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|User Info||5-Month Checkup For 2008; entered at 2008-05-27 12:10:37|
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The 'big story' in the financial markets for 2008, and the likely trigger for major turmoil, will be the implosion of the CDS marketplace and how Buffett profited from it. This will stabilize the municipal bond marketplace which has been positively hammered.
The CDS marketplace implosion was stopped in March by the "Bear Stearns Bailout". And the Fed pretty much put the world markets on notice that they'll stand ready to intervene if necessary to prevent any future massive implosions from happening.
I wonder if the Fed knew how "mispriced" the Level 3 assets were that Bear reported as having had at the end of February. Their equity was $11.9bln and their assets were $243.6bln acccording to http://finance.yahoo.com/q/bs?s=BSC.