Thursday, September 25, 2008

Repub Policy Comes Home to Roost

China banks told to halt lending to US banks-SCMP | Markets | Markets News | Reuters
BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.

The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.

"The decree appears to be Beijing's first attempt to erect defences against the deepening U.S. financial meltdown after the mainland's major lenders reported billions of U.S. dollars in exposure to the credit crisis," the SCMP said.
Jobless Claims Vault To 7-Year High - Money News Story - WCVB Boston
WASHINGTON -- New claims for unemployment benefits jumped last week to their highest level in seven years due to the impact of a slowing economy and Hurricanes Ike and Gustav, the Labor Department reported Thursday.

The department said new requests for jobless benefits for the week ending Sept. 20 increased by 32,000 to a seasonally-adjusted 493,000, much higher than analysts' expectations of 445,000.
New home sales fall to 17-year low - Sep. 25, 2008
New home sales fall to 17-year low
Sales pace of new homes lowest since January 1991 as prices hit a four-year low and inventory remains high.
Countdown to a Meltdown
Countdown to a Meltdown

Be kind to one another.


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