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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Sun Jan 13, 2008 9:39 am Post subject: Wall Street Eyes Wide Shut to Inflation and Impact of Sovere |
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By: Peter_Schiff
As our economic ship continues to spring leaks, the goldilocks crowd still clings to the false belief that the Fed can easily keep us afloat with a few more rate cuts. This comfort has sustained many upbeat forecasts despite overwhelming evidence of an unfolding economic and monetary catastrophe of historic proportions.
On Monday we learned that Merrill Lynch, having just sold a $4.5 billion stake to the Singapore government, is again passing around the hat, this time wooing the Chinese and Saudi governments for badly needed funds. This of course follows similar moves by U.S. investment houses Citigroup, Morgan Stanley and Bear Stearns. These developments should be disconcerting on many levels, yet most seem unperturbed.
In the first place, the fact that troubled firms need to look abroad for cash provides startling evidence of the extent of the deterioration of America's economic might. The reason we need to seek capital from abroad is that we squander our own on consumption.
http://www.marketoracle.co.uk/Article3262.html |
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