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OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » Market rumor: Pimco and JP Morgan halt vacations to prepare for economic crash

Market rumor: Pimco and JP Morgan halt vacations to prepare for economic crash

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godsfool713

godsfool713
http://www.examiner.com/article/market-rumor-pimco-and-jp-morgan-halt-vacations-to-prepare-for-economic-crash


Market rumor: Pimco and JP Morgan halt vacations to prepare for economic crash


On June 1, market rumors were coming out of a hedge fund luncheon stating that Pimco, JP Morgan, and other financial companies were cancelling summer vacations for employees so they could prepare for a major 'Lehman type' economic crash projected for the coming months. These rumors came on a day when the markets nearly came to capitulation, with the DOW falling more than 274 points, and gold soaring over $63 as traders across the board fled stocks and moved into safer investments.
Todd Harrison tweet: Hearing (not confirmed) @PIMCO asked employees to cancel vacations to have "all hands on deck" for a Lehman-type tail event. Confirm?

Todd M. Schoenberger tweet: @todd_harrison @pimco I heard the same thing, but I also heard the same for "some" at JPM. Heard it today at a hedge fund luncheon.


Todd Harrison is the CEO of the award winning internet media company Minyanville, while Todd Shoenberger is a managing principal at the Blackbay Group, and an adjunct professor of Finance at Cecil College.

Pimco and JP Morgan Chase are not the only financial institutions worried about a potential repeat of the 2008 credit crisis. On May 31, one day before Pinco rumors began to spread around the markets, World Bank President Robert Zoellick issued the same warnings of a potential 'rerun of the great panic of 2008'.

The head of the World Bank yesterday warned that financial markets face a rerun of the Great Panic of 2008.

On the bleakest day for the global economy this year, Robert Zoellick said crisis-torn Europe was heading for the ‘danger zone’.

Mr Zoellick, who stands down at the end of the month after five years in charge of the watchdog, said it was ‘far from clear that eurozone leaders have steeled themselves’ for the looming catastrophe amid fears of a Greek exit from the single currency and meltdown in Spain. - The Daily Mail

Market indicators over the past two months in Europe have been signalling an economic slowdown, with the potential for total economic collpase increasing over the past few weeks. The US markets have dropped more than 1000 points since their highs in March, and on Friday, all gains for the year were completely wiped out after the shocking jobs report was issued.

Additionally, a new study from a former hedge fund manager on May 31st outlined that for the first time in the economic cycle, economies did not recover all their losses from prior recessions before going into a new one. The conclusions point to the need for a complete reset of the financial systems, as capitalism and central bank intervention (money printing) no longer have any real effect on economic growth.

When one company decides to cancel vacations, or impose additional workloads on their employees due to projected events, it is not considered relative news. However, when several institutions, analysts, and even the head of the World Bank acknowledge a coming crisis, then everyone needs to come to the realization that something big is on the horizon that will have an effect on both Wall Street and Main Street. The rumors out on June 1 regarding Pimco and JP Morgan should be a wake up call to all investors that Friday's market drops across the board are just the beginning of what could be a repeat of 2008, only much worse this time around.

Guest

Anonymous
Guest
Bring the 'old system' down, so then we can bring the 'new system' into play! Let's get this Global Currency Reset & RV done! :bounce:

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