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Tuesday, Oct 14
Short-term interest rates drop on U.S. bank rescue plan
Interest rates for one-week loans in dollars fell considerably early Tuesday, after the United States Government announced it would invest $250 billion in banks, in a recapitalization plan that mirrors those announced by Europe's major powers on Monday.
Monday, Oct 13
E.U. commits $2.4 trillion and says ball is now in your court, U.S.
Meanwhile, currency traders interpreted Europe's move as a step toward financial system stabilization, a universally-welcomed step, said Currency Trader Andrew Resnick. Wang reiterated the need for the United States to "fulfill its obligations as part of this recovery process."
Friday, Oct 10
Despite stock rout and more U.S. debt, dollar is firm (so far), except vs yen
As a result, the United States becomes perhaps the first country ever to experience a financial crisis, increase its budget deficit massively, and face a recession (or worse), without having its currency plunge, Resnick said. Further, the dollar's reserve currency status "has saved t...
Wednesday, Oct 1
Rescue bill's revision seen as opportunity to recapitalize banks, refinance mortgages
Peter Cohan has written extensively on the need to recapitalize banks, and economist Richard Felson concurs. However, Felson argued that the revised rescue bill should give banks and other institutions the option of either offering their distressed/bad debts to the U.S. Treasury in its...
Monday, Sep 29
Next rescue step - moratorium on home mortgage foreclosures?
The U.S. Congress' bailout / rescue bill (pdf) is one tool: it will help. If it goes reasonably according to plan, the U.S. Treasury, and the companion agencies the rescue creates, will slowly remove distressed / bad assets from the financial system and in the process would both stabilize the c...
Saturday, Sep 27
AIG's woes telegraphed to U.S. Treasury, Fed need for bailout/rescue plan
Felson pointed out that at least a portion of hedge fund trades -- and the trades of other financial institutions -- are predicated on the assumption that mortgage-backed securities are good/have value, or, if not, that the insurance behind these securities is in force as a result of pol...
