主题：Credit Crunch -- 修竹

那些政府官員。他們是Pay to Lie。他們永遠只講好消息。

多留意市場及找些有良好記錄的評論員。那比較會知多些。另外的是外國評論。例如歐洲或亞洲評論北美或反是的文章。他們比較不受影響。

在北美，甚多主流傳媒，尤其是那些梅鐸擁有的新聞機構，我一向都不甚相信。相信梅鐸的新聞，好易中招。

這次次按危機，絕不簡單。現在已擴至了Alt-A。

這數天來，無論歐洲央行及聯儲局，都已用危機處理方法對付了。但放出這麼多錢，暫時還未見效。今天收市前，不知PPT會如何出手。但影響相信是甚長遠的。不要看輕。

現在看聯儲局會否突然減息。相信伯南克會盡量避免如此自打咀巴的動作。但形勢迫人。財經界對伯南克應已信心盡失。看Paulson如何救市。

ECB Starts 3-Day Refinancing Tender to Provide Cash (Update1)

By Christian Vits

Aug. 10 (Bloomberg) -- The European Central Bank said it will launch a three-day quick tender today to add cash after concerns over U.S. subprime mortgage losses continued to roil credit markets and drove overnight interest rates higher.

``This liquidity-providing fine-tuning operation follows up on the operation conducted yesterday and aims to assure orderly conditions in the euro money market,'' the Frankfurt-based ECB said in a statement. The minimum bid rate for the tender will be 4 percent, the ECB added. Bids for the liquidity-providing operation are due by 10:50 a.m. Frankfurt time.

The ECB's announcement comes after the bank yesterday pumped 94.8 billion euros ($130.2 billion) in cash into markets. The overnight euro rate rose as high as 4.27 percent today, compared with the ECB's benchmark refinancing rate of 4 percent.

``Today's `normal' tender will tell us a lot more via the total bid size and the rate about the genuine underlying liquidity need,'' said Kevin Gaynor, head of economics and rates strategy at Royal Bank of Scotland Group Plc. ``Funding from the ECB yesterday must have drawn firms into overbidding to access the cheap cash to lend on at even healthier-than-normal spreads.''

This morning the ECB said it will continue to ``closely monitor'' the conditions on the euro money market in response to a sudden demand for cash.

NEW YORK (MarketWatch) -- Financial stocks fell sharply to start Friday as fears of a systemwide seizure in the secondary mortgage market and a broadening credit crunch sent shivers through investors.

The Federal Reserve acknowledged the problems Friday morning, steppping in to buy $19 billion of mortgage securities and telling world markets it will assure liquidity.

The U.S. central bank said it's providing liquidity "to facilitate the orderly functioning of financial markets." In a statement, the Fed said it will provide reserves "as necessary" through open-market operations to promote trading in the federal funds market at rates close to 5.25%.

In addition, the Fed noted that banks may experience "unusual funding needs because of dislocations in money and credit markets." Other central banks injected funds overnight.