Stocks open sharply higher after joint action by central banks eases banks’ access to dollars

By Associated Press, Updated: Wednesday, November 30, 8:47 AM

Stocks are soaring in early trading after major central banks acted to avert a credit crunch.The central banks of Europe, the U.S., Britain, Canada, Japan and Switzerland eased banks’ access to dollars by reducing their borrowing rates. The move responds to fears that a European country would default, touching off a credit crunch similar to what followed the 2008 collapse of Lehman Brothers.

Banks need dollars to fund their daily operations. Their access dried up as U.S. money market funds reduced their lending to European banks.

The Dow Jones industrial average is up 319, or 2.8 percent, at 11,874 in early trading Wednesday. The S&P 500 is up 32, or 2.7 percent, at 1,227. The Nasdaq is up 70, or 2.8 percent, at 2,586.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

Has anything changed?

by Stewart Topping
During the last 3 years we have had change. But the wrong kind of change!  More unemployedhigher prices with food,clothing, Insurance and Gas. It is very difficult to save anymore, most are just getting by.EPA …. Has gone over board with regulating Power companies which will cost us more for our electric power. I hear they are going to regulate dust.

Board of Labor Relations …. Tell Companies they can not relocate because the new State has a right to work law. This is protection of labor Unions.
  • Businesses … More regulations, more taxes, more requirements for health care. Very difficult to hire new people.
  • Unemployment …. Nationally 9.7%, but unemployed is actually 16.6%
  • Taxes … You know the rich and the middle class will pay more.
Housing 
  1. 20% of mortgages are underwater (homeowners owe more than the value of their home).
  2. Banks own 500,000 houses and are in the process of foreclosing on 4 million more.
  3. Homeowner’s equity as a share of home values is now 38.6%, down from 59.7% in 2005.

Politicians just don’t tell the truth anymore, they tell you what they think you want to hear. It is hard to know what the real problems are in our country with all the lies and cover up’s. But We should recycle the legislators in the house and senate with people that will put the American people first.  I would leave the Tea Party legislators that were elected in the last election, they have done well but they need a Senate and White House that would help them get things done.  Here is an article that says that even the liberal Media and the Congressional Black Caucus are turning on President Obama.  He may not have any friends left.

FBI Looking Into MF Global

Bankruptcy may be the least of MF Global’s problems: the FBI is one of several federal agencies investigating the bankrupt brokerage firm run by former New Jersey governor Jon Corzine. According to The New York Times, there is no indication yet that any criminal laws were broken. But $600 million in customer money has yet to surface. The Commodity Futures Trading Commission and the SEC are investigating whether MF Global used customer funds to support its own trades to prop up the company in its final days. MF Global’s lawyers say that there is no shortfall.
Read it at The New York TimesNovember 2, 2011 6:24 AM

Bloomberg: Banks Didn’t Cause Crisis

Maybe New York City Mayor Michael Bloomberg is trying to get the goat of Occupy Wall Street protesters. He said on Tuesday that big banks are not to blame for the financial crisis. “It was not the banks that created the mortgage crisis,” Bloomberg said Tuesday. “It was, plain and simple, Congress who forced everybody to go and give mortgages to people who were on the cusp.” He said, “We want to go vilify the banks because it’s one target, it’s easy to blame them, and Congress certainly isn’t going to blame themselves.”

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