Larry Kudlow of CNBC Reporting of Emergency Federal Reserve Meeting Tonight

CNBC television | 7/23/2002 | Larry Kudlow

[rumrunner]

Larry Kudlow mentioned that the Federal Reserve may be meeting tonight to discuss the exposure of Citibank and JP Morgan Chase to derivatives and the stock market collapse.

Possible that both banks have billions of derivatives that need to be unwound. Would collapse the banking industry.

[tomahawk]

Debt sucks. Derivatives that make the system teeter due to overleverage suck.

[jwalsh07]

This is a hysteria, more people confusing causes and symptoms.It can be remedied, if need be, by massive Fed buying of long bonds, to really, finally, once and for all, end the monetary deflation brought about by....the Fed.

Yeah, I know. Another favorite conabulation? is the market and the economy.

[aristeides]

Well, one can hope. Maybe their going easy on Rubin is what will finally destroy the credibility of the NY Times and the other mainstream media. The Literary Digest could never get over all its polls in '36 predicting the victory of Landon.

[aristeides]

If this is true and it was successfully kept secret from the markets until they closed today, tomorrow should be quite a ride.

[terilyn]

You're welcome, and it doesn't look so good to me either.

Rubin will never go to jail. He's made of teflon, just like Clinton. Stuff just slides off him.

We can thank the media for that.

[RayChuang88]

If I were Terry McAuliffe or James Carville I might want to leave this country post haste and head to someplace that doesn't have extradition laws with the USA.

I have this feeling that McAuliffe, Carville, and the Clintons worked closely with George Soros' Quantum Fund and the investment firm of Goldman Sachs to raid Wall Street of a lot of money and put in an economic nuclear bomb "poison pill" that will destroy the American equity markets so the Democrats will walk in and do what amounts to a socialist takeover of the US economy.

Far fetched? Given that Soros' heavy dealings with foreign currencies caused the Asian economic crisis of 1997-2000, you really openly wonder....

[aristeides]

Were the leaders of these companies so arrogant to think that they could get away with these financial machinations and that the house of cards would never fall?

You've got to be arrogant to get to the positions these guys have.

[crypt2k]

"Plunge Protectors must beware lest the catastrophe continue and the limits of the graveyard require enlargement."

[jwalsh07]

Mais pourquoi, mon ami?

You may.

They attempt to cheat me when I travel to St Marteen, they gave the American, that's me, the half empty tank on a 130 foot dive and they roll over every time the Germans visit.

Aside from their not letting us fly in their airspace when we want to kill terrorists and busting Bush's balls every step of the way, they're AOK for assholes.

[habs4ever]

Debt only sucks in a deflation, when no one has pricing power.Derivatives work if used to hedge.When they are used to speculate by treasurers and CFO's and idiots like the former CFO of Orange Country, to trade various points along the yield curve, then they are a problem.

When it goes beyond simple cash management to a profit source, well, ask Dell and Proctor and Gamble what's likely to happen.

[justshe]

DAMN............GREAT point!

APPLAUSE!!!!!

[Aliska]

Parce qu'il n'est pas votre ami?

[berned]

Unless the media figures a way to move Bush and Cheney from being oil men to being bank owners

Republicans = bank owners.

[aristeides]

Remember, Hoover's depression also discredited Coolidge. Coolidge in this case is Clinton.

So, is this Nader's opportunity? Or can the Democrats still save themselves by dumping Clinton and the Clintonistas?

[NormsRevenge]

Emergency Meeting, Eh?

[Mo1]

I know Clinton won't go because this country won't put an XPresident in jail

But Rubin is a whole other story .. I WANT HIM IN JAIL

If they could put the Nixon boys in jail .. they can put the Clinton boys in jail

[TonyInOhio]

They attempt to cheat me when I travel to St Marteen, they gave the American, that's me, the half empty tank on a 130 foot dive and they roll over every time the Germans visit.

Aside from their not letting us fly in their airspace when we want to kill terrorists and busting Bush's balls every step of the way, they're AOK for assholes.

That did it. Milk out of the nostrils laughing here.

Tony

[DeaconBenjamin]

I have an "Eintausend Mark" note (issued by the Reichsbankdirectorium in Berlin) counterstamped as an Eine Milliarden Mark (1 billion mark) note.

[Aliska]

Thanks for the post. I don't know if that is a reliable site or not, but it sounds reasonable to me. They have been artificially propping everything up for a long time. It seems to work but I have little trust in such a bloated system as we find ourselves in. We should have kept our manufacturing base.

[terilyn]

There's a slight difference. Nixon's boys were Republicans. Clinton's boys are dems.

I want Rubin in jail too. I'm just not going to hold my breath :)