Tuesday, Aug 26, 2008
The Writing on the Wall?
Bloomberg: Merrill, Wachovia Hit With Record Refinancing Bill (Update1)
My prediction from last week following the IMF's statement about a major investment house and bank going bust is looking good. Some great quotes too: "Banks, securities firms and lenders have a record $871 billion of bonds maturing through 2009, according to JPMorgan Chase & Co". "The gears of capitalism are grinding to a halt", "The credit crunch is only now beginning because bank capital is so constricted by losses to date, that they will have to begin shutting off credit to households and corporations and that's when we get the defaults", "Lending long and borrowing short is the classic mistake that led to all the big bank failures in the past"
Posted by layers @ 03:40 PM (260 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.