Central Banks Try to Keep Crisis From Spreading

[RedEarth]

Source: CNBC.

The world's central banks redoubled their efforts on Monday to revive the paralyzed global financial system through massive injections of cash.


To counteract a world financial crisis emanating from last year's mortgage meltdown in the United States, the Federal Reserve announced a $330 billion expansion of arrangements to boost U.S. dollar liquidity throughout the global financial system.

"They are throwing billions around, but things seem to be getting worse," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. "There's a monster amount of fear out there. This is global contagion, it's no longer just the United States."

The efforts also show the heightened tensions in bank-to-bank lending markets as the approaching end of the financial quarter compounds the scramble for cash.

Meanwhile, the world's financial system appeared to be edging closer to collapse by the day, authorities in Europe and the United States struggling keep banks afloat with injections of cash, nationalizations and mergers of necessity.



Read more: http://www.cnbc.com/id/26941535

[brentspeak]

1. "Meanwhile, the world's financial system appeared to be edging closer to collapse by the day"

Now there's a comforting thought to make one sleep easy at night...

[edwardian]

3. What a load of crap!

Financial/banking system is on the verge of collapse because a dozen banks have had to be bailed out? The rich speculators are shittin'but most of us will be okay. They want you to be afraid. Call their bluff

[Pale Blue Dot]

6. The bluff has been called.

Now we'll see if you're right. I don't think you are.

[edwardian]

4. What a load of crap!

Financial/banking system is on the verge of collapse because a dozen banks have had to be bailed out? The rich speculators are shittin'but most of us will be okay. They want you to be afraid. Call their bluff

[Marie26]

5. What do you think of this chart?

Does this look like a bluff?



Banks have no. money. left. They've lent or inflated all their reserve deposits & now have extremely low liquidity - maybe the lowest in 100 years.

[trthnd4jstc]

2. Imagine if W was really a uniter and not a divider.

In What If Land:

If Bush was a uniter instead of a divider, would he have rushed to war in Iraq? Would he have lied about the intelligence? Would he have maintained the state of deregulation in the Financial Markets? Would we have a balanced budget, and not a weakened dollar?

Well, Bush is an enemy of America. To some of us, he stole 2 elections, rigged America to go into Iraq, and worked to make his people, the Rich Republicans, even richer. Bush is a traitor to America.

[KakistocracyHater]

7. where's the money-it's there

they just don't want people to realize. That $700Billion-why would it be worth that much, isn't "everything worthless"? Did ALL banks do exactly the same thing? I find that impossible to believe. The Bankers are trying to hold the world hostage & are hiding the money. Hopefully the GAO guy will not just sit there & find out the truth.

[Peace Patriot]

8. Here's something I posted somewhere else about this, and I think is worth repeating:

Bottom line: I don't want George Bush or his appointee or anyone remotely connected to him and his criminal enterprise anywhere near any bailout.

It's only a month to the election. Why the rush?

I want these bastards cleared out. I want a new Congress--even if it is the Diebold III Congress--and a new President--even if he's a Corpo (as, sadly, seems to be the case with Obama--or else he has a lot of Corpo advisers)--to look at this, and come up with fresh ideas, or maybe some great recycled ones, like FDR's low interest, long term (FHA) home loans to the poor and middle class.

Just think for a minute how refreshing it will be--what a startling change--come November, if the Corpos decide to let Obama win, and let the Democrats sweep Congress, as should happen, and as it looks more and more like it will happen?

You just shouldn't give a murderous, thieving idiot like Bush and his dreadful cronies this kind of power, three months before they are out. It's crazy. Bush has a 25% approval rating, and tanked long ago. Congress has a 10% approval rating--worse than Bush's! Neither of them has any legitimacy any more. They have both failed us, miserably. I say, stop the deal! Or, at the very least, make it temporary. No, no, we can't trust Bush & cohorts. They've already looted us blind, and this final looting is intended to kill all social programs in the country. Obama was already talking in the debate about how some of his programs won't be able to be funded. At the very least, once he is president, he will be free--and hopefully with a considerable mandate--to look afresh at this and the whole situation. He will have a new Congress, who will--hopefully--sweep away the present leadership. It will be a new day! Even if it is manipulated and rigged against us--for instance, by Diebold & brethren shaving his mandate--and stacking the deck with more "Blue Dog" Democrats, it will be a NEW SITUATION.

Frankly, it's beyond me how Obama could have fallen for this--giving Poulson a bottomless cup of Fool's Gold, starting with $700 BILLION! --a month before the election, and three months before a change of administrations. But whatever his reasons for supporting it--and it could just be that he doesn't want to get whacked--once he's in office, it's HIS game. And, by God--see my fingers in the form of a cross in front of my face--even McCain would be better than Bush, with a $700 BILLION bottomless cup, simply because he's NEW. + + + + + + + + --horrible as that would be.

NO BOTTOMLESS CUP CZAR SHOULD BE APPOINTED BEFORE JANUARY 20. PERIOD. Let the new president do it. Let the new Congress do it--if that's what they're going to do. At least it will give people time to THINK. This two-week wonder bill is NOT OKAY.