Stock Market Jitters - City Canyons filled with jumping bankers as Jaweh Shayler arrives
Two Tupolev-95 bombers flew from Blagoveshchensk, on Russia's border with China, to the US naval base at Guam in the West Pacific and buzzed a military base during a 13-hour round trip on Wednesday.
Equity markets saw frantic trading scenes throughout the day, as traders grew increasingly fearful that the decline in the availability of debt may lead to a slowdown in the global economy.
On Wall Street, the sell-off saw the Dow Jones Industrial Average tumble 387.2 to 13270.7.
The picture was similar in Europe, where the CAC 40 in Paris retreated 2.17pc and the German DAX shedded 2pc and in London the FTSE 100 index fell 1.92pc,
Plainly, Jaweh Shayler has arrived in the nick of time.
2 comments:
A statement from the Federal Reserve via the WSJ
http://tinyurl.com/2vkqz5
Federal Reserve Statement
August 10, 2007 9:31 a.m.
The Federal Reserve is providing liquidity to facilitate the orderly functioning of financial markets.
The Federal Reserve will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's target rate of 5-1/4 percent. In current circumstances, depository institutions may experience unusual funding needs because of dislocations in money and credit markets. As always, the discount window is available as a source of funding.
Translated into English I think that means that they're going to print some more money
Correction, lots more money
No. The Gubment prints money, all the privately owned Fed, just makes it up by extending their credit.
When they stuff money into the market they just extend the overdrafts of their borrowers - it is merely a ledger item - a stroke of the pen.
Post a Comment