Tuesday, Aug 19, 2008
Welcome back to reality!!! Doesn't matter how many dollars central banks purchase, you can't make your property market rebound!
FT.com: Financials suffer, FTSE down, Fannie & Freddie bailout looks more likely
Fears of further fall out from credit markets put pressure on London’s financial sector in early trade, following sharp losses overnight for the US sector on Wall Street.
By mid morning, the FTSE 100 was down 66 points, or 1.2 per cent at 5383.5, just back into bear market territory. The mid-cap FTSE 250 was down 1.7 per cent to 8,968.4.
Posted by beartil2010 @ 09:54 AM (387 views) Add Comment
5 Comments
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1. mark said...
which bank will fail then?
I reckon Citi
anyone else???
2. crutchley said...
I think Citi will keep fighting hard for a place in the 'Too Big to Fail' club...
(VI declaration - I work for them and don't fancy losing my job right now)
3. tyrellcorporation said...
Are Chrysler and GM too big to fail? They do after all employ hundreds of thousands of people.
It's pretty amazing the way the stupid banks have made themselves such a special case. Are they as strategically important as they make out?
4. harold said...
The US congress would not have given the Fed the authority to bailout Fanny and Freddie unless they already knew that a bailout was required. Hank Paulson was lying when he said he didn't think it was likely to happen - he clearly KNEW it was. The "too big to fall" club are basically the inner circle of elite bankers and industrialists. It leads to a situation where the club effectively takes control and usurps legitimate government of the people for the people. Of course, this is not that dissimilar to the old Soviet Union, only now the US state is being used to protect a privately owned monopoly rather than the power of a political party. However, the result will sooner or later be the same - terminal decline, the cost of which will be shouldered by everyone except those responsible.
5. mark said...
I personally think a big US bank should be allowed to fail, the others will quickly learn....