Stocks Fall on Rising Credit Anxiety

[MidnightVoice]

http://www.huffingtonpost.com/huff-wires/20070809/wall-street/

Wall Street fell sharply again Thursday after a French bank said it was freezing three funds that invested in U.S. subprime mortgages because it was unable to properly value their assets. The Dow Jones industrials fell more than 200 points.

The announcement by BNP Paribas raised the specter of a widening impact of U.S. credit market problems. ................

Joseph V. Battipaglia, chief investment officer at Ryan Beck & Co., adding that it offers evidence that "This is a mini-panic," he said. "All the things that had been denied up until this point are unraveling. On top of this, retail sales were mediocre, which shows that indeed, the housing collapse is affecting the consumer."

[Anonymous]

The red lights are flashing all over the U.S. financial control panels. The dollar is plunging. Consumer debt is soaring. Foreclosures are up sharply. And all this is in spite of the Fed pumping who knows how much fiat money into the U.S. banking system (remember they hid M3 last March). Now the Fed and the European central bank injected emergency liquidity well into the tens of billions of dollars into their banking systems.

This is not good...

[Anonymous]

here's another news link

http://articles.moneycentral.msn.com/Investing/Dispatch/070809markets.aspx

[chartley3]

Eventually you will see the Govt offer some type of credit amnesty or change back to the old BK laws. With too many people going into Forclosure due to predatory lending something will be done soon. I did read that BoA was looking into offering fixed mortgages at 6% regardless of credit scores as a way to combat predatory lenders.