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.

[bvw]

I've been reading up on Chester A. Arthur. He was head of the Port of NY -- sort of a equivalent-level position to Rubin's. Back in the swinging years of the late 1800's. Interesting stuff.

Consider that the last great refuge of political patronage at that scale is now the big Banks.

[OldFriend]

You can do your part. Speak the truth and speak about how important it is to have judges chosen by President Bush and not Tom Daschle. Negative thinking is counter-productive.

[operation clinton cleanup]

Ah Crap! I thought we won the cold war!

[#3Fan]

Ah Crap! I thought we won the cold war!

Clinton tried to start up another one by giving China as much military technology as he could in exchange for campaign cash.

[operation clinton cleanup]

Who would have thunk the commies would try and destroy our financial system and not our cities?

[#3Fan]

Who would have thunk the commies would try and destroy our financial system and not our cities?

McCarthy was right. They've been trying since his time.

[operation clinton cleanup]

McCarthy was right. They've been trying since his time.

Time to rewrite the history books, where is Doris Kearns Goodwin?

[#3Fan]

Time to rewrite the history books, where is Doris Kearns Goodwin?

We need to rewrite a lot of stuff in history schoolbooks...Pearl Harbor, tet, New Deal,...

[Jim Noble]

>>The sheeple were so selfish they said the only thing that mattered was that their 401ks were growing when Clinton and his gang were committing their crimes in the 90s<<

And the sheeple are so stupid that they will blame Bush and the Republicans for the inevitable revaluation of their inflated positions.

[#3Fan]

And the sheeple are so stupid that they will blame Bush and the Republicans for the inevitable revaluation of their inflated positions.

If we can get down to 15 PE fast enough so that the market spends the rest of this term at least rising with productivity, I think the damage won't be too bad. Bush can say "stay the course". All bets are off if Morgan defaults on derivatives though. We'll have to see if there's anything to that.

[Baseballguy]

Calling off the tin foil hats. Come on get a grip. Bush has no need to bail the bozo's out. Most of the money that these banks have is business'es why would the Prez want to cater to them. Having a bank does not grant you imunity. Banks can go into Bankruptcy. Other banks buy the good stuff and the companies that had bad debt will go bankrupt also. I belive we are going into an age of complete thinning of false Accounting records.

[hobbes1]

Mais pourquoi, mon ami?

Yes...That BS fly around on the Libya Bombing, Still Rankles.

Nous nous rendons, peut je vous montre la façon à l'usine de munitions; Mein Herr.....

[Don Joe]

"What on earth is a notional amount?"

Trouble ahead, trouble behind,
Well you know that notion, just crossed my mind...

[junta]

Like I said Chittum has fallen off the face of the Earth, damn shame I miss his "bongo party" updates.

[timestax]

bump

[Axenolith]

Have you seen where JP Morgan raised CitiBank from "hold" to a "buy" this morning? Boy, I tell ya, I'm just gonna have to run out and buy some... NOT!!

[aristeides]

Bill Murphy of GATA was on C-SPAN this morning. He says that the derivatives in which Citigroup and especially Morgan have such exposure are gold derivatives, and that, if the price of gold goes above a certain amount (I think he said 332,) Morgan will default. So the big boys are out in force keeping the price of gold down.

[Travis McGee]

You've got it Uncle Bill! Thanks for providing a concrete example of such a confluence. Many of these players make James Bond's "Dr. No" look like a bit player. Their mega yachts move from one non-extraditable tax haven to another: untouchable. In fact, they "own" the govts of many of these little nations.

Best of all from the visiting politicians' point of view, they can fly out to the "boats" on private choppers, far beyond the reach of prying eyes or even paparazzi telephototos.

[Travis McGee]

"SITE UNAVAILABLE", got another link?