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Strategies & Market Trends : Longer-Term Market Trends

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To: Rarebird who wrote (1973)	11/6/2008 11:59:57 PM
From: Hawkmoon	of 3209

Hope you're right.. I got my teeth kicked in by ABK's earnings report and Moody's downgrade of their corporates to junk status (not their investment rating.. yet).. And it seems to be shaking up the Municipal bond markets for fear they may have to sell assets to raise capital. Methinks they actually just wrote off a ton of stuff in order to demonstrate how much financially damage they've incurred as a result of fraud by Bear Stearns and their new owner, JPM. Of some 600 defaulted loans, they discovered that 80% of them were fraudulently originated. So now they are suing JPM over it. There's no doubt in my mind that this played a major role in recent events since the monolines are basically indicating the problem is worse than previously described (or just twisting some arms to make it look that way). Either way, it's going to make it tougher for municipalities to fund projects and the bet is that the Feds will need to step in and provide the same kind of backstop as they did with the banks before the financial pain at the state and local levels get too bad. Hawk

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