The International Monetary Fund says there’s no end in sight to the credit crisis gripping world financial markets.
As Australia’s NAB and ANZ have already discovered, the IMF believes banks are in for more pain as mortgage defaults soar and economies slow. The IMF has a particularly gloomy assessment of the US economy, and it came on the same day as the Bush administration revealed America’s budget deficit will climb to a record high of more than half-a-TRILLION dollars.
Speaker: Michael Rowland
Speakers: Jaime Caruana, head of the IMF’s capital markets division; Doug Peta, a market strategist with J and W Seligman; Jim Nussle, White House budget director
Related articles and videos:
– Worried Banks Sharply Reduce Business Loans
– Bush administration projects record ‘09 deficit
– Fannie Mae Unsold $5 Billion Homes Bring Peril to Shareholders
– Senate OKs bill providing mortgage assistance
– National Australia Bank will shock Wall Street
– FDIC takes over 2 more banks, closing 28 branches
– WaMu has $3.33 bln loss, may be cut to “junk”
– U.S. Foreclosures Double as House Prices Decline
– Investors are betting more than $1 trillion on a collapse in stock prices
– Housing bailout bill – another $800 billion gift from the taxpayer to Wall Street
– Ron Paul on the Housing Bill 7/23/08
– FDIC Faces Mortgage Mess After Running Failed Bank
– Government index shows record 4.8 percent decline in US home prices in May from a year ago
– Banks: Plans to Seek Secret Emergency Funding
– Wachovia Has Record $8.9 Billion Loss, Cuts Dividend
– U.S. Financial Breaking Point Soon
– As faith in bank bailouts dims, losses set to deepen
– US: Financial system is a house of cards
– FREDDIE & FANNIE UNCONSTITUTIONAL BAIL OUT USING WHAT?
– The Wall Street Journal Senses Something is Wrong
– US faces global funding crisis, warns Merrill Lynch
– Fed: No more bailouts, except Fannie Mae and Freddie Mac
– Ron Paul on Fox Business News 7/16/08
– Ron Paul vs. Ben Bernanke 7/16/08
– US: $455,000 debt per household
– US: Total Crash of the Entire Financial System Expected, Say Experts
– The Dollar is doomed and the Fed will fail
– More Than 300 US Banks to Fail, Says RBC Capital Markets Analyst
– Are “Dark Pools” Destined to be the Capital Markets’ Next Black Hole?
– Run on banks spells big trouble for US Treasury
– Fannie, Freddie insolvent, Poole tells Bloomberg
– Chinese Government is Top Foreign Holder of Fannie Mae, Freddie Mac Bonds
– Foreclosures Rose 53% in June, Bank Seizures Triple
– Small Banks: Billions in Troubled Construction Loans
– Financial market losses could top 1,600 billion dollars: report
– Dow suffers worst 1st half since ‘70
– Fortis Bank Predicts US Financial Market Meltdown Within Weeks
– Barclays warns of a financial storm as Federal Reserve’s credibility crumbles
– Jim Rogers: Avoid The Dollar At All Costs
– Ron Paul on Iran and Energy June 26, 2008
– Marc Faber: ‘Misleading’ Fed Should Let Banks Fail
– This recession could easily tip into a depression
– Status Report on the Collapse of the U.S. Economy
– 8,500 U.S. banks; many will die soon
Updated Tue Jul 29, 2008
Source: Radio Australia