I try not to post on what other bloggers post (who do a better job than me), however, every now and then something pops up that is surprising.
Remember, per Bernanke and Paulson this issue is contained to subprime. Nevermind, Alt-A, Prime, Hedge Funds, European Banks, Money market funds, ....
From the Big Picture:
via the always astute Doug Kass, we must point you to this simply unbelievable document . . . from Sentinel Management Group.
That's right, some Money Markets -- safe as cash, totally liquid -- are halting redemptions.
Note: there is a big difference between Money Market Funds, and "enhanced" Money Market Mutual Funds -- namely, whether or not they are FDIC guaranteed to $100k.
6 comments:
Hey Bakersfield Bubble! Give me your e-mail address, I have something funny for you!
bakersfieldbubble@hotmail.com
LA Times article
http://latimesblogs.latimes.com/laland/2007/08/socal-home-sale.html
Home sales at 54% below peak....
SENT!
There's "safe" and there is "SAFE." THere is no way short of global thermonuclear disruption of global commerece that the face value of the principal will be in any way reduced. It mayt turn out that you get your original money back out years later at the origina; face value. Some protection.
Hey, that's better odds than risking your house burning down when you leave your money under the mattress! Bright side.
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