financial crisis 2008

The Rightmove - House Price Index - November 2008

WorldFinance — Mon, 17 Nov 2008 03:08:04 -0500

• Increasingly desperate new sellers slash asking prices by 2.9% month-on-month and
7.1% year-on-year
• 80,000 new sellers lowest recorded by Rightmove since 2002, as those that hope for
a price recovery choose not to market
• Cheapest base rates since 1955 coincide with onset of winter market, giving
opportunity for ‘cash-rich and mortgage ready’ buyers to bargain hard
• An average 7.1% year-on-year fall in initial asking prices does not tally with agents’
feedback of achieved sales prices at around 20% below peak asking prices

Where next for the UK economy? Open Lecture by David Blanchflower

WorldFinance — Thu, 30 Oct 2008 10:30:11 -0400

It is with great pleasure I come to the University of Kent – especially to Keynes
College. I was actually invited by Professor Francis Green, who I replaced for a year
at Kingston Poly while he was on sabbatical leave more than twenty years ago. I have
also known Professor Alan Carruth for years. Alan has done a great deal of important
work on internal and external influences on pay that has had a considerable influence
on my work. I should say, though, that I haven’t given a talk at the University of

Financial Stability Report -October 2008 - Issue No.24

BankofEngland — Tue, 28 Oct 2008 08:47:57 -0400

In recent weeks, the global financial system has undergone a period of exceptional instability. This
instability was rooted in weaknesses within the financial system that developed during an extended
global credit boom: rapid balance sheet expansion; the creation of assets whose liquidity and credit
quality were uncertain in less benign conditions; and fragilities in funding structures. While these
weaknesses had been identified, including by the Bank in previous Reports, few predicted that they
would lead to such dislocation in the global financial system.

The Bear Market Defense Forum

WorldFinance — Sun, 19 Oct 2008 06:14:24 -0400

Welcome to Weiss Capital
Management’s Bear Market Defense Forum.
Today, we find ourselves in the midst of the
biggest global bear market in stocks since
1970,1 erasing nearly $18 TRILLION dollars in
equity market value worldwide.2

Financial markets are caught up in a whirlwind
of volatility. Investors are confused. Some are
even bordering on panic.

Royal Bank of Scotland Group PLC - £20 billion capital raising - 2008 Oct 13

RBS — Sun, 19 Oct 2008 04:59:16 -0400

RBS announces an offer of ordinary shares to raise £15 billion of core tier 1 capital. The offer will be underwritten by HM Treasury at a fixed price of 65.5 pence per share. Existing RBS shareholders will be invited to subscribe for all or part of their pro rata entitlements. New institutional shareholders may also be permitted to subscribe for new shares under the offer. In addition, HM Treasury will subscribe for £5 billion of Preference Shares, further increasing RBS's Tier 1 capital ratio.

Proposed $700 Billion Bailout Is Too Little, Too Late to End the Debt Crisis; Too Much, Too Soon for the U.S. Bond Market

WorldFinance — Sat, 18 Oct 2008 18:24:48 -0400

New data and analysis demonstrate that the proposal before Congress for a $700 billion financial industry bailout is too little, too late to end the massive U.S. debt
crisis; and, at the same time, too much, too soon for the U.S. Government bond market where most of the funds would have to be raised.

The MidBritain Report - October 2008 - US bail out finally comes through

WorldFinance — Sat, 18 Oct 2008 18:17:07 -0400

Record drops and volatility on the UK and US markets coupled with the failure and fall of several
seasoned banking giants has made for grim viewing in recent weeks. Britain’s three main political parties
held their annual conferences, each setting out the plans they hope will convince the electorate that theirs
is the right party to extract us from this mess.

Meanwhile MidBritons are adapting to the worsening economic situation. According to the latest financial
survey conducted by BMRB, MidBritons are making small changes to maintain their way of life and

FSA Introduces Disclosure Regime for Short Positions

WorldFinance — Sat, 18 Oct 2008 07:01:32 -0400

The Financial Services Authority (FSA) is pushing
through a new disclosure requirement requiring
all short-sellers to disclose net short positions in
the shares of a company involved in a rights
issue if the short is 0.25% or more of the market
value of the company. This emergency measure
appears to be an attempt to support UK
banks’ rights issues following severe volatility
in the share prices, for which the FSA holds
short-selling responsible. For example, during
the recent HBOS rights issue priced at 275p, the
company’s share price fell 14% to 258p—less

World Economic Situation and Prospects 2008 - Update as of mid-2008*

WorldFinance — Sat, 11 Oct 2008 07:02:59 -0400

In the wake of numerous challenges, the world economy is teetering on the brink of a
severe global economic downturn. The deepening credit crisis in major developed market
economies, triggered by the continuing housing slump, the declining value of the United
States dollar vis-à-vis other major currencies, persisting global imbalances, and soaring
oil and non-oil commodity prices all pose considerable risks to economic growth in both
developed and developing economies.
Additionally, the unfolding food crisis, which is not only a grave humanitar-

Brian Rogers’ Perspective on the Financial Crisis

WorldFinance — Sat, 11 Oct 2008 06:59:20 -0400

Brian Rogers, Chairman and Chief Investment Officer of T. Rowe Price, and lead portfolio manager of
the Equity Income Fund, shared his perspective on the financial crisis in an interview on September 18,
2008. The following comments are highlights from that interview.