crisis in subprime assets - responsible for triggering the implosion of some hedge funds as they totted up billions of dollars in losses - to the Titanic disaster: as with the Titanic, the downside was not immediately apparent and only a few wealthy people got out in time


But this one is the best


Another dealer announced in a cheeky e-mail the creation of a new structured product: a Constant Obligation Leveraged Originated Structured Oscillating Money Bridged Asset Guarantee, or COLOStOMyBAG. One trader noted on the product - a parody of the increasingly bizarre acronyms that have become commonplace in the world of structured finance - "It's basically full of #



posted on Aug, 18 2007 @ 02:14 PM
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Originally posted by jefwane

Constant Obligation Leveraged Originated Structured Oscillating Money Bridged Asset Guarantee, or COLOStOMyBAG


HAarrrrrrr!!


If anyone else is having difficulty understanding these esoteric debt instruments, this online definition of Single Tranche CDO's really helped clear things up for me: "In single-tranche CDO's – sometimes known as bespoke mezzanine or equity tranches, tailor-made, tranche-only or credit select structures, a specific level of the portfolio credit risk is transferred to the investor with the remaining risk dynamically delta-hedged by the dealer."



posted on Aug, 20 2007 @ 10:02 AM
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Thanks a lot for explanation. This cleared lots of confusion for me. I realized that we keep on printing money and $ bills are available easily and thus reducing value of $.

Thanks


Originally posted by OBE1

Originally posted by netscape

If economy is doing good then why dollar is getting weak? Can someone please explain me how value of US $ and stock market are related if they in anyway.


Hi netscape. I think I can give you a simplistic answer. Basically, the dollar is weak because there are so many of them in circulation. The stock markets prosper most when an economy prospers. Interest rates can be lowered when economies slow in order to spur business, create jobs, increase consumer spending, and insure the all important flow of corporate & personal tax revenues. Lower interest rates increase the demand for loans (cheap money). This new money enters the system and further increases the amount of dollars in circulation. Supply demand dynamics take over...more dollars chasing the same amount of goods & services. Inflation rears it's head as prices escalate.

There are other complexities that influence this balance (increased productivity, Fed bond purchases, global interest rates and so on) but I better quit while I'm ahead...my less than perfect & somewhat feeble attempt...hope it helps


St. Udio...excellent points...you give good mumbo jumbo...Thanks


Justin...politicians, well...being politicians. Humanity's most prolific and shameless opportunists. I'm just glad that at least they're paying attention. Finger pointing aside, if they can help move the issues we discuss in this thread to the forefront of mainstream awareness where they belong...I'm up for it


I see the market just turned positive...this is the wild volitility that may be with us for awhile.



posted on Aug, 20 2007 @ 12:01 PM
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US mortgage lender sells assets





US mortgage lender Thornburg has sold $20.5bn (£10.3bn) of assets and reduced its borrowings amid a tough market for home loans.

The firm said the move would enable it to meet its financing obligations and continue mortgage lending operations.

Thornburg's shares fell as much as 11.9% as the firm said it had written down the value of some home loans.


Please visit the link provided for the complete story.


news.bbc.co.uk...



posted on Aug, 20 2007 @ 01:09 PM
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I have been trying to find out who were the buyers, but I can not find anything on that.

Anybody have any information on that?

[edit on 20-8-2007 by marg6043]



posted on Aug, 25 2007 @ 04:01 PM
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I have a new question for my fellow ATSer's. What steps are YOU taking to get ready for the coming economic downturn? Even if you don't live in the States, do you think YOU are at risk of feeling some of this economic pain?

[edit on 25-8-2007 by Justin Oldham]



posted on Aug, 25 2007 @ 04:12 PM
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Actually stocks have done okay the last two weeks. What is the big concern? There is ALWAYS going to be something in the financial news to sawy the market one way or another. I wouldnt worry about some big collapse or anything catastrophic. Just more typical fearmongering perpetuated by the gov't and the good posters on ATS.



posted on Aug, 25 2007 @ 04:33 PM
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You'll get no argument from me about the fearmongering. I think the MSM is eager to throw fuel on the fire whenever they can. Ratings, ratings, ratings. The current credit crunch does concern me. Thanks to Federal invervention, we've seen an unsteady 'pause' in the erosion. Human psychology being what it is, I am concerned that we're at a tipping point that could mean the difference between recovery and recession.

The simple truth is that too many of my peers are hocked to the hilt in the pursuit of their chosen lifestyle. I like having the toys just as much as anyone else. I don't like the idea of being just one paycheck away from financial disaster. I am concerned that too many people are NOT going to learn vital lessons from this recent crisis. If the economy tanks, it'll be a self-inflicted wound of our own making.



posted on Aug, 25 2007 @ 10:06 PM
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reply to post by princeofpeace
 


The economy is not doing ok, do no let Wall street and the government confidence fool you because they are just trying to stop a major mass hysteria.

The lie about our prosperity is nothing more than an illusion and that illusion is going to crumble, actually is already crumbling.

When our government said " the economy is good because spending is up" it doesn't tell you how the spending is done. is done with credit.

Countries like Japan, China, England and others now finance nearly 100% of our new debts, wars, tax cuts, social programs and infrastructure.

This is the real true of our wealth and the future for our children's and grandchildren.

American depend on credit to keep their standard of living that now the mortgage woes is turning into sub standards.

The lies about the best indicator for a growing economy is starting to show its true self, GDP (Gross Domestic Product) can not hide the fact that we are a nation of spendings and that we make less that our father did before us even with a college degree.

All the millionaires that America produces is due to the fact that outsourcing is making possible to amount massive wealth at the expenses of the middle class in America.

That is why Americans are losing their homes.


America prosperity is base on borrowed money, outsourced manufacturing, subsidized foreign insourced manufacturing, and a declining manufacturing base.

* Home mortgages from $1.8 trillion to $8.2 trillion
* Consumer debt from $2.7 trillion to $11.0 trillion
* Government budget debt limit recently raised and is now approaching $9.0 trillion
* Household debt has quadrupled


www.economyincrisis.org...

Our nation is no doing well, but the CEOs of all the companies outsourced are doing peachy.

In order for our own government to keep America afloat it has to borrow money, and the borrowing is out of control.








[edit on 25-8-2007 by marg6043]



posted on Aug, 25 2007 @ 10:37 PM
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I had a chance to talk with some people here in Anchorage, and most are dedicated to erasing their credit card debts. In general, we agreed on most of the things that a working-class person could do to protect themelves from the coming hardships. Funny, but a lot of it reminds me of the preps we use to make during the Cold War. All we really talked aboutding is getting clear of plastic and adjustable rate mortagages. having some cash on hand and keeping track of medical issues. Nothing quite so formidable as stocking up for a siege.



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