futures are tanking right now at 5am...bailout news not helping...seems like good news cant help the market now...feels like this could be a very ugly week like 5-10% haircut... imagine what will happen thursday if the short ban is not extended?Imagine if they extend the ban,i bet they sell off the finanancials even harder.Friday could be real ugly-i think employment numbers come out.
All Paulson and Bernake have to say is, could you imagine how bad it would have been if we didnât pass this bill. They always have an out. Thank goodness we will only have a long protracted rescission instead of DEPRESSION..
I will tell you why the futures are crashing... It's because congress and the president had a weekend deadline to get this thing signed into law -- not a next week deadline. Talk about tempting fate...
Wow. I thought Europe was immune, with such smart and experienced bankers as Trichet at the helm. Just wow. Can't wait to hear their next lecture on inflation pressures. LMAO
Me too. I thought European banking/financial system was in better shape than that of US. Last week, EU economy commissioner Joaquin Almunia stressed that "the situation we face here in Europe is less acute and member states do not at this point consider that a US-style plan is needed." Now, I am not sure: Still, of the $554.3 billion losses and writedowns recorded by banks since the start of 2007, 42 percent are accounted for by European institutions. Daniel Gros, director of the Brussels-based Center for European Policy Studies, said in a report this month that the largest European banks have a leverage ratio -- which measures shareholders' equity to total assets -- of 35 compared with less than 20 for the biggest U.S. counterparts. ``Europe is under greater pressure to act now as it's still not ready for a major banking crisis and the worst fears of policy makers are coming true,'' said Nicolas Veron, an economist at Bruegel, a Brussels-based research organization. http://bloomberg.com/apps/news?pid=20601087&sid=an37HatMCc4s&refer=home
LOL... Yeah, I love how the ECB clowns have been rattling off how secure Europe is and that the crisis was "purely a US problem".
German secretary of finance Steinbrück was in the headlines just last week, attacking "anglo-saxon financial capitalism driven purely by greed" and praising "the more conservative European approach that largely shields the EUR zone from the crisis". Today, German mortgage bank and DAX component Hypo Real drops 71% and EURUSD gets pounded. I love it
They don't learn, though. They'll be back on the wires touting the strength of the EZ economy next week and the media there doesn't seem to call them on it.