[OilIsMastery]

All major indexes down. Dow down 384.

Anyone want to go long into the weekend?

I'm net long.

[firestarter]

All major indexes down. Dow down 384.

Anyone want to go long into the weekend?

I'm net long.

You're still in the casino. Good luck.

[Twilight]

The CNBC video section is hilarious today.

Bush on Spending
Bush on Corporate Taxes
Bush on Housing Crisis
Bush on Housing & Economy
Bush on the Economy
Reasons to Be Optimistic (won't play)

Come on people, you can tell yourself the fundamentals are strong all by yourself!

[OilIsMastery]

All major indexes down. Dow down 384.

Anyone want to go long into the weekend?

I'm net long.

You're still in the casino. Good luck.

9 times 2008 earnings isn't a casino. That's called business.

[dukey]

the stock market is going down
aint nothing gonna stop it

This is another engineered 1929 style crash (probably), although they may try to bring us down slowly.

Former World Bank Chief Economist Predicts Global Crash

Former World Bank Vice President, Chief Economist and Nobel Prize winner Joseph Stiglitz has predicted a global economic crash within 24 months - unless the current downturn is successfully managed. Asked if the situation was being properly handled Stiglitz emphatically responded "no"

Source

Don't say you weren't warned.

[OilIsMastery]

the stock market is going down
aint nothing gonna stop it

This is another engineered 1929 style crash (probably), although they may try to bring us down slowly.

Former World Bank Chief Economist Predicts Global Crash

Former World Bank Vice President, Chief Economist and Nobel Prize winner Joseph Stiglitz has predicted a global economic crash within 24 months - unless the current downturn is successfully managed. Asked if the situation was being properly handled Stiglitz emphatically responded "no"

Source

Don't say you weren't warned.

Never heard of him. Probably because he's a NWO bureaucrat. All I know is he'll never be as rich as Warren Buffett or Leon Cooperman. Ever.

[dorlomin]

And not either US Fed interest rates or some other US measure?

[IslandCrow]

Probably because (up till now) most of the extra money needed by banks to loan out as mortgages (ie on top of the deposits customers make) have had to be borrowed from other banks/financial institutions. Thus LIBOR, which is the rate banks lend to banks would be a good choice for a benchmark as it reflects the costs the bank has.

Before the credit crisis the interbank rates were close to that of the government debt. However, as the credit crises has hit, and banks have been more afraid to lend to other banks (not knowing what "toxic waste" they have on the balance sheet) the interbank rate has shot up much higher than the government rates.

The benefit for many banks is that this higher rate allows for more profit, and the banks desperately need to make a large profit to counteract all the sub-prime and other loans that have gone bad.

[roccman]

Probably posted somewhere elses, but this is herculian in scale!!
Latest on Bloomberg...Bankers Group Reviews Libor Amid Manipulation Concern and Discussion at TF

This has the markings of a black swan!!

[Eli]

This means no banks are lending to each other, and after the largest world wide liquidity injection ever by FCB's and the Fed, the banking market is in complete lock up.

If this continues any amount of time Banks that need cash badly go TU in a hurry.

[Snowrunner]

You know, links would be REALLY nice with these posts if it isn't too much to ask for.

[Jotapay]

link . It looks like it might be over if this doesn't unlock.

[Revi]

What does this mean to us? Are the banks going to run out of funds, or are they not borrowing because the rate was too high or what?

[IndigoMoon]

I searched it for you. Quite a few stories out there available. Link

[Jotapay]

What does this mean to us? Are the banks going to run out of funds, or are they not borrowing because the rate was too high or what?

Nobody would have any money, basically, except what is in your pocket. Business orders and commerce would freeze. Small banks that need loans (might be on the verge of being in trouble) are SOL.

[Dreamtwister]

[s]Small[/s] ALL banks that need loans (might be on the verge of being in trouble) are SOL.

Sorry, just a minor correction.

[HEADER_RACK]

In other words DEFLATION

[Jotapay]

In other words DEFLATION

Yep. The only dollars that would exist would be in your pocket. Or else you barter some bullets for those chickens there, etc.

[Delphis]

If you haven't already, you may want to watch these...

link and link

Do we have an answer yet as to why Japan requested a $60B swap line and isn't using the $1T they already have...
Please respond,
D.

Fixed links. Please use the hyperlink function. Thank you. -FL

[sjn]

In other words DEFLATION

Yep. The only dollars that would exist would be in your pocket. Or else you barter some bullets for those chickens there, etc.

It's not deflation, it is total systemic financial collapse. It always was a possiblity. I still don't think it's the most likely outcome, but I guess we're about to find out in short order.