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Catastrophic results for Japan and the US credit crunch gets much worse.

Eurodollar University

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The Lessons of Bearsterns

The credit crunch will not go away and it doesn't matter what the Federal Reserve does or what the government does. We're going to see a much bigger reaction, which is why we keep hearing reports of governments trying to guide banks into working with their good standing customers on commercial real estate loans. Saudi Arabia cutting production again actually makes some sense; even then, these cumulative production cuts don't seem to be having much of an impact in terms of oil prices. And the reason is global recession. A global recession whose potential, at the very least, at the best case, is a mild one. That's where you go from mild recession to holy crap, these curves are massively inverted for a

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