Dow Jumps More Than 400 Points! - Page 18 - Mercedes-Benz Forum

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post #171 of 437 (permalink) Old 03-18-2008, 11:55 PM
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... Put it this way, given a choice, will you follow the Japanese banking system, the US or the inflexible European Banks ?
As if proving my point ...
will these bozos ever be the leaders in the world's financial
community ?
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Japan lawmakers leave central bank leaderless | Reuters
The vacancy -- the first at the Bank of Japan since 1923 -- leaves the world's No.2 economy without a permanent central bank head amid global market turmoil and as major central banks take coordinated action to curb the credit crisis.
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post #172 of 437 (permalink) Old 03-19-2008, 12:20 AM
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and the ECB is not much better. What's that saying... swim
or sink together. The ECB sounds exactly like the Fed 6-9 months ago
basically "inflation is the biggest problem.. we are still growing fine and the
financial markets are out of touch with reality". Just wait till we stop
buying their MB's.
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WRAPUP 2-ECB policymakers warn on inflation and FX overshoot | Markets | Bonds News | Reuters
Bini Smaghi also warned that currency markets can get out of line with economic fundamentals and require close monitoring and coordination between monetary authorities.
Mersch, who sits on the ECB's rate-setting Governing Council, said euro-zone growth is slowing less than in some other regions, and that some economists expecting the ECB to cut interest rates are too gloomy about growth
"The present rates are contributing solidly to anchor inflation expectations, which is for us of overarching importance," Mersch told Reuters in an interview released on Tuesday.

"A majority of analysts are sitting in areas where you have such terrible news they are influenced by this very pessimistic environment and they tend to put this grid onto the euro zone," he said when asked about the market expectations of a rate cut.
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ECB's Weber- will do what is needed on inflation
* , Tuesday March 18 2008

FRANKFURT, March 18 (Reuters) - The European Central Bank will do whatever is needed to keep inflation in check, Governing Council member Axel Weber said in comments published on Tuesday.
Feed Article | Business |
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Deutsche CEO Calls for Government Role
The credit crisis requires strong intervention from governments and a new global financial watchdog, says Deutsche Bank's chief

The head of Germany's leading Deutsche Bank, Josef Ackermann, said the world financial crisis currently unfolding would need strong and organized government intervention to stop further bleeding in financial institutions. Simple market corrections, he said, won't do the trick. "I no longer believe in the market's self-healing power," he told an audience in Frankfurt on Monday. "Making liquidity available isn't the cure-all."

He held up the recent rescue of Bear Stearns in America, as well as the US Federal Reserve's swift response to the credit crisis, as examples of good government intervention. "We need concerted action by governments, central banks and market participants to help stop this wave," he said.
...
But Ackermann said simple rate cuts wouldn't be enough. The reason for the global crisis, he argued, was nervousness in the markets, not the availability of money. "There is not a liquidity bottleneck, but an investors' strike," he said. In his opinion the finance markets were in the middle of a "radical correction" after a speculation bubble; and the subprime crisis in the American real-estate market was playing a key role. He also suggested an international financial watchdog should be created -- a sort of global "council of wise men" that could warn markets of speculation bubbles in the future. "Globally operating banks need globally operating oversight agencies," he said.

Backing Up Ackermann

Deutsche Bank's chief economist, Norbert Walter, echoed Achermann's remarks on a TV news program on Monday. He said the financial crisis would not be over soon. "The turbulence won't be over before the end of 2009," he said. "We need a new order and a new way of thinking in regulating the finance markets."

Separately, German Finance Minister Peer Steinbrück told an audience in Potsdam on Tuesday that close collaboration between financial players and government agencies would be necessary to survive the crisis. "In Germany we rely on maintaining a healthy cooperation between government, the German Central Bank, the respective banking alliances and banking institutions so we can minimize repercussions," he said.

Deutsche CEO Calls for Government Role

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post #173 of 437 (permalink) Old 03-19-2008, 06:34 AM
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I think they are having a freelance work . . .
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post #174 of 437 (permalink) Old 03-19-2008, 12:38 PM
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As I said, by end of today we should see if the 400+ points gained on Monday was just another dead cat bounce. So far we have more down than up. Looks like the party is winding down.

Jayshit4brain, do you still think its a rebound?

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post #175 of 437 (permalink) Old 03-19-2008, 12:41 PM
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I have to agree with the Deutsche Bank's CEO call for a Global Financial Watchdog Organization. While we [the US] like to think we are the big dog in the world, globalization and highly intertwined monetary instruments means that any "wild duck" country that wants to play outside the boundary can have extreme impact on the rest of the world. Right now, lack of following established Federal Regulations within the US System is causing world-wide fallout.

In Europe, which has more inflationary fears [partially caused by our weak dollar], they are, as you say looking a lot like the fed of 03/2007, wandering around like everything was OK. The difference is, they see the building wave of derivatives and hedge funds that are started to collapse so they have that solid evidence to look at also. Once those leveraged instruments start falling, inflation will be a parallel issue they have to deal with [as will we].

Good links, by the way. I had not seen the Japanese FED Chair vacancy. I do not envy the next person to take the job.

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post #176 of 437 (permalink) Old 03-19-2008, 12:45 PM
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As I said, by end of today we should see if the 400+ points gained on Monday was just another dead cat bounce. So far we have more down than up. Looks like the party is winding down.

Jayshit4brain, do you still think its a rebound?
It is down 206 as of now. I gotta quit having that screen up all the time. I am getting headaches.

I figured it would be profit taking today so I snuck out just prior to 4:00 yesterday. Did not play today which is good. I stuck up two strawmen to see what they would do and they burned. So no money lost. Even Brazil is taking a 5% hit today [although it is up 20% over the DOW since October]

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post #177 of 437 (permalink) Old 03-19-2008, 01:39 PM
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Jayshit4brain,
It is official. Even the real experts are calling it's a tumble. We still have another an hour and a half to go but things look bleak.

I enjoy telling those blind cheerleaders I TOLD YOU SO!!!!

Market Dispatches - MSN Money

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post #178 of 437 (permalink) Old 03-19-2008, 01:41 PM
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It is down 206 as of now. I gotta quit having that screen up all the time. I am getting headaches.
...
Diagnosis: Cortisol overload caused by reaction to totally benign posts.
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post #179 of 437 (permalink) Old 03-19-2008, 01:51 PM
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Diagnosis: Cortisol overload caused by reaction to totally benign posts.
If I could just stop those who post the benign comments.

Stick a fork it this day, it's done. Only good came from the Visa IPO and it is slipping a bit.

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post #180 of 437 (permalink) Old 03-19-2008, 04:10 PM
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I like Ben and agree w/ him much of the time. He makes a lot of sense...


Now that is odd, considering your hate and disgust for Greenspan. Considering Bernanke iscompared to his handling this meltdown the same way Greenspan did when he took the interest rates down to 1% in the past..................
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