US and European shares have fallen sharply after the biggest bank in the US reported a big increase in the amount it needed to cover bad debt.
http://news.bbc.co.uk/1/hi/business/8009280.stm
The news on the street is as follows:
The entire U.S. banking system is in a state of utter chaos! Among what we’re hearing:
16 of the biggest 19 banks are virtually insolvent
If just two of those banks go under, the FDIC is finished
The crisis is much bigger than anyone has admitted thus far — with upwards of $5 trillion at risk!
The recent rally in the Nifty may be just a bear rally and the momentum may change from today. Interesting times and high volatility ahead!
Tuesday, April 21, 2009
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