You're kidding right?
They would have to outlaw beer as well to start the rioting.
RED ALERT- Negative Bank Reserves
- Thread starter Digs
- Start date
You're kidding right?
They would have to outlaw beer as well to start the rioting.
Thank you for making me laugh out loud. I nearly broke a few ribs.
All this from a guy with the name DeepFried to boot.
Heh.
BTW Eliot, you were right the other day with your article and post about the BS meeting that was held re the monolines. I was saying "ah, it's too big not to fix it and soon" but I've since gotten more pessimistic. I think the only "solution" anyone has for this mess is to cut rates to zero but that won't change the bad debt situation.
BTW Eliot, you were right the other day with your article and post about the BS meeting that was held re the monolines. I was saying "ah, it's too big not to fix it and soon" but I've since gotten more pessimistic. I think the only "solution" anyone has for this mess is to cut rates to zero but that won't change the bad debt situation.
Quote from DeepFried:
Heh.
BTW Eliot, you were right the other day with your article and post about the BS meeting that was held re the monolines. I was saying "ah, it's too big not to fix it and soon" but I've since gotten more pessimistic. I think the only "solution" anyone has for this mess is to cut rates to zero but that won't change the bad debt situation.
It is too big not to fix. I (and apparently everyone else) don't know how. Fed bailout a la LTCM? But that was peanuts compared to this.
Oh, and MBIA just posted quarterly results.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZigOJfgnaB0&refer=home
Jan. 31 (Bloomberg) -- MBIA Inc., the world's largest bond insurer, posted its biggest-ever quarterly loss and said it is considering new ways to raise capital after a slump in the value of subprime-mortgage securities the company guaranteed.
The fourth-quarter net loss was $2.3 billion, or $18.61 a share, raising concern the Armonk, New York-based company will lose its Aaa rating at Moody's Investors Service. The loss came a day after FGIC Corp.'s insurance unit became the third company to be stripped of its AAA credit rating.
This is getting a bit off topic but now they are having trouble selling new bonds.
S&P and Moody's have to do something quick. People are starting to disbelieve the AAA ratings.
http://www.reuters.com/article/companyNews/idUSN3020977620080131
S&P and Moody's have to do something quick. People are starting to disbelieve the AAA ratings.
http://www.reuters.com/article/companyNews/idUSN3020977620080131