May the force be with us.
Fall of the Republic.http://www.youtube.com/watch?v=VebOTc-7shU
I don't believe what GE is saying for one second. They're tapping the widow because they need it.GE to Use Fed's Commercial Paper Facility Next Week (Update2)
By Rachel Layne and Scott Lanman
Oct. 23 (Bloomberg) -- General Electric Co., the biggest U.S. issuer of commercial paper, plans to use the Federal Reserve's new short-term funding facility when it starts next week.
GE and its General Electric Capital Corp. finance arm registered as users of the Fed's Commercial Paper Funding Facility, spokesman Russell Wilkerson confirmed today in a telephone interview. The company hasn't set an amount that it plans to borrow and will base that decision on customers' need for liquidity, he said.
``This is a way for us to demonstrate our support for what the Fed is doing, which is providing all-around liquidity,'' Wilkerson said. ``There is a role for us and other large issuers to play here in demonstrating that this action is good for the market and very important for the buyers of GE paper as it provides a secondary market.''
The Fed is seeking to stem the credit-market seizure and revive demand for commercial paper, short-term debt that companies use to finance their day-to-day operations, by offering to buy 90-day debt of top-rated companies. The central bank this week also said it would provide as much as $540 billion in loans to money-market funds, the biggest buyers of the debt. Companies cut back their short-term borrowing for the sixth-straight week, the Fed said today, as investors balked at taking on the debt.
``We are encouraged that many issuers have already registered in the program because that provides a signal to investors of greater liquidity support to this key financing market,'' said Andrew Williams, a Fed spokesman in New York.
Read the rest here:http://www.bloomberg.com/apps/news?p...9mI&refer=home
On the day that Buffet injected capital into GE($22/share at the time)for 10% dividend, a few folks here picked up some GE stocks. I wrote that it was a bad idea. GE closed at $18.80 today. Let's see if I'm right 6 months from now.
Fall of the Republic.http://www.youtube.com/watch?v=VebOTc-7shU
Keep me true to my best self, guarding me against dishonesty in purpose. Semper Fidelis
USD/YEN is attacking the lows again, but this time might be for real, as Japan looks to be in panic mode.
Nikkei down 813.
Fall of the Republic.http://www.youtube.com/watch?v=VebOTc-7shU
Black Friday......C R A S H !!!
Well if we lose another 1500 at least we have that Obama tax plan if he's elected. Won't be anyone making over 250K but the retired folks got $63 for Social Security. Enough to buy Milk, Bread & Cat Food !!! Sad times ahead folks.
Last edited by Braveheart; 10-24-2008 at 04:06 AM. Reason: dd
Keep me true to my best self, guarding me against dishonesty in purpose. Semper Fidelis
"All the prophets of Doom, Can always find room, In a world full of worry and fear..." - Protest Song, Monty Python
There is a problem with circuit breakers. For stocks, which could see the same fate, the intent was that the maximum loss on the DOW could be 30%. Problem is that this is not 30% from the previous day's closing, but is calculated quarterly. Today, the DOW could lose 3,350 points before markets are shut down the rest of the day, a 38.5% loss. Other indexes, such as small caps, have been more volatile and I don't believe are subject to separate circuit breakers (correct me if I am wrong), so small caps could lose much more.
Trading, in its simplest form, is the process of capturing the disconnect between perception and reality.
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