| Another bailout — this time for us all
Two weeks ago, it was a $200 billion cash-for-bond swap for the banks. Last week, it was a $200 billion bond-for-bond swap for the big investment houses. If they keep this up, pretty soon you'll be able to walk into any Federal Reserve bank and hock that diamond brooch you inherited from Aunt Mildred. Forget all that nonsense about the Bernanke Fed being too timid or behind the curve. In the face of what is turning into the most serious financial market crisis since the Great Depression, the Fed has been more aggressive and more creative in using its limitless balance sheet — in effect, its ability to print money — than at any time in history. We can argue until the cows come home about whether this is a bailout for Wall Street. It is, but only to the extent that it also is a bailout for all of us, meant to prevent a financial and economic meltdown that drags everyone down with it.
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(AFX UK Focus) 2008-03-26 17:13 GMT: Madrid shares close lower amid profit-taking in heavyweights; Inditex up UPDATE
(Updates with full report) MADRID (Thomson Financial) - Shares prices closed lower amid profit-taking in heavyweights, including Telefonica and BBVA, while Inditex was higher ahead of full-year results Monday. The IBEX-35 index ended down 31.20 points at 13,403.00, after trading in the 13,299-13,426 band. Equities opened lower after a mixed overnight close on Wall Street and losses in Tokyo, and remained in the red over the morning as investors locked in profits amid a lack of fresh leads before further key US housing data this afternoon. The IBEX-35 index continued to trade in negative territory and in the same tight band throughout the afternoon as disappointing macro data in the US, coupled with profit-taking after two sessions of sharp gains, fuelled a negative start on Wall Street.
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