Armageddon

trading_rookie · 29 September 2008

Best quote I've read thus far describing what we're all seeing..."I was a trader
back in '87 and I lost the second most in the country (Oz). But this is worse than '87.
It's slower and more painful than '87. It's death by a thousand cuts as opposed to the quick kill."

truevalue · 29 September 2008

Are you a short seller Glen? Bad luck that has been banned in Australia.

Clearly a run on the banks would be a horrible situation for everyone and thankfully that situation is not one that we in Australia are faced with. Our banks are in much better shape that yours because they didn't invest in all those disgracefully engineered assets that the US banks bought. We are very old fashioned in that regard. Having said that we cannot expect to remain immune to US problems, however I think the rescue package will go a long way to injecting much needed liquidity into the system and give the surviving banks a good deal of breathing space.

chops_a_must · 29 September 2008

The issue isn't liquidity, it's solvency.

refined silver · 29 September 2008

truevalue said:
Bad luck that has been banned in Australia.

Very pleased to hear that. We could all do with a lot less bad luck!

Now where do I put my complaint in should any bad luck happen to me?

Kauri · 29 September 2008

refined silver said:
Very pleased to hear that. We could all do with a lot less bad luck!

Now where do I put my complaint in should any bad luck happen to me?

Try the Iceland Glitner Bank... Trade halted In Iceland"s Glitner Bank next cab off the rank???

refined silver · 29 September 2008

Kauri said:
Try the Iceland Glitner Bank... Trade halted In Iceland"s Glitner Bank next cab off the rank???

Ahh maaa!!

It used to be one a week after 5pm Friday with the weekend to reassure eveyone all was ok. Now its multiple ones every day!

When this doesn't stop after the bailout is passed, people are going to start to get a little worried.

Kauri · 29 September 2008

Kauri said:
Try the Iceland Glitner Bank... Trade halted In Iceland"s Glitner Bank next cab off the rank???

It was only a matter of time before one of the Iceland financial cracks widened sufficiently to bring the Government into play. Glitnir Bank has been brought under official control with the country buying a 75% stake in the bank. Glitnir, the third largest bank in Iceland, has been hit by the credit crunch wave and its finding difficulties brought the Government into play. The bank maintains that its core operations remain solid.

Cheers
..........Kauri

Kauri · 29 September 2008

Unicredit shares have been suspended in Milan due to "excessive losses" ..

Cheers
..........Kauri

Julia · 29 September 2008

truevalue said:
Clearly a run on the banks would be a horrible situation for everyone and thankfully that situation is not one that we in Australia are faced with. Our banks are in much better shape that yours because they didn't invest in all those disgracefully engineered assets that the US banks bought.

Well, if we are in such good shape here in Australia why has the government just decided to pump $4 billion into our non-bank lenders? These funds will be used to buy up securitised mortages made to people who did not qualify for bank loans. Doesn't this raise your antennae? And when Mr Swan glibly says "these securitised mortgages are Triple A rated", doesn't that also have the hollow ring of a phrase heard before? The junk mortgages in the US which were at the base of all the trouble were Triple A rated!!!

And you think we should not be concerned???

Only a couple of weeks ago Mr Swan was saying "we are light years away from the sort of situation that is occurring elsewhere".

Now the language is gradually changing.

Now he's saying "we cannot expect to be immune from the global financial problems".

Might be good to await the next exciting instalment before making any avowals of how good things are here in Oz.

refined silver · 29 September 2008

Kauri said:
The bank maintains that its core operations remain solid.

Ahhh those most reassuring of words. All the customers can rest easily now.

chops_a_must · 29 September 2008

refined silver said:
Ahhh those most reassuring of words. All the customers can rest easily now.

"The coach has the full support of the board."

refined silver · 29 September 2008

"The CEO/Honourable Member for Blogsville has resigned in order to spend more time with his family."

misterS · 30 September 2008

Does this mean that cash will abdicate as King in favour of, I dunno...turnips?

DB008 · 30 September 2008

We are in for a slide today. Hang on.
Dow down more than 750 points. oh ohhh....

justjohn · 30 September 2008

It's down by 777 but doesn't 3 sevens indicate a JACKPOT:

DB008 · 30 September 2008

And if you round it off to 1 decimal, you get 777.7 Whats that ment to mean?

I will buy a lotto ticket today because of u justjohn. fingers crossed too...

noco · 30 September 2008

Julia said:
Well, if we are in such good shape here in Australia why has the government just decided to pump $4 billion into our non-bank lenders? These funds will be used to buy up securitised mortages made to people who did not qualify for bank loans. Doesn't this raise your antennae? And when Mr Swan glibly says "these securitised mortgages are Triple A rated", doesn't that also have the hollow ring of a phrase heard before? The junk mortgages in the US which were at the base of all the trouble were Triple A rated!!!

And you think we should not be concerned???

Only a couple of weeks ago Mr Swan was saying "we are light years away from the sort of situation that is occurring elsewhere".

Now the language is gradually changing.

Now he's saying "we cannot expect to be immune from the global financial problems".

Might be good to await the next exciting instalment before making any avowals of how good things are here in Oz.

Julia, I believe the reason Swannie is injecting the $4billion in to non-bank lenders is to make the banks more competitive. Apparently Malcom Turnbull first came up with the idea.

Whether it is a good idea or not I would not know.

I think the days of 100% loans for a home will be in the past.

I believe Swannie is very lucky to have inherited a healthy economy from the Howard Government irrespect of his parrot fashion inuendos about high interest rates and high inflation.

I would to see what he would have done had he inherited a $96 billion deficit.

Aussiejeff · 30 September 2008

noco said:
Julia, I believe the reason Swannie is injecting the $4billion in to non-bank lenders is to make the banks more competitive. Apparently Malcom Turnbull first came up with the idea.

Whether it is a good idea or not I would not know.

I think the days of 100% loans for a home will be in the past.

I believe Swannie is very lucky to have inherited a healthy economy from the Howard Government irrespect of his parrot fashion inuendos about high interest rates and high inflation.

I would to see what he would have done had he inherited a $96 billion deficit.

He might yet get his chance..... if this sorry mess keeps playing out he might have to pump 10 times that $4Billion (or more) into our piddly lil' market to keep it afloat.

Future Fund, anybody?

aj

Kauri · 30 September 2008

President Bush Authorizes US Treasury to use exchange Stabilization Fund to guarantee some money market funds.... see... no panic there..

Cheers
..........Kauri

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