|
Posted on 01/21/2009 2:10:19 PM PST by rabscuttle385
European credit indices began on a weaker note on Wednesday morning - the day after US president Barack Obama’s inauguration - as fears of a worldwide recession mount. The new president’s inauguration speech yesterday did little to sooth nerves – the cost of buying credit protection for US government debt edged higher to 73.5bp this morning, compared to 71.8bp at the New York close, according to CMA.
Last night’s announcement that the Bank of England will start buying billions of pounds in high quality corporate bonds to kickstart the economy has market participants pondering if such a move could be replicated by the European central bank.
In Europe, CDS spreads for the UK’s sovereign debt hit a new record at 151.7bp, out from 142.1bp at the New York close, CMA said. In a rare occasion, traders began quoting prices for Switzerland’s debt on Wednesday morning. CDS for Switzerland was quoted at 139.1, around 4bp wider from Tuesday evening, according to the CMA.
(Excerpt) Read more at ftalphaville.ft.com ...
|
Yet, the US stock market did very well today, led by the banks.
Anything is possible if you throw enough money at it. I understand Geithner promised to "do whatever it takes".
I'm just trying to figure if the Banks will hold up well for the next few days. the XLF [bank ETF] was up over 14% today.
The banks are going to be bailed out again and the market is very short sighted. That will work for a few more weeks..and then the hits will start coming again. We are going broke by degrees.
The welfare state drove the UK broke..just a broke as they were at the end of WWII.
The Fed and the new administration are set to clean the junk out of the financial system. Something W didn’t have the will or the brains to do.
I have a friend whose wife works in the collections department for HSBC. They were sent home today with the explanation that “All financial markets across the board have been compromised and no payments can be received.”
Uh huh, in exactly the same way shooting yourself in the head cures tennis elbow.
*
WHAT???
"Compromised" how, and by whom?
I'm off to the various financial boards I frequent, to see if there is anything on this. Scary, weird story.
"Big shorting in HSBC today.. 20.870m shares were shorted on HSBC today out of 89.7736m traded, 23%"
Wow. The Beast is confirmed to work for The Putz. History.
I frequent at TF... One thing to remember, the past few days (except for today) were HORRIBLE for UK/US banks... State Street was done 66% in one day...others down 20-30%...Signalling extreme distress/distrust in banks. Very alarming.
Uh-oh
While we can lay the actions (as bizarre as they were) of Bazooka Hank at W’s feet, the Fed is independent of who sits in the Oval Office. So if the Fed is acting now, it is only because Bernanke has decided that he needed to get his cranium out of his rectum before he’s replaced.
I think Bernanke held back because he thought the W administration was going to do what they said they were going to do. Now Bernanke and the Fed is the only thing standing between us and decades of Japan-style stagnation and deflation.
http://www.telegraph.co.uk/comment/columnists/iainmartin/4295219/Gordon-Brown-brings-Britain-to-the-edge-of-bankruptcy.html
Gordon Brown brings Britain to the edge of bankruptcy
“All financial markets across the board have been compromised and no payments can be received.”
????
Keep us posted, please!!!
My friend’s wife was called several hours later and told she could come back to work “if she wanted to”. I have no idea what that statement from her managers meant.... compromised how or by whom or whatever. I only know that with the banks tanking the last few days it made me go hmmmm.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.
