Errol Posted March 16, 2008 Report Share Posted March 16, 2008 Lending period extended from 30 to 90 days. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 16, 2008 Author Report Share Posted March 16, 2008 I'm gonna short JPM. There is no way they did their due diligence on this deal. Impossible. It takes me longer deciding which second hand car to buy. At least they paid almost nothing for Bear. But then, they could be worth much less than nothing. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 16, 2008 Author Report Share Posted March 16, 2008 U.S. Fed Statement on Initiatives to Bolster `Liquidity:' Text March 16 (Bloomberg) -- The following is a reformatted version of a statement the Federal Reserve released today. ``The Federal Reserve on Sunday announced two initiatives designed to bolster market liquidity and promote orderly market functioning. Liquid, well-functioning markets are essential for the promotion of economic growth. First, the Federal Reserve Board voted unanimously to authorize the Federal Reserve Bank of New York to create a lending facility to improve the ability of primary dealers to provide financing to participants in securitization markets. This facility will be available for business on Monday, March 17. It will be in place for at least six months and may be extended as conditions warrant. Credit extended to primary dealers under this facility may be collateralized by a broad range of investment-grade debt securities. The interest rate charged on such credit will be the same as the primary credit rate, or discount rate, at the Federal Reserve Bank of New York. Second, the Federal Reserve Board unanimously approved a request by the Federal Reserve Bank of New York to decrease the primary credit rate from 3-1/2 percent to 3 1/4 percent, effective immediately. This step lowers the spread of the primary credit rate over the Federal Open Market Committee's target federal funds rate to 1/4 percentage point. The Board also approved an increase in the maximum maturity of primary credit loans to 90 days from 30 days. The Board also approved the financing arrangement announced by JPMorgan Chase & Co. and The Bear Stearns Companies Inc.'' http://www.bloomberg.com/apps/news?pid=206...&refer=home Link to comment Share on other sites More sharing options...
Pluto Posted March 16, 2008 Report Share Posted March 16, 2008 At least they paid almost nothing for Bear. But then, they could be worth much less than nothing. Yes, because now they assume all liabilities. They were forced into this. JPM shareholders or bagholders must be really pi$$ed. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 16, 2008 Author Report Share Posted March 16, 2008 OK then, happy days again. More money for everyone! Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 16, 2008 Author Report Share Posted March 16, 2008 Yes, because now they assume all liabilities. They were forced into this. JPM shareholders or bagholders must be really pi$$ed. Reads much friendlier here: The Board also approved the financing arrangement announced by JPMorgan Chase & Co. and The Bear Stearns Companies Inc.'' Link to comment Share on other sites More sharing options...
wren Posted March 16, 2008 Report Share Posted March 16, 2008 I need liquidity, why don't they give some to me? Link to comment Share on other sites More sharing options...
HPCSucks Posted March 16, 2008 Report Share Posted March 16, 2008 Sterling at 498.88 Can smell the GBP - toast - black and burnt stinking the place up. Kitco showing 501.01 gbp. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 16, 2008 Author Report Share Posted March 16, 2008 Kitco showing 501.01 gbp. It just hit $1010.10. EDIT: There is a lot of pressure on the USD at the moment. "Strong Dollar Policy" -- :lol: Link to comment Share on other sites More sharing options...
HPCSucks Posted March 16, 2008 Report Share Posted March 16, 2008 It just hit $1010.10. I like nice round numbers. 10:10 till we do it again. Link to comment Share on other sites More sharing options...
Pluto Posted March 16, 2008 Report Share Posted March 16, 2008 Kitco showing 501.01 gbp. The panic is setting in. The masses will not be far behind. Link to comment Share on other sites More sharing options...
HPCSucks Posted March 16, 2008 Report Share Posted March 16, 2008 The panic is setting in. The masses will not be far behind. Trouble is when things move too quickly I start to panic. I've enjoyed the slow rise of the last few years. I like slow !!!!! Link to comment Share on other sites More sharing options...
Pluto Posted March 16, 2008 Report Share Posted March 16, 2008 Kitco showing 501.01 gbp. I have the high at 499.00 Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 16, 2008 Author Report Share Posted March 16, 2008 The panic is setting in. The masses will not be far behind. I need to buy those silver bags soon. Link to comment Share on other sites More sharing options...
Pluto Posted March 16, 2008 Report Share Posted March 16, 2008 Trouble is when things move too quickly I start to panic. I've enjoyed the slow rise of the last few years. I like slow !!!!! There is going to be fireworks when the Nikkei opens. Link to comment Share on other sites More sharing options...
HPCSucks Posted March 16, 2008 Report Share Posted March 16, 2008 I have the high at 499.00 I'm not too good at uploading but I'll try. kitco.doc Link to comment Share on other sites More sharing options...
Pluto Posted March 16, 2008 Report Share Posted March 16, 2008 I'm not too good at uploading but I'll try. kitco.doc I see it on Kitco. My forex screen and BV has it at 499.00. Strange Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 16, 2008 Author Report Share Posted March 16, 2008 I'm not too good at uploading but I'll try. kitco.doc Do you have a link? EDIT: Got it. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 16, 2008 Author Report Share Posted March 16, 2008 $1014.45. Link to comment Share on other sites More sharing options...
Pluto Posted March 16, 2008 Report Share Posted March 16, 2008 LADIES AND GENTLEMEN...BOYS AND GIRLS.... TOMORROW IS GOING TO A VERY BLACK DAY!..... Link to comment Share on other sites More sharing options...
HPCSucks Posted March 16, 2008 Report Share Posted March 16, 2008 LADIES AND GENTLEMEN...BOYS AND GIRLS.... TOMORROW IS GOING TO A VERY BLACK DAY!..... Hopefully, with a golden lining. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 16, 2008 Author Report Share Posted March 16, 2008 LADIES AND GENTLEMEN...BOYS AND GIRLS.... TOMORROW IS GOING TO A VERY BLACK DAY!..... But at least gold seems to be going parabolic. Link to comment Share on other sites More sharing options...
drbubb Posted March 16, 2008 Report Share Posted March 16, 2008 I guess this kinda got lost in Friday's $1000 euphoria so apologies for re-posting . . . Dr B, do you believe that the central banks will intervene to prop up the dollar ? If so, wouldn't that be similar to what the BoE did with the pound before we were tossed out of the ERM ? The point I'm getting at is would one just short the dollar in order to make a nice profit out of it or would the combined purchasing power of the Fed, the ECB, BoE and BoJ be too much for the market to go toe-to-toe with ? The fed needs to be careful. If they intervene, it may just provide a great opportunity for all the reluctant holders to sell. They will need to muster the right support, from enough parties, if they try. A failed intervention would be a disaster. I think there will be an intervention, and it will work (for a few weeks) ... the first time Link to comment Share on other sites More sharing options...
tinecu Posted March 17, 2008 Report Share Posted March 17, 2008 I see it on Kitco. My forex screen and BV has it at 499.00. Strange £500+ on BV Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 17, 2008 Author Report Share Posted March 17, 2008 The Yen is aching to go below 98. Link to comment Share on other sites More sharing options...
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