Washblog

In Case You're Not Paying Attention [Update 1]

You can read this article from Bloomberg:

Money-Market Rates Double Amid Global Credit Seizure

But you really only need this quote:

``I have never seen anything remotely like this. The money market was typically the one thing that always worked,'' said Luca Jellinek, head of interest-rate strategy in London at Royal Bank of Scotland Group Plc. ``It's the cardiovascular system of the financial body. When this happens, it's like a heart attack.''

But why should this be happening?

Here ya go.

We live in interesting times.

Update [2008-9-17 17:16:9 by dlaw]: Here's a headline you don't see every day:Treasury 3-Month Bill Rates Drop to Lowest Since World War II

U.S. Treasury three-month bill rates dropped to the lowest since World War II as a loss of confidence in credit markets worldwide prompted investors to abandon higher-yielding assets for the safety of the shortest- term government securities. Investors pushed down the rate to 0.0203 percent on concern that credit market losses will widen after the bankruptcy of Lehman Brothers Holdings Inc. and the federal takeover of American International Group Inc. In a sign of banks' reluctance to lend, the rates charged for short-term loans relative to U.S. bill rates rose to the highest on record.
http://financialroadtosocialism.blogspot.com/
< The Shotgun Blast Heard 'Round The World [Update 2]

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US government has allowed AIG to do whatever it wants -- we have no idea what it's been up to, who it's insuring, etc.

but if it collapses the whole western economy collapses --

basically, that's what Cramer's saying....

figures.

by noemie maxwell on Wed Sep 17, 2008 at 07:37:29 AM PST

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