Word: crediteers
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Hidden among the verbiage were two parts of the economic forecast which mattered most. One was that almost all indications show credit tightening, "Unless we start seeing a reversal of the widening of a lot of these credit spreads, any equity rally is going to be short-lived," said David Lutz, managing director of institutional trading at Stifel Nicolaus, in an interview with CNBC...
...barely mentioned was the fact that spreads on credit-defaults for U.S. debt have been rising sharply. More and more traders are willing to bet that the American government will not be able to make payments on its rising pool of debt...
...MarketWatch pointed out that the spreads on credit-default swaps for U.S. government debt jumped to 97 basis points Tuesday, nearly seven times higher than a year ago and 60% higher than at the end of last year, to a level roughly in line with those of France, according to data supplied by Markit. Those swaps are gambles that America will renege on its financial obligations. Being on par with France is even more humiliating than if we were compared to Cameroon which had a GDP of only $44 billion last year, less than Bernie Madoff took from his clients...
...hard to imagine, what the market's response means is that the economic crisis is so serious now that it is believed that the United States Treasury may not have the capacity to keep a net under all of the faltering bits and pieces of the financial and credit systems. Traders are sending a message and have decided not to be subtle about it. America is spreading itself too thin. It has taken on obligations to assist many of its largest financial institutions, aid hundreds of thousands of homeowners, create jobs through an economic stimulus package, and give a large...
...clear where the banks are getting their prices. Some of the firms derive the asset values from financial models. Others try to gauge how much a group of subprime mortgage loans might be worth by looking at a price index, called the ABX, of related credit-default swaps...