- Treasury melting down with commercial paper debacle
- Fed has another bigger reason to cut rates - save the commercial market place
- Bear Stearns & Lehman 10yr bonds trade at discount level to Colombia
- Explosion in credit spreads on Wall Street may take a heavier toll on profit next year, when the 5 firms have almost $133B in bonds maturing
- Wealth was created in a couple of years, unraveled very quickly...about 6 months.
- Bank's in Europe need to refinance almost $140B of commercial paper by September 17th.
- Rates have rose from 5.48 to 6.33 in last 30 days.
- BOA estimates about 59% of the $230B of asset-backed paper in Europe comes due this month.
- Bank's that have bloated balance sheets will not be good news for the overall market liquidity
- Neg -4000 employment report serves as the signature economies statistic for financial markets, setting the tone for a host of other reports:
- Psychological Impact - Working folks hear the news of job losses and start to worry about their own.
- 1st monthly loss in four years
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