Archive for September, 2008
U.S. GOVERNMENT NOW PROPPING UP MONEY MARKET FUNDS
September 19th, 2008Via: CNN: The Treasury Department said Friday it will provide temporary relief for the U.S. money market fund industry by pledging to insure the holdings of any publicly offered money market mutual fund. The agency said it would guarantee up to $50 billion dollars for the next year for both retail and institutional investors. Money […]
Senate Banking Committee Chairman Chris Dodd: The United States May Be “Days Away from a Complete Meltdown of Our Financial System”
September 19th, 2008Thousands of bailout stories around. Nobody knows WTF is going to happen now that we have passed the “oh shit” moment. There’s lots of “hope” though. HA Via: AP: Senate Banking Committee Chairman Chris Dodd says the United States may be “days away from a complete meltdown of our financial system” and Congress is working […]
Lost Middle-Class Tribe’s ‘Secret’ Eco-Village in Wales Spotted in Aerial Photograph
September 18th, 2008No permit? Not taxed? Must be destroyed! Well, the near-victims fought back and won. (Must see pictures.) Via: Daily Mail: For five happy years they enjoyed simple lives in their straw and mud huts. Generating their own power and growing their own food, they strived for self-sufficiency and thrived in homes that looked more suited […]
GOLD: BIGGEST ONE DAY GAIN EVER
September 17th, 2008See the story below about the Feds shopping WaMu around… Via: AP: Gold prices exploded Wednesday — posting the biggest one-day gain ever in dollar terms — as fears of more credit market turmoil unnerved investors and triggered a flood of safe-haven buying. Gold for December delivery rose as much as $90.40, or 11.6 percent, […]
Homeland Security Wants to X-Ray Your Car… With You in It
September 17th, 2008Via: USA Today: A controversial new X-ray technology is being tested that could stop potential terrorists from blowing up a car bomb at one of the nation’s airports, homeland security officials say. The Transportation Security Administration (TSA) is running a test at a North Carolina ferry terminal of a 21-foot-high arch-like machine that shoots low-intensity […]
REGULATORS GAUGING OTHER BANKS’ INTERESTS IN WAMU
September 17th, 2008Via: AP: The U.S. government has been reaching out to large banks in an effort to organize a buyout of the beleaguered Washington Mutual Inc., according to a person briefed on the talks between regulators and banks. The obstacle, however, is that “no one knows what’s in their books,” the person said, speaking on condition […]
EMERGENCY: NON-FDIC INSURED MONEY MARKET FUNDS NOW AT RISK OF FAILING
September 17th, 2008“Is Your Money Market Fund the Next Subprime Mortgage Debacle?” Holy shit. Via: Yahoo: In a sign of how the financial crisis is hitting small investors, a huge money-market fund, the Reserve Primary Fund, announced Tuesday that it lost money as its net asset value fell below the hallowed $1-per-share level, the first time one […]
GOLD GAPS HIGHER ON SAFE HAVEN BUYING; BIGGEST JUMP SINCE 1999
September 17th, 2008Via: Bloomberg: Gold surged the most in nine years as investors sought the safety of precious metals on concern that the credit crisis will deepen, leading more financial institutions to fail. Silver soared the most since 1995. Equities tumbled even after the Federal Reserve took over the biggest U.S. insurer. The cost of borrowing dollars […]
EMERGENCY: RUSSIAN MARKETS REMAIN CLOSED AFTER CRASH
September 17th, 2008Via: Bloomberg: Russian markets stopped trading for a second day after emergency funding measures by the government failed to halt the biggest stock rout since the country’s debt default and currency devaluation a decade ago. The ruble-denominated Micex Stock Exchange suspended trading indefinitely at 12:10 p.m. after its index erased a 7.6 percent gain and […]
“We’ve got a … retail bank run forming in this country”
September 17th, 2008Via: AP: Banks are not the only ones struggling in the growing financial crisis. The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort. The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could […]
