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Sept 30 We All Scream For Ice Cream! The Word Sept 26 Buffett Turns USD Absolutist The Word Sept 24 Let Paulson and Bernanke Buy Some of This Crap The Word Sept 19 A Week That Will Be Remembered The Word Sept 18 Where Is The Panic? The Word Sept 18 Why Don’t The Anti-Shorts Laugh All The Way To Bank? The Word Sept 16 Has The Healing Process Begun? The Word Sept 15 (5:00 AM) Of Failure and Opportunity The Word Sept 10 Do U.S. Taxpayers Want To Gamble on Lehman? The Word Sept 8 Paulson’s Exit Strategy Word
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Dexia Will Receive $9.2 Billion Bailout From Belgium, France, Shareholders BL
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Bush: “If our nation continues on this course the economic damage will be painful and lasting” MW
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Consumer Confidence Edges Up Slightly, Reports The Conference Board CB Home Prices in 20 U.S. Cities Fall 16.3% in Sign Market Hasn't Hit Bottom BL PDF Fed May Need to Dip Into Toolbox Further as Congress Scrambles Money market freeze stirs rate cut speculation “The case for large synchronized global rate cuts is stronger than ever before” U.S. Heading for Deeper Economic Slump, With or Without Bailout Congress Vows New Effort To Approve Bailout Plan Congressional staffers said that there wouldn't be any votes on a new bailout proposal until Thursday at the earliest Senate Will Try to Revive Bank-Rescue Plan With a Vote as Soon as Tomorrow Trying to Avoid Economic Calamity, Lawmakers Grope for Resolution Why the bailout bombed Rosner, Poole Say Bailout Plan Had `Fundamental Flaws' They Just Don't Get It Banking crisis: the bailout will still go ahead one way or another Those whom the gods would destroy, they first make mad FT Haste Makes Waste Rogers Says U.S. Should Let Banks Fail, Clean Out System BL Video Sarah Palin Talks Bailout Proposal YouTube Hunker down: It's going to get uglier FP “You couldn't make this stuff up if you tried. They forgot the first rule of policy making in a crisis: above all do no harm." Crash Opportunities, Part 2 Lamont Bailout Vote Leaves Big Wall Street Names Hanging Loose Money And the Roots Of the Crisis Housing Bailout Bill Failure: Examining the Boondoggle Legislation and Populist Uprising against Wall Street Dr. HB The Depression of 2008? Don't count on It WSJ How much worse might things get? Is there any way to prevent Wall Street's death from taking you out too? Fed's Hoenig: keeping dollar value key despite crisis All is well, remain calm Things have stabilized save for banks, stocks and the economy Black Monday? Too much complacency Commentary: Contrarians still can't declare a bottom to be at hand Libor Surges Most on Record After U.S. Congress Rejects Bailout Canadians brace for 'bloodbath' as credit tightens, money dries up Credit cards to ‘implode': analyst If history is any indicator, there should be an equivalent surge in credit-card charge-offs very soon”
Wall Street Braces For Hedge Fund Deadline Market Drop Pressures Hedge Fund Managers “There's going to be a death spiral for a number of these funds, and I don't think we've even begun to see the unwinding” Will hedge fund investors use a chance to cash in today? Billion-dollar clients fleeing to peripheral institutions Mark Standish, co-chief executive of RBC Capital Markets, confirms the bank has benefited from a sudden in flow of hedge fund clients in the last two weeks. Absolute Capital sees redemptions, swings to loss U.S. hedge fund Paulson bets big against UK banks The Reserve liquidates Primary Fund A fund that just over two weeks ago had more than $60 billion in assets. Citigroup Gains Scale, Confidence After Getting Wachovia's 3,300 Outlets What Goes Before a Fall? On Wall Street, Reassurance What was Mr. Steel thinking? Did he think he could “spin” his way to survival? Main Street Pans Bailout, Says Wall Streeters Will `Get What They Deserve' Lehman's `100% Principal Protection' Means Pennies for Notes Microsoft, Schering-Plough See `Entire Economy' at Risk as Bailout Fails MidAmerican says Constellation buy on track Sources close to Constellation also said a report claiming the company was considering filing for bankruptcy is "absolutely false." Perverse' reporting rules hobbling financial industry Fannie, Freddie disclose subpoenas, investigations Suspend Mark-To-Market Now! Wal-Mart's Japan unit to cut workers, stores
Gold set to cement safe haven status Private banks rethinking gold, seen next big buyers Gold appeals after bailout blow but for how long? Scotiabank forecasts irregular, but limited, base metals price decline
Banking crash hits Europe as ECB loses traction The global credit crisis has slammed into Europe with stunning violence over the last two days, triggering five major bank rescues and a near total shut-down of the region's credit markets. Russian Stocks Halted After Falling for Second Day “In a few seconds of trade, shares in the world's largest gas producer Gazprom plunged 7.8 percent.” Asia urges action on US bailout as shares plunge Bank of Japan doubles dollar swap in latest deal Asian Money Market Rates Rise Even as Japan, Australia Inject $21 Billion Ireland plays it safe Financial Crisis Undermines Derivatives Market What the U.S. Bailout Deal Had in Common with Korea’s Australia PM calls for U.S. lawmakers to pass bailout plan 'We Were All Staring into the Abyss' Risks of a Sharp Reduction in Capital Flows to EM
Stocks crushed CNN Approximately $1.2 trillion in market value is gone... Failed bailout vote hits Wall Street like a hurricane USAT Putting Monday's plunge into historical context MW Treasurys soar, credit pipes frozen CNN Consumer spending loses steam CNN Paulson vows continued efforts on rescue plan AP “Our toolkit is substantial but insufficient"
S&P 500 Falls Most Since 1987, Dow Has Worst Point Drop as Rescue Defeated BL Gold rises on safe-haven buying after House rejects plan Central Banks Try to Keep Crisis From Spreading - VIX Surges Germany's Bundesbank to keep its gold reserves Stocks Worldwide Tumble Most Since 1997, Bonds Rise on Bailouts “People are wondering if $700 billion will be enough” Ireland’s stock market crash Fed Injects Additional $630 Billion Into Financial System to Stoke Lending BL FED Federal Reserve Ready to Provide Liquidity in Wachovia Transition FED Citigroup to Take Over Wachovia Bank Business, Absorb Losses With FDIC Aid Morgan Stanley Agrees to Sell 21% Stake to Mitsubishi UFJ for $9 Billion ------------------------------------------------------------------------------ Rescue bill unveiled CNN Full 110-Page Draft Treasury Would Emerge With Vast New Power NYT (Norris) Fortis Pulled Back From The Brink Forbes Belgian-Dutch financial services firm Fortis has been partly nationalized--or multinationalized--by a trio of European governments. B&B nationalised with £50 billion toxic debt Times Online Hypo Real Estate Gets Credit Facility BL The $700 billion figure Treasury spokeswoman: “It's not based on any particular data point. We just wanted to choose a really large number.” ------------------------------------------------------------------------------- You Can't Rescue the Financial System If You Can't Read a Balance Sheet Hussman Even Hank Paulson's bail-out plan cannot detox global banking Ambrose Evans-Pritchard Rescue Plan May Not Rescue Wall Street In Mexico, they've seen it all before. And there are lessons for all of us The United States goes crony capitalist The people of Korea must be laughing at the US, right? If not they certainly should be. Roubini Negative on Bailout Bloomberg Audio Treasury Secretary Talks To Scott Pelley About The Controversial Bailout 60 Minutes Paulson Plan Is Still a Pig, Even With Lipstick Bailout blues: A third in poll say D-word describes the economy After the Bubble, How Capitalism Will Survive Barron’s An interview with Richard Bernstein: Taking cover in defensive stocks. Investment banking model is dead, says Roche Another case of collusion? It's time to take a hard look Washington as well as Wall Street Will Paulson’s plan save the US economy? Why America is not facing another Great Depression Barone: At an inflection point? A New Golden Age? (Part I) Don't Call It a Bailout. Or a Depression Dollar Intervention Risk `Meaningful' on Volatility A growing number of currency traders and strategists are starting to speculate that finance ministers from the world's biggest economies will join to support the dollar. Treasury Rally Makes Bonds Dead Money as Yield Curve Falls Below Inflation Investors were so risk-averse in the past two weeks that they were willing to accept almost nothing in exchange for the assurance they'd get their principal back. Taxpayers can still benefit from a bail-out Leaders Without Followers What Congress has to do now
Regulators seek sale of Wachovia Although the Federal Reserve and Treasury Department were pushing for a sale, the government was resisting pressure to provide financial guarantees to the buyer. Lehman's Demise Triggered Cash Crunch Around Globe WSJ Decision to Let Firm Fail Marked a Turning Point in Crisis The historical thinking behind America's credit crunch The U.S. mortgage game: How should it change? Foreclosures on million-dollar homes surge Formula One not immune to credit crunch Credit crunch banker leaps to his death in front of express train Dubai's $1.5B Palm Island opens, but global money crisis may hurt its success
Hedge Funds Are Bracing for Investors to Cash Out Goldman, Merrill Collect Billions After Fed's AIG Bailout Loans “Fed spokesman Calvin Mitchell: What AIG did with its money, you should call AIG. I doubt that we will be talking about AIG's CDO portfolio.'' Buffett Wagers $5 Billion Goldman Will Avoid Salomon's Missteps What's next, a ban on stock sales? MSN (Fleck) Main Street turns against Wall Street Fortune A populist backlash is changing America's political climate. Inflamed by the financial crisis and bailouts, a form of class warfare could haunt business leaders for years to come. Money Talks Buffett stake powers 70% rise in battery maker BYD Book review: 'Chain of Blame' brings subprime mess to life Sour economy tied to psychology that fed gas panic The runs on gasoline and money-market funds aren't the only recent examples of fear-induced economic behavior. Copper Goes From First to Worst as Economies Slow
Asian markets fall on doubts about US bailout Taxpayers must risk tens of billions for B&B Times Risk of a £1 trillion burden An unprecedented Sunday of frantic negotiations in Britain, Europe and America resulted in two bank bailouts and a tentative agreement to prop up the world’s financial institutions. Impact of US financial crisis will be felt around world: Chinese PM Thousands of City jobs yet to go, CBI says Maybank’s $2.7 billion BII deal stumbles again Ex-James Hardie bosses face court
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"We have a failed financial structure" Volcker
“I sincerely believe that Henry Paulson and Ben Bernanke should resign” Jim Bunning
“We're not just going to see mid-sized banks go under in the next few months, we're going to see a whopper, we're going to see a big one, one of the big investment banks or big banks" Rogoff
“I'm not going so far as to say we're going to live in a cave, but life is going to change.” Rosenberg
“Neither we nor anyone else can predict when the housing market will recover and it would be folly for anyone to try to do so.” Richard F. Syron
“I believe we're going to go into recession, I think the second half (of the year) will be worse than the first half, and I think the recession will last into 2009...” Hedge star Paulson
“Purging rampant inflation and a debased currency requires administering a harsh medicine.” Storms on the Horizon Fed Fisher
“The markets have developed into a monster that has to be tamed" Horst Koehler
“The recession is just starting” Jamie Dimon
“Worry about inflation after we're sure this isn't a depression" David Wyss
“This is not to protect the banks but to protect the public from the banks” Mervyn King
“It is not over yet.” Fed Kohn
“Are there risks here? Yes, but the risks are modest in comparison to the substantial damage to the economy and economic well-being that potentially would have accompanied Bear's insolvency.” Fed Geithner
"Basically the Fed is starting to take the crappy paper off the Street" ~ NYP
“There probably will be some bank failures” Bernanke
“I try to stay away from commenting on my successor because he's got enough problems." Greenspan
“The seeds of an inflation problem are sown several years in advance, and it is not always easy to see the seeds as they sprout.” Fed Poole
“I wouldn't quite call it a credit crunch. Funds are available...What has happened is a repricing of risk and an unavailability of what I might call 'dumb money,' of which there was plenty around a year ago." Buffett
“People have more debt than they can afford to pay and they gambled on house prices going up forever. There is no way that Fed policies can undo these harsh realities. Bernanke needs to say to Congress, ‘We have reached the limits of what responsible monetary policy can do.’ ” Joseph E. Stiglitz, NYT
“Cash is available. We should use that in larger amounts, as necessary, to solve the problems of the stress [of repossession]" Alan Greenspan
“Even if necessary changes in policy are implemented, the odds now favour a US recession that slows growth significantly on a global basis.” Lawrence Summers
“Our entire banking system is a complete disaster. In my opinion, nearly every major bank would be insolvent if they marked their assets to market.” Andrew Lahde
Quote of the year? “When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you've got to get up and dance. We're still dancing” Chuck Prince, July 10, 2007
“Remember the fellow who said you couldn't know a bubble until after it burst? With some distance from his perch at the Fed, Greenspan seems to have acquired 20-20 vision.” Baum
“Bernanke loves printing money. This man is a nut” Rogers
“Should growth fall below 1 percent, we could see a plunge in the dollar. Some form of intervention would be necessary to stop it” Mr. Yen
“I’d like to know what those damn things are worth” Bernanke
“We are always meeting with market participants'' Treasury spokeswoman Jennifer Zuccarelli
“Try to get your mind around that number -- $500 trillion -- and then tell me you're not a wee bit nervous.” WP
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