In These New Times

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Posts Tagged ‘credit crisis’

Consumers Feel the Next Crisis: It’s Credit Cards

Posted by smeddum on October 30, 2008

October 29, 2008
Consumers Feel the Next Crisis: It’s Credit Cards New York Times

By ERIC DASH
First came the mortgage crisis. Now comes the credit card crisis.

After years of flooding Americans with credit card offers and sky-high credit lines, lenders are sharply curtailing both, just as an eroding economy squeezes consumers.

The pullback is affecting even creditworthy consumers and threatens an already beleaguered banking industry with another wave of heavy losses after an era in which it reaped near record gains from the business of easy credit that it helped create. Read the rest of this entry »

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Credit crisis: Hoping there is hope

Posted by smeddum on October 11, 2008

Hoping There’s Hope
by Doug Noland October 09, 2008 prudentbear.com

For the tumultuous week, the Dow (down 36.3% y-t-d) and S&P500 (down 38.8% y-t-d) sank 18.2%. There was no place to hide. The Morgan Stanley Consumer index dropped 14.5% (down 26.2%) and the Utilities were hit for 20.3% (down 39.2%). The Transports declined 9.4% (down 18.1%), and the Morgan Stanley Cyclical index fell 15.4% (down 41.5%). The small cap Russell 2000 declined 15.6% (down 31.8%), and the S&P400 Mid-Caps dropped 16.9% (down 35.9%). The NASDAQ100 fell 13.7% (down 39.1%), the Morgan Stanley High Tech index 15.9% (down 41.6%), and the Semiconductors 13.6% (down 39.7%). The Street.com Internet Index (down 34.8%) and the NASDAQ Telecommunications index (down 38.3%) each fell 14.8%. The Biotechs dropped 15.8% (down 21.4%). The Broker/Dealers collapsed 25.6% (down 57.7%) and the Banks sank 21.7% (down 40.3%). With Bullion down $13.60, the HUI dropped 7.8% (down 39.4%). Read the rest of this entry »

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Dollar LIBOR jumps to new credit crisis extreme

Posted by smeddum on October 10, 2008

Dollar Libor Jumps to New Credit Crisis Extreme
Interest-Rates / Credit Crisis 2008
Oct 09, 2008 – 02:39 PM
By: Mike_Shedlock Market Oracle
The cost of borrowing in dollars for three months in London soared to the highest level this year as coordinated interest-rate reductions worldwide failed to revive lending among banks for any longer than a day. Read the rest of this entry »

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Credit Crisis Update: Rising LIBOR Hints at Bigger Problems to Come

Posted by smeddum on October 7, 2008

Tuesday, October 7th, 2008

Credit Crisis Update: Rising LIBOR Hints at Bigger Problems to Come
By Keith Fitz-Gerald
Investment Director
Money Morning/The Money Map Report

More than a year ago, even before the subprime-mortgage crisis had revved itself up into the full-fledged credit crisis that’s now threatening global growth, we pointed to the London Interbank Offered Rate (LIBOR) and other interbank rates that suggested that the worst was yet to come. Read the rest of this entry »

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