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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (271233)	9/29/2008 4:34:43 PM
From: Oral Roberts	2 Recommendations Read Replies (3) \| Respond to of 793955

Exactly!! Let Wells Fargo and whoever else is in good shape buy out these things for pennies on the dollar and if at some future stage the one or two that are left need a little boost give them a shot in the arm. We continue to insist that we have to save these places that brought about their own demise. It is insanity at best.

To: TimF who wrote (271233)	9/29/2008 4:42:26 PM
From: FJB	Respond to of 793955

telegraph.co.uk Europe's credit markets have come close to seizing up as three-month Euribor jumped to a record 5.22pc and OIS spreads rocketed to 113 basis points. "The interbank market has collapsed," said Hans Redeker, currency chief at BNP Paribas. "We're now seeing a domino effect as the credit multiplier goes into reverse and forces banks to cut back lending to clients," he said. Mr Redeker said the latest alarming twist is a move by banks to deposit €28bn in funds at the European Central Bank in a panic flight to safety. This has jammed the mechanism used by the authorities to shore up the financial system in a crisis. "The ECB is no longer able to inject liquidity because the money is just coming back to them again. This is extremely serious. If monetary policy is no longer working, there is a risk that the whole system will blow up in days," he said

To: TimF who wrote (271233)	9/29/2008 4:51:24 PM
From: FJB	Respond to of 793955

guardian.co.uk Tim Rocks, an equity strategist with Macquarie Securities in Hong Kong, said: "Now the devil is in the details. There have been so many constraints put on the deal that any one of those could completely limit its effectiveness." Under the proposal, the US government could access $250bn immediately, $100bn more if the president certified it was necessary, and the last $350bn with a separate certification - and subject to a congressional resolution. Matt Buckland, a dealer at CMC Markets, said: "The fact the funds won't be released in one lot but instead a series of tranches is certainly detracting from its appeal and this, combined with the very visible scars of the credit squeeze, will again weigh in sentiment." Rob Carnell at ING in London said: "The [US] plan was not quite the pure financing bill Secretary Paulson would have liked it to be ... The absence of any recapitalisation in the original plan had raised questions about the operational effectiveness of the scheme, and these questions still seem unresolved." Gold, regarded as a safe haven investment in times of turmoil, climbed 3% to almost $900. The precious metal has risen by 14% in the last two weeks.