Lemur Posted September 15, 2008 Report Share Posted September 15, 2008 Probably old news for you guys........... http://online.wsj.com/article/SB1221467523...pecial_coverage ECB, BOE Pump Extra Cash Into Strained Money Markets By JOELLEN PERRY September 15, 2008 6:42 a.m. FRANKFURT -- European central banks pumped extra cash into strained money markets Monday morning, after a weekend of brinksmanship that saw Wall Street titans totter and shook the U.S. financial system to its core. With interest rates on the overnight loans that euro-zone banks make to one another climbing, the ECB early Monday injected ?30 billion (US$42.65 billion) in extra overnight funds into markets. The Bank of England pumped ?5 billion (US$9.87 billion) in extra three-day funds. The Swiss central bank said it would take similar steps if necessary. Demand for the central-bank funds was strong, with 51 financial institutions bidding more than ?90 billion at the ECB's auction, which set the central-bank's key policy rate of 4.25% as the minimum rate at which banks could submit bids. The Bank of England saw bids worth ?24.1 billion for the ?5 billion it offered at its 5% policy rate. Link to comment Share on other sites More sharing options...
capitall Posted September 15, 2008 Report Share Posted September 15, 2008 So I guess this means BAC is the safest place for consumers' cash: a new branch of the US government. They won't even have to change the name, just the logo and seal. 688543[/snapback] Yes, as Astral pointed out last night, the news did not say BAC decided to buy MER; it said the Feed pushed them to. (Feed is what Crapvision Asia called the Fed last night. Better name here. They feed cash to banks in return for toxic waste loan collateral.) So when there is a problem or 2, apparently the Feed has BAC buy one of the problems and lets the other go BK. Did it before with Country Fried. Who is up next? Link to comment Share on other sites More sharing options...
Jimi Posted September 15, 2008 Report Share Posted September 15, 2008 AIG might be next. http://news.yahoo.com/s/ap/20080915/ap_on_...p_restructuring Down almost 45% in prehour after a 50% drop last week. Hit a low of 5.9 this morning. RTQ 6.26 688525[/snapback] I swear to god, if it gets downgraded today, it's going trigger circuit breakers. Link to comment Share on other sites More sharing options...
Mies van der Rump Posted September 15, 2008 Report Share Posted September 15, 2008 Wasn't it a stock deal? SO you can short MER because BAC is going in the crapper. First BAC infected itself with AIDS, now it has added cancer to that. 688539[/snapback] Yup, .85 shares for each MER share. Link to comment Share on other sites More sharing options...
Trader Joe Posted September 15, 2008 Report Share Posted September 15, 2008 So I guess this means BAC is the safest place for consumers' cash: a new branch of the US government. They won't even have to change the name, just the logo and seal. 688543[/snapback] If I were a small business and had bank balances that were regularly a few to several hundred thousand $'s or more, I sure as hell would have my account at BAC or JPM. Link to comment Share on other sites More sharing options...
Jimi Posted September 15, 2008 Report Share Posted September 15, 2008 How big of a rate cut tomorrow? 0.00% 0.25% 0.50% 688529[/snapback] 75. Link to comment Share on other sites More sharing options...
Drop Zone Posted September 15, 2008 Report Share Posted September 15, 2008 Yes, as Astral pointed out last night, the news did not say BAC decided to buy MER; it said the Feed pushed them to. (Feed is what Crapvision Asia called the Fed last night. Better name here. They feed cash to banks in return for toxic waste loan collateral.) So when there is a problem or 2, apparently the Feed has BAC buy one of the problems and lets the other go BK. Did it before with Country Fried. Who is up next? 688545[/snapback] I wonder if they're fluffing Hank's pillow over at BAC after he leaves the Treasury??....lol Link to comment Share on other sites More sharing options...
DrStool Posted September 15, 2008 Report Share Posted September 15, 2008 Actually the term "the Feed" was coined here on the Stool way back at the beginning. I used it for years in my subscription material until I "went legit" back in 2004. Link to comment Share on other sites More sharing options...
Lemur Posted September 15, 2008 Report Share Posted September 15, 2008 I just picked up 10K LEH at .361 for 'fun' here. 688522[/snapback] What for Madness. Is the game not over? Ch 11. Lottery tickets a better bet? Link to comment Share on other sites More sharing options...
Jimi Posted September 15, 2008 Report Share Posted September 15, 2008 Art Cashin is a quality dude. Link to comment Share on other sites More sharing options...
Trader Joe Posted September 15, 2008 Report Share Posted September 15, 2008 BWAHAHAHAHAHHA WaMu Jan '09 debt, 145% YTM BWAHAHAHAHAHHAH Link to comment Share on other sites More sharing options...
4shzl Posted September 15, 2008 Report Share Posted September 15, 2008 The panic buying of Treasuries is completely insane. When this blowoff ends, it is going to be horrible. 688502[/snapback] Oh yeah! Link to comment Share on other sites More sharing options...
Jimi Posted September 15, 2008 Report Share Posted September 15, 2008 Did Dow futures ever hit a 400 handle? Link to comment Share on other sites More sharing options...
Dharmaeye Posted September 15, 2008 Report Share Posted September 15, 2008 http://www.knoxnews.com/news/2008/sep/12/h...ehind-gas-woes/ Think we are going to see gas shortages more and more. Link to comment Share on other sites More sharing options...
I_Am_Madness Posted September 15, 2008 Report Share Posted September 15, 2008 What for Madness. Is the game not over? Ch 11. Lottery tickets a better bet? 688552[/snapback] Entertainment. Link to comment Share on other sites More sharing options...
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