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Headlines : CorporationsBanks face "systemic margin call," $325 billion hit: JPM
As the collapse of modern globalized capitalism gains momentum the smart money is beginning to realize that the smarter money has already left the building. And not only did they leave the building but they lit it on fire and barred the door. With no liquidity to meet margin calls one over-leveraged fund after another is going to topple, wiping out hundreds of billions of “wealth”. The end of the age of U.S. hegemony is upon us.
[Posted By epimethean]Republished from Reuters
Wall Street banks are facing a “systemic margin call” that may deplete banks of $325 billion of capital due to deteriorating subprime U.S. mortgages, JPMorgan Chase & Co., said in a report late on Friday.
JPMorgan, which sent a default notice to Thornburg Mortgage Inc. after the lender missed a $28 million margin call, said more default notices and margin calls were likely. The Carlyle Group’s mortgage fund also failed to meet $37 million in margin calls this week.
“A systemic credit crunch is underway, driven primarily by bank writedowns for subprime mortgages,” according to the report co-authored by analyst Christopher Flanagan. “We would characterize this situation as a systemic margin call….
Posted by epimethean
I've been reluctant to post anything of consequence to a site I am sure is being watched by the TPTB, but I finally decided they already have my number if they want to reach me, so here it is! I am an amatuer at almost anything that interests me. (see...
The end of the age of U.S. hegemony is upon us.
Optimistic!
I do not think these ephemera will effect domination
because someone else will have to dominate, sadly, and the question is, who will that be?
Remember, money is a tool of control… ask who is controling what with these money problems… you think China is doing well with the U.S. econ faltering? They have lost %30 of the value of their dollar holdings and still they are exposed to over a trillion dollars denominated securities… you will see tin pot economies suffering from a globalized collapse much more than the developed econs…
Whiles waiting for John McCain at the white house President Bush performs a tap dance and jokes with the press corps.
you will see tin pot economies suffering from a globalized collapse much more than the developed econs...
“New” money never holds up as well as “old” money in an economic recession or collapse, domestically or internationally.
Nothing is more difficult to prevail against than entrenched power.
It’s the stabilizing effect it has on a society in spite of the injustices involved in maintaining it.
Sometimes no Piece