First US bank goes belly up and many more to follow - Dutch financial group jumps in to play the end game in financial meltdown
Sam Adelton
Sep. 29, 2007

The first US bank, NetBank, which filed for bankruptcy protection is being taken over by the Dutch financial group ING Direct.

NetBank, an online lender with $2.5bn (£1.2bn) in assets that was shut down on Friday by the US government following losses on subprime mortgages and other loans.

US mortgage crisis has destabilized banks around the world, including Northern Rock in the UK. The mortgage crisis is much deeper than any one can think about. It is ready to depress the world economies.

The first effects on the consumer were very clear last week. One way out of this crisis is to for the Western powers including US to print money. But gold the inflation indicator is says if that happens the inflation will go through the roof and dollar will fall freely with bottom in sight.

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The approach the central banks in Europe and America are taking to fight the financial meltdown is alarming. They plan to print truck loads of currency and just help the banks and financial institutions avoid becoming the casualty.
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First US bank goes belly up and many more to follow - Dutch financial group jumps in to play the end game in financial meltdown
Sam Adelton
US mortgage crisis has destabilized banks around the world, including Northern Rock in the UK. The mortgage crisis is much deeper than any one can think about. It is ready to depress the world economies.
READ MORE>>

The extent to subprime meltdown is beyond imagination – Canadian mining firms holding subprime investments now has no money for its day to day operation
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Investors fled Canada's asset-backed commercial paper, paralyzing the C$40 billion market for debt that carried the highest credit ratings, after losses from home loans to people with poor credit histories roiled global credit markets.
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The Euro Zone economy is in trouble. The stagflation in Europe is fast changing to deflation.
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United Auto Workers union negotiating hard with GM on job security - will Rick Wagoner blink?
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It is a deal or die situation for GM. The company needs to cut cost, be flexible in capacity and above all manage retiree health insurance costs. But the union is negotiating hard. Will Rick Wagoner blink?
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Bond market ready for explosive move- Fed will cut rate faster than in 2001-2202
Sam Adelton
The shift of funds from stocks to bonds is related to market fundamentals and demographics. The shift is structural and hence is long term.
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