The last straw that broke citigroup back, greenback in trouble!
The biggest bank in the world bite the dust, USA government bailout is on the way. It is not surprise : Citigroup always play along wiht Wall street.
Detroit car company is not doing any better either. On the other hand, Japanese and Europe car brand continue to take ground.
Since many country like China, Japan, middle east country,etc holding TOO MUCH USA bonds, they are in deep dilemma. Because USA government just approve a trillions dollar cash injection plan for the next storm, now Citigroup and detroit easily eat most of the half trillions pies.
I am not surprise if an antitrust re-kick in and split Citigroup to reduce its impact global impact when disaster hits. And for Detroit, it is exactly the same episode as in 80’s, but worst, since many executive officer doesn’t take much salary home. Now Japanese car maker are going to take a bigger pie than ever.
Europe credit card bubble burst month ago. CItigroup yet to reveal the credit card losses. So this is not the bottom.
Malaysia stock retailer that echoes with the various “rebounce”, will continue to burn their cash before the market hit the bottom.
And still, Bank Negara refuse to reduce the rate.