March 14th, 2008
This news is breaking so fast that I am resorting to rapid fire bullet points in reverse chronological order: I will also be using some bullet points from “The Big Picture” blog, that is also rapid fire posting.
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11:03 - Want an example of good anecdotal evidence …getting a gold quote is difficult with all provider sites SLOWWWW…I wonder why?
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11:00 Gold hit a high of $1,00, now trading at $1,004
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10:41: If you are wondering what a non-recourse, back-to-back financing is, pull up a chair. Talk about buddies rubbing each other’s backs:
JPM gets to go the the Discount Window and borrow all the greenbacks they want; Then they loan that to Bear. In the event that Bear defaults, the NY Fed cannot go back to recover from JPM — hence, non-recourse.
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10:34 Jim Rogers short on all investment banks was bang on.
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10:25: Dow off 100 — things seem to be stabilizing — what a wild ride
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10:20 Dow recovers . . . off 126
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10:15: No NY Fed statement released as of 10:15 yet . . .
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10:12: Seemed to have stabilized at $35-36 — At 45 minutes into trading, they have traded over 52 million shares
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Eric Sprott “Bank Collapse” Was Right… Is He Also Right About $2,000 Gold? This is a must read…
Dow off 300 points, Nasdaq off 58
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BSC = Down $28 off 45%
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down $26 — off 40%
Dow off 200
….Down $18
Market is down 160 — Goldman, others under pressure
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Down $20
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Down $19 — its gonna be halted soon — $38.50
The NY Federal Reserve Bank, and JP Morgan (JPM) have agreed to provide secured funding to Bear and an initial period of up to 28 days. JPM is working with Bear to secure permanent financing or other alternatives for them.
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Bear is down 15, $42 and falling fast. 25 million shares traded in 20 minutes
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The NY Federal Reserve Bank, and JP Morgan (JPM) have agreed to provide secured funding to Bear and an initial period of up to 28 days.
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