Monday I expect to see the market plummet.
U.S. stocks plunged for a third day, the dollar sank to the weakest level ever against the euro and to a 12-year low versus the yen and gold surged to a record $1,009 an ounce. Crude oil for April delivery fell after touching $111 a barrel yesterday, the highest since trading began in 1983. As mentioned earlier.....inflation, inflation, inflation.
JPMorgan Chase and the New York Fed agreed to provide funding to Bear Stearns as the securities firm said its cash position has ``significantly deteriorated.'' Bear said it was in talks with New York-based JPMorgan Chase ``regarding permanent funding or other alternatives.'' The Fed agreed to provide financing through JPMorgan for up to 28 days. A collapse of Bear Stearns would be the biggest failure of a U.S. financial institution since the insolvency of Continental Illinois National Bank and Trust Co. in 1984. LET EM GO! get a correction in here and lets end this pain.
Falling property values has made it difficult for homeowners to refinance even as Fed policy makers slashed the target rate for overnight bank lending by 2.25 percentage points since September to stimulate economic growth and bank lending. Expect the criteria for underwriting to be severe. Bye bye to stated loans.
