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One sign of the market jitters this is causing is that the WSJ web site has been hard to access on Friday and today...
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I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891 -
The crisis has been going on for like a year now. Surely the WSJ has had the time to expand their website bandwidth.
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blehComment
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Kurt Russell: Oh the... cute little bear's eyes are starting to glow red now... Uh hello there, little animals, do you happen to know how to huh? OW! AAAAAAAAAAA!
General: Kurt Russell, what's going on?!
Kurt Russell: They're raping mee!! They're raping meee!!!
General: Get out of there, Kurt Russell!
Kurt Russell: They're raping all of us! Whoaho! Oh it hurts! They're raping us and it huuurts! Waaagh!Comment
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who will go next?
My bet - Citibank
That one will be reaaaaaal fun... Goldman will GET 20bn to buy and restructure them
Socrates: "Good is That at which all things aim, If one knows what the good is, one will always do what is good." Brian: "Romanes eunt domus"
GW 2013: "and juistin bieber is gay with me and we have 10 kids we live in u.s.a in the white house with obama"Comment
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Europeans are hard hit as well...
http://news.yahoo.com/s/ap/20080317/...pe_bank_stocks;_ylt=ArHm9CyqzN2oD3YgilebtnVvaA8F
GENEVA - European bank stocks, led by shares in UBS AG, fell sharply on Monday on concerns about a deepening global financial crisis in the aftermath of a stunning fall at Bear Stearns.
UBS, Switzerland's largest bank, plunged 9.1 percent to 25.86 Swiss francs ($26) in Zurich. UBS has been roiled by debt holdings and writedowns linked to the U.S. subprime mortgage market, and its stock has dropped over 62 percent in the last 12 months.
Fellow bank Credit Suisse slipped 5.1 percent, while Germany's Deutsche Bank declined 4.3 percent in Frankfurt, even as some analysts said they believed these big banking institutions were less vulnerable to the liquidity fears that brought down Bear Stearns.
"As either the number one or two banks in their home countries, Credit Suisse, UBS and Deutsche Bank are more likely to be regarded as belonging to the 'too big to fail' club in our view," analysts Matthew Clark and Vasco Moreno of research company Keefe, Bruyette & Woods Ltd. said in a note to investors.
JPMorgan on Sunday, in collaboration with the U.S. government, stepped in to save Bear Stearns, buying it for $236.2 million, or a shocking $2 per share.
The move was meant to stem a sell-off on Wall street, but in early trading, global markets plunged and U.S. stocks headed for a sharp downturn.
UBS, among the worst-hit banks worldwide, fell quickly. The bank has written off more than $18 billion on assets linked to the subprime crisis and suffered its first annual loss since it was formed in 1998.
Deutsche Bank and Credit Suisse also wrote down some holdings in risky U.S. markets, but the losses were modest in comparison.
The Dow Jones Stoxx Europe 600 Banks index fell 4.3 percent, coinciding with plunging Asian markets, a sinking U.S. dollar, record oil prices and falling U.S. stock index futures.
European traders had to catch up Monday with that development and a weekend announcement by the U.S. Federal Reserve to cut the discount rate, its lending rate to financial institutions, to 3.25 percent from 3.5 percent, effective immediately. The Fed also created another lending facility for big investment banks to secure short-term loans that would be available to big Wall Street firms on Monday.
The Fed is expected to again cut its headline interest rate, the fed funds rate, by as much as a full percentage point to 2 percent at a regular meeting set for Tuesday.
Email StoryLong time member @ Apolyton
Civilization player since the dawn of timeComment
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Well, in pre-market trade, Lehman Brothers is down 17.5%...I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Fed lowered rates to 3.25...over the weekend!Long time member @ Apolyton
Civilization player since the dawn of timeComment
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The Fed lowered the discount rate, not the fed funds rate.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Can you please explain that DanS?Long time member @ Apolyton
Civilization player since the dawn of timeComment
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They must be really worried to be taking such actions on a Sunday afternoon.Try http://wordforge.net/index.php for discussion and debate.Comment
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I believe the discount rate is the rate banks charge each other for short term over night loans.Originally posted by Lancer
Can you please explain that DanS?Try http://wordforge.net/index.php for discussion and debate.Comment
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Ah, thanks Oerdin.Long time member @ Apolyton
Civilization player since the dawn of timeComment
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The discount rate can be had at the discount window directly from the fed, which offers loans to a bank in a pinch.Originally posted by Lancer
Can you please explain that DanS?
The fed funds rate is the rate used by the banks to lend to other banks with fed money on an overnight basis.
I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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