"Increasing Panic", London Times

[boont]

You have to go to the foreign press to get the news about our economy. Very hard to get any information here at all. All anyone says is that, "It's an excellent time to buy equities".

If you read either the London Times or the Middle Eastern Press you find that, "There is an economic crisis in the United States."

Never know that from all the happy talk I'm hearing Stateside. What bad news that there is reported here, is from outfits that have lost all credibility, years ago.


"The US Government took dramatic steps to prop up America’s financial system last night, announcing that it was prepared to pump billions into the country’s mortgage system in a desperate measure to prevent the economy going into a tailspin.

In a late night announcement designed to calm increasing panic on Wall Street ahead of today’s market opening, the US Treasury Department and the Federal Reserve issued a joint statement in which they pledged to spend billions of dollars of taxpayers’ money to bail out the two American mortgage giants that collectively underpin the entire housing market "if needed".

Furthermore, the Fed announced that it would offer cheap financing to the giants Freddie Mac and Fannie Mae through its so-called discount window, while Henry Paulson, the US Treasury Secretary, said he would propose to Congress that both groups be given a temporary increase in the value of government credit lines, which presently stand at $2.25 billion each. The two groups together account for more than half of America’s $12,000 billion of outstanding mortgages."

The Times 7-14-08

[Notmuchlonger]

Well then. Do what the Middle East times and The European times tells you what to do.

Such an absurd post.

[Midpack]

Quote:

Originally Posted by Notmuchlonger Such an absurd post.

My thought exactly. I can't for the life of me figure out why people post this unfounded hyperbole, the Middle Eastern Press - now there's an unbiased source. There is nothing in the London Times article that you could not read here - not sure where you're hearing 'happy talk,' I've sure missed it all.

For anyone who thinks it's the end of civilization as we know it, that's your prerogative. I hope you'll post what you're doing about it or what you're recommending --- otherwise what exactly are you hoping to accomplish?

Things are bad, we all get that...

[Lusitan]

I don't see what's absurd about the post ... it's good to hear what foreign news sources are reporting about the U.S. economy; especially given that our economy is dependent on foreigners propping up our currency ...

edited to add: I don't give the "Middle Eastern Press" much credit, but the London Times is in a different category IMO

[Notmuchlonger]

Quote:

Originally Posted by Lusitan I don't see what's absurd about the post ... it's good to hear what foreign news sources are reporting about the U.S. economy; especially given that our economy is dependent on foreigners propping up our currency ... edited to add: I don't give the "Middle Eastern Press" much credit, but the London Times is in a different category IMO

Thats what it took to make the absurd level. Anytime someone quotes Middle Eastern press to me

Slice and dice how you like

[newporttony]

Quote:

Originally Posted by boont You have to go to the foreign press to get the news about our economy. Very hard to get any information here at all. All anyone says is that, "It's an excellent time to buy equities". If you read either the London Times or the Middle Eastern Press you find that, "There is an economic crisis in the United States." Never know that from all the happy talk I'm hearing Stateside. What bad news that there is reported here, is from outfits that have lost all credibility, years ago. "The US Government took dramatic steps to prop up America’s financial system last night, announcing that it was prepared to pump billions into the country’s mortgage system in a desperate measure to prevent the economy going into a tailspin. In a late night announcement designed to calm increasing panic on Wall Street ahead of today’s market opening, the US Treasury Department and the Federal Reserve issued a joint statement in which they pledged to spend billions of dollars of taxpayers’ money to bail out the two American mortgage giants that collectively underpin the entire housing market "if needed". Furthermore, the Fed announced that it would offer cheap financing to the giants Freddie Mac and Fannie Mae through its so-called discount window, while Henry Paulson, the US Treasury Secretary, said he would propose to Congress that both groups be given a temporary increase in the value of government credit lines, which presently stand at $2.25 billion each. The two groups together account for more than half of America’s $12,000 billion of outstanding mortgages." The Times 7-14-08

Absolutely--we need to take economics lessons from the Europeans since they've created such great capitalist systems. BTW, the $ US and US equity futures are up sharply on the news of the "Increasing Panic".

[Martha]

Kind of interesting to watch this exchange. It is fine for our people in our own country to say negative things about us, but the foreign press? No siree baby.

Carry on.

[newporttony]

Quote:

Originally Posted by Martha Kind of interesting to watch this exchange. It is fine for our people in our own country to say negative things about us, but the foreign press? No siree baby. Carry on.

My wife's family is from Paris. I've spent the past 15 years defending our country. It's getting tiring.

[Notmuchlonger]

Quote:

Originally Posted by Martha Kind of interesting to watch this exchange. It is fine for our people in our own country to say negative things about us, but the foreign press? No siree baby. Carry on.

So you got that within 5/6/7posts. You are really good and open minded to make such a judgment.

OH carry on

[newporttony]

Quote:

Originally Posted by newporttony My wife's family is from Paris. I've spent the past 15 years defending our country. It's getting tiring.

Also, I consider the NY Times to be part of the foreign press.

[eridanus]

Quote:

Originally Posted by newporttony Also, I consider the NY Times to be part of the foreign press.

Ok, this thread has jumped the shark.

[cute fuzzy bunny]

Quote:

Originally Posted by newporttony My wife's family is from Paris. I've spent the past 15 years defending our country. It's getting tiring.

Just make a loud booming noise and watch them throw up their hands in surrender.

[BunsGettingFirm]

Quote:

Originally Posted by newporttony Also, I consider the NY Times to be part of the foreign press.

I consider Fox New to be alien press. Is this post in The Soap Box yet?

[cyclone6]

Can't anyone else see a trend here?

Yep -everything is fine...

The second Sunday announcement from the Fed/Treasury in 5 months (when was the last time you remember any Sunday announcements before this year?)..

Bear Stears imploded.

IndyMac imploded.

Fannie and Freddy on the ropes.

Lehman on the brink.

Interest rates already cut by 3.25%. 2% left.

Yet, with all these actions to prevent equity meltdown (which was admitted to by the FED in their hearings before congress), the stock market is still lower than when the actions were taken...despite the few furious rallys that occurred immediately following the actions.

Seems to me they are thrashing around, trying to find anything to stop the bleeding. And each attempt is ultimately followed by failure.

Could it be that they don't really know what to do? That events are spiraling out of not only their control, but possibly their ability to understand what is happening?

[BunsGettingFirm]

We had a hell of a party. Now is the hang over. No amount of fogged mirror self congratulation about how we're able to have a hard night of party and still look like princes is going to change the fact that others can see our shallow cheeks and the blood-shot eyes. I don't think we're going to drop dead, but a few nights of early sleep and a few meals of V8 and OJ wouldn't hurt.

[mb]

I don't get either the point of the OP or the criticism of the London Times (not Middle Eastern if I read correctly) article.

First, right or wrong, the Times article isn't that different from much of what I have been reading from the US press.

Second, as far as I tell it is factual and although there are a couple phrases, e.g. "increasing panic" that certainly gives it a negative spin it mimics the opinions of many in the US.

Seems to me that after being the world's dominant power for the last 60 years we should be sophisticated enough to be a little more analytical and a little less reactionary about what the world thinks of us.

MB

[haha]

Many posters here are polarizing-"people always say" or "nobody ever does". This really doesn't make sense. It is quite rare that always or never can accurately be used in statements about social or economic phenomena.

Also it is hard to admit, but the best informed among us are often ignorant of even the most important issues affecting some event.

I freely admit that about many things the best I can say is either -"I don't have enough information to form an opinion-(and often could not get the information anyway); or, "I really don't have the technical knowledge to deeply understand this issue." Given this, I understand that what I can know is limited, and so if I have strong opinions on one of these topics these opinions almost have to be based on emotion.

Ha

[ladelfina]

Haha.. that is too zen for a type-A audience.
[I'm thinking "noodles and a mat" right now.. like our new member's Laotian husband.]

Mmmmm... noooodles.

[boont]

"US equity futures are up sharply on the news of the 'Increasing Panic'." newporttony

"Japanese shares edged lower in the afternoon session, giving up earlier gains, while Australian and Singaporean stocks also declined in thin trading volumes as investors
remained cautious."

"The longer the present situation is left to drift, the greater the risk it ricochets into Asia in the sense that Asia is a massive holder of Fannie and Freddie bonds, which have been sold since the late 1990s as higher-yielding U.S. Treasury bonds," Wood wrote.

[FinanceDude]

Quote:

Originally Posted by Notmuchlonger Well then. Do what the Middle East times and The European times tells you what to do. Such an absurd post.

The Brits are still mad we are a sovereign nation, and the Middle East hates our guts..........so this is an "unbiased" opinion...........