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A Whole Lotta Nothing
“But Maybe Nothing Is
Better Than Something”
As expected, the Federal Reserve kept its key interest rate near 0% and claimed it stands ready to take additional steps such as purchasing longer-term Treasury bonds if such a move will help get credit flowing once again.
It seems their logic is that lowering the yield on government bonds will spur other lenders to lower their own yields. Hmmm, isn’t the mantra of cheaper money everywhere sounding familiar? Why, of course it is.
Cheaper money is exactly what helped inspire the crisis in the first place.
With reasoning like this, we’re glad they decided to do…
29Jan2009 | Oxbury Research | 0 comments | ContinuedBy Ignoring the Treasury Secretary’s Advice, Did WaMu Make the Worst Possible Deal for Itself?
U.S. Treasury Secretary Henry M. “Hank” Paulson Jr. warned former Washington Mutual Inc. (OTC: WAMUQ) Chief Executive Officer Kerry Killinger to sell the thrift to JPMorgan Chase & Co. (JPM) two months before WaMu failed, both The Seattle Times and Bloomberg News reported.
According to the published reports, Paulson telephoned Killinger and told him that “you should have sold to JPMorgan Chase in the spring, and you should do so now. Things could get a lot more difficult for you.”
The Times report quoted a WaMu executive who was familiar with the incident, but didn’t disclose the source’s name.
Story continues below…
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Same Old Mistakes, Different Day
The Dow rose 89 points yesterday. Oil rose to $118…and has almost reached $119 this morning. The reason given for oil’s rise is a storm in the Caribbean, named Gustav, which threatens to shut down oil rigs in the Gulf of Mexico.
Gold rose $3.50 – to $831. We may have just had – and may still have – a great opportunity to buy into gold. The yellow metal seems to have bottomed out. Time will tell, of course…
“You never know what will happen or when, but things always happen the same way…”
We were trying to explain the mysteries of market…
29Aug2008 | Daily Reckoning | Comments Off | Continued
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