AI
Saturday, October 11, 2008 11:36:33 PM
Ya can't talk the markets up...
They passed the bill... the markets sold off.
A global effort tool place Interest rates were cut and the markets sold off.
Why...
Because it takes time for money to get into the system.
SoFar This G-7 meeting is more talk... so until we see real action shouldn't we expect the same results?
I think so...
I believe another shorting opportunity may be on it's way.
But when the real action does come... look for a 20+% pop. After that it's euphoria and distribution only to fall again.
btw coming up on another
Full moon: 13:02 Tuesday, 14 October
I don't know about you but I'm trying not to do anything dumb... Not huge anyway:)
Bush Says U.S. Must Take Lead in Solving Crisis (Update3)
By Catherine Dodge
Oct. 11 (Bloomberg) -- President George W. Bush, meeting with ministers from the world's richest nations, said the U.S. has an obligation to help coordinate a global solution to the biggest financial crisis since the Great Depression.
``The United States has a special role to play in leading the response to this crisis,'' Bush said today at the White House after holding talks with finance ministers from the Group of Seven nations. ``We must continue to work collaboratively and ensure that our actions are coordinated.''
The White House session follows a meeting of finance ministers and central bankers yesterday in Washington, their first gathering since stock indexes this month plunged more than 20 percent from Japan to Europe to North America. In a statement after their meeting, the policy makers said they would ``take all necessary steps to unfreeze credit and money markets,'' without detailing how that would be accomplished. The officials promised to ensure major banks have access to cash and are able to tap public funds for capital.
In Europe today, French President Nicolas Sarkozy and German Chancellor Angela Merkel renewed calls for joint action by European governments to tackle the financial crisis, saying the 15 nations that share the euro will set up a ``toolbox'' of measures to respond to the turmoil.
The Group of Seven consists of the U.S., Japan, Germany, U.K., France, Canada and Italy. Bush later met with finance officials from the Group of 20, which includes China, Brazil and other emerging markets, for the first time. He told them that developing nations were also threatened by the crisis and that every country should work together to beat it.
Volatile Markets
U.S. Treasury Secretary Henry Paulson, who also attended today's White House meeting, indicated yesterday that pumping government funds into banks is a priority and said financial markets will remain volatile.
``We see the need -- a clear, present need -- to raise capital,'' Paulson said at a press conference. ``We need to restore confidence.''
The purchases of equity in banks and financial institutions, the newest part of a rescue plan engineered by Paulson, would be aimed at sustaining banks and other financial institutions through the worst credit crisis in seven decades.
The U.S. Congress last week passed legislation allowing the Treasury secretary to spend as much as $700 billion to buy mortgage securities and other troubled assets and to purchase equity in banks. Paulson declined yesterday to give a timetable or details about the purchases.
Markets Slide
U.S. stocks fell for an eighth straight day yesterday, with the Dow Jones Industrial Average capping its worst week since 1914. The MSCI World Index of equities in 23 developed countries slid 20 percent this week, the most since records began in 1970.
The director of the Congressional Budget Office, Peter Orszag, told lawmakers last week that pension and retirement accounts in the U.S. may have lost as much as $2 trillion since last year.
Bush's statement today was his second on the financial situation in as many days as he seeks to reassure Americans that their government is taking action to solve the credit crisis that is creating widespread uncertainty throughout the global economy.
The president said the actions the U.S. is taking to restore stability in the markets are being implemented ``as quickly as possible.'' Still, he said, ``the benefits will not be realized overnight.''
In his weekly radio address, Bush outlined steps his administration had already taken to help prevent future home-mortgage foreclosures by ``making it easier for responsible homeowners to refinance into affordable mortgages'' insured by the Federal Housing Administration.
``Supply and Demand''
Home prices have dropped because ``the supply of homes now exceeds demand,'' Bush said. ``Once supply and demand balance out, our housing market will be able to recover,'' helping ``our broader economy,'' Bush said.
Delivering the Democratic radio address in response to Bush, vice-presidential candidate Joseph Biden said home values and ``the economic health of our communities are tied to one thing: jobs.''
Biden said he and Democratic presidential candidate Barack Obama support ``investing $60 billion in infrastructure to rebuild America, putting millions to work in renewable energy'' and ``investing in education.''
The Delaware senator said ``all our plans for the future are about creating jobs.''
To contact the reporter on this story: Catherine Dodge in Washington at Cdodge1@bloomberg.net.
Last Updated: October 11, 2008 19:52 EDT
http://www.bloomberg.com/apps/news?pid=20601103&sid=a2cPzzOjY8Xk&refer=us
They passed the bill... the markets sold off.
A global effort tool place Interest rates were cut and the markets sold off.
Why...
Because it takes time for money to get into the system.
SoFar This G-7 meeting is more talk... so until we see real action shouldn't we expect the same results?
I think so...
I believe another shorting opportunity may be on it's way.
But when the real action does come... look for a 20+% pop. After that it's euphoria and distribution only to fall again.
btw coming up on another
Full moon: 13:02 Tuesday, 14 October I don't know about you but I'm trying not to do anything dumb... Not huge anyway:)
Bush Says U.S. Must Take Lead in Solving Crisis (Update3)
By Catherine Dodge
Oct. 11 (Bloomberg) -- President George W. Bush, meeting with ministers from the world's richest nations, said the U.S. has an obligation to help coordinate a global solution to the biggest financial crisis since the Great Depression.
``The United States has a special role to play in leading the response to this crisis,'' Bush said today at the White House after holding talks with finance ministers from the Group of Seven nations. ``We must continue to work collaboratively and ensure that our actions are coordinated.''
The White House session follows a meeting of finance ministers and central bankers yesterday in Washington, their first gathering since stock indexes this month plunged more than 20 percent from Japan to Europe to North America. In a statement after their meeting, the policy makers said they would ``take all necessary steps to unfreeze credit and money markets,'' without detailing how that would be accomplished. The officials promised to ensure major banks have access to cash and are able to tap public funds for capital.
In Europe today, French President Nicolas Sarkozy and German Chancellor Angela Merkel renewed calls for joint action by European governments to tackle the financial crisis, saying the 15 nations that share the euro will set up a ``toolbox'' of measures to respond to the turmoil.
The Group of Seven consists of the U.S., Japan, Germany, U.K., France, Canada and Italy. Bush later met with finance officials from the Group of 20, which includes China, Brazil and other emerging markets, for the first time. He told them that developing nations were also threatened by the crisis and that every country should work together to beat it.
Volatile Markets
U.S. Treasury Secretary Henry Paulson, who also attended today's White House meeting, indicated yesterday that pumping government funds into banks is a priority and said financial markets will remain volatile.
``We see the need -- a clear, present need -- to raise capital,'' Paulson said at a press conference. ``We need to restore confidence.''
The purchases of equity in banks and financial institutions, the newest part of a rescue plan engineered by Paulson, would be aimed at sustaining banks and other financial institutions through the worst credit crisis in seven decades.
The U.S. Congress last week passed legislation allowing the Treasury secretary to spend as much as $700 billion to buy mortgage securities and other troubled assets and to purchase equity in banks. Paulson declined yesterday to give a timetable or details about the purchases.
Markets Slide
U.S. stocks fell for an eighth straight day yesterday, with the Dow Jones Industrial Average capping its worst week since 1914. The MSCI World Index of equities in 23 developed countries slid 20 percent this week, the most since records began in 1970.
The director of the Congressional Budget Office, Peter Orszag, told lawmakers last week that pension and retirement accounts in the U.S. may have lost as much as $2 trillion since last year.
Bush's statement today was his second on the financial situation in as many days as he seeks to reassure Americans that their government is taking action to solve the credit crisis that is creating widespread uncertainty throughout the global economy.
The president said the actions the U.S. is taking to restore stability in the markets are being implemented ``as quickly as possible.'' Still, he said, ``the benefits will not be realized overnight.''
In his weekly radio address, Bush outlined steps his administration had already taken to help prevent future home-mortgage foreclosures by ``making it easier for responsible homeowners to refinance into affordable mortgages'' insured by the Federal Housing Administration.
``Supply and Demand''
Home prices have dropped because ``the supply of homes now exceeds demand,'' Bush said. ``Once supply and demand balance out, our housing market will be able to recover,'' helping ``our broader economy,'' Bush said.
Delivering the Democratic radio address in response to Bush, vice-presidential candidate Joseph Biden said home values and ``the economic health of our communities are tied to one thing: jobs.''
Biden said he and Democratic presidential candidate Barack Obama support ``investing $60 billion in infrastructure to rebuild America, putting millions to work in renewable energy'' and ``investing in education.''
The Delaware senator said ``all our plans for the future are about creating jobs.''
To contact the reporter on this story: Catherine Dodge in Washington at Cdodge1@bloomberg.net.
Last Updated: October 11, 2008 19:52 EDT
http://www.bloomberg.com/apps/news?pid=20601103&sid=a2cPzzOjY8Xk&refer=us
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