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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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From: redfrecknj	7/11/2007 11:57:13 PM
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via Bloomberg: "Federal Reserve Governor Kevin Warsh and Robert Steel, the Treasury's top finance official, said investor losses from subprime-mortgage delinquencies aren't posing any broader risks to the financial system." "The sell-off in subprime securities ``does not seem to be a systemic issue,' Steel, the Treasury undersecretary for domestic finance, said at the hearing. The market ``is going through an adjustment process,' he added. ``It seems to be happening in an orderly way.' "Philadelphia Fed President Charles Plosser said in London today that most banks remain in ``good shape' as subprime losses mount. Referring to the ratings cut by Moody's, he said in answering questions after a speech today ``I don't think that was entirely unanticipated. Sometimes I buy a stock thinking it will go up and it doesn't.' "The U.S. Securities and Exchange Commission's top market-regulation official said Bear Stearns Cos. probably will sell assets and reduce leverage in an ``orderly fashion' at its two hedge funds that almost collapsed last month. "John Snow, the chairman of Cerberus Capital Management LP, yesterday acknowledged that investors have lost some of their appetite for debt at a time when the private-equity firm is trying to raise billions in financing for its planned purchase of Chrysler Group." "General Electric Co. and Abbott Laboratories abandoned their $8.1 billion deal for GE to buy two Abbott units that make medical-diagnostic equipment, leaving each company looking for other means to an important end." "“Meltdown.” We are careful about using such terms at The Wall Street Journal. They can have their own consequences for markets. And having lived through a few real meltdowns, we have found it helps not to get too wound up every time a market corrects.But avoiding the M word just got tougher, since we see it now deployed by Standard & Poor’s Leveraged Commentary & Data service. In a report released just minutes ago, it quoted institutional loan traders, who are using that fateful term to describe the current state of their market: “Meltdown.”"

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