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Corporate Debt Protection Costs Climb Amid Depression Concern
- Text size
Abigail Moses and Shannon D. Harrington
Bloomberg
December 3, 2008
The cost of protecting corporate debt from default jumped to a record in Europe and neared a high in the U.S. amid concern that the global recession will sink into a depression.
- A d v e r t i s e m e n t
Credit-default swaps on a benchmark index tied to below- investment grade companies in Europe reached levels considered distressed for the first time. The cost to protect U.S. leveraged loans from default neared a record, and a benchmark gauge of credit risk tied to investment-grade companies including retailer J.C. Penney Co. and Alcoa Inc., the largest U.S. aluminum producer, also jumped as a private report showed the nation’s companies last month cut the most jobs in seven years.
“Markets are pricing somewhere between a recession and a depression, and that is what we are faced with,” said Philip Gisdakis, a Munich-based credit strategist at UniCredit SpA, Italy’s biggest bank. “We are already in a recession. The next economic phase will not be recession, but depression.”
Credit-default swaps on the Markit CDX North America Investment Grade Index of 125 companies in the U.S. and Canada climbed 8 basis points to 267 basis points as of 10:10 a.m. in New York, according to Barclays Capital. The index is at the highest since Nov. 20, when it traded at a record 284 basis points, prices from broker Phoenix Partners Group show.
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December 3rd, 2008 at 2:49 pm
I SAID WE WOULD HAVE A DEPRESSION KNOW WE ARE IN ONE ALREADY!! WE HAVE BEEN FOR AWHILE! NO ONE WE KNEW WAS LISTENING!! NOW WE ARE HARD PRESSED, LIKE THE REST OF OUR FRIENDS.
December 3rd, 2008 at 3:34 pm
I adapted to living in a recession/depression mode a year and a half ago. These companies have no pity from me. Most of the people involved from CEO down to the janitor level are only concerned with their next paycheck.. and that has nothing to do with keeping a company alive.
They have no dedication nor work ethic beyond “doing their job” at a minimum… and now it’s payday.
There was no loyalty given, nor should there have been to people whose only motivation is unreasonable profit as a measure of “success”.
December 3rd, 2008 at 4:15 pm
Ray Pearl #1: you are absolutely right. We just haven’t seen it “all” tricking down. Look for January/February. Hope we all have heat for the winter. THANKS BUSH
December 3rd, 2008 at 4:30 pm
his has been planned for years just go to this link if you don’t belive it.
http://www.fas.org/spp/militar...../a-f-6.htm
December 3rd, 2008 at 4:37 pm
My posts are not posting whos runnin this show anyway?
December 3rd, 2008 at 7:14 pm
No one ‘official’ will declare depression. They’ll just cook the numbers to avoid it.
December 3rd, 2008 at 7:55 pm
We promise you this is an ancient plan with as many turns as the snake and the children of the snake who made it. WAKE UP NOW or you will never awake.
December 3rd, 2008 at 9:29 pm
You can’t tell a crack addict that they and thier dealers are destroying thier life. And well that’s the situation with those who refuse to listen even NOW.Had a shouting match with my uncle who initiated the shouting part.I don’t think I trust him to hear my beliefs or opinions about Obama anymore.Sadly he falls under Obama’s “America Serves” plan.Since he owes student loans and still hasn’t finish getting a degree.He even falls into the age grouping.If Obama creates his SPY FORCE then I just don’t feel like I can trust him.I told my family that knows better than to doubt me to Pay off all debts before they engage in any FUN spending.The convo started with me asking him if he saw any potworthy Squirels. I fully intend to make certain there is plenty of Small Game on this farm that can’t be confined to seasonal hunting.Including Farming Flemish Giant rabbits.I oddly as is sounds am breeding rodents , because they keep the insect population in check and are free future cat food.I’m far from the Suburbs and with a couple hundred acres over over hunted(by previous Generations and Farmers exterminating all that offended crops) forests , Swamps, and fields know that If I start from the bottom up then we can live off this land when we have too.When the starved wander here I want to be able to cook them a meal while I show them how they got that way.I don’t want to have them stealing my dog to keep from starving.And yes the DEPRESSION got THAT BAD.I am doing something few have mentioned doing on the show.I am learning everything I can about being self Sufficient and independant from the system.That’s how WE GOT HERE. By depending on the stores, the government , and on charity all in the name of being CIVILIZED.
December 4th, 2008 at 7:36 am
i wonder when they will actually admit to being in a depression?
i think the sick thing is that they will lie and play the propaganda to the people right up to point where you have nothing……. they will bring the populace to its knees, then you will beg for a job that pays $1.50 an hour, its all part of the bust and boom system in place. money and its value are just relative to the time it exists in. its an old game this one, and it works every time.
i really do wonder how long it will be before a large proportion of the US population actually realises they have been sold, lock stock and barrell.
Americans must make a stand right now
December 4th, 2008 at 9:15 am
http://www.petitiononline.com/.....ition.html
——————
The Transparency of Loyalty in Government Amendment is 325 signatures strong today, 4 Dec 2008. If this proposal were law the ramifications would TRULY be revolutionary and more effective than anything the truth/revolution movement has yet to propose. The last time this legislation was passed the US was invaded by England and the TONA was purged from American history. This IS the ORIGINAL 13th Amendment, it should be an easy sell! Please sign and support. For the love of justice PASS THIS ALONG!! I cant win this battle alone as one voice cannot be heard above the s---storm of corporate propaganda.
If you want to know who is a corporate self serving shill sellout, send them this petition and see if they will pledge their allegiance against corruption. If you are not against corruption,you are for corruption!
December 4th, 2008 at 1:17 pm
We dont have any money. never did after the gold confication. all the gold in the fort knox is gone. Who cares anymore what happens about this crap about bailouts. after watching money masters on google, you will realize that is all is a big crock or junk. if the money masters say they want to give a loan to these american car makers, its solely up to them. our us congress is a big staged event with the majority of them all obeying what the money masters tell them. so please america, dont worry anymore about our money being sucked out and put else where.. if you didnt know already we rebuilt germany after we destroyed it with what was supposed to be our money but it really is the fed. just relax folks. run outside and run out your fears.
January 27th, 2009 at 6:14 am
Debt can be good thing!