As if the dollar didn’t need any more downward pressure: Reuters is reporting that New York shops are now accepting Euro’s. This after Dawn Bennett, a couple of days ago on Bloomberg, mentioned talk of dual currencies in the future.
Archive for February 7th, 2008
“Euros Accepted” signs pop up in New York City
Posted in Currency, Euro, News on February 7, 2008| Leave a Comment »
The US is Turning Japanese
Posted in Uncategorized on February 7, 2008| Leave a Comment »
The Financial Times is beginning to see the light. Watch The Financial Times talk about the markets recent activity.
The US is not worried about inflation. It’s worried that it does not have enough tools to stave off deflation.
Kleintop of LPL Expects Stocks to Rally `Fairly Quickly’
Posted in Bull Market, News, Video on February 7, 2008| Leave a Comment »
February 6 (Bloomberg) — Jeffrey Kleintop, who helps manage $237 billion as chief market strategist at LPL Financial Group, talks with Bloomberg’s Brian Sullivan from Boston about the outlook for the U.S. stock market, comparisons between the current environment and the market situation in 1998, and some of Kleintop’s industry picks. (Source: Bloomberg)
Summary:
Kleintop sees a turnaround in the market in as soon as 6 weeks. He compares today’s problems to 1998 when we had LTCM (Long Term Capital Management) blow up and the Asian currency crisis. He says this is a “mid-cycle” slow down. Any thoughts?
Wilbur Ross Speaks out on the Economy
Posted in Analysis, Bear Market, Economy, Video, tagged Bear Market, Economy, Video on February 7, 2008| Leave a Comment »
In a video on Bloomberg labeled under Senator, “Dodd Says Bernanke Committed to Use `Tools Available,” Bloomberg actually features Wilbert Ross Chairman, WL Ross & Company.
Notable Quotes:
Wilbur Ross:
“Half of all new property listings in California are now foreclosures.”
Bloomberg Anchor:
“Wow, that’s scary.”
Wilbur Ross:
“People were using there home as an ATMs but they were really using it as a borrowing type ATM to consolidate debt… but now that’s gone.”
Bloomberg Anchor: “Can Fed Cuts help?”
Wilbur Ross: It helps in lowering borrowing costs for banks and lowering the resetting interest rates on mortgages. It does not help in liquidity. Liquidity is a physiological phenomenon. For years, every lender was lending to everyone. Now, every lender is lending to no one. Even able borrowers.
Monterroza Research 