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116 comments on The Finance Round-Up: November 16th 2007
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116 comments on The Finance Round-Up: November 16th 2007
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Regarding the credibility at Fitch article, I think that the management teams referred to in the original Bloomberg article linked by Mish are those at the various bond insurers, not that of Fitch itself. IOW, Mish misinterpreted this to mean that Fitch would bend over for the insurers, whereas Fitch was saying that they expected the insurers would take prudent steps to prevent downgrades.
Not that that's really possible at this point...
Head on into the liquidity trap.
From the top dogs, 2T out of the credit markets
http://www.bloomberg.com/apps/news?pid=20601087&sid=aXHulkIznCr0&refer=home
If however you read the details, they are really saying 4T and are referencing it to US assets in the text.
Maybe the mother of all "corralitos".
http://en.wikipedia.org/wiki/Corralito
Except in the US where people are not liquid it's going to be more like a slaughtering chute then a corral.
However, Fitch will be under enormous pressure, because of the likely collateral damage, not to downgrade and may take an over optimistic view where possible.