"BANKERS and investors might not agree, but the recent sell-off in financial markets is good news. It may, at last, have brought people to their senses." – The Economist (Cover Story)
"Buoyant global growth and the pick-up seen in Canada underpin our optimism on the equity outlook … But unfortunately, over the last month investors have been throwing out babies with the U.S. mortgage bathwater." – CIBC Economist
"I think it’s a healthy correction. We’ve seen excess in terms of leverage and there was not enough premium for the risk structures." – top executive of Bear Stearns
"All market participants were in agreement that it would make sense to find a cooperative solution to cover all of IKB’s risks" – German regulator … no happy-talk associated with this story.
"Massive redemptions at either Raptor or Caxton are seen as unlikely because they are well established and have strong records of returns over decades." – CNBC
"The bank doesn’t have underwriting positions, in relation to credit positions, that are acting as a strain on our balance sheet … So we are confident that the losses here can be contained, and what are largely unrealised losses will not be materialised to anywhere near that level." – Macquarie’s Lucas (Australia)
"At this stage, the economic fundamentals are really unchanged … We haven’t seen an effect yet on the broader real economy, but we’re looking very, very carefully at that" – Fed’s Kroszner
This [1] was a gimme.
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Notes and References
[1]: "R.E.M. – The End of the World As We Know It (And I Feel Fine)", video with Final Fantasy clips, posted by Josh Armstrong, YouTube, August 6, 2006. [don't miss the exploding bubble at 3:47 -- end minus 13 seconds; Alice M introduced me to REM many years ago ... Thanks hon!]
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Our sys admin was singing along with the video- he’s a big fan too.