Friday, November 2, 2007

The credit crunch returns with a vengeance

The credit crunch returns with a vengeance

Remember the credit crunch? I only ask, because for a moment there, it seemed like everyone had forgotten about it. Stocks were soaring, and investors were even getting excited about the financial sector again, in the vain belief that investment banks had “kitchen sinked” their results - getting all the bad news out in the open. But Merrill Lynch’s results last week rattled Wall Street, with the bank announcing a $7.9bn write-down for the third quarter, far larger than expected. And now that fear has turned into full-blown panic as the Street has realised that maybe the other banks are still storing up little nasties for this quarter …

Posted by mary @ 11:14 AM (689 views)
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2 thoughts on “The credit crunch returns with a vengeance

  • planning4acrash says:

    I’ll be looking carefully to see whether this causes a gold price correction,.

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  • yea we need a sell off in gold before we can get back in – looks overbought on the RSI etc. Look like it needs a breather.

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