Новый кирдык - аuction rate security?

[DR_35_USA]

Что происходит на наших глазах с ликвидностью ARS? Вроде ж Баффет как раз собрался их страховать?

Failed Auction
On February 13 (2008) 80% of auctions failed due to concerns of investors about the credit ratings of the insurers, by proxy, made everything else they had insured looked vulnerable -- including municipal bonds. On February 20th, 62% failed (395 out of 641 auctions). As a comparison, from 1984 until the end of 2007, there were a total of 44 failed auctions.

http://en.wikipedia.org/wiki/Auction_ra ... ed_Auction

If there are not enough orders to purchase all the shares being sold at the auction, a failed auction occurs. In this scenario, the rate is set to the maximum rate defined for the issuer (typically a multiple of LIBOR or the TBMA index). The purpose of the higher rate is to compensate the holders who have not been able to sell their positions. Broker-dealers usually bid on their own behalf to prevent failed auctions from happening. This makes failed auctions extremely rare, although they could occur under certain conditions such as a decline in the issuers credit quality or a disruption in the market.

[SergeyVZ]

В продолжение оффтопа про разбрасыванию долларов с вертолетом Беном - Кто еще серебро не купил?

Попался обзор статьи в Harper's, автор которой утверждает что создание пузырей является новым режимом развития ам. экономики (сама статья только по подписке, которая должна быть доступна в публичных библиотеках):

http://www.harpers.org/archive/2008/01/hbc-90002258
http://harpers.org/media/pages/2008/02/ ... 081908.pdf