No intention of that buddy. This is gonna be pretty horrible I think.
The Fed announcing a quarter basis point cut in interest rates on a SUNDAY NIGHT because they couldn't wait two stinkin days for their scheduled meeting?
Stearns losing billions in literally a FLASH?? Bank customers have to have a warm and fuzzy feeling right about now. How many bought BS shares last week and have literally thrown their money away? So the Fed HAS to guarantee that JP Morgan won't lose anything on the deal???
THEY'RE panicked and I think that others are gonna see that as readily as I do and THEY'RE gonna panic as well. Watch the stampede.
“THEY’RE panicked and I think that others are gonna see that as readily as I do and THEY’RE gonna panic as well. Watch the stampede.”
Bear Sterns lost 95% of its paper value over the weekend as folk b egan to realize mortage instriments could be worthless...
What would you do. I bought more gold yesterday and will max my ATM withdrawals of cash tomorrow befofe I hunker down and wait to see what happens. I figure more cash on hand will not hurt.
“So the Fed HAS to guarantee that JP Morgan won’t lose anything on the deal???”
As the only alternative to bear going under with all counterparty trades in danger, the fed had no choice on this matter (regardless of what decisions brought matters to this point).
confidence is a self-fulfilling prophecy sometimes. Will Lehman run into issues just based on the discussion of possible issues?