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cheongwee
Elite |
24-Dec-2008 12:08
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Can the report be good???you say... | ||||||||
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singaporegal
Supreme |
24-Dec-2008 10:17
Yells: "Female TA nut" |
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There's a whole bunch of very important economic reports out tonight. It is going to be a volatile Christmas Eve tonight. Core PCE, Jobless Claims and Personal Income... |
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lookcc
Master |
23-Dec-2008 22:50
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likely bcos market factored in gdp contracts by > 0.5% | ||||||||
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idesa168
Elite |
23-Dec-2008 22:41
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Why such news has been brushed aside and mkt went up instead of tank! ??? PUZZLED ??? Maybe it's Christmas...
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singaporegal
Supreme |
23-Dec-2008 21:39
Yells: "Female TA nut" |
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US GDP contracts by 0.5% | ||||||||
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CWQuah
Master |
22-Dec-2008 22:36
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Never again must naivete/stupidity of this scale be allowed to happen again. Then again, man has a tendency to repeat past mistakes... Global meltdown has roots in Bush belief His housing, free market policies encouraged lax lending
standards
(WASHINGTON) The global financial system was teetering on the edge of collapse when US President George W Bush and his economics team huddled in the Roosevelt Room of the White House for a briefing that, in the words of one participant, 'scared the hell out of everybody'.
It was Sept 18. Lehman Brothers had just gone belly-up, overwhelmed by toxic mortgages. Bank of America had swallowed Merrill Lynch in a hastily arranged sale. Two days earlier, Mr Bush had agreed to pump US$85 billion into the failing insurance giant American International Group. The president listened as Ben Bernanke, chairman of the Federal Reserve, laid out the latest terrifying news: The credit markets, gripped by panic, had frozen overnight, and banks were refusing to lend money. Then, his Treasury secretary, Henry Paulson, told him that to stave off disaster, he would have to sign off on the biggest government bailout in history. Mr Bush, according to several people in the room, paused for a single, stunned moment to take it all in.'How,' he wondered aloud, 'did we get here?' Eight years after arriving in Washington vowing to spread the dream of home ownership, Mr Bush is leaving office, as he himself said recently, 'faced with the prospect of a global meltdown' with its roots in the housing sector that he so ardently championed. There are plenty of culprits, such as lenders who peddled easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains who loaded up on mortgage-backed securities without regard to the risks. But the story of how we got here is partly one of Mr Bush's own making, according to a review of his tenure that included interviews with dozens of current and former administration officials. From his earliest days in office, Mr Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone. He pushed hard to expand home ownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent - and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards. Mr Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former treasury secretary wanted to cut a deal. And the regulator that Mr Bush chose to oversee them - an old prep school buddy - pronounced the companies sound even as they headed towards insolvency. As early as 2006, Mr Bush's top advisers dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming. And when the economy deteriorated, Mr Bush and his team misdiagnosed the reasons and scope of the downturn; as recently as February, for example, he was still calling it a 'rough patch'. The result was a series of piecemeal policy prescriptions that lagged behind the escalating crisis. 'There is no question we did not recognise the severity of the problems,' said Al Hubbard, Mr Bush's former chief economics adviser, who left the White House in December 2007. 'Had we, we would have attacked them.' Looking back, Keith Hennessey, Mr Bush's current chief economics adviser, says that he and his colleagues did the best they could 'with the information we had at the time'. But he did say that he regretted that the administration did not pay more heed to the dangers of easy lending practices. And both Mr Paulson and his predecessor, John Snow, say the housing push went too far. 'The Bush administration took a lot of pride that home ownership had reached historic highs,' Mr Snow said in an interview. 'But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realise there was a high cost.' For much of the Bush presidency, the White House was preoccupied by terrorism and war; on the economic front, its pressing concerns were cutting taxes and privatising Social Security. The housing market was a bright spot: Ever-rising home values kept the economy humming, as owners drew down on their equity to buy consumer goods and pack their children off to college. Lawrence Lindsay, Mr Bush's first chief economics adviser, said that there was little impetus to raise alarms about the proliferation of easy credit that was helping Mr Bush meet housing goals. 'No one wanted to stop that bubble,' he said. 'It would have conflicted with the president's own policies.' Today, millions of Americans are facing foreclosure, home ownership rates are virtually no higher than when Mr Bush took office, Fannie and Freddie are being preserved by the government, and the bailout cost to taxpayers could run into trillions of dollars. As the economy has shed jobs - 533,000 last month alone - and his party has been punished by irate voters, the weakened president has granted his treasury secretary extraordinary leeway in managing the crisis. Mr Paulson and other senior advisers to Mr Bush say that the administration has responded well to the turmoil, demonstrating flexibility under difficult circumstances. 'There is not any playbook,' Mr Paulson said. Last week, Fox News asked Mr Bush if he was worried about being the Herbert Hoover of the 21st century. 'No,' he replied. 'I will be known as somebody who saw a problem and put the chips on the table to prevent the economy from collapsing.' But in private moments, aides say, the president is looking inward. During a recent ride aboard Marine One, the presidential helicopter, he sounded a reflective note.'We absolutely wanted to increase home ownership,' Tony Fratto, his deputy press secretary, recalled him saying. 'But we never wanted lenders to make bad decisions.' - NYT |
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DnApeh
Master |
21-Dec-2008 17:13
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Bands are getting tight. | ||||||||
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tanglinboy
Elite |
20-Dec-2008 15:18
Yells: "hello!" |
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Good diagram cheongwee. Small black rectangles compared to large bloody red ones. What is $700 billion compared to the massive losses already happening? |
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jackjames
Elite |
20-Dec-2008 08:25
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AIG $1.60, Citibank $7.02... getting closer to my target to buy... heee.. when the time is right, I will shout again.. |
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cheongwee
Elite |
20-Dec-2008 00:49
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The crises is wide spread...can the govt bailout all... 
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cheongwee
Elite |
20-Dec-2008 00:44
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Total 7.2 t....all gone..think they can recover within a year...even a trillion bailout is chicken compare.
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cheongwee
Elite |
20-Dec-2008 00:30
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DnApeh
Master |
20-Dec-2008 00:28
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8.8 becomes resistance, if break, 9.0 attainable. | ||||||||
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dcang84
Veteran |
19-Dec-2008 23:00
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Any upside may not hold till the end of trading day. The market already discounted the bailout otherwise it would have popped. S&P in the meantime have downgraded the banks and the more interesting news is Paulson is seeking the remaining $350 billion of TARP money. 'Ahem...excuse me Mr. Paulson is everything OK?' | ||||||||
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freeme
Elite |
19-Dec-2008 22:52
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for today, it will ;) next wk no guarantee..
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idesa168
Elite |
19-Dec-2008 22:42
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Look out for tell-tale sign of Europe mkt. FSTE -90pts, CAC -25pts, DAX-40pts. Doubt DJ can buck the trend even with bailout announcement.
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idesa168
Elite |
19-Dec-2008 22:39
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May not be. The euphoria cam die off instantly if something bad happened along the way.
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freeme
Elite |
19-Dec-2008 22:02
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Todaywill be a up day: WASHINGTON (Reuters) - The government will offer up to $17.4 billion in loans to the ailing U.S. automakers and expects General Motors and Chrysler LLC to access the money immediately, a senior administration official said on Friday. Some $13.4 billion will be made available in December and January from the $700 billion fund that was originally designed to rescue struggling financial institutions, but the loans would be called back if the automakers cannot prove they are viable by March 31, the official said. The loans would require limits on executive compensation and other perks, and the automakers would also have to provide warrants for non-voting stocks. |
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DnApeh
Master |
19-Dec-2008 11:49
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Don't understand. Please be more clear. Tks!
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ten4one
Master |
19-Dec-2008 10:35
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Seek and Dow shall find; knock and Dow shall answer. Cheers!
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