Luxury Comforter Sets

Early indicators: No Wall Street as we know it

– Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS), the last two major investment banks still standing after the carnage on Wall Street ended the era of investment banking, changing its state bank holding companies. The change means that companies can create commercial banks that are able to accept deposits.

– The move marks a radical change on Wall Street 75 years since the Glass-Steagall Act that separated bank deposit. Federal Reserve now take charge of the Securities Exchange Commission as regulator of banks.

– "The decision marks the end of Wall Street as we have known, "said William Isaac, former FDIC." It's a shame. "

– Growing concern about the ambitious plan, Hank Paulson to rescue Wall Street can overwrite the dollar. According to Bloomberg: "The combination of spending $ 700 billion in toxic assets related mortgages and awarded $ 400 million dollars to guarantee money market mutual funds increased U.S. borrowing as much as $ 1,000,000,000,000 [...] While the rescue may restore investor confidence battered financial markets, traders will again focus on the biennial budget and current account deficit and interest rates real negative to the United States. "

– For investors who want to bet against the dollar Friday, Taipan Daily editor Justice Litle recommended four property used in the death of the dollar.

– Concerns are also increasingly the target of hedge funds. Hedge funds face chaos, "warned the New York Times on Sunday.

Hedge funds usually thrive when the tower in volatile markets. But even these investors money Fast-are struggling to cope with erratic fluctuations of the markets, which increases the concern that some may not survive.

Even before The Bush administration proposed its plan to rescue large financial institutions, hedge funds – the secrets, the sometimes volatile investment instruments for the rich – Were on course for its worst year on record. The average fund has fallen almost 5 percent so far this year.

– OK the small print of the statement of Directors in its latest rescue, receiving a thorough analysis of this week, Uncle Sam will buy toxic bank debt overseas operations in the U.S. elderly. Hank Paulson, has confirmed that this program of the Week on ABC, saying that the coverage of its overseas banks is "a distinction without a difference for the American people."

– The figure of 700 billion Paulson has put the cost of its latest rescue size is 100,000 shy of the $ 000 tag for $ 800 billion cost of the war in Iraq to date 000.

– As the reality of the rescue packages proposed by the U.S. stock market futures are pointing down. According to MarketWatch this morning: "S & P 500 fell 6.9 points to 1239.10 and the Nasdaq 100 fell 10 points to 1,729.50 Dow Jones industrial futures fell 78 points .. "

– Paulson also echoed John McCain mocks the fundamental principles that both Paulson told NBC's Meet the Press: "Do not bet against the fundamental principles" of the U.S. economy With. "Principles in the long run this country" Although not specified. if I wanted such fundamental inflation, unemployment and the price of house or the rate of Americans engaged, as John McCain later said he was referring to his own statement.

– No Paulson, President Bush, but took a more alarmist. After calling before the crisis on Wall Street an "adjustment", the Commander in Chief said that officials of his administration, eventually realized that "the house of cards was much bigger" than one system of mortgage financing, or even care about Wall Street and "all the roof down. "

– The map could be the next $ 62000000000 market for credit default swaps, "said Shah Gilani, in the morning Money derived. – They offer insurance against default – are neither transparent nor regulated. But they all are at risk. And we are causing huge depreciation in the banking sector …

– Amid all the talk of rescue operations, depreciation, credit default swaps, mortgage crisis subpime Liquidity is easy to forget the current economic disaster, "said Le Grand Pictures blogger Barry Ritholz: breaking the reason of money first ledning …

Here's a curious interesting observation: Of all the financial history of man, the underlying premise of all credit transactions – loans, mortgages and all debt instruments – has been the borrower's ability to pay.

From 1 million BC to the payment capacity, this has been the dominant factor.

That was as far as when Og lent the man next to the cave takes a dozen years to go buy this conference last fashion. If Og did not think his neighbor would be able to pay these shells, never went into what we call the first commercial loan.

As loans mortgages are at the root of all our misfortunes current credit, take the example of mortgages. The historical basis for making a loan for the purchase of a house was simple factors: employment history, income, payment, credit rating, assets, relationship lending / property value, and the ability to service debt. But for some strange reason, these factors have left during the housing boom.

– Krugman in The New York Times said the government bailout plan passed by simply throwing taxpayers' money in banks in trouble to convince Mr. Market that "everything is fine" without making sure that the taxpayer receives something of value in return …

[...] The Treasury plan resembles an attempt to restore confidence in the financial system – that is, convince creditors of the institutions in trouble all is well – just by buying assets of these institutions. This will only work if the prices Treasury pays are much higher than current market prices, while, in turn, can not be true or if this is mainly a liquidity problem – which seems doubtful – or if Treasury pays a huge premium, in effect throwing taxpayers' money for the financial world.

And there is no equivalent pro quo here – nothing that gives taxpayers a stake in the head, nothing guarantees that the money is used to stabilize the system rather than reward the deserving.

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