Word: bonding
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...time to get out the champagne quite yet. Instead, you might keep in mind that one characteristic of such a volatile market is that news, good or bad, gets amplified - and that there will be plenty of news to digest the rest of the week. On Tuesday, bond markets in the U.S. will reopen after having been closed for Columbus Day, and investors will get their first real look since the weekend at how much, if at all, credit has thawed. The rest of the week will bring a slew of economic reports - retail sales, consumer prices, housing starts...
Financial panics--short-term, acute market upheavals that often coincide with long-term recessions--were common as the U.S. economy developed. There was the Panic of 1857 (prompted by railroad-bond defaults), the Panic of 1873 (sparked by a stock crash in Vienna) and the Panic of 1907, which started when shaky New York City banks quit lending. We learned a lot from those scares--the U.S. Federal Reserve was created in the wake of the 1907 Panic--and some believed we were too smart to panic again...
Since the Sept. 15 collapse of Lehman Brothers, the $2.6 trillion market for state and city bonds has been virtually frozen - partly because investors are scared to own anything more dangerous than Treasuries, and partly because interest rates that cities must pay to lure buyers have shot up 25% or more. As a result, some $15 billion worth of projects have been temporarily shelved in the past three weeks, according to the consultancy Municipal Market Advisors. Broward County, Fla., pushed back plans to borrow $170 million for new sewer and water lines. Maine held off on a $50 million bond...
...know what it is. I’ve seen some episodes,” Jambaldorj said. Parilo said she felt a bit more prepared because she used to play the Family Feud board game with her family. Members of the team also said they were excited to bond with their other teammates and to represent Harvard in an unconventional setting. And even though their preparation is just beginning, their confidence shows. “We’re going to win for sure,” Parilo said. “We have to win.” The seven...
...Friedman and Schwartz saw it, the Fed could have mitigated the crisis by cutting rates, making loans and buying bonds (so-called open-market operations). Instead, it made a bad situation worse by reducing its credit to the banking system. This forced more and more banks to sell assets in a frantic dash for liquidity, driving down bond prices and making balance sheets look even worse. The next wave of bank failures, between February and August 1931, saw commercial-bank deposits fall by $2.7 billion - 9% of the total. By January 1932, 1,860 banks had failed...