Monday, 31 March 2008
Monday, 17 March 2008
Sunday, 16 March 2008
By Margareta Pagano, Business Editor
Sunday, 16 March 2008
Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.
One UK economist warned that the world is now close to a 1930s-like Great Depression, while New York traders said they had never experienced such fear. The Fed's emergency funding procedure was first used in the Depression and has rarely been used since.
A Goldman Sachs trader in New York said: "Everyone is in a total state of shock, aghast at what is happening. No one wants to talk, let alone deal; we're just standing by waiting. Everyone is nervous about what is going to emerge when trading starts tomorrow."
In the UK, Michael Taylor, a senior market strategist at Lombard, the economics consultancy, said on Friday night: "We have all been talking about a 1970s-style crisis but as each day goes by this looks more like the 1930s. No one has any clue as to where this is going to end; it's a self-feeding disaster." Mr Taylor, who had been relatively optimistic, has turned bearish: "It really does look as though the UK is now heading for a recession. The credit-crunch means that even if the Bank of England cuts rates again, the banks are in such a bad way they are unlikely to pass cuts on."
Friday, 14 March 2008
SPOT MARKET IS OPENcloses in 5 hrs. 54 mins.
Mar 14, 2008 11:21 NY Time
After flirting with the big number yesterday gold passed through today. And it looks to be on its way to $1016. I don't take any pleasure in the problems faced by the banks. It looks as if Bear Stearns is in serious trouble. You can be sure it is not the only bank looking into the abyss. Solvency is the issue and the banks are now paying for the lack of control and greed that was unleashed since the late 90s.
Gold is rising but the financial world is now facing its greatest danger since the 1930s. The dollar figures are immense. Come to think of it nothing like this was even faced in the 30s!
Monday, 10 March 2008
Saturday, 8 March 2008
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Friday, 7 March 2008
This is Ambrose's first article for two months and it looks like a good one, too.
The verdict is in. The Fed's emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed.
Looks like Ambrose is scared!
"For the first time since this Greek tragedy began, I am now really frightened."
By Ambrose Evans-Pritchard,