Sunday, December 23, 2007
Are they all subprime lepers?
According to some analysts in this article, it seems like banks and other financial institutions are treating each other like subprime lepers. The question is, is it the perfect storm? Real estate and credit bubble popping at the same time, more liquidity (more money printed out of thin air by central banks) not having any effect, and monster firms like Merrill Lynch looking really, really afraid. One analyst in another article from prudentbear.com said that the credit markets are the worst he's seen in 47 years. Are we tipping into the abyss?
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Access the entire article at...
http://news.bbc.co.uk/2/hi/uk_news/magazine/7148494.stm
The Bank of England is holding an auction offering to lend £10bn to the UK's banks. But what exactly is an auction of funds?
The Bank of England is doing it and it's not the only one. So is the US Federal Reserve, the European Central Bank (ECB), the Swiss National Bank and the Bank of Canada.
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