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Tidbits, Subprime Meltdown, Markets & Rain Days Update 3/11/23

Tidbits


Many times this winter we have commented about how good news for the US economy was bad news for grain and oilseed prices because the Fed is trying to choke a stronger economy with tighter credit.

On Thursday and Friday, the yield (interest rate) on two-year maturity US Treasury notes declined over 50 basis points (one-half percent). That is the sharpest decline since the world’s fourth largest investment firm, Lehman Brothers, went belly-up in September 2008 during the 2007-08 Financial Crisis caused by worthless US home mortgages bundled and sold world-wide as “safe” and highly rated investment securities. It is also referred to as the subprime meltdown.

That event led to the US Government (that would be you) bailing out Bank of America Corp., The Bank of New York Mellon Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley, State Street Corp., Wells Fargo & Co., General Motors, AIG (insurance company), Chrysler, Fannie Mae, Freddie Mac and GMAC (now Ally).

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