> Gel wrote: > So does this mean that most of the United States' major banks could be in > the hands of other countries soon? :) >
Well Morgan isn't a "bank", but an investment bank. And Morgan and Goldman Sachs are the only independent brokerages left. Plus: Yields on three-month Treasury bills sank to the lowest since World War II, and a measure of corporate borrowing costs surged above the level seen during the crash of 1987. And: About $3.6 trillion of market value has been erased from global stocks this week And THIS is REALLY not good: The three-month London interbank offered rate, or Libor, rose 19 basis points to 3.06 percent, its steepest gain since 1999. Many ARMs are calculated with Libor. That means HUGE adjustments coming, more foreclosures, further spread of the contagion, even LESS credit if that's possible: ``It's ugly,'' said Michael Mullaney, a Boston-based money manager for Fiduciary Trust Co., which oversees $10 billion in stocks and bonds. ``It's about the worst I've seen it in 25 years. You have to have free-flowing credit to lubricate the system. That's not happening right now.'' So get ready, because wave 2 is coming to a consumer near you. And when that happens, it'll start eating into 70%+ of the US economy that is the consumer. And that'll trigger another wave. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;203748912;27390454;j Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:269897 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
