Breaking news NAB will shock Wall Street

American banks will be shocked when they see what NAB (National Australian Banking) has done .
there will be blood in the eyes of American banking executives when they wake up and see what is about to unfold.

Bottom line American Govt' wont be able to bailout any banks
as the reality sets in this is Depression or at the least a severe ,very severe
recession.

ttp://www.businessspectator.com.au/bs.nsf/Article/NAB-will-shock-Wall-Street-GV4M7?OpenDocument&stf

losses of 1300 billion dollars or more to the US banks
all manner of trust is lost for the banking industry in America Don't bother to bail them out.
This just about confirms depression
May god have mercy on you

www.businessspectator.com.au...

Your link was broken.

It sounds pretty ominous, but honestly I am not saavy enough to know how literal to take it.

More shock and awe to try and manipulate the markets through fear.
The NAB in Australia is such a small portion of world banking.
Of course it has some impact but not on the level these idiots are talking.
I think people need to get back into reality.
My advice is markets go up and down, go up and down with them, and stop taking a certain view or stance on current cycles.

It didn't shock them Friday when this story first broke. Apparently Aussies know how to properly write down crap securities. I hear pundits talking about write ups at some time in the future. However you have to really haircut something for that to even be a possibillity. Wall Street by and large has either a) Wrote down similar securities to say 80-90 cents on the dollar b)not written it down, but kept it at full value and moved it to the Level 3 assett portion of the balance sheet where you can say it's still worth the full value.

Edited to add BTW there is a Global Meltdown forum just below this one for economic stories.

[edit on 28-7-2008 by jefwane]

well
The loses that are on the books are only partial accounts
there is what is called off balance sheet loses that they are allowed to keep
What has happened now is that by the NAB declaring all of the loses including off balance sheet loses All investors will demand the same for American banks
this isnt a thing that will blow up in 24 hours
but give it a week or 2 and see what happens
Once investors start pulling back knowing now that these off balance loses
are giving the banks a much better investment grade than is reality
banks will have to provide full disclosure
there is going to be blood in wall street trust me
once the investors sees the real loses they will pull their investments out
this is the good part the bad part is that the ratings of these banks will slide off a cliff.
it is a nightmare for Wall street
those that think it is dribble or of little concern watch how the markets drop like a stone in the next week or so

reply to post by solo1


I hope your wrong Solo1, but after reading your link and the associated link "European stocks sag on writedown fears", something gloomy looks inevitablly coming. Possibly higher fuel costs as a bail out scheme.

reply to post by solo1


Wall Street stole my money 5-10 years ago through allowing companies to lie in their press releases with no repercussions. If this takes out the scum in the marketplace then it will probably make for a stronger financial future in what, 10 years? Adapt