Rumor Alert – 10:50am EST – FED to Extend TAF to 90-Days
Posted on June 27th, 2008 in Daily Stock Market / Economic News - The Real Story, Mr Mortgage's Personal Opinions/Research
Changing the game as they go again. Banks under real pressure apparently. Perhaps these temporary loans are turning into real loans. Whoda thunkit!
June 27th, 2008 1:23 pm
The Fed/Government is running from industry to industry to do bailouts – banks, mortgage companies, regional banks, then GM, Chrystler, etc. Meanwhile the dollar continues to drop (and oil goes up) because the developed world is waking up to the fact they can survive without the US Consumer. . .there are a lot of new rich kids on the bloc – Russia, Brazil, India, China, and don’t forget the ever expanding EU – all those Romanians and Bulgarians want cars and consumer goods.
There simply will not be enough government money to bail out all industries. The US needs “tough love” – just let these banks fail, and get it over with. . .then Toyota can buy GM and Russia can buy Citibank and get it overwith.
June 27th, 2008 1:45 pm
At this point they might as well make the TAF a gift instead as they probably won’t be able to pay these loans back……..
June 27th, 2008 3:11 pm
Hey Party Time ! Free money for everyone.
Oil is going to 200$ and gold to 2,000$.
How dumb can you be ? No inflation my ass.
June 27th, 2008 5:59 pm
The Fed will have to roll over TAF into the next life time. Alt-A
June 27th, 2008 6:01 pm
Oh boy oh boy ! This is really vicious.
http://www.bloomberg.com/apps/news?pid=20601068&sid=aRDMJGbadcWY&refer=economy
June 27th, 2008 6:11 pm
Correct me if I am wrong but was the Fed not charged with keeping the banking industry “safe” and keep a high level of integrity and oversight? Common people saw what is happening today in the making years ago. If I saw it, How come the Fed was blind? Everything was allowed to go out to the furthest extreme. Greenspanisim has turned into a Redspasm. If the Fed does not possess the foresight to prevent a problem of this magnitude, they should not be entrusted to provide a solution….. One can only conclude that the Fed is only useful in being a reactionary or that we are in this position by design.
June 27th, 2008 6:38 pm
“Where’s Ben’s money?!”
“We don’t have it now … but I promise we can get it to you in another 62 days.”
“You better, or we’ll break your legs!”
June 27th, 2008 7:21 pm
Oversight ? Now that’s the gag of the last 2000 years ! Does Bernanké/Greenspan walk on water and multiply bread ? No they multiply paper. Gold 2,000$ and oil 250$. The president of Gazprom is dead right. OIL 250$ next year. The dollar is KAPUT.
June 27th, 2008 9:01 pm
Does FEMA respond to financial disasters? Someone has to distribute the helicopter money.
June 28th, 2008 12:31 am
Rogers Tells Investors Not to `Give Up’ on China (Update1)
By Yidi Zhao
June 28 (Bloomberg) — Jim Rogers, who in April 2006 correctly predicted oil would reach $100 a barrel and gold $1,000 an ounce, told investors not to “give up” on Chinese shares after the country’s stock index fell almost 50 percent this year.
“Start buying when others say `never again’,” Rogers, 65, said today at an investor conference in Nanjing. There is “much money to be made” from investments in Chinese stocks, he said.
China’s CSI 300 Index has slumped 52 percent from its Oct. 16 peak on concern government measures to curb consumer prices will hurt earnings growth. Rogers, who first started buying Chinese stocks in 1999, said he hasn’t sold any of his holdings.
Investors should “learn about commodities,” Rogers said. Oil prices, which reached a record in New York trading yesterday, will go higher, he said.
Crude oil for August delivery rose 57 cents, or 0.4 percent, to a record close of $140.21 a barrel yesterday on the New York Mercantile Exchange, extending its gain this year to 46 percent.
Rogers told investors to “stay away from” the dollar. The U.S. currency is within 2 percent of a record low against the euro reached in April as the Federal Reserve has cut interest rates to stave off an economic recession.
U.S. stocks “are going to go down,” Rogers said. The Dow Jones Industrial Average fell 0.9 percent yesterday, extending the decline for the 30-stock measure to 10 percent this month, the worst June since 1930.
The U.S. may be in its “worst recession since World War II,” Rogers said, adding that the subprime mortgage crisis in the world’s biggest economy “has many years to go.”
June 28th, 2008 7:57 am
Reports: Siemens to cut 17,200 jobs.
That means Europe is over either
June 28th, 2008 10:31 am
Ha ha:
Peter Schiff got his behind wapped by investors since Australia stocks he purchased were way under right now.
The only thing he insisted as usual was: it does not matter, you are not gonna use this money for (1-10)years anyway…
Laugh my butt off…
When FED raises interest rate to 12%, he and his hating Wall Street will lose 80% of their clients anyway…
June 28th, 2008 1:14 pm
This is very interesting…this is the 3rd
American ‘Meltdown’ Reason for Capital Raising – Fortis
28th of June, 9:10
De Financiële Telegraaf
Fortis Bank predicts US Financial market meltdown within weeks…
BRUSSELS/AMSTERDAM – Fortis expects a complete collapse of the US financial markets within a few weeks. That explains, according to Fortis, the series of actions by the bank of last Thursday to raise €8 billion. “We have been saved just in time. The situation in the US is much worse than we had thought”, says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also with Citigroup, General Motors, a complete meltdown in the US is beginning.”
Amerikaanse ’meltdown’ reden geldinjectie Fortis – De Financiele Telegraaf
June 28th, 2008 1:40 pm
Hey Feng at 12% interest rate, Morgan Stanley, Lehman Brothers, Citigroup, Goldman Sachs, Merril Lynch, General Monster, Ford, Chrysler and all the bunch are worth NOTHING, NADA, RIEN, NIETCHEVO, ZILTCH ! KAPUT. Don’t count on 12% interest rates.
June 28th, 2008 10:01 pm
Mike Tyson, hope not within few weeks, I just sold my SKF @152.5
June 29th, 2008 12:27 pm
TAF would work very well if Fed takes PUT options of those banks as collateral.
July 2nd, 2008 7:41 pm
Good suggestion Chief Debt Officer. A perfect hedge.
There is just a little problem.
Somebody would learn what was going on and boost the premiums on the puts to incredible levels.
Ah they could also short the dollar or buy some gold.
July 3rd, 2008 1:06 am
Or you can also buy OIL calls december 200$ and 300$. The december 200$ calls have increased 800%.
July 8th, 2008 7:01 pm
Now that shit will be going on well over 2009. How about that ? And the stock racket and the jerks take that as a positive sign. See what I mean. What a stupid world !