The worst of the upcoming financial crisis?

[martien007]

That's what DSK - our boss - thinks of the IMF:

The worst of the financial crisis may be ahead, says DSK
Reuters - 21 minutes ago

JEDDAH (Reuters) - The worst of the financial crisis may still be ahead and other big names in finance may soon be in a situation, said Dominique Strauss-Kahn, Managing Director of the International Monetary Fund (IMF) ).

"The roots of the crisis are known, it is the fall in property prices. But the consequences for some financial institutions are still before us. We must expect that in the coming weeks and months there may be other groups in difficult circumstances"he told reporters.

Dominique Strauss-Kahn, who was coming out of a meeting with the finance ministers and bankers of the Gulf countries, spoke a few hours after the rescue of AIG by the US Federal Reserve and two days after the bankruptcy of Lehman Brothers.

The Managing Director of the IMF confirmed the forecast of the institution saying that the financial crisis would cost 1.000 billion.

However, he said the world economy is showing signs of resistance, adding that it should rebound next year.

Daliah Merzaban and Souhail Karam, French version Benoit Van Overstraeten

[vassago076]

Well, I was telling my colleague yesterday that I had the impression that the worst was yet to come and when I went home my wife told me that American banks were breaking the hoe ....
I feel bad all that!

to be continued

[Christophe]

The worst of the financial crisis may be ahead, says DSK

Maybe = it does not get wet ...
He thinks he's Nostradamus?

[martien007]

The worst of the financial crisis may be ahead, says DSK

Maybe = it does not get wet ...
He thinks he's Nostradamus?

Yeah, actually, he does not care; he has a HUGE salary and he will not lose it despite the crisis. I noted it somewhere, that of Sarko, it's a small SMIC beside.

[Christophe]

I know he wins more than sarko ...

These guys are in a shady system and they will do anything to keep it even shaky ... well it's especially their privileges they want to keep!

[I Citro]

I know he wins more than sarko ...

These guys are in a shady system and they will do anything to keep it even shaky ... well it's especially their privileges they want to keep!

Ben, it's Sarko who boosted him to go to the IMF ...
I do not think he did that to get rid of DSK, but rather to get a lift back ...

For information, the salary of DSK at the IMF is 80 000 € / month...
The candidates were jostling each other ...

Indeed, DSK does not get wet, is the worst is to come, if at least it could eliminate the vermin that is the cause ...

[Christophe]

But we get bogged down with his salary, we tell you ... he or another is the same ... Now since you're talking about cash: by earning 80 000 € per month I just hope he has 200m² PV panels at his home and a 0 house We can dream huh?

We the "poor" must invest a significant% of our income for the planet but they don't, they are above all that ...

[Lietseu]

But we get bogged down with his salary, we tell you ... he or another is the same ... Now since you're talking about cash: by earning 80 000 € per month I just hope he has 200m² PV panels at his home and a 0 house We can dream huh?

We the "poor" must invest a significant% of our income for the planet but they don't, they are above all that ...

Well, thankfully you put poor quotation marks, what would the Indians think on both sides of the planet To name only them of course ...

The question that should be asked is: "How can we admit that a person earns every month, 8 X the annual salary of a type of European middle class, low level?"

I had the misfortune to frequent them, they are GRAY, their only concerns, it is the silver, they speak of it from the evening to the morning ...

So things have to change, because they are intolerable, for normal human beings, who care about the neighbor and the planet .....

With greetings from Lietseu

[martien007]

it does not work out, despite what US leaders tell us:

AFP the 26 / 09 / 2008 15h08

The financial crisis is showing signs of aggravation


The financial crisis gave further signs of worsening on Friday with the overnight closure of US bank Washington Mutual while concern grew in the markets for lack of progress on the US bailout.

Another sign of tension, several large central banks simultaneously announced Friday morning new measures to exchange them more easily between them in order to feed their respective banking systems.

Washington Mutual, which we knew in difficulty, was closed Thursday evening by the American authorities who decided to buy part of its activities by JP Morgan Chase. "WaMu", based in Seattle (West), was the sixth largest US bank by assets. It has been particularly affected by the crisis in the housing sector.

After Asia, European stock markets rise again
read more The financial markets continue to live at the pace of negotiations on the bank rescue plan in discussion between the US government and the Democratic majority of Congress. While an agreement seemed close Thursday in the day, the pessimism was in the evening in Washington. As a result, stock markets, which had risen sharply the day before, continued to fall Friday morning in Asia and Europe.

London, which had jumped 1,99% the day before, lost 1,07% Friday. In the same way, the Paris CAC-40 fell by 1% after a spectacular rise of 2,73% on Thursday. In Tokyo, the Nikkei closed Friday down 0,94%. US markets had not had time to react to the stalemate in Washington's political negotiations. The Dow Jones index ended Thursday on a sharp rise of 1,82%.

The chairman of the Senate Banking Committee, Democrat Christopher Dodd, however announced Thursday that the two parties in Congress had reached "a fundamental agreement on a series of principles". But nothing concrete has been announced.

"I think we will eventually get a deal but there is still work to be done," Democratic presidential candidate Barack Obama said. He was speaking after an exceptional meeting at the White House with President George W. Bush and Republican candidate John McCain. This meeting did not give the expected results.

Brandishing the risks of a generalized crisis, the Republicans are pushing to adopt in the state plan Treasury Secretary Henry Paulson which aims to relieve the banks of their worst debts with the help of public money. Democrats want to accompany it with measures to help households.

Friday morning, the American Federal Reserve, the European Central Bank and their British and Swiss counterparts announced an extension of their exceptional agreements, known as "swap", put in place to deal with the crisis.

Several billions of additional dollars can circulate to relieve banks that do not find the funds needed to close their accounts every day.

In the interbank market, rates have indeed increased sharply for several days, reflecting widespread concern and making money more expensive for banks.

In Europe, attention was focused on the belgian-Dutch Fortis banking and insurance group, which had been the subject of rumors for several days and whose price fell sharply. The group was scheduled to hold a late morning news conference.

On Thursday evening, French President Nicolas Sarkozy called for "an overhaul of the entire global financial and monetary system, as was done in Bretton-Woods after World War II" and spoke in favor of stronger regulation of the banking sector.

It's soon for Europe? it starts with the Fortis bank, the others should follow.

[Jumpy]

The worse is yet to come
here is an approach to estimate what we have left to type

The USA has been living on credit for decades
on the back of the rest of the world.
real estate prices are pharamacous
100 winner / month every US citizen has spent 110 in his lifestyle, his 4x4, his housing.
except that no one wants to lend to a currency that draws the billboard and whose economy, especially real estate breaks the G.

There is not only a bursting of the financial real estate bubble, but coming credit card bubbles, other unpaid loans from those who lose their jobs because of the economic crisis and so on.

In short, 1000 billions of dollars will be exceeded
it is only a tiny part of that the US has borrowed these 20 last years (counting a few hundreds of billions of dollars / year on 20 years minimum)

As they are not going to pay or then in monkey money, ben the lenders, Asian, European etc. will be out of their pockets. These lenders have themselves borrowed from their populations and here we begin to understand the words of Sarko yesterday in Toulon: we will protect and so on. Because certainly, our banks Fr did not lend in subprime to the French, but how many have they engaged with other US or UK banks or even Belgian who they got their hands in mixing them with junk bonds?

not too much, but is the cursor on the right side of the limit? the agricultural credit of our home is almost 10 billion euros And it must have already made 2 increased capital not to sink
To be continued ...