Larry Kudlow of CNBC Reporting of Emergency Federal Reserve Meeting Tonight

CNBC television | 7/23/2002 | Larry Kudlow

[rumrunner]

Larry Kudlow mentioned that the Federal Reserve may be meeting tonight to discuss the exposure of Citibank and JP Morgan Chase to derivatives and the stock market collapse.

Possible that both banks have billions of derivatives that need to be unwound. Would collapse the banking industry.

[#3Fan]

No one knows what the bank's derivative risks are other than that they have $23.4 trillion in derivatives against equity of around $40 billion

$23.4 trillion. Uh oh.

[monkeyshine]

you're gonna be rich.

[DeaconBenjamin]

Make that eine milliarde.

[justshe]

ROFL...........The Big Unit? I have always thought of him as The Nasty Crooked Squirt!

[aristeides]

Why can't the House run a hearing?

[demkicker]

"Yeah, "dream" is right! Rubin and Clinton will be fingered for ruining our financial system right after the American media and university academics issue a joint apology to the late Joe McCarthy for ever having doubted his assertions that the federal government was full of Soviet spies!"

Like you, my hopes have been dashed too many times to count on a Clinton or anyone they're connected with being brought to justice. Call me cynical, but unless God provides a miracle, I just don't see it happening.

Unless I'm greatly underestimating Bush & Co, the blood in the water is theirs. I'd love to be wrong.

[#3Fan]

Looks like Clinton was successful in his destruction of America if 23 trillion gets wiped of the books. He'll be the great socialist hero of the rest of the world, able to bring the last capitalistic country (America) down in just 8 years.

[plain talk]

because they'd have to know that these were not only shady, but also that Enron had no real way to pay them back.

how's that? When the loans were made Enron was on top of the world. Sounds like just usual gamesmanship with accounting. Rules are just games to be played with - that's what Clinton taught us, right?

[justshe]

Oh, puhleeeeze! Like a previous poster stated, unless they can move Bush and Cheney from being oil men to bankers, this dog don't fight.

[aristeides]

If I were Terry McAuliffe or James Carville I might want to leave this country post haste and head to someplace that doesn't have extradition laws with the USA.

As we just learned (in connection with that Saudi UN official accused of rape on Marco Island,) Saudi Arabia does not have an extradition treaty with the U.S. I wonder how they would like living there.

[Mo1]

I want Rubin in jail too. I'm just not going to hold my breath :)

Oh I understand

But this time A LOT of folks lost A LOT of money .. and A LOT of these folks are Seniors and Baby Boomers

The Dems can run and hide .. but they CAN'T run and hide forever .. A LOT of folks are PO'ed

[Mo1]

Like a previous poster stated, unless they can move Bush and Cheney from being oil men to bankers, this dog don't fight.

The Liberal Press are calling it Big Business now

[Ernest_at_the_Beach]

Whoomps, and Cheney is in a submarine off the Florida coast!

[Endeavor]

Aw come on, you want me to believe these banks didn't know that Enron was smoke and mirrors when they made these loans? If that's true, then these bankers were even bigger liabilities to their companies than I imagined.

[2sheep]

>People who did not convert their savings into tangible assets (or Sachwerte) lost them. Pensions became worthless, the middle class was by and large reduced to poverty. Many starved to death.

And what today is considered a tangible assets?

Anyone?  Please don't say "pitchforks."  I've considered that and figure rope might be more in demand when the victims of this swindle find out who has done this to them.  .  .  .  . Oh, but they have tanks which seem ready to roll right down below the Bible Belt!

But Officer, I Didn't Do Anything! ~ see 38

Alabama Activates Tank Unit

[ElisabethInCincy]

Can someone explain in kindergarten language for me what this means if true ? Please hahaha :) Thnx

[aristeides]

In hyperinflationary Germany, the people who made out best were those who had foreign currency, like dollars.

[wingnuts'nbolts]

That's all the reply your post deserved.

[Political Junkie Too]

BTW, this is pure tinfoil hat stuff, but if this secret Fed meeting is true, the thought occurs to me, did Cheney go aboard that submarine off Fla in order to have a top secret meeting that would be impossible to electronically overhear, or wiretap?

Click! [another piece of the puzzle falls into place]

-PJ