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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (75157)	2/24/2008 6:26:58 PM
From: RealMuLan	Read Replies (5) \| Respond to of 116555

Bear market: This is the latest buying opportunity Anatole Kaletsky business.timesonline.co.uk Is this really the worst financial crisis in decades? The answer may be delivered this week, when we learn whether Eric Dinallo, the New York State Insurance Superintendent, has managed to organise a rescue of the monoline bond insurers, the relatively small and previously obscure businesses that lend their top-notch credit ratings to several trillion dollars of financial obligations issued not only by American municipalities, but also by infrastructure projects across Europe and many of the public-private partnerships that are building hospitals, schools and railways across Britain. If a bailout for these bond insurers is finalised next week, the deadline envisaged by many Wall Street bankers and recently confirmed by Mr Dinallo's boss, Eliot Spitzer, the Governor of New York, then this announcement could well mark the turning point in the global financial crisis. If not, then credit downgrades among the bond insurers will trigger tens or even hundreds of billions of dollars of additional losses and bank write-offs. But will this really be the worst financial crisis the world has faced, as so many experts suggest? ...