Friday, February 1, 2008
Monoline Crisis Jolts the Markets
Business Article
I wonder how many Times readersknow exactly how serious this is? Potentially more than Sub Prime itself!
Posted by orwell @ 08:53 AM (455 views)
2 thoughts on “Monoline Crisis Jolts the Markets”
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alan says:
“The beams are creaking. Plaster is falling from the ceiling. The cracks in the walls are widening. The entire edifice of wholesale financial markets is under the greatest strain in years. No one any more believes the soothing noises from the builders (aka investment bankers), who say the worst will soon be over. The Federal Reserve’s drastic cuts in interest rates amount to little more than a bit of cosmetic repointing.
Yesterday there was a fresh buckling noise coming from the foundations, where the monoline insurers reside”.
Oh dear….this is far worse than just a 10% drop in house prices……!
Orwell says:
Were they not asking the fed for a $300 billion bail out recently? Correct me if I am wrong.