yo! cappin pugwash innit!..
stardate capitulation day+4
we ere onna HMS PALOOKAVILLE..steamin outta sea to rescue survivors fromma SHIPWRECK.
the United Flakes Ship TITANIC out of Wall St. has hit a iceberg an come to a shudderin stop!
the TITANIC is holed below the water line and toxic sewage has polluted the atlantic.
Admiral PAULSON has vowed to save the vessel at ALL COSTS and sez that the TITANIC is unsinkable and therefore will never go down!
Catain wobbleya BRUSH was onna bridge atta time o da CRASH declarin VICTORY after the shock an awe.
wobbleya : it wan me wot dunniy! it were a shot sellers innit!
paulie : i gotta 7000,000,000 dolla vacuum gun annit gon suck...
bluepetey : willya lookit at? a great AMERICAN ECONOMY dead inna water...
the toxic sh*t fromma SEWAGE BANK inside a ship don become illiquid an the suckers canna git outa it!..
the brave little HMS PALOOKAVILLE has stood off at anchor because o da toxic pong! cappin pugwash has bailed out THE ROCK an is waving not drownin..he sez...
pugwash : don't panic...don't panic...
"The changes should enable Goldman Sachs and Morgan Stanley to raise more funds by opening commercial banks.
The move - part of a huge restructuring effort on Wall Street - will also give them access to Federal Reserve support..
THE MOTHER OF ALL BAILOUTS - 2
tthe TITANIC has sent outa S.U.S....save our suckers!....they daren't jump ship cos o the HARD LANDIN ...inna sh*t.. and are demanding a BAILOUT...
the PIRATES wot was runnin a sewage business have got away wi a BONUS in gold and are laughing alla way from a bank!
wobbleya : do summat paulie fo da sh*t set solida an crushes a conomy ta death...
paulie : we gonna OUT SUCK the suckers!...they ainta brick gon be standin onna brick...the sh*thouse gon be supported wi po workin stiffs doh!
wobbly : yo gottit paulie save our suckers man!..do it fo yo country...do it fo the election! but above all...do it fo me!
pugwash : pirates...junk...junks fulla pirates...yo ho ho anna bottle o rum...
IT ENDED ON WALL ST.... ?
``The decision marks the end of Wall Street as we have known it,'' said William Isaac, a former chairman of the Federal Deposit Insurance Corp. ``It's too bad.''
Goldman, whose alumni include Henry Paulson, the Treasury Secretary presiding over a $700 billion bank bailout, and Morgan Stanley, a product of the 1933 Glass-Steagall Act that cleaved investment and commercial banks, insisted they didn't need to change course, even as their shares plunged and their borrowing costs soared last week.
By then, it was too late. As financial markets gyrated -- the Dow Jones Industrial Average whipsawed 1,000 points in the week's last two days -- and clients defected, executives at the two firms concluded they had no choice. The Federal Reserve Board met at 9 p.m. yesterday and considered applications delivered that day, said Michelle Smith, a spokeswoman for the central bank. The decision was unanimous, she said.
`Blood in Water'
``There's blood in the water in the industry and the sharks are circling,'' Peter Kovalski, who helps oversee about $10 billion at Alpine Woods Capital Investors LLC, said at the end of last week. ``It all comes down to perception and the current trust within the community.''
ft : Emerging markets face $111bn maturing debt
A $111bn backlog of bonds that need to be refinanced over the next year has built up in the emerging market economies and raised the threat of defaults and company closures.
With the ability to raise money in the debt markets severely restricted because of the credit crisis, emerging market banks and companies could struggle to roll over the maturing debt, according to ING Wholesale Banking.
nourial : The shadow banking system is unravelling
"Last week saw the demise of the shadow banking system that has been created over the past 20 years. Because of a greater regulation of banks, most financial intermediation in the past two decades has grown within this shadow system whose members are broker-dealers, hedge funds, private equity groups, structured investment vehicles and conduits, money market funds and non-bank mortgage lenders.
Like banks, most members of this system borrow very short-term and in liquid ways, are more highly leveraged than banks (the exception being money market funds) and lend and invest into more illiquid and long-term instruments. Like banks, they carry the risk that an otherwise solvent but liquid institution may be subject to a self fulfilling and destructive run on its liquid liabilities.
But unlike banks, which are sheltered from the risk of a run – via deposit insurance and central banks’ lender-of-last-resort liquidity – most members of the shadow system did not have access to these firewalls that prevent runs.... " FT
An almighty crash has been averted, very narrowly. There is no guarantee that the revolutionary actions of the US government will prevent a full-fledged global slump, but at least we now have a fighting chance.
By taking the colossal wreckage of the credit bubble onto its own books in a $700bn (£382bn) taxpayer sink, Washington has forestalled a run on the world banking system, and may hopefully have saved the viable core of modern capitalism.
Hank Paulson's "Super Sink" is the "game changer" we have all been waiting for in this interminable crisis. It puts a floor under the toxic debt that is bleeding the banking system to death, and ends the downward spiral of CDOs, CLOs, HELOCs, and such instruments of leveraged excess that lie at root of the credit terror. No doubt the Fed, the Treasury, and Congress have made a string of mistakes but they are now rising to the occasion - the reflexes of a wounded but still formidable superpower. The US has shown time and again that it has the institutions and flair to pull itself out of disaster....." Telegraph
liam : Financial crisis: Default by the US government is no longer unthinkable
...."But, in the run-up to the US election in November, Democrats in Congress - and even some Republicans - may decide they're simply not having it. How much more can the US taxpayer take? It sounds insane, but the liabilities being taken on by the Fed and the US Treasury are now so enormous that the government itself could default. No?" Telegraph
more telegraph :Japanese megabank to buy up to 20pc of Morgan Stanley
Japanese megabank Mitsubishi UFJ Financial Group is to buy up to 20pc of Morgan Stanley, which along with Goldman Sachs has given up its status as an investment bank.
"We have decided on investment in Morgan Stanley," a MUFG spokesman told AFP. Although he declined to give any further details.
The deal was annouced as Morgan Stanley and Goldman brought the era of the Wall Street investment bank to an end by choosing to give up their independent investment banking status to gain easier access to funds to survive the financial turmoil....
...Giving up investment bank status gives Morgan Stanley and Goldman greater access to Federal Reserve funds and makes it easier for them to buy retail banks, but it will also subject the two to much tighter regulation....." telegraph
bluepetey : well me hearties...ahah!...innit? the plot anna sh*t thickens...the politix gon fix the boom wotz bust...gon fix a markets so they caint go down...gon fix the 'lection? fix a dolla?
dolla gon fall...commodities gon rise?
...when a wind blows...a cradle will rock...when a bough break..cradle will fall...
an dahn will come cradle...baby an all!
halfcat : ah swear, painty dude, yo one sad sackka sh*t man...yo paintin a saddo picture here!bluepetey : aint painted it dude...it aint art..i jus photograph it!..it already there man!
yo caint make this stuff up!