Weak: October 10, 2008 HP-1195 G-7 Finance Ministers and Central Bank Governors Plan of Action Washington-- The G-7 agrees today that the current situation calls for urgent and exceptional action. We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth. We agree to: 1. Take decisive action and use all available tools to support systemically important financial institutions and prevent their failure. 2. Take all necessary steps to unfreeze credit and money markets and ensure that banks and other financial institutions have broad access to liquidity and funding. 3. Ensure that our banks and other major financial intermediaries, as needed, can raise capital from public as well as private sources, in sufficient amounts to re-establish confidence and permit them to continue lending to households and businesses. 4. Ensure that our respective national deposit insurance and guarantee programs are robust and consistent so that our retail depositors will continue to have confidence in the safety of their deposits. 5. Take action, where appropriate, to restart the secondary markets for mortgages and other securitized assets. Accurate valuation and transparent disclosure of assets and consistent implementation of high quality accounting standards are necessary. The actions should be taken in ways that protect taxpayers and avoid potentially damaging effects on other countries. We will use macroeconomic policy tools as necessary and appropriate. We strongly support the IMF’s critical role in assisting countries affected by this turmoil. We will accelerate full implementation of the Financial Stability Forum recommendations and we are committed to the pressing need for reform of the financial system. We will strengthen further our cooperation and work with others to accomplish this plan.
Basically nothing
saw a flash report that the US will be buying into banks (the BBG tape on the television)… haven’t seen anything since. Anyone else notice that?
tsx11 Wrote: ------------------------------------------------------- > saw a flash report that the US will be buying into > banks (the BBG tape on the television)… haven’t > seen anything since. Anyone else notice that? Yes on CNBC
It’s called socialism. Support weak banks means strong banks can’t prosper… Causing chaos…
I understand all this ‘liquidity’ stuff is real important. heck, i like to party too. but why won’t Jean Claude Van Trichet add me as a friend on facebook?
Why they continue to put Paulson out to the world I don’t know. Well, I guess I do, since he is the TS, but for the love of god, the man couldn’t punch a hole in a wet paper bag with scissors in his hands as it relates to selling anything to do with saving the markets.
equity_analyst Wrote: ------------------------------------------------------- >the man couldn’t punch a hole in a wet paper bag with scissors niiice one
ouch. I don’t think the markets are going to be impressed come Monday…
I think if no action is taken to illustrate to a greater degree what the plan is, the markets tank. But, if they come out and support interbank lending to get LIBOR down, I could see that sparking a rally, even if it is short term. So if that plays out I could see a massive sell-off Monday (with only this news/lack of).
G20 meets tomorrow.
equity_analyst Wrote: ------------------------------------------------------- > G20 meets tomorrow. I thought it was just G7 tomorrow.
strangedays Wrote: ------------------------------------------------------- > tsx11 Wrote: > -------------------------------------------------- > ----- > > saw a flash report that the US will be buying > into > > banks (the BBG tape on the television)… > haven’t > > seen anything since. Anyone else notice that? > > > Yes on CNBC I saw this too. I think it is a good move for the government and banks, but could there be any way they could have done this and made it top secret? ie. provide liquidity to the banks, the banks are set, and then the markets don’t know that they are getting help from the government so the markets are less rattled, or is that breaking laws . . . I don’t know
equity_analyst Wrote: ------------------------------------------------------- > Why they continue to put Paulson out to the world > I don’t know. Especially considering he is a lame duck TS. Chances are the new president won’t keep him.
WASHINGTON, Oct 9 (Reuters) - Officials from the Group of 20 nations and the Financial Stability Forum will meet on Thursday, a Group of Seven source said. The FSF had been scheduled to meet earlier to finalize recommendations to the Group of Seven nations on bolstering jittery markets but postponed that meeting and now plans to meet with representatives of the G20, the source said. The FSF, a group of top central bankers and other financial regulators, is finalizing a report to deliver to the G7 on Friday that the source said would likely take into account the latest global financial turbulence. The report is a follow-up to a lengthy list of recommendations made in the spring on how to strengthen the financial system. The G20, a collection of both advanced and emerging economies, is scheduled to meet at 6 p.m. (2200 GMT) on Saturday, the finance ministry of Brazil – the current G20 chair – said earlier on Thursday. (Reporting by Gavin Jones; Writing by Tim Ahmann; Editing by Andrea Ricci) Keywords: FINANCIAL/G7 STABILITY tf.TFN-Europe_newsdesk@thomson.com
ah so, nothing till Friday…it’s going to be a crappy week on the markets again…