{"id":9525,"date":"2008-12-31T00:00:00","date_gmt":"2008-12-31T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"journal-of-a-plague-year-faith-in-markets-cracks-under-losses","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/12\/2008\/journal-of-a-plague-year-faith-in-markets-cracks-under-losses.html","title":{"rendered":"Journal of a Plague Year: Faith in Markets Cracks Under Losses"},"content":{"rendered":"<p>Bloomberg &#8211; It has been a year of record misery: the largest bankruptcy, bank failure and Ponzi scheme in U.S. history; $720 billion in writedowns and losses by financial institutions; $30.1 trillion in market valuation wiped out.             <\/p>\n<p>The biggest loss and the hardest thing to recover, though, may be something that can&rsquo;t be precisely measured &#8212; confidence in the markets and the firms that rely on them.     <\/p>\n<p>&ldquo;The wholesale funding model lost its credibility,&rdquo; said David Hendler, senior analyst at New York-based CreditSights Inc. &ldquo;That started the semi-nationalization of funding in the financial markets. It&rsquo;s a real chink in the armor of capitalism as supposedly the best process for allocating capital. The government is now deciding who gets access to capital.&rdquo;     <\/p>\n<p><a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601103&#038;sid=ataVotdLreS0&#038;refer=us\" target=\"_blank\" title=\" Read Complete Article\"><strong><br \/>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211; It has been a year of record misery: the largest bankruptcy, bank failure and Ponzi scheme in U.S. history; $720 billion in writedowns and losses by financial institutions; $30.1 trillion in market valuation wiped out. The biggest loss [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[4890,2557,4896,4889,4712,4897,1301,2804,4894,4891,129,4892,251,4893,4895,236,4898],"class_list":["post-9525","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-bank-failure","tag-bankruptcy","tag-capitalism","tag-chink-in-the-armor","tag-confidence","tag-credibility","tag-financial-institutions","tag-financial-markets","tag-hardest-thing","tag-hendler","tag-losses","tag-market-valuation","tag-misery","tag-nationalization","tag-senior-analyst","tag-trillion","tag-wholesale"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=9525"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9525\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=9525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=9525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=9525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}