Posted on 09/14/2008 8:05:20 PM PDT by bruinbirdman
Let’s face it: despite whatever moral justification there may be for bailing out Frannie, Bear, AIG, etc., the fact is that the US financial system has ceased to resemble a capitalist one.
Symbol | Name | Last Trade | Change | Related Info |
---|---|---|---|---|
^AORD | All Ordinaries | 4,847.00 |
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^SSEC | Shanghai Composite | 2,079.67 |
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^HSI | Hang Seng | 19,352.90 |
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^BSESN | BSE 30 | 14,000.81 |
0.00 (0.00%) | Chart, More |
^JKSE | Jakarta Composite | 1,783.27 |
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^KLSE | KLSE Composite | 1,044.03 |
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^N225 | Nikkei 225 | 12,214.76 |
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^NZ50 | NZSE 50 | 3,320.83 |
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^STI | Straits Times | 2,502.97 |
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^KS11 | Seoul Composite | 1,477.92 |
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^TWII | Taiwan Weighted | 6,068.45 |
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not good for the home team. For one thing it will run all the positive Palin buzz right off the front pages. For another, all those social conservative issues that she helps with are off the radar again in a full blown economic crisis, and Obama’s “Change” mantra comes back to the forefront.
throw in the fact that Fannie and Freddie gave lots of Rat money in the last year....
Your Asia chart may be misleading. I understand that Nikkei is closed due to “Respect For The Aged” Day in Japan. And, Seoul is closed for their annual “Harvest Moon” festival.
Not a schadenfreude thing, but McCain and the GOP will benefit due to more expertise in responsible national leadership.
A bad economy helps Obama. “It’s the Economy, Stupid!” II, the Sequel.
Times like these are why I moved to all cash in late 2006. My sleep won’t be disturbed. It can’t feel to good to be in the market and wonder what is going to happen tomorrow...
A bad economy helps Obama. “It’s the Economy, Stupid!” II, the Sequel.
If not, things are going to go from bad to worse since all of the credit swap and derivatives trades that were done during emergency session today will expire.
And it's happening now.
So far, no word. I just checked Bloomberg and their latest was 5:30 pm.
Let them all fail. Let capitalism work. Bear Stearns never should have been “rescued” with corporate welfare for JP Morgan.
You won't be alone. No doubt they will have spent your meager social security money by then too. What a government.
Markets in China, Hong Kong, Japan, and Korea are closed for a holiday today (Monday).
Dunno if you saw this:
http://www.federalreserve.gov/newsevents/press/monetary/20080914a.htm
The Fed will now accept equities for their PDCF loans.
To my knowledge, the Fed has never taken equities as collateral for short-term loans.
The TSLF will now take all investment-grade debt securities - ie, corporate debt other than asset-backed paper is now eligible for lending of Treasuries.
What this signals, IMO, is that the Fed is no longer “the lender of last resort.”
The Fed is now the only lender in town.
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