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Wed 12 Mar, 2008 11:23 am
Well, Cramer is entertaining and, yes, I suppose there are those that follow him as if he had something to say.
the latest update from bloomberg.com :
Quote:Dollar Falls to Lowest Since '95 Versus Yen; Bush Cites Decline
By Ye Xie
March 12 (Bloomberg) -- The dollar fell to the lowest since 1995 against the yen after President George W. Bush said the dollar is ``adjusting.''
The U.S. currency plunged to a record low against the euro earlier as firms from Citigroup Inc. to Goldman Sachs Group Inc. said the Federal Reserve's plan to inject $200 billion into the banking system may fail to break the freeze in money-market lending. Bush's comments were in an interview with the U.S. Public Broadcasting Service to be aired later today.
``We have a perfect storm brewing here,'' said Alan Ruskin, head of international currency strategy in North America at RBS Greenwich Capital Markets Inc. in Greenwich, Connecticut.
The dollar traded at $1.5568 per euro at 5:53 p.m. in New York. It touched $1.5573 per euro, the weakest level since the European currency's 1999 debut. The U.S. currency dropped to 101.35 yen, from 103.42 yesterday, and touched the lowest since December 1995.
Bush also reiterated his commitment to a strong dollar.
``We have a dollar that's adjusting, and I am for a strong dollar,'' he said.
Exactly what we need. Another Fed bailout so we all know they'll bail us out of our next mess of poor management and worse judgement.
Roger- Yeah, what a crock. Why should anybody be efficient and frugal, when the good old Fed will come to the rescue? It's almost like mommy and daddy picking up after sonny boy makes a mess.
Whatever happened to responsibility?
BBB-
Where was this $200 billion before the Fed released it for a short term loan?
Was it under a bed or buried in a backyard?
Where is it now?
Surely $200 billion is somewhere.
It's being printed as we speak.
Why, it came from the same place our tax rebates are coming from. Don'tchu know nuthin'.
Can you say China and loans that our children and grandchildren will have to pay back.
It looks like they've put it into gold.
from a lenghty article by MSNBC :
Quote:According to one estimate, the financial industry needs $1 trillion in permanent capital to help stabilize mortgage-backed bonds, but is unlikely to raise that much.
for the complete article see :
INVESTORS SPOOKED
And those mortgage backed bonds seem to be a significant part of the problem. Isn't that what the industry is putting up for collateral to the Fed? Really, I feel like I'm being taken advantage of.
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