Thursday, August 2, 2007

Credit panic

Markets in grip of sub-prime confusion

Rumours swirled around trading floors of companies poised to collapse, creating a climate of fear that official denials did little to ease.

Posted by paul @ 01:46 PM (2747 views)
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One thought on “Credit panic

  • That’s a pretty good summary of the situation. I’ve worked in the credit markets for over ten years and I can’t remember things as bad as this. The man in the street doesn’t see it yet but this credit crunch (and we are slap bang in the middle of one which is going to go on for a while yet) is going to have serious implications going forward. Not only has the cost and availability of credit changed dramatically (which will impact corporate earnings) but IMO this is going to have a serious impact on the City and its associated industries. A slowdown and job losses in the City will, in turn have a serious impact on the UK economy and the housing market in London and the South East of England. On top of the drip drip of hedge fund collapses and problems at banks, the yen is starting to appreciate which could create a self fulfilling unwind of the carry trade.

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