Booman Tribune ~ Comments ~ Deep Thought (Irrational Exuberance ed.)

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Deep Thought (Irrational Exuberance ed.) | 7 comments (7 topical, editorial, 0 hidden)

Re: Deep Thought (Irrational Exuberance ed.) (none / 1)

A little cold water on the high fiving.

Newsflash: All that money, $2.546 bn, came from the US Feds -

it was a currency swap -
The feds allowed the world central banks to flood the world markets with $$, offering swaps in unlimited amounts...an infinite supply. The Feds' cursor is working 24/7. From where do USD$ originate?

Bloomberg Link:
The Federal Reserve led an unprecedented push by central banks to flood the financial system with as many dollars as banks want, backing up government efforts to revive confidence and helping to reduce money-market rates.
The European Central Bank, the Bank of England and the Swiss National Bank will offer European banks unlimited dollar funds with maturities of seven, 28 and 84 days at fixed interest rates against ``appropriate collateral,'' the Washington-based Fed said today. Previously, the Fed had capped at $380 billion the currency it would swap with the three central banks.

A currency Swap

is a foreign exchange agreement between two parties to exchange a given amount of one currency for another and, after a specified period of time, to give back the original amounts swapped. Currency swaps can be negotiated for a variety of maturities of up to 30 years.
Unlike a back-to-back loan, a currency swap is not considered to be a loan by United States accounting laws and thus it is not reflected on a company's balance sheet. A swap is considered to be a foreign exchange transaction (short leg) plus an obligation to close the swap (far leg) being a forward contract.

Today was the day for creating miracles. A loan becomes a swap. The same old off-balance sheet techniques that brought us to this financial meltdown.

Gold at $2,000 an ounce will be a good bargain buy.

Get prepared for what is being framed as hyper-inflation Zimbabwe style.

Well, "You can't vote for war and disown the results"

by idredit on Mon Oct 13th, 2008 at 07:07:36 PM EST

Re: Deep Thought (Irrational Exuberance ed.) (none / 1)

But we're Too Big To Fail! If they don't bail us out, we all sink, and if they remain tied to the dollar at those hideous exchange rates as the dollar plummets over the next few months due to the massive liquidity trap we've laid for ourselves, we all sink too!

I mean it's not like we've spent the last eight years under an administration full of idiots who have never heard of the law of unintended consequences, right?

More at Zandar vs. The Stupid.

by Zandar1 on Mon Oct 13th, 2008 at 07:22:43 PM EST
[ Parent ]

Re: Deep Thought (Irrational Exuberance ed.) (none / 0)

What an illusion?

The game plan, Monetary stimulation, is designed to get BushPaulsonMcPalin pass the finish line on November 4.

Enjoy the next 22 days.

If we do the same things by a factor of ten we get CONSEQUENCES times, maybe 100.

Fool the world for 22 days.

Hey when others do it, it's Nationalization. When we do it it's bank-buy-in.

I heard NPR reporting that Paulson told the nine banksters, "you have no choice, I hate doing this" !!!!?!!!!

Oh my. What fools we are. Where's Karl Marx?

Here's a headline you just can't make up

The Times, UK
Bush: bank buyout needed 'to preserve free market'
President Bush today confirmed a $250 billion plan for the US Government to buy shares in America's largest banks, insisting that the move was "not intended to take over the free market but to preseve it".

I can't find my begging bowl. But then it doesn't matter, I'd be refused.

Well, "You can't vote for war and disown the results"

by idredit on Tue Oct 14th, 2008 at 09:46:31 AM EST
[ Parent ]

Deep Thought (Irrational Exuberance ed.) | 7 comments (7 topical, 0 editorial, 0 hidden)

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