Daniel’s
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(group member since Aug 16, 2007)
Daniel’s
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from the Is this a world wide monetary collapse? group.
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article from FORTUNE: Why the Fed Can't Save Ushttp://money.cnn.com/2008/01/22/magaz...
(Click link above to read.)
Citigroup loses 9.8 Billion and writes off over 18 Billion in sour mortgages.http://money.cnn.com/2008/01/15/news/...
One of the world's largest banks writes off another huge loss!Click link below for CNN News about this:
http://money.cnn.com/2007/12/10/news/...
"Moving Ahead on Mortgages"http://www.nytimes.com/2007/10/28/opi...
"To date, the Treasury has seemed mostly concerned that moving forward in a big way on any front in this complex situation could have unintended consequences. But the consequences of doing nothing substantial are worse, including mass foreclosures that undermine the financial system and impede the markets’ recovery, possibly spawning a recession."
"Credit Crisis Spreading New Jitters in Europe"http://www.nytimes.com/2007/10/26/bus...
"FRANKFURT, Oct. 25 — Europe, which once hoped to avoid major fallout from the summer’s credit crisis, is now feeling an autumn chill of slackening economies and warnings of further market upheaval."
“The shift in sentiment this summer was as sudden as anything I’ve seen in my 15 years in the business,” said Jörg Krämer, the chief economist of Commerzbank. “It is clear that the boom is over.”
Housing price decline cost Merril Lynch 2.5 billion MORE!http://www.nytimes.com/2007/10/24/bus...
"Merrill Lynch is expected to report today that it will add about $2.5 billion more to the $5 billion worth of write-downs it has already announced, according to a person briefed on the situation."
Stocks plunge Friday.http://www.nytimes.com/2007/10/20/bus...
"Markets Slide as Wall Street Sees Signs of Trouble"
"The steep drop happened on the 20th anniversary of the one-day plunge that came to be known as Black Monday. And it capped a week in which the market was hit with a battery of poor earnings reports, particularly from large banks.
It also served to remind investors of the economy’s broader problems: the housing slowdown and the tight credit markets."
"Banks’ Plan to Help May Itself Need Help" Could America's largest bank and largest mortgage company actually fail?
http://www.nytimes.com/2007/10/19/bus...
"Yesterday, Citigroup executives said separately that they bought some time by securing $80 billion in financing through the end of the year. That provides some relief because Citigroup can avoid a fire sale of assets at distressed prices, but it is not a long-term solution for the bank or the industry. A greater amount of backup financing is needed."
Banks may pool Billions to avert a Securities Selloffhttp://www.nytimes.com/2007/10/14/bus...
"Several of the world’s biggest banks are in talks to put up about $75 billion in a backup fund that could be used to buy risky mortgage securities and other assets, a move designed to ease pressure on a crucial part of the credit markets that threatens the broader economy."
