stock-channel.net - Das Finanzportal

stock-channel.net - Das Finanzportal (http://www.stock-channel.net/stock-board/index.php3)
-   Zeitgeschehen (http://www.stock-channel.net/stock-board/forumdisplay.php3?f=47)
-   -   Now this has to be scary.....not always (http://www.stock-channel.net/stock-board/showthread.php3?t=82510)

lunar 27.09.2008 22:46

Oh Stop It! You're Killing Me...

-- Posted Friday, 26 September 2008 | Digg This Article | Source: GoldSeek.com

by Adrian Ash

"...The dangerous market has been and gone. Only the danger of government meddling remains..."

WE LOVE THIS NUGGET of irony, idiocy or just plain cant so much, we have to repeat it – clutching our sides and doubling-up in laughter, tears streaming down our disbelieving faces:

"The reality of the situation is that an open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention..."

So said Henry Paulson, US Treasury secretary and ex-Goldman Sachs chief, in Shanghai on 7th March 2007. Hank was lecturing Chinese officials (who this week allowed short-selling on their domestic equity markets for the first time :eek:D) at the so-called China-US Strategic Dialogue summit.

Of course, Paulson bent their ear before Bear Stearns "Enhanced Leverage" mortgage-bond hedge funds blew up in June '07. The following month, Ben Bernanke, chairman of the Fed, made his first guess-timate of total bank losses – "in the order of between $50bn and $100bn" – to come from the subprime collapse.

Now the terrified trio of Bush, Bernanke and Hank want $700bn just to re-finance the US investment banks and their foreign landfill sites, let alone home-buyers, mortgage lenders and house builders.

Yet five UK banks alone hold $175bn of qualifying junk – fully one quarter of the sum requested. So no wonder Bill Gross – boss of Pimco, the world's biggest bond fund, and a cheerleader for governmental intervention ever since Bear Stearns' hedge funds went "hiccup!" – says the "troubled auction recovery program" will need another $500bn on top, just for starters.

(Wherever did they get that name – "troubled auction recovery program" – by the way? Maybe "someone" in the room...now as changed from their former self as George Bush is forgetful of his role in creating this mess...was reminded of a drying-out clinic from long, long ago...)....

......Meantime in New York – where Hank Paulson's "open, competitive, and liberalized financial market" :rolleyes is also taking a break – the Securities & Exchange Commission (SEC) has banning short-selling of GLG, the giant London-based hedge fund, along with 798 other financial stocks and 100 or more stray sheep like GE, GM and Ford.

Funny, but GLG itself paid a $3.2 million fine in June '07 for "multiple violations" of the SEC code, after shorting some 14 public offerings in the US and making $2.2m over two years in "illegal" profits......

full story: http://news.goldseek.com/GoldSeek/1222457974.php

:bad
Yup - it’s still SEVEN HUNDRED BEEEEEELION DOLLARS. (Img via Shant Parseghian @ Ripe Digital, thx!)





lunar 27.09.2008 23:11


Time to examine the bill from Congress that helped to recreate the toxic trusts of the Roaring Twenties:
The bills were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA) and Thomas Bliley (R-VA). The bills were passed by a 54-44 vote largely along party lines with Republican support in the Senate and by a 343-86 vote in the House of Representatives. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. Democrats agreed to support the bill only after Republicans agreed to strengthen provisions of the Community Reinvestment Act and address certain privacy concerns. The final bipartisan bill resolving the differences was passed in the Senate and was signed into law by President Bill Clinton on November 12, 1999.

The banking industry had been seeking the repeal of Glass-Steagall since at least the 1980s. In 1987 the Congressional Research Service prepared a report which explored the case for preserving Glass-Steagall and the case against preserving the act.

Many of the largest banks, brokerages, and insurance companies desired the Act at the time. The justification was that individuals usually put more money into investments when the economy is doing well, but they put most of their money into savings accounts when the economy turns bad. With the new Act, they would be able to do both 'savings' and 'investment' at the same financial institution, which would be able to do well in both good and bad economic times.


The Gramm-Leach bill was a 100% GOP affair. Many commentators on the right would like to make this affair Bill Clinton's responsibility. The bipartisan nature of the vote for this bill definitely puts a lot of responsibility on both parties. But the initiative for the impetus behind this and the bankruptcy bill lies within the GOP. A number of Democrats desired this, too. But nearly the entire GOP desperately wanted these bills.



For example, in the Senate, only one Democrat voted for the bill. All Republicans but 2 voted for it. Only one of the two didn't vote at all, the other voted 'Present.' 79% of the House voted because of the addition of provisions that would encourage these new-fangled financial institutions to lend to inner city neighborhoods. The House alterations to this terrible bill gave the GOP a veto-proof majority.


Clinton, in turn, signed this. Interestingly, all but 3 NY Representatives supported this bill. Half of the Texas delegation voted against it. The number of Republicans against the bill, in contrast to the Senate vote that was 100% behind the Senate version, was due to anger over the inclusion of the easing of lending to inner cities. A common thread in our history is the frowns over spending money on our inner cities! More about that later.

http://elainemeinelsupkis.typepad.com/money_matters/

lunar 28.09.2008 09:24

....von einem Ami-Bord :verbeug 24 Seiten auch mit Aufstellungen der gefährdeten Banken usw. lohnt einen Blick drauf werfen ;)

MUST READ

September 27th, 2008 http://www.moneyandmarkets.com/file...White-Paper.pdf


Proposed $700 Billion Bailout Is
Too Little, Too Late to End the Debt Crisis;
Too Much, Too Soon for the U.S. Bond Market


Recommendations for Savers and Investors
Many investors have unrealistic hopes and expectations regarding what
Washington can accomplish. Even if Congress moves swiftly to enact legislation
allowing the government to buy up bad assets, the government is expected to pay
far less than face value for them. In that case, banks will continue to suffer losses
and fail, uninsured depositors will continue to lose money, and investors will
continue to see their shares lose all, or nearly all, their value.
Therefore, regardless of what Congress decides, savers and investors should
continue to save and invest prudently, seeking the safest havens for their money,
such as banks with a Financial Strength Rating of B+ or better, U.S. Treasury bills,
and money market funds that invest almost exclusively in short-term U.S.
Treasury securities or equivalent.
In order to avoid banks, S&Ls and insurers that may be at risk as well as to find
stronger institutions, Weiss Research recommends that consumers take advantage
of the free financial strength ratings offered by www.TheStreet.com, under
Portfolio Tools. In addition, as a public service, Weiss Research provides an
informational 1-hour video on how to cope with the debt crisis, entitled “The X
List,” at www.moneyandmarkets.com.




lunar 28.09.2008 09:28

...when the shit hits the fan :rolleyes

From The Sunday Times

September 28, 2008
B&B and Fortis both in crisis

Bradford & Bingley’s fate to be decided by tonight as Spanish bank Santander leads rescue talks

Iain Dey

BELGIUM’s Fortis is this weekend poised to become the first large continental bank to fall victim to the credit crunch, as the global chaos continues with Bradford & Bingley and American savings giant Wachovia both teetering on the brink.

The Belgian central bank and the country’s regulator are paving the way for a bailout of the huge banking and insurance group, which has a £540 billion balance sheet and a market value of £12 billion.......

full story: http://business.timesonline.co.uk/t...icle4837674.ece

lunar 28.09.2008 09:31

Greenspan calls for action
:dumm
September 27th, 2008

lunar 28.09.2008 09:40

AP
Congress, White House reach financial bailout deal :rolleyes

Sunday September 28, 3:23 am ET
By Charles Babington and Alan Fram, Associated Press Writers
Congress leaders, White House reach tentative deal on $700 billion financial bailout deal

WASHINGTON (AP) -- Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets whose collapse could plunge the nation into a deep House Speaker Nancy Pelosi announced the $700 billion accord just after midnight but said it still has to be put on paper.

"We've still got more to do to finalize it, but I think we're there," said Treasury Secretary Henry Paulson, who also participated in the negotiations in the Capitol.

"We worked out everything," said Sen. Judd Gregg, R-N.H., the chief Senate Republican in the talks...
ful story: http://biz.yahoo.com/ap/080928/financial_meltdown.html

lunar 28.09.2008 12:54


DEAL REACHED


Deal reached on financial markets bailout Sep 28 03:17 AM US/Eastern
By CHARLES BABINGTON and ALAN FRAM
Associated Press Writers

42 Comments



House Financial Services Chairman Barney Frank, D-Mass., center, and House...




Secretary of the Treasury Henry Paulson, center, Speaker of the House Nancy...




Senate Majority Leader Harry Reid, D-Nev., and Secretary of the Treasury...



zwei der vielen Kommentare:
Lucky Us. It is so nice to see us once again saved by the very same people that caused the entire mess. I just feel warm and fuzzy all over.

The time of civil unrest is near.
Before the people have time to feel the full wrath there will be war to divert attention.
The time is here to stand up and knock down these thieves.

lunar 28.09.2008 13:11

...ist wohl too late :(

Go Viral: STOP THE BAILOUT OR…. DEPRESSION?

www.youtube.com/watch?v=lsC2k9opOP0

lunar 28.09.2008 18:56

....also bitte mit Vorsicht geniessen :rolleyes ich stell das nur rein um später für die Rückschau möglichst viele "Richtungen" zusammen zu haben :cool

Remember Back in Time

-> Posted by sckpak @ 9:51 am on September 28, 2008
Many Americans have forgotten what took place on March 13, 2008 in Congress, yet now seeing the financial crises that is now upon us, it would be a good time to review what was discovered about that day. Whereas members of Congress had been told what to expect months ago in “secret session”, many Americans still remain in the dark. What is taking place is not an accident but is actually a plan put in place years ago which is only now being fully implemented.

Congress secret closed door meeting 03-13-08
On March 13, 2008 congress had a secret meeting this is what was discussed …
U.S. Government Secret Plans Revealed
This is not a conspiracy in as much as knowledge of this plan has been known and researched in-depth by many over the years using information taken directly from the globalist organizations that designed the plan. The information has always been readily available for those who knew where to look and were willing to take the time to do deep research. Now, they are not even attempting to “hide their agenda” but speak openly about the NEW WORLD ORDER.

lunar 28.09.2008 19:06

Bank Bail Bill Blesses Goddess Of Inflation



September 28, 2008

Elaine Meinel Supkis


Everyone is now trying analyze the latest futile debt spending spree of the desperate US as we try to restore the deadly status quo that can't be saved. The nice thing about bankruptcy is, it clears impossible debts and allows a restart. But it pays to pay back everyone, somehow. There is a method of going broke but still repaying that we don't want to try because this means killing the present totally unbalanced global trade and of course, stopping the US imperial projects dead in their tracks. The world is using us and we are the fools who let this happen. So time to discuss this latest futile bail-out from the perspective of History rather than Wishery [our wishes for reality].


Breakthrough Reached in Negotiations on Bailout
Among the last sticking points was an unexpected and bitter fight over how to pay for any losses that taxpayers may experience after distressed debt has been purchased and resold. Democrats had pushed for a fee on securities transactions, essentially a tax on financial firms, saying it was fitting that they contribute to the cost.

In the end, lawmakers and the administration opted to leave the decision to the next president, who must present a proposal to Congress to pay for any losses.

Officials said they had also agreed to include a proposal by House Republicans that gives the Treasury secretary an additional option of issuing government insurance for troubled financial instruments as a way of reducing the amount of taxpayer money spent up front on the rescue effort.

The Treasury would be required to create the insurance program, officials said, but not necessarily to use it. Mr. Paulson had expressed little interest in that plan, and initial cost projections suggested it would be enormously expensive. But final details were not immediately available.

I wish I was in on those negotiations. The GOP didn't withdraw support due to being against pouring billions into Wall Street. They were against it because the Democrats didn't want to add even more tax cuts to Paulson's Ring of Power proposal. I saw this plain as day at the hearings. All of the GOP Congressmen came into the chambers and about ten of them testified. Each one wanted capital gains tax cuts. Then all but 5 of them left the chambers when Paulson and Beranke went it. I wrote in my notes, 'The GOP wants ONLY the tax cut, they don't care about the rest. It is a game.'


This game is clear: they want to pass off to the Democrats, the dirty job of supporting super-rich bankers or all those poor, little people will die out there in Americaland. The US public is very much against bailing out the super rich. The anger about all this will be directed towards the Democrats now even though the Democrats shot down the biggest Xmas gift ever for the rich, that 0% capital gains tax deal.


This blatant gift giving to the wealthy was totally ignored by the media. This is why I am very, very grateful so many readers gave me the money to not only go down to DC but to have a fine camera which I could use to record reality through my own lens. This is why, when we are forced to look at the world through the media filter, we get a dim picture. I saw many reporters there and they were utterly bored during the first half of the hearings because it was Congressmen arguing with each other. They just wanted an official tidbit from the Sphinx and his jinxed sidekick, Gollum.


There is no rescue plan, by the way, that will save and uphold equity values set during the previous bubble. There are ONLY two choices: the goddess of Inflation gets to eat everything or the goddess of Depression dines. There is no third option! That is it.

http://elainemeinelsupkis.typepad.com/money_matters/

lunar 28.09.2008 20:06

auch hier kann man sagen - when the shit hits the fan es werden noch manche Gegenwind bekommen :rolleyes

Financial crisis: Hedge funds face record redemptions


Global hedge funds will this week be forced to hand back hundreds of millions of pounds to investors in the biggest round of redemptions the sector has ever faced.

By Louise Armitstead
Last Updated: 10:28PM BST 27 Sep 2008

Hedge funds are preparing to return between 10 per cent and 50 per cent of their assets under management to investors who want their money back at the end of yet another quarter of dire investment performance.

One prime broker said: “Many funds will have to close. There were a flood of redemption notices at the beginning of the quarter but many investors said they wouldn’t actually withdraw the money if performance improved. It hasn’t.”

One hedge fund said: “We’ve produced 15 per cent returns for 10 years. This year has been bad and our funds under management have been reduced from $2billion to just $300m. This is decimation.”

Not a single hedge fund strategy has produced positive returns so far this month, with convertible arbitrage and distressed securities down an estimated 7.96 per cent and 7.34 per cent, respectively, according to Dow Jones Hedge Fund Indexes. Equity market-neutral funds, which often short a stock in one sector and go long on another in the same sector, are down 1.85 per cent.

Hedge fund of funds are expected to be hardest hit. One investor said: “You take a risk with individual managers but fund of funds are paid to make sure you’re diversified. Many have failed.”....

full story: http://www.telegraph.co.uk/finance/...edemptions.html

lunar 28.09.2008 20:53

DrStrangelove
Registered User

I can barely contain my enthusiasm for the bailout:





**********************************

Peggy Lee:Is That All There Is?

lunar 28.09.2008 22:10

Draft version of economic rescue bill announced
3:15 PM ET, Sep 28, 2008

Just_Buy_It @ 15:37 pm on September 28, 2008

More filthy lies!

lunar 28.09.2008 22:14

Rescue bill revealed

Proposed legislation details plan to enact historic bailout of nation's financial system.

By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: September 28, 2008: 4:09 PM ET


NEW YORK (CNNMoney.com) -- The federal government would provide as much as $700 billion in a far-reaching plan to rescue the nation's troubled financial system, according to a draft of the proposed bill obtained by CNN....

Among the provisions of the draft bill:


  • The $700 billion would be disbursed in stages, with $250 billion made available immediately for the Treasury's use.
  • Curbs will be placed on the compensation of executives at companies that sell mortgage assets to Treasury. Among them, the bill would limit golden parachutes to executives at companies that participate; they will not be able to deduct the salary they pay to executives above $500,000.
  • An oversight board will be created. The board will include the Federal Reserve chairman, the Securities and Exchange Commission chairman, the Federal Home Finance Agency director and the Housing and Urban Development secretary.
  • Allow for the Treasury to receive the option to take ownership stakes in participating companies under certain circumstances.
  • Treasury may establish an insurance program - with risk-based premiums paid by the industry - to guarantee companies' troubled assets, including mortgage-backed securities, purchased before March 18, 2008.
full story: http://money.cnn.com/2008/09/28/new...sion=2008092816

lunar 28.09.2008 22:18

US Congress passes 25 bln loan guarantees to automakers

Posted by Just_Buy_It @ 16:06 pm on September 28, 2008

lunar 29.09.2008 08:57

:verbeug

Zitat:
Zitat von sebastiano

Quelle: URL: http://www.tagesspiegel.de/politik/...;art771,2624331

US-Ökonom

„Das ist der Anfang vom Ende des US-Imperiums“

Seit 2004 warnte Nouriel Roubini vor einer "harten Landung" der US-Wirtschaft, sollte die Immobilienblase einmal platzen. Aber Kollegen verspotteten den amerikanischen Ökonom als "Dr. Untergang". Nun erwartet er die schlimmste Rezession seit 50 Jahren.


Der amerikanische Ökonom Nouriel Roubini erwartet die schlimmste Rezession seit 50 Jahren. - Foto: promo

INTERVIEW VON HARALD SCHUMANN

Nouriel Roubini, 50, ist Professor an der New York University und machte sich einen Namen als Analytiker der Finanzkrisen in den Schwellenländern. Seine Firma „RGE Monitor“ liefert ihren Kunden täglich einen umfassenden Überblick zu den Entwicklungen der Weltwirtschaft. Seit 2004 warnte er vor einer „harten Landung“ der US-Wirtschaft infolge des Platzens der Immobilienblase. Aber Kollegen verspotteten ihn als „Dr. Untergang“. Trotzdem wurde er zum gefragten Berater für Finanzpolitiker, insbesondere auch für die Gestaltung des Rettungsprogramms.hsc

Professor Roubini, die amerikanische Regierung bietet 700 Milliarden Dollar, um den Banken faule Kredite und unverkäufliche Wertpapiere abzukaufen. Rettet dieses Programm uns vor einer Weltwirtschaftskrise?

Damit lässt sich vielleicht der totale Zusammenbruch verhindern, aber mehr nicht. Der Unterschied zwischen diesem Plan und gar keine Hilfe ist der zwischen der völligen Kernschmelze des gesamten Finanzsystems und einer schweren Bankenkrise, die uns in eine harte Rezession führt.

Gäbe es denn eine bessere Alternative?

In der vorgeschlagenen Form ist der Plan ein Fehler und geht nicht weit genug. Der Kauf der „toxischen“, nicht verkäuflichen Kreditpakete ist nur ein erster Schritt. Dem muss ein Programm folgen, das pauschal das Volumen der Hypothekenschulden der privaten Haushalte verringert. Sehr viele Haushalte sind praktisch insolvent, können also die hohen Raten nicht mehr zahlen. Wenn ein Land oder eine Firma insolvent ist, dann werden ja auch die Schulden abgeschrieben, damit sie wieder arbeiten und erneut wachsen können. Damit ist zum Beispiel Argentinien wieder auf den Wachstumspfad gekommen. Genauso ist es jetzt mit unserem Haushaltssektor, er ist überschuldet und muss umfassend entlastet werden. In einem dritten Schritt müssen schließlich die Banken neues Kapital bekommen, sei es privat oder vom Staat, damit sie überhaupt wieder richtig arbeiten können. Alle drei Schritte zusammen könnten eine Lösung der Kreditklemme bringen. Aber der Plan der Regierung beschränkt sich nur auf den ersten Schritt, und das ist das Problem.

Würde Ihr Vorschlag das Rettungsprogramm nicht noch viel teurer für die Steuerzahler machen?

Nein, denn natürlich müsste die Regierung für das Kapital, das sie den Banken zuführt, Vorzugsaktien bekommen, der Staat wäre also an den Gewinnen nach der Sanierung beteiligt und könnte sich so das Geld später wieder zurückholen. Auch die Minderung der nominellen Werte der Hypotheken würde am Ende weniger Kosten verursachen, als wenn es bei den hohen Schulden bliebe, denn in diesem Fall müssten viele Hausbesitzer ihre Häuser einfach aufgeben und würden am Ende gar nicht zahlen. Besser wäre es, ihre Schulden abzubauen und ihnen für den Rest eine Refinanzierung zu niedrigen Zinsen zu ermöglichen. Mit einem ganz ähnlichen Programm hat die Regierung die Folgen der Großen Depression in den 30er Jahren des vergangenen Jahrhunderts erfolgreich bekämpft.

Wäre die Rezession, also die Schrumpfung der Volkswirtschaft, so noch zu verhindern?

Nein, der Rezessionszug hat den Bahnhof schon verlassen. Die Ausgaben der Verbraucher sinken schon seit vier Monaten, und sie machen 70 Prozent der gesamten Wirtschaftsleistung in den USA aus. Darum wäre die Entlastung der privaten Haushalte ja auch so wichtig. Für das dritte Quartal weisen sogar die offiziellen Daten schon ein Negativwachstum aus. Und das Gleiche gilt für alle hoch entwickelten Länder, gleich ob in der Eurozone, in Großbritannien, in Kanada, in Neuseeland oder in Japan. Die Frage ist nur noch, wie schlimm es wird.

Wie lange wird die Krise dauern?

Es wird auf jeden Fall die längste und schwerste Rezession seit 50 Jahren. Das Minimum sind 18 Monate, also gerechnet ab Anfang 2007 bis Mitte nächsten Jahres. Die Finanzkrise wird sogar zwei Jahre oder noch länger anhalten. Die Frage ist jetzt, ob die Wachstumskurve die Form eines U annimmt, wo es nach dem Absturz schnell wieder aufwärts geht, oder ob es ein L wird, wie nach dem Crash in Japan, wo die Rezession zehn Jahre lang dauerte.

Wo ist eigentlich das ganze Geld geblieben, das jetzt als ausstehende Schuld in den Büchern der Banken steht? Könnte man sich das Geld nicht bei den Gewinnern zurückholen?

Nein, denn das meiste wurde ja in die Blase investiert, nach deren Platzen eine ungeheure Menge an Reichtum einfach verschwunden ist. Immobilien oder Aktien haben schon gut ein Fünftel ihres Wertes verloren. Natürlich haben während des Booms einige viel verdient, aber unterm Strich macht die Krise alle zu Verlierern. Milliardenwerte sind vernichtet, und viele Menschen werden auch noch ihre Jobs und Einkommen verlieren , es kommen harte Zeiten.

Und was ist mit den Managern der Finanzindustrie, die sich jahrelang mit zwei- und dreistelligen Millionengehältern bedient haben? Könnten die nicht auch finanziell zur Verantwortung gezogen werden?

Natürlich ist das ein Skandal, dass diese Leute die Gewinne privat eingestrichen haben, während jetzt die Verluste sozialisiert werden. Manche haben sogar richtig kriminell gehandelt, darum ermittelt ja jetzt auch das FBI, und womöglich müssen sie hohe Strafen zahlen. Entscheidend wird, ob die Regierung oder der Kongress durchsetzen können, dass der Staat für die Kapitalspritzen große Aktienpakete bekommt. Denn dann wird zumindest der Aktienbesitz dieser Leute an den Unternehmen, die sie in die Milliardenverluste geführt haben, erheblich entwertet.

Weil die neuen Aktien für den Staat den Wert der bisherigen Anteile verwässern werden?

Ja, so wird auch verhindert, dass die gescheiterten Manager nicht auch noch von der Sanierung ihrer früheren Arbeitgeber auf Staatskosten profitieren.

Wie wird sich die Krise für Europa auswirken?

Auch in Europa werden viele Banken Probleme bekommen wegen der jetzt platzenden Blasen auf den Immobilienmärkten in Spanien, Großbritannien und Irland. Der Einbruch der Preise für Privathäuser wird dort zum Teil noch schlimmer ausfallen als in den Vereinigten Staaten. Auch in Griechenland, Italien und Portugal wird es Ärger mit den Krediten für überbewertete Immobilien geben. Außerdem haben sehr viele europäische Finanzinstitutionen die vergifteten Papiere aus den USA gekauft und deren Wertverlust noch nicht anerkannt. Viele sind sogar weit höher verschuldet im Verhältnis zu ihrem Eigenkapital als Amerikas Banken. Da kommen die Kreditverluste, die jetzt mit der Rezession einhergehen, noch obendrauf.

Sollten die Europäer jetzt auch ein Rettungsprogramm starten?

Ja, unbedingt. Zuallererst sollte die Europäische Zentralbank endlich die Zinsen senken. Die EZB liegt klar hinter der Kurve, sie sorgt sich um die Inflation, anstatt sich um das Wachstum und die finanzielle Stabilität zu kümmern. Gleichzeitig sollten die Regierungen jetzt beginnen, die Banken zu prüfen und zu entscheiden, welche sie bankrottgehen lassen und welche sie retten müssen. Und das sollte frühzeitig und systematisch Schritt für Schritt geschehen, anstatt bis zum Desaster zu warten wie bei uns. Andernfalls wird es nur viel schlimmer. Europa sollte den Fehler vermeiden, der in den USA gemacht wurde.

Aber das hieße auch wieder, mit Steuergeld schlecht geführte Banken freizukaufen.

In den Ländern, wo die Gefahr am größten ist, in Großbritannien und Irland, sollte man das jetzt beginnen. Die deutschen Banken stehen noch besser da, insofern müsste man entsprechende Programme der Lage in den einzelnen EU-Ländern anpassen.

Die Europäer und vor allem die deutsche Regierung fordern jetzt mehr Regulierung, um solche Krisen künftig zu vermeiden, aber bisher haben sie kein schlüssiges Konzept. Welche Reformen würden wirklich wirken?

Da gibt es eine lange Liste, die reicht von den Vergütungsregeln für die Manager bis zur Kontrolle der Rating-Agenturen. Aber ein Prinzip sollte überall gelten: Alle Finanzunternehmen, gleich ob sie sich als Geschäftsbank, als Investmentbank, als Hedgefonds oder sonst was bezeichnen, müssen gleichen Grundregeln unterworfen werden. Denn alle leihen sich kurzfristig Geld, sie arbeiten mit Kredithebeln …

… das heißt, sie vervielfachen ihren Kapitaleinsatz über Kredite …

… ja – und alle investieren in langfristige, oft illiquide, nicht schnell verkäufliche Anlagen. Eine wesentliche Ursache für die Krise war, dass die alte Regulierung nur Geschäftsbanken im engen Sinne erfasst hat und die Finanzindustrie darum über alle möglichen Vehikel wie Hedgefonds, die Private-Equity-Fonds oder Tochterfirmen außerhalb der Bilanz ein Schattenbanksystem geschaffen hat, das völlig ohne Aufsicht gearbeitet hat. Wir brauchen also ein System, in dem alle Finanzunternehmen ab einer bestimmten Größe den gleichen Vorschriften für das Vorhalten von Eigenkapital und das zulässige Ausmaß der Verschuldung sowie Berichtspflichten unterliegen. Und diese Regeln müssen verbindlich sein und keine neuen Ausnahmen zulassen. Die Selbstregulierung, auf die die Politik gesetzt hat, hat nur dazu geführt, dass es am Ende gar keine funktionierende Regulierung mehr gab. Die oft versprochene „Marktdisziplin“ hat nicht funktioniert. In einem Finanzsystem ohne strenge Regeln herrscht aber das Gesetz des Dschungels, in dem Euphorie und Panik, Spekulationsblasen und Zusammenbrüche endemisch werden und andauernd geschehen.

Sie haben schon seit 2004 gewarnt, dass die Immobilienblase in eine schwere Krise führen werde, wenn die Regierung nicht eingreift. Und Sie waren nicht der Einzige. Warum haben die Verantwortlichen alle Warnungen ignoriert?

Alle hatten sich schon zu weit verstrickt, das ganze Finanzsystem war zu einem großen Betrug verkommen. Die einen gaben die Hypotheken raus, die nächsten haben diese dann zu Wertpapieren zusammengefasst, die dann noch einmal zu weiteren Pakten verpackt und weiterverkauft wurden, und so verdienten alle: vom Hypothekenmakler über die Versicherer und die Investmentbanken bis zu den Rating-Agenturen haben sie ihre Provisionen und Gebühren eingestrichen, während sie die Kreditrisiken rumgereicht haben wie heiße Kartoffeln. So wurde das Ganze ein Monster.

Was bedeutet all das für die Rolle des Dollar als Welthandelswährung und für die Stellung der USA in der Welt?

Wir erleben den Anfang vom Ende des amerikanischen Imperiums, das in dem Jahrzehnt nach dem Zusammenbruch der Sowjetunion die wirtschaftlich, finanziell, politisch und militärisch dominante Macht war. Die Erosion hat schon mit dem Aufstieg von China, Indien und Russland begonnen, aber die falsche Wirtschafts- und Finanzpolitik hat dies erheblich verschärft.

Aber die USA sind doch noch immer die überlegene Supermacht.

Großmächte, so wie das britische Empire, waren immer auch Kreditgeber und Gläubiger der übrigen Welt. Für Britannien begann der Niedergang, als es zum Netto-Schuldner wurde. Das Gleiche geschieht nun mit den Vereinigten Staaten. Die USA sind die größte Schuldnernation der Welt und leben mit einem gigantischen Defizit in der Leistungsbilanz, das heißt, es werden jährlich für über 700 Milliarden Dollar mehr Waren und Dienstleistungen importiert, als die USA selbst ins Ausland verkaufen können. Dazu kommt ein Staatsdefizit von nun bald 1000 Milliarden Dollar. Und all das wird von China, Russland und den politisch instabilen Staaten am persischen Golf finanziert. Das ist ein klares Signal für den Niedergang.

Könnte die Finanzkrise auch einen Crash des Dollar auslösen?

Ich erwarte keinen Crash, denn China und viele andere Staaten stützen den Dollarkurs, indem sie immer mehr Dollars kaufen. Aber die Bedeutung des Dollar als Reserve- und Handelswährung wird mit der Zeit weit geringer werden, weil der Euro und andere Währungen zunehmend an seine Stelle treten werden. Das wird sich über lange Zeit hinziehen, aber es wird geschehen.


Silverbay 29.09.2008 09:17

CAR WASH – post vom weekend
 
Guten Morgen Lunar, merci für Deine Artikel !

Silverbay


p.s.

letter to ZDF Studio Washington:


«Vielen Dank für Ihren Artikel sehr geehrter Herr Siegloch,
ich darf vermuten, Sie haben meinen kurzen Brief vom 21.9. gelesen.

Mit mehr als nur einer "Vermutung" nehmen wir jedoch inzwischen
zur Kenntnis, dass ein hinter den "Kulissen" Washingtons operierender
Wirtschafts-Lobbyismus die Regie des Wahlkampfes übernommen hat.

The "off shore drilling" – eine Klimapathologie

Zynisch das heutige Ergebnis im "Congress", den bereits endlos
subventionierten Automobilkonzernen und parallell den Hurricane
Opfern "beiseite" zu stehen, um ganz nebenbei, und um so perfider,
das seit Jahrzehnten ratifizierte Abkommen ( keyword: Exxon Valdez
1990 ) zum Schutz des „Arctic National Wildlife Refuge“ sowie des
"Outer Continental Shelf" für die Förderung von Rohöl zu opfern.

Die Verdrehung von Ursache und Wirkung liegt auf der Hand: je
mehr Konsum über die Automobile und voraussichtlich inländische
Förderungen mit möglichst niedrigen Benzinpreisen generiert wird,
um so höher die Wahrscheinlichkeit einer weiteren Beschleunigung
der Erderwärmung, die inzwischen nachweislich ( " IPCC " ) durch
Emissionen verursacht wird.

Diese Risiken wiederum tragen u.a. zu den meteorologischen
Verwerfungen wie hurricanes und Klimakatastrophen bei.

Die stümperhaft unverantwortliche "Symptombekämpfung" leistet
somit lediglich denjenigen Beistand zu einer absehbaren Verschlech-
terung des Gesundheitszustandes unseres "amerikanischen Patienten",
welche vor dessen Ableben noch ein "wenig" Profit im Sinne des "GDP"
abschöpfen möchte.

Mainstreet quite not amused

Inwieweit sich der "bail out" Plan des Treasury Secretary Henry Paulson
noch am Wochenende formulieren wird, bleibt abzuwarten – klar ist, das
ein US-Defizit auf aktuellem Niveau mit der Kreation eines weiteren
"inflate" sein eigenes "obituary" verfasst, der Kollaps und die bankruptcy
des Staates als Bürde des kommenden Präsidenten quasi vorgezeichnet,
das Rad dreht sich weiter, « faites vos jeux messieurs », der "US-
konstitutionelle
" hazard ist hiermit eröffnet.

lunar 29.09.2008 10:29

Business

September 25, 2008, 10:50 Russia opens online fuel bourse

Rosneft wants to sell half its oil through Russia's online fuel exchange which opened on Tuesday. It’s hoped the bourse will drive down energy prices as buyers compare offers in real time. The latest rates on diesel and jet fuel are now available to anyone with internet. Russia's energy supreme, First Deputy Prime Minister Igor Sechin, has been shown around the country's first online oil exchange.

“This is a key way to make oil price formation transparent,” Sechin told RT.

Rosneft says trading on the bourse will mean savings for consumers at the petrol station.

“This removes intermediaries and will bring down the price of oil. We hope 50% of our trade will eventually go through these exchanges,” Rosneft’s President Sergey Bogdanchikov said.

It's the world's first oil exchange not dollar-denominated.

Prime Minister Vladimir Putin calls this the starting step to make the ruble an international reserve currency.

http://www.russiatoday.com/business/news/30939

lunar 29.09.2008 10:34

1 Anhang/Anhänge
Silverbay - sind etwas mehr Artikel geworden als ich ursprünglich im Sinn hatte :rolleyes wird wohl mühsam wenn man dann einen bestimmten sucht :( ist ein fürchterlicher Krimi geworden dieser ganze

Anhang ---> NZZ - "Die Super-Steuerzahler"

lunar 29.09.2008 10:50

Zitat:
Zitat von salazie

29.09.08 07:13 Immobilienfinanzierer in Not: Deutsche Banken hauen HRE raus

Es ist ein Rettungsversuch in letzter Minute: Ein Bankenkonsortium hat den Dax-Konzern Hypo Real Estate in der Nacht mit Kreditzusagen in zweistelliger Milliardenhöhe vor dem Kollaps bewahrt - vorerst.

....
Der Konzern mit einer Bilanzsumme von rund 395 Mrd. Euro ist einer der größten Finanzierer gewerblicher Immobilien in Deutschland und in Europa. Über die vor einem Jahr gekaufte Tochter Depfa Bank in Dublin und die Depfa Deutsche Pfandbriefbank AG betreibt die Gruppe das Staats- und Infrastrukturfinanzierungsgeschäft.

quelle


lunar 29.09.2008 11:24

.....wüsste da auch noch einige :o

I hope we get to see this played out over and over

September 28th, 2008 again…tears and all…..but I think it is wishfull thinking…


http://ca.youtube.com/watch?v=oYEkzKhFhFM

Silverbay 29.09.2008 12:14

Lunar
 

Anhang ---> NZZ - "Die Super-Steuerzahler"


... gestern auch zufällig im Zug gesehen,
Merci !

lunar 29.09.2008 12:18

A shattering moment in America's fall from power

The global financial crisis will see the US falter in the same way the Soviet Union did when the Berlin Wall came down. The era of American dominance is over

All comments ()



Our gaze might be on the markets melting down, but the upheaval we are experiencing is more than a financial crisis, however large. Here is a historic geopolitical shift, in which the balance of power in the world is being altered irrevocably. The era of American global leadership, reaching back to the Second World War, is over.

You can see it in the way America's dominion has slipped away in its own backyard, with Venezuelan President Hugo Chávez taunting and ridiculing the superpower with impunity. Yet the setback of America's standing at the global level is even more striking. With the nationalisation of crucial parts of the financial system, the American free-market creed has self-destructed while countries that retained overall control of markets have been vindicated. In a change as far-reaching in its implications as the fall of the Soviet Union, an entire model of government and the economy has collapsed.

Ever since the end of the Cold War, successive American administrations have lectured other countries on the necessity of sound finance. Indonesia, Thailand, Argentina and several African states endured severe cuts in spending and deep recessions as the price of aid from the International Monetary Fund, which enforced the American orthodoxy. China in particular was hectored relentlessly on the weakness of its banking system. But China's success has been based on its consistent contempt for Western advice and it is not Chinese banks that are currently going bust. How symbolic yesterday that Chinese astronauts take a spacewalk while the US Treasury Secretary is on his knees.

Despite incessantly urging other countries to adopt its way of doing business, America has always had one economic policy for itself and another for the rest of the world. Throughout the years in which the US was punishing countries that departed from fiscal prudence, it was borrowing on a colossal scale to finance tax cuts and fund its over-stretched military commitments. Now, with federal finances critically dependent on continuing large inflows of foreign capital, it will be the countries that spurned the American model of capitalism that will shape America's economic future.

Which version of the bail out of American financial institutions cobbled up by Treasury Secretary Hank Paulson and Federal Reserve chairman Ben Bernanke is finally adopted is less important than what the bail out means for America's position in the world. The populist rant about greedy banks that is being loudly ventilated in Congress is a distraction from the true causes of the crisis. The dire condition of America's financial markets is the result of American banks operating in a free-for-all environment that these same American legislators created. It is America's political class that, by embracing the dangerously simplistic ideology of deregulation, has responsibility for the present mess.....

full story: http://www.guardian.co.uk/commentis...micgrowth/print

.....The era of American dominance is over
- da gehen die Meinungen natürlich sehr auseinander (Kommentare)

lunar 29.09.2008 12:26

Dollar Intervention Risk 'Meaningful'

Sunday, September 28, 2008, 10:17 pm, by cmartenson
Having watched the currency markets for long enough to know, I am certain that they are among the most regularly interfered-with of them all.

In this article it is openly speculated that perhaps a joint support of the dollar is in the works:

Quote:
Sept. 29 (Bloomberg) -- 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. "We're getting closer to the right conditions for authorities to step in and prop up the dollar,'' said Maxime Tessier, who manages $151 billion as head of foreign exchange in Montreal at Caisse de Depot et Placement. "The nightmare scenario will be a wholesale loss of confidence in the dollar.''

"The central banks of the world have embarked on all sorts of extraordinary interventions,'' said Stephen Jen, the global head of currency research at Morgan Stanley in London. "Currency joint intervention would be the least surprising. And it would probably be the cheapest.''


Link (Bloomberg)

I find it remarkable that they did not find a single quote from somebody who thought that the 9% gain in the dollar against the Euro was already a clear sign of manipulation.

To me it is utterly improbable that the dollar rose, even as the US lost all but two of its investment banks, bailed out its largest insurance company, and suffered the largest bank failure in history. To explain this, I have to assume that whomever was buying the dollar and selling the Yen and the Euro was doing so for reasons that were not economic in nature.

http://www.chrismartenson.com/blog/...meaningful/5628

lunar 29.09.2008 13:12

Ghost Dog (1000+ posts) Mon Sep-29-08 06:05 AM
Response to Reply #10 18. Interbank market still frozen, Europe banks hit Mon Sep 29, 2008 5:40am EDT LONDON, Sept 29 (Reuters) - Global money markets remained frozen on Monday, under severe stress as the government rescue of two European financial institutions overshadowed U.S. congressional agreement over a $700 billion financial stabilisation plan.

European governments were forced to rescue Belgium's Fortis and the UK's Bradford & Bingley, and a widespread deterioration in sentiment toward the financial sector sent global equities hurtling lower.

Money markets felt the heat: the interbank cost of borrowing three-month euros hit its highest ever, as did the premium for those funds over anticipated central bank policy rates, scaling 100 basis points.

...

Reflecting banks' bent to park cash in the safest haven possible rather than do business with each other, the European Central Bank said banks deposited a record 28.059 billion euros with the central bank on Friday.

The ECB also said it will hold special term refinancing operations on Monday for no set amounts to tide banks over the end of the financial quarter and year end, while the Bank of England auctioned 40 billion pounds of three-month sterling funds.

Interbank dollar funding remained scarce too as markets reacted cautiously to the news the U.S. Congress will this week vote on an amended version of the $700 billion stabilisation plan put forward by Treasury Secretary Henry Paulson.

Dollars for 'tomorrow/next day' delivery, straddling the crucial quarter end for accounting purposes, were indicated as high as 5.75 percent. Three-month dollar borrowing costs were indicated in a wide range of between 3.5 and 5.27 percent.

But these were only indicative rates. More than ever, the complete absence of trust and confidence between banks means there is virtually no lending whatsoever beyond overnight.

...

Mark Capleton at RBS Global Banking said the ECB's provision of an undefined amount of liquidity into the banking system is unprecedented.

"We cannot remember an ECB term operation done in this way. This is understandable insofar as market trauma means it will be hard to guage term need, so it avoids the risk of providing too little," he said.

...

The closely-watched TED spread, or the difference between these market-based dollar rates and three-month U.S. government borrowing rates, fluctuated in a wide range of around 280 to 440 basis points in early London trade on Monday.

That spread had ballooned to almost 500 basis points earlier this month, the widest in over a quarter of a century.

/... http://www.reuters.com/article/marketsNews/idINLT502252...

lunar 29.09.2008 13:43

DrStrangelove
Registered User

Gold is gonna get whacked today... can you feel it? For dip buyers it's another opportunity. TPTB and their Securitized Home Investment Trust mustn't be embarrassed.

______

lunar 29.09.2008 14:42

...bald keine Bank mehr da :rolleyes

AP
Citigroup to buy Wachovia banking operations
Monday September 29, 8:35 am ET
Citigroup will buy Wachovia's banking operations; FDIC says Wachovia didn't fail

NEW YORK (AP) -- Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation's largest banks, in a deal facilitated by the Federal Deposit Insurance Corp.Citigroup will absorb up to $42 billion of losses in the deal, with the FDIC covering any remaining losses, the government agency said Monday. Citigroup also will grant the FDIC $12 billion in preferred stock and warrants.

The FDIC asserted that Wachovia didn't fail, and that all depositors are protected and there will be no cost to the Deposit Insurance Fund. :rolleyes
full story: http://biz.yahoo.com/ap/080929/wach...group.html?.v=7

lunar 29.09.2008 14:48

King Paulson - Hope You Like It


http://market-ticker.denninger.net/...All-Frauds.html

http://www.youtube.com/watch?v=MO6P_yjKFR4&eurl=

lunar 29.09.2008 15:11

Iceland seizes troubled Glitnir bank

Glitnir, threatened by collapse, is nationalized by Iceland's government, which buys a 75% stake for $878M.

September 29, 2008: 7:59 AM ET



Glitnir's capital adequacy ratio will be 14.5% after the government's action.




REYKJAVIK, Iceland (AP) -- The Icelandic government said Monday that it has taken control of the struggling Glitnir bank, marking the first major banking nationalization for the country in the current turmoil.

The government said it bought a 75% stake in Glitnir, the country's third largest bank, for €600 million euros ($878 million) to ensure broader market stability after it suffered liquidity issues...

full story: http://money.cnn.com/2008/09/29/new...sion=2008092907


lunar 29.09.2008 15:33

Andre II (1000+ posts) Mon Sep-29-08 03:20 AM
Original message Treasury Would Emerge With Vast New Power
Source: New York Times

During its weeklong deliberations, Congress made many changes to the Bush administration’s original proposal to bail out the financial industry, but one overarching aspect of the initial plan that remains is the vast discretion it gives to the Treasury secretary.
The draft legislation, which will be put to a House vote on Monday, gives Treasury Secretary Henry M. Paulson Jr. and his successor extraordinary power to decide how the $700 billion bailout fund is spent. For example, if he thinks it wise, he may buy not only mortgages and mortgage-backed securities, but any other financial instrument.
To be sure, the Treasury secretary’s powers have been tempered since the original Bush administration proposal, which would have given Mr. Paulson nearly unfettered control over the program. There are now two separate oversight panels involved, one composed of legislators and the other including regulatory and administration officials.
Still, Mr. Paulson can choose to buy from any financial institution that does business in the United States, or from pension funds, with wide discretion over what he will buy and how much he will pay. Under most circumstances, banks owned by foreign governments are not eligible for the money, but under some conditions, the secretary can choose to bail out foreign central banks.

Read more: http://www.nytimes.com/2008/09/29/business/29bill.html?...

**************************************

soothsayer (1000+ posts) Mon Sep-29-08 06:38 AM
Response to Original message 5. he can make or break any bank or financial institution. more consolidation of power. He'll take down the ones he doesn't like (the same way they did by concerted shorting)and the Fed will give them to a friend (say, Goldman Sachs). Thus they buy up assets on the cheap and emerge gigantic powers in the NWO.

**************************************

ixion (1000+ posts) Mon Sep-29-08 07:36 AM
Response to Original message 6. this makes me ill free money for financial institutions.

I really can't believe this is moving forward. How many times do we have to let these bastards screw us? Oh yeah, until there's nothing left to screw. How silly of me.
Well, break out the lubricant folks. We're in for quite a robust screwing.

****************************************

...wie kann man einem einzelnen Menschen (....und dazu noch einem der GS-family :dumm) so viel Macht geben :kopf

lunar 29.09.2008 16:18

2 Anhang/Anhänge
...die Welt wird mit $ überschwemmt :rolleyes

Zitat:
Zitat von syracus

01. Fed says central banks ready to take more liquidity moves
10:00 AM ET, Sep 29, 2008

02. Fed boosts dollar swap lines to $620 bln vs $290 bln prev:a
10:00 AM ET, Sep 29, 2008

03. Some Fed action aimed at getting over yr-end hurdle:ne
10:00 AM ET, Sep 29, 2008

04. Fed says global central banks are also taking action
10:00 AM ET, Sep 29, 2008

05. Fed announces more steps to provide dollars to global market
10:00 AM ET, Sep 29, 2008

:rolleyes :lach


lunar 29.09.2008 16:38

29 September 2008

SP Weekly Chart Updates - At the Brink

So far this looks like simple blackmail in a controlled descent. :mad
We think there will be a snapback rally if the House votes for the bailout.
The pressure will remain on until the Senate votes on Wednesday.
Expect anything.



Posted by Jesse at 10:13 AM :verbeug
http://jessescrossroadscafe.blogspot.com/

lunar 29.09.2008 16:42

....würde es nur die richtigen killen :gomad

lunar 29.09.2008 17:31

Soooooo.. we are under martial law

-> Posted by silver_rider @ 11:09 am on September 29, 2008
You would think that they would inform us. Nahhhh

http://www.youtube.com:80/watch?v=l7B4laX1E70

Watch this video and hear these exact words from Rep Michael Burgess 26th District of Texas:

lunar 29.09.2008 17:44

:rolleyes

lunar 29.09.2008 17:50

The Great Bank Rush of 2008: What's the Money For?

by: Ronald Pires posted on: September 29, 2008

So many in the media seem to have swallowed the Kool-Aid that this bailout is necessary (or that the economy will self-destruct in mere days), but is it really?

IndyMac (IDMC.PK), Countrywide (CFC), Washington Mutual (WM), Merrill Lynch (MER), Lehman (LEH), AIG (AIG), Bear Stearns (BSC), Fannie (FNM) and Freddie (FRE) have all bitten the bullet, and the economy is still (sort of ... mostly) standing. JPMorgan (JPM) and Bank of America (BAC) seem to have developed voracious new appetites for new subsidiary operations, and Goldman Sachs' (GS) and Morgan Stanley's (MS) (simultaneous) announcements that they are converting to bank holding companies seems to imply that they too have their stomach juices churning for new goodies.

So who's left? Who's hurting? Where is this great self-immolation going to come from? The fact is that it isn't.

A week ago we learned that we had to cough up $700 billion in a few days with no strings attached, when just a week earlier no one knew a thing about this lurking monster. Now, a week later, the world still hasn't ended and, well ..., maybe a third up front, and they won't pay their execs so much, and maybe a little equity stake for the taxpayers, and yeah, we all can watch things real close too. Hmmm. Maybe we'll even get some mortgage renegotiations tossed in? That would be nice.

Stop right there. No way on that last point. No mortgage renegotiations. The banks say it mustn't be done, and that tells us something very important. Since mortgage renegotiations are hands down the best way to put REAL value back into this troubled paper (and would be the most palatable solution for the public), the only reason there is for the banks insisting that this not be in the bailout is that the banks don't want these properties returned to their owners, and they don't want to keep them either. That means that the banks simply want to raise cash quickly. But for what? What's the money for?

Two weeks back on Black Monday, the market jumped off a cliff and Bank of America swallowed Merrill Lynch whole. It was such a big news day with so many stories that a little tiny item, but for a single sentence buried nine paragraphs down in a Financial Times article, went entirely overlooked. The sentence read, "The Fed also suspended rules that prohibit banks from using deposits to fund their investment banking subsidiaries." THAT should have been the day's headline, and everything that has happened since can be explained by that sentence.

The sentence of course refers to our FDIC-insured deposits. The Gramm-Leach-Bliley Act of 1999 ended the strict separation of these deposits from unregulated investment banks, but even after that, only 30% of a bank's deposits could be used to back it's investment subsidiaries, and only 10% could back any individual subsidiary. Any more than that, even in the heydays of deregulation fever, was considered too risky to be backed by FDIC insurance.

All that went out the window on Black Monday. Merrill Lynch needed to be bought quickly and Bank of America was interested, but there was a problem. JPMorgan had gotten billions to back Bear Stearns' bad paper during that takeover, and Bank of America needed a similar deal. Trouble was that back during the Morgan-Bear deal, the government had $900 billion sloshing around in its accounts, but by Black Monday there was only $100 billion left that had not already been promised, and that couldn't be spared. In other words, the Fed had run out of money. That's when the deal was struck. Bank of America could use ALL of its FDIC-insured accounts as backing for Merrill's bad paper. The sale was made. Bank of America had its prize.

Of course, the Treasury couldn't just do this rule change for Bank of America; they had to do it for everyone, and all of a sudden, the entire landscape of banking had changed. Every bank that had FDIC-insured deposits was now worth a lot more money because its insured assets could now be effectively collateralized and used to back investment banking operations. Within days, Goldman Sachs and Morgan Stanley, seeking to stake their claims to the vein of gold that Bank of America had mined, converted from investment banks to bank holding companies. The Great Bank Rush of 2008 had begun.....


full story: http://seekingalpha.com/article/978...#comment-268471

:bad:bad:bad

Kommentare lesen

lunar 29.09.2008 18:07

-> Posted by Auandag @ 12:00 pm on September 29, 2008:verbeug
September 29th, 2008

How the Bailout Will Work


The scheme is actually pretty simple. Please forgive my primitive graphics abilities.
The fund will buy mortgages from the banks at market value, and then re-sell them back to the banks at a discount.
The fund will then repurchase those mortgages from the banks, who will sell them back to the fund again.
The same product (perhaps an ill-advised mortgage for a half-million dollars taken out on a house in the distant
suburbs of Las Vegas) will be bought, then resold, then re-bought and re-resold in an endless spiral of profit-taking.
The taxpayer will lose on every transaction, the banks robbing the treasury each time each mortgage, or
package of mortgages is swapped.

It is amazing to observe the greatest transfer of wealth in history, from Main Street to Wall Street,
from the many to the few. What is even more amazing is that nobody seems to be stopping it.

lunar 29.09.2008 18:29

Verfasst am: 29 Sep 2008 17:39 Titel: Spiegel Live-Ticker Wer es noch nicht gesehen hat, hier der Live-Ticker des Spiegels zur Finanzkrise:

http://www.spiegel.de/wirtschaft/0,1518,581087,00.html

Da ist ja heute mächtig was los, sind ca. 7-8 Banken, die da heute Probleme gemeldet haben und irgendwie gerettet worden sind !

Wer hätte noch vor einem Monat gedacht, dass es mal einen Live-Ticker zur Finanzkrise vom Spiegel geben wird

Viele Grüße
Banger :verbeug

lunar 29.09.2008 18:40

Disappointment

-> Posted by sckpak @ 12:33 pm on September 29, 2008
How many times have we all had to listen to these politicians in Washington say “they are disappointed - but we have no choice if the financial system is to survive.”

The only thing that really changed since Paulson first came to blackmail the people is the size of the bill … instead of 3 pages giving total dictatorial control to the Treasury, the Congress increased the number of pages to 126 - full of double speak - where are the punitive measures?

If Congress wants to let Americans and the world to know that they are serious about change - pull the Chater of the Federal Reserve and issue US Notes.

****************************

...ich glaube auch - das Volk wird total verschaukelt :bad:mad

lunar 29.09.2008 18:43

La Dernière Bulle - The Last Bubble



Aktuelle Uhrzeit 16:16

Powered by: vBulletin Version 3.0.3
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.