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Thread: News over the weekend

  1. #1
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    Default News over the weekend



    AIG Falls After Insurer Posts Third Straight Loss
    http://www.bloomberg.com/apps/news?p...0L4&refer=home

    WASHINGTON (AP) - Citigroup Inc. will buy back more than $7 billion in auction-rate securities and pay $100 million in fines as part of settlements with federal and state regulators, who said the bank marketed the investments as safe despite liquidity risks.
    http://www.breitbart.com/article.php...cle=1&catnum=0

    The U.K.'s third- biggest bank, Barclays delivered more bad news to shareholders, namely that it got crushed in the first half of 2008 as the bank sacrificed profit on the altar of subprime related write-downs.
    Barclays management reported a 35% profit crash and said more damage likely lay ahead. The bank said that it wrote down another 2.8 billion pounds in the first half.
    http://bankimplode.com/blog/2008/08/...-sells-um-off/

    $1 trillion in losses? Bank on more
    Many bank stocks have bounced sharply from their panic-induced lows of mid-July on hopes that the bleak second-quarter results represented the bottom.
    But the bigger-than-expected losses reported by Freddie Mac and Fannie Mae this week, accompanied by dismal forecasts for the housing market, are strong indicators that there are likely more credit-related woes to come.
    http://biz.yahoo.com/cnnm/080808/080808_thebuzz.html

    For the Royal bank of Scotland nothing changes since it gorged itself on subprime sweets in the credit bubble and consumed raw ABN AMRO and all its ingested waste. Now Royal Bank is gaging, coughing up chunks billions at a time.
    http://bankimplode.com/blog/2008/08/08/a-royal-mess/

    The global economy is rapidly slowing. Today we can add two more countries to the list of countries in, or headed for recession. Let's start with a look at Canada.
    http://globaleconomicanalysis.blogsp...recession.html

    The euro fell the most in almost eight years, pushing the currency to a six-month low against the U.S. dollar, as traders pared bets the European Central Bank will raise interest rates as the economy slows.
    http://globaleconomicanalysis.blogsp...continues.html




    The lead American ship in these war games, the USS Theodore Roosevelt (CVN71) and its Carrier Strike Group Two (CCSG-2) are now headed towards Iran along with the USS Ronald Reagon (CVN76) and its Carrier Strike Group Seven (CCSG-7) coming from Japan.
    http://europebusines.blogspot.com/20...-for-iran.html

    Money Printing to Save Imploding Banking System Will Send Gold Soaring
    http://www.marketoracle.co.uk/Article5787.html

    Aug. 8 (Bloomberg) -- Gold may outperform crude oil in the next six months as buyers in India, the world's biggest consumer of gold, stock up on the metal, according to Patrick Chidley, an analyst at Barnard Jacobs Mellet USA LLC.
    http://www.bloomberg.com/apps/news?p...4pQ&refer=home

    What else is going on?
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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    Default Re: News over the weekend

    well, we've got the Russian invasion of Georgia ... which will put the Russians in control of a main pipeline that transports oil to Europe as well as being a catalyst for the possible resumption of the 'Cold War' !


    and


    While this has profound potential financial impact on the future price of oil, there was enough political content that I posted about it in the Member's Area rather than Dollar Den.


    on other subjects ...

    hedge funds are getting hit with margin calls and redemptions right and left ...



    you've got dry bulk shipment volumes dropping like a stone ...



    probably the most serious of all - you've also got the US Fed over a barrel due to LIBOR rates it can't control i.e. the TED spread ...



    (snip)"Credit markets have remained under stress even after the Fed cut its target rate seven times between September and April, to 2 percent from 5.25 percent, and cycled $2.58 trillion through U.S. money markets since December, Bloomberg data show.

    In response to the turmoil, the Fed said July 30 it would give securities dealers access to its existing loan facilities. It also will start offering 84-day loans to commercial banks beginning next month under the Term Auction Facility, known as TAF, in addition to 28-day loans.

    An arrangement with the Fed that allowed the ECB to offer dollar-denominated funding to the region's banks was boosted to $55 billion from $50 billion.

    ``The money markets have ceased to function as they should, as nothing has been resolved with regards to the lack of trust between banks,'' said Marius Daheim, a senior bond strategist in Munich at Bayerische Landesbank, Germany's second-biggest state- owned bank. ``This is why you're seeing such demand for central bank money 12 months on from the start of the crunch. These measures were only supposed to be temporary, and they're looking increasingly permanent.'' (snip)

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    Default Re: News over the weekend

    Quiet-ish open to the trading week. Some entertaining tidbits:

    Real Homes of Genius: Ed McMahon Decides to Lower Price on Beverly Hills Home by $1,900,000 This Week.
    http://www.doctorhousingbubble.com/r...000-this-week/

    How the U.S. Government Has Mismanaged the Country
    http://globaleconomicanalysis.blogsp...ismanaged.html

    NEW YORK (MarketWatch) -- Gold gaps down (again). But the gold bugs are grimly determined (again).
    http://www.marketwatch.com/news/stor...%7D&siteid=rss

    Babcock & Brown says profit to fall up to 40%
    http://www.marketwatch.com/news/stor...%7D&siteid=rss
    Once again, the conservative, sandwich-heavy portfolio pays off for the hungry investor
    - Dr John Zoidberg

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    Yep, thanks, thats good idea.

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