Everyone, we are Officially Fu.Cked

[Vteckidd]

Hang on people, it just got WORSE


NEW YORK - Stocks retreated sharply and Treasury bond prices jumped Monday as investors reacted to a stunning reshaping of the landscape of Wall Street that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co.


The Dow Jones industrial average fell more than 180 points, well off the drop of nearly 350 points seen in the early going.

Stocks posted big losses in markets across much of the globe as investors absorbed bankruptcy plans at Lehman and Merrill Lynch's forced sale to Bank of America for $50 billion in stock. And perhaps most ominously, American International Group Inc. is asking the Federal Reserve for emergency funding. The world's largest insurance company plans to announce a major restructuring Monday.

The swift developments are the biggest yet in the 14-month-old credit crises that stems from now toxic subprime mortgage debt.

Investors are worried that trouble at AIG and the bankruptcy filing by Lehman, felled by $60 billion in bad debt and a dearth of investor confidence, will touch off another series of troubles for banks and financial institutions that may be forced to further write down the value of their own debt assets. Wall Street had been hopeful six months ago that the collapse of Bear Stearns would mark the darkest day of the credit crisis.

But AIG's troubles a week after its stock dropped 45 percent are worrisome for some investors because of the company's enormous balance sheet and the risks that troubles with that companies finances could spill over to the companies with which it does business. AIG, one of the 30 stocks that make up the Dow industrials, fell $5.37, or 44 percent, to $6.76 Monday as investors worried that it would be the subject of downgrades from credit ratings agencies.

Jeffrey Mortimer, chief investment officer at Charles Schwab Investment Management in San Francisco, said stocks' losses aren't steeper because the market expected Lehman would find a buyer or declare bankruptcy.

"This is showing that this was not completely unexpected," he said, of Lehman. He added that the Merrill deal removes one possible source of concern for investors. "This may have taken a player who might have been next out of the target zone."

In late morning trading, the Dow fell 184.99, or 1.62 percent, to 11,237.00.

Broader stock indicators also fell. The Standard & Poor's 500 index fell 31.54, or 2.52 percent, to 1,220.77, and the Nasdaq composite index fell 40.50, or 1.79 percent, to 2,220.77.

A sharp drop in oil below $100 also weighed on energy names, including several Dow components. Exxon Mobil Corp. fell $1.36, or 1.8 percent, to $76.14, while Chevron Corp. fell $2.30, or 2.7 percent, to $81.94. But consumer names like Procter & Gamble Co. rose 22 cents to $73.37 and McDonald's Corp. added 50 cents, or 0.78 percent, to $64.56.

Light, sweet crude dropped $4.53 to $96.65 on the New York Mercantile Exchange after damage to Gulf of Mexico oil infrastructure from Hurricane Ike was less than investors feared. Worries about a slower economy have also weighed on oil prices in recent weeks. Oil is down sharply from its mid-July highs when it hit a record over $147 a barrel.

Despite the pullback in oil, prices at the gas pump rose above $5 per gallon in some parts of the country Sunday after Ike left some the nation's refining capacity inoperable.

Investors will be watching to see whether the Dow moves below the 11,000 mark, a level it hasn't traded and closed under since mid-July. The S&P 500 last tested the 1,200 level in mid-July.

Bond prices surged as investors fled to the security of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, plunged to 3.56 percent from 3.72 percent late Friday. The dollar was lower against other major currencies, while gold prices rose.

Investors did have some more solid footing than they might have predicted at the end of last week, when Lehman's troubles and those of AIG weighed on the markets. A global consortium of banks, working alongside government officials in New York, announced a $70 billion pool of funds to lend to troubled financial companies.

And the deal for Merrill Lynch pays a 70 percent premium to the brokerage's closing price Friday. The stock has been squeezed in recent weeks, leading many Wall Street veterans to point to the company as the next behind Lehman as likely to run into trouble with bearish investors and get hit by intensified selling. The deal to pair the company with Bank of America, a huge bank with a big asset base, removes some of the worries about Merrill would be the next to fall.

Merrill rose $4.51, or 26 percent, to $21.56, while Bank of America fell $4.66, or 14 percent, to $29.08.

Although Monday's selling wasn't as steep as expected, many market observers have said for months that a cathartic sell-off is necessary for Wall Street to purge its worries over bad debt and the tight credit conditions that have hobbled the economy. They reason that a scare and subsequent sell-off in the markets could establish conditions for a market bottom to form.

"This is sort of groundbreaking type stuff," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York.

Fullman, who has worked on Wall Street for 29 years, noted that the Dow industrials contain companies, such as retailers like Wal-Mart Stores Inc. that could help cushion some of the selling in the financial sector. Wal-Mart fell 40 cents to $62.01, while Coca-Cola Co. rose 31 cents to $54.81.

"While they might get hit hard they won't get hit as hard," he said.

But even good news like a drop in oil and some resolution to fears about Merrill couldn't prevent widespread selling. Markets in Tokyo and several other Asian money centers were closed for holidays. Britain's FTSE 100 fell 3.95 percent, Germany's DAX index lost 3.17 percent, and France's CAC-40 fell 3.64 percent. The European Central Bank, the Bank of England, and the Swiss central bank stepped in an attempt to calm markets by making more short-term credit available to banks.

The reduced headcount of Wall Street firms Monday left Goldman Sachs Group Inc. and Morgan Stanley as the remaining big, independent firms. The two are slated to report quarterly results Tuesday and Wednesday, respectively.

The shake up comes only a week after the government bailed out mortgage lenders Fannie Mae and Freddie Mac and ahead of sizable economic developments this week. The Fed is expected to make a decision on interest rates on Tuesday.

Declining issues outnumbered advancers by about 5 to 1 on the New York Stock Exchange, where volume came to 434.1 million shares.

The Russell 2000 index of smaller companies fell 8.88, or 1.23 percent, to 711.38.

[Ran]

WALL OF TEXT

Cliffs?

[Vteckidd]

Itll be interesting to see what GOldman Sachs comes out with on Tues/Wed, pray its something good cause if they tank, we are in for one WILD ride

[Vteckidd]

WALL OF TEXT

Cliffs?
Two of the BIGGEST financial firms Merril Lynch and Lehman Brothers are BROKE, Filed Bankruptcy, sold to BOA

Looming is AIG possibly going under soon as they are asking for bailout money.


All because of the housing crisis

[EM1toEVO]

Our economy is really struggling. Seems like another great depression...

[Ran]

Two of the BIGGEST financial firms Merril Lynch and Lehman Brothers are BROKE, Filed Bankruptcy, sold to BOAAh, well that sucks I guess. What exactly does this mean for the average joe?

[Brett]

Yeah I was reading about that over the weekend, Only good thing out of that so far I see is its causing oil to plummit, But this will royally screw with the economy if they all go under.

[Red_Phoenix]

I guess this is when sh!t and a fan would appear in the story

[Vteckidd]

Ah, well that sucks I guess. What exactly does this mean for the average joe?
what it means is that the BIGGEST FINANCIAL FIRMS in the country, some could be the world, are going broke.

This means that investors are selling off stocks like crazy, investor confidence is down, etce tc etc

THe stock market is plummeting, it means there is still no end in sight for the housing crises.

Expect the economy to get worse. :(

[Vteckidd]

I guess this is when sh!t and a fan would appear in the story
LOL

****, meet fan, have fun

[Me86Rob]

i just saw it on teh news

[Ran]

what it means is that the BIGGEST FINANCIAL FIRMS in the country, some could be the world, are going broke.

This means that investors are selling off stocks like crazy, investor confidence is down, etce tc etc

...

Expect the economy to get worse. :(Again, what exactly does this mean for the average joe? I, personally, don't give two squats about the stock market, the national debt, or anything like that. If it doesn't affect me personally, I don't care. So with that in mind, is this going to be bothering me any?


THe stock market is plummeting, it means there is still no end in sight for the housing crises.Well, from what I gather, that just means it's becoming more of a buyer's market. That's good news for me. lol

[tony]

Ehh, my financials dropped maybe all of 5% this morning, maybe a little more. I think its more of a panic effect than something to be concerned about.

Better yet.. we should be rejoicing this is happening, it means the financial sector is bottoming out and things are getting ready to take a turn for the better. If you were going to start investing, now would be a good time.

BTW, the financial sector looks good for the future. The failures we are seeing now is the residual effect of what has been happening for the past four years.

[Vteckidd]

Ehh, my financials dropped maybe all of 5% this morning, maybe a little more. I think its more of a panic effect than something to be concerned about.

Better yet.. we should be rejoicing this is happening, it means the financial sector is bottoming out and things are getting ready to take a turn for the better. If you were going to start investing, now would be a good time.

BTW, the financial sector looks good for the future. The failures we are seeing now is the residual effect of what has been happening for the past 14 months

Fixed ;)

Its just going to be a wild ride with these major financial firms going under which is the backbone of wallstreet, but then we have the oil problems too.

Im not panicking yet, and i agree Tony you have to hit bottom before you can recover, question is are we there yet?

[willum14pb]

this is why i dont invest in stocks.. especially right now :). i knew about this yesterday.

[Vteckidd]

you should be investing now, they are DOWN you buy low sell high.

Just be carefull what you purchase

[tony]

Obama blames the current administration, McCain says things are fundamentally sound... believe it or not I side with McCain on this one.

People knew Lehman was in trouble, they were just waiting on the government to step in and bail them out but it never happened. AIG is kind of in the same situation but some of these companies have to fail.. the taxpayers cannot come to their rescue especially when there are banks that are restructuring and making the necessary changes to be profitable in the future.

This thing will subside, but it wont do it until the market corrects itself and that is whats happening. The stock market is not taboo, I bought into banks that had strong numbers but were being punished because of companies like Indymac falling apart and my return on investment has been about 125%.. research and come up with a good strategy and you'll find that things arent THAT bad.

Watch Jim Cramer's Mad Money on CNBC.. its going to be a really good show today.

[Nissan Sean]

well according to my iphone everything is in the red. so that cant be good.lol

[Deke]

So does anyone have any good stock tips right now? I've got about 2k that has been sitting in Ameritrade doing nothing for a few months now and it needs a new home. I'm currently only invested in one company and it didn't take that much of a beating in light of recent events.

PS, if this shouldn't be in the "Wallstreet" section, I don't know what should :D

[BKgen®]

holy shiit.

*packs bags and moves to Canada*

[tony]

So does anyone have any good stock tips right now?

Watch Jim Cramer's Mad Money on CNBC.. its going to be a really good show today.


6pm and 11pm

[tony]

So does anyone have any good stock tips right now? I've got about 2k that has been sitting in Ameritrade doing nothing for a few months now and it needs a new home. I'm currently only invested in one company and it didn't take that much of a beating in light of recent events.

PS, if this shouldn't be in the "Wallstreet" section, I don't know what should :D

I left you a note in your reps by the way

[Red_Phoenix]

holy shiit.

*packs bags and moves to Canada*



Oh so you wanna move to my country now

[DJ Maestro]

Ah, well that sucks I guess. What exactly does this mean for the average joe?

Average Joe? I'm not average. :(

[ShooterMcGavin]

Our economy is really struggling. Seems like another great depression...
uh yeah.....let me know when i have to start lining up for government funded bread ok? :goodjob:

[alpine_aw11]

Bush did it.

[ATK_Designs]

So that'd give me more time to buy the houses and stuff before things picking up. Interesting change nevertheless.

[flak_monkey]

holy shiit.

*packs bags and moves to Canada*
I'm right there with you man! Free healthcare for the muthafucckking win!

[nreggie454]

I'm right there with you man! Free healthcare for the muthafucckking win!

Not to mention higher taxes, long waits for healthcare, and worst of all... French Canadians.


Have at it. I will ride out this "depression" that apparently Bush is solely responsible for :rolleyes: , and I will be fine.

[TheGodfather]

Not to mention higher taxes, long waits for healthcare, and worst of all... French Canadians.


Have at it. I will ride out this "depression" that apparently Bush is solely responsible for :rolleyes: , and I will be fine.

Truth.

[Elbow]

And you all want Mcain president...ha

America will never get better.

[redrumracer]

you say it got worse but for those wanting to buy stocks this is GREAT

[eViLMunkey]

I need to tell one of my clients to punch his neighbor in the face... (his neighbor is the president of CitiBank)

[Slow Motion]

We are all fuked. Greddy is filing bankruptcy too..What tha fuk are we going to do? What can we do?

[ironchef]

what it means is that the BIGGEST FINANCIAL FIRMS in the country, some could be the world, are going broke.

This means that investors are selling off stocks like crazy, investor confidence is down, etce tc etc

THe stock market is plummeting, it means there is still no end in sight for the housing crises.

Expect the economy to get worse. :(Lets not spread silly information please, sure investors are selling off stock, but its mostly coming out of the financials, not all stocks. Down 180 points, and being decently above the 11k mark on the Dow, is not plummeting. The economy will be fine.

[ironchef]

We are all fuked. Greddy is filing bankruptcy too..What tha fuk are we going to do? What can we do?Trust filed for bankruptcy protection in Japan. Greddy Performance Parts of America is just fine.

[green91]

Kidd you are way off. Your lunacy and false sense of conditions is EXACTLY what is causing a lot of the consumer confidence problems that are slowing our economy today. The fact that these banks were in dire straights is no new news. Anybody that follows anything aside from headlines has known this. Poor lending policies caused this. In all likelihood this will have very little to no effect on the average guy.

[ironchef]

Kidd you are way off. Your lunacy and false sense of conditions is EXACTLY what is causing a lot of the consumer confidence problems that are slowing our economy today. The fact that these banks were in dire straights is no new news. Anybody that follows anything aside from headlines has known this. Poor lending policies caused this. In all likelihood this will have very little to no effect on the average guy.w00t, someone with a brain.

[hydroshutter]

We're not f.ucked.

Those Insurance companies will be fine, ask me how I know.

[4dmin]

this is why voting this election is a must

[The Creeper]

Lets not spread silly information please, sure investors are selling off stock, but its mostly coming out of the financials, not all stocks. Down 180 points, and being decently above the 11k mark on the Dow, is not plummeting. The economy will be fine.

Last time I checked Dow was down 500 points today:thinking:. And ROFL at the people that think we are close to rock bottom. Things are just going to get worst. And are people truely dumb enough to blame our economy solely on our president, or our government for that matter. This has stemmed from the bubble popping, I mean did all these banks and mortgage companies seriously think giving a loan to anyone and everyone for more then they could afford was going to last forever?:lmfao::lmfao::lmfao::lmfao::lmfao:. One last thing, this recession effects everyone, just some in smaller ways then others, so dont be so ignorant to say that our economical situation doesnt effect you.

[AznTraitor]

this is why voting this election is a must


because Obama is gonna wave his magic wand over the economy?

[The Creeper]

Kidd you are way off. Your lunacy and false sense of conditions is EXACTLY what is causing a lot of the consumer confidence problems that are slowing our economy today. The fact that these banks were in dire straights is no new news. Anybody that follows anything aside from headlines has known this. Poor lending policies caused this. In all likelihood this will have very little to no effect on the average guy.

^ Is this a serious post...?:thinking:

Last time I checked recessions effect everyone. Do realize how many jobs have been lost in the last year from the housing crisis, and yes, average joe jobs. What fantasy world do you live in? Can i go there?

[ironchef]

Last time I checked Dow was down 500 points today:thinking:. And ROFL at the people that think we are close to rock bottom. Things are just going to get worst. And are people truely dumb enough to blame our economy solely on our president, or our government for that matter. This has stemmed from the bubble popping, I mean did all these banks and mortgage companies seriously think giving a loan to anyone and everyone for more then they could afford was going to last forever?:lmfao::lmfao::lmfao::lmfao::lmfao:. One last thing, this recession effects everyone, just some in smaller ways then others, so dont be so ignorant to say that our economical situation doesnt effect you.When I checked it around 2, it was down like 180 something. I didn't see the close. Oh well, it doesn't make that much of a difference, you'll see a rebound not to long from now.

[The Creeper]

320 points doesn't make a difference huh. You expect the market to be up tomorrow? You don't follow the stock market much do you Ironchef?

[Slow Motion]

this is why voting this election is a must

hell yeah...

[ironchef]

320 points doesn't make a difference huh. You expect the market to be up tomorrow? You don't follow the stock market much do you Ironchef?No I don't expect it to be up tomorrow. I didn't say it would rebound tomorrow now did I?

[tony]

Last time I checked Dow was down 500 points today:thinking:. And ROFL at the people that think we are close to rock bottom. Things are just going to get worst. And are people truely dumb enough to blame our economy solely on our president, or our government for that matter. This has stemmed from the bubble popping, I mean did all these banks and mortgage companies seriously think giving a loan to anyone and everyone for more then they could afford was going to last forever?:lmfao::lmfao::lmfao::lmfao::lmfao:. One last thing, this recession effects everyone, just some in smaller ways then others, so dont be so ignorant to say that our economical situation doesnt effect you.


Do you invest in stock?

Edit: Better yet do you have an understanding of economics?

[candy2082002]

because Obama is gonna wave his magic wand over the economy?


x2 what is he really going to do?

[Vteckidd]

Kidd you are way off. Your lunacy and false sense of conditions is EXACTLY what is causing a lot of the consumer confidence problems that are slowing our economy today. The fact that these banks were in dire straights is no new news. Anybody that follows anything aside from headlines has known this. Poor lending policies caused this. In all likelihood this will have very little to no effect on the average guy.

NO ****!

DOw down 500 points, Big Time lenders are going bankrupt or going out of business. Not effect the average joe? are you INSANE?

You do realize that these companies are the BACKBONE of the financial district on wall street? WIth them collapsing its going to trickle down to everything else.

Lets see
Retail sales down 80% last month
Dow below 11,000 first time since 9-11
504 down today alone
Merrill Lynch, Lehman, AIG all going into bankruptcy or being bought out

We though we saw the bottom 4 months ago, we were wrong.

This is BAD NEWS buddy, for EVERYONE from the Joe Schmoe to the Rich guy.

Lets hope for a huge rebound.

If we crash at 10,000 we will be ok, if we crash at 7000-8000, god help us. The election is the least of our worries.

Lunacy, LOL

[twinj]

Why does everyone keep saying something about Obama and a magical wave stick. The admin was just stressing the importance to voting this year.


this is why voting this election is a must


:lmfao: :lmfao: :lmfao: @ McCain supporters

[Vteckidd]

Neither Mccain nor Obama have the answer for this, sorry.

This is pure greed from the Mortgage Companies and speculators.

They put all their eggs in one basket and it backfired

[ironchef]

NO ****!

DOw down 500 points, Big Time lenders are going bankrupt or going out of business. Not effect the average joe? are you INSANE?

You do realize that these companies are the BACKBONE of the financial district on wall street? WIth them collapsing its going to trickle down to everything else.

Lets see
Retail sales down 80% last month
Dow below 11,000 first time since 9-11
504 down today alone
Merrill Lynch, Lehman, AIG all going into bankruptcy or being bought out

We though we saw the bottom 4 months ago, we were wrong.

This is BAD NEWS buddy, for EVERYONE from the Joe Schmoe to the Rich guy.

Lets hope for a huge rebound.

If we crash at 10,000 we will be ok, if we crash at 7000-8000, god help us. The election is the least of our worries.

Lunacy, LOLDude, where the **** do you get your information from?

First off, retail sales weren't down 80% last month, try 0.3%
See here, http://www.forbes.com/afxnewslimited/feeds/afx/2008/09/12/afx5417061.html

Second, the Dow has gone below 11,000 atleast 10 times since 9-11 (maybe even more, but I don't feel like checking all the historical quotes). All of them have been very brief too.

All of Merril's, Lehman, and potentially AIG's assets will be transferred to other stronger companies, so it isn't as doom and gloom as you propose.

EDIT - Just cause I was curious, post 9-11 the Dow was below 11k up until early 2006, and then a couple times after that. So, thats nothing new.

[Vteckidd]

Ahem im sorry i typed too fast

Dow to the lowest level since 9-11

Dow had biggest drop since openieng after 9-11

And i was wrong on my Retail Sales figures.

http://www.nytimes.com/2008/09/13/business/economy/13econ.html?hp

[Vteckidd]

All of Merril's, Lehman, and potentially AIG's assets will be transferred to other stronger companies, so it isn't as doom and gloom as you propose.



Or so we think..........

[BTEC]

im far from one to be typing in this discussion but i was listening to clark howard today and he also said that the companies assets that filed bankruptcy would be transferred to stronger companies. pretty much i think he was saying the initial shock of the companies filing bankruptcy would affect the economy but once everything is settled in at the "new homes" so to speak everything will be fine. :dunno:

[candy2082002]

[QUOTE=twinj]Why does everyone keep saying something about Obama and a magical wave stick. The admin was just stressing the importance to voting this year.


Yes, voting is VERY important. I vote every election, but I do not think that voting for ANY one person will make all of this go away. Maybe I am wrong, but I just don't see it. People panic and cause this stuff to get worse than it is.........

[Vteckidd]

PS my volk wheels are real

http://i24.photobucket.com/albums/c21/Vteckidd/IMG_0149.jpg

[candy2082002]

im far from one to be typing in this discussion but i was listening to clark howard today and he also said that the companies assets that filed bankruptcy would be transferred to stronger companies. pretty much i think he was saying the initial shock of the companies filing bankruptcy would affect the economy but once everything is settled in at the "new homes" so to speak everything will be fine. :dunno:


Clark Howard is a very wise man, I agree 100%

[aguynamedpat]

im far from one to be typing in this discussion but i was listening to clark howard today and he also said that the companies assets that filed bankruptcy would be transferred to stronger companies. pretty much i think he was saying the initial shock of the companies filing bankruptcy would affect the economy but once everything is settled in at the "new homes" so to speak everything will be fine. :dunno:

I gotta go with Clark on this one. Youd be stupid to speak out against him when it comes to consumer reports/finances. Thats like telling Chuck Norris you can out roundhouse kick him.

Anywho, I hope this is all just initial shock, and things pan out, hopefully sooner than later. It all makes sense, yeah these companies are going under, but its all in due time. Once the stronger companies take over, everything should level back out.

Where is Clinton when you need him? :thinking:

[BTEC]

People panic and cause this stuff to get worse than it is.........
MY POINT EXACTLY!!

[hydroshutter]

People are still wrong about the Insurance Companies.

Ask me how I know :)

I'll give you a hint, it's a pool, but you don't swim in it.

[BTEC]

People are still wrong about the Insurance Companies.

Ask me how I know :)

I'll give you a hint, it's a pool, but you don't swim in it.
Why dont you just say what u know and quit hinting? :english:

[hydroshutter]

Why dont you just say what u know and quit hinting? :english:

I practically gave it away when I mentioned "pool". The Insurance Insolvency pool is for Insurance Companies who are on the verge of Bankruptcy or similar. Other companies and the states of which those are involved will help out the company.

It's quite interesting to read :goodjob:

I've worked with two companies who were in similar situations as AIG and ML, and currently work for the by-product of another company that bought out these other two aformentioned companies.

[Deke]

It's almost 11:20, I'm watching CNBC right now, and I see no Jim Cramer. What gives?

[BTEC]

I practically gave it away when I mentioned "pool". The Insurance Insolvency pool is for Insurance Companies who are on the verge of Bankruptcy or similar. Other companies and the states of which those are involved will help out the company.

It's quite interesting to read :goodjob:

I've worked with two companies who were in similar situations as AIG and ML, and currently work for the by-product of another company that bought out these other two aformentioned companies.
oh ok. gotcha.

[ironchef]

This just brings up a big problem in America. And, that is a lack of proper, useful education. You don't learn anything about real world finances/stock markets/insurance insolvency pools in school (unless its a higher level college course). Instead we waste 12 years going over when Columbus found America (1492, thanks for repeating that fact for 12 years in grade school, I didn't understand it the first 11 times), even though he really didn't. Sighs....

[hydroshutter]

This just brings up a big problem in America. And, that is a lack of proper, useful education. You don't learn anything about real world finances/stock markets/insurance insolvency pools in school (unless its a higher level college course). Instead we waste 12 years going over when Columbus found America (1492, thanks for repeating that fact for 12 years in grade school, I didn't understand it the first 11 times), even though he really didn't. Sighs....

People hear something like this and run with it without doing some research. This is the lazy demographic we have grown into :(

[Vteckidd]

This just brings up a big problem in America. And, that is a lack of proper, useful education. You don't learn anything about real world finances/stock markets/insurance insolvency pools in school (unless its a higher level college course). Instead we waste 12 years going over when Columbus found America (1492, thanks for repeating that fact for 12 years in grade school, I didn't understand it the first 11 times), even though he really didn't. Sighs....
i do agree with this

Even now i get lost reading about Wall Street sometimes, its like a black art that only CERTAIN people know about

[BTEC]

i do agree with this

Even now i get lost reading about Wall Street sometimes, its like a black art that only CERTAIN people know about
exactly. lol!!!

[1SICKLEX]

You think so, eh? OK, check out this MSN article and the parts I bolded:

http://finance.sympatico.msn.ca/Investing/JonMarkman/Article.aspx?cp-documentid=9637816

Warning: Worldwide wipeout ahead

Think U.S. stocks are on a life raft? Look around the globe, where seas are much rougher. This is serious, folks. Brace for a brutal riptide of more economic upheaval.

By Jon Markman
August 22, 2008

It barely seems possible that anyone is more pessimistic about corporate earnings prospects than American shareholders right now, with the U.S. stock market down almost 15% for the year and the banking system coming unglued before everyone's eyes.

Yet if you take a moment to look around the world, you may be surprised to learn that U.S. stocks are the picture of health compared with their counterparts worldwide. And measured against the gloom in bonds, U.S. stocks are like a sunny day in spring.

Time to gloat? Not on your life. For if there's one thing we know about global markets these days, it's that they seldom diverge for long. So while it might be tempting to look with pity at investors across the seas and in other asset classes, it's more likely that U.S. equities will plunge than that foreign equities will float higher toward our perch.

Just spin a globe to see a few examples from the world of truly Olympian value destruction:

* The British stock market has been harried down the rabbit hole to the tune of 22%, or about half again as bad as we have it. Blame energy, banking and telecoms, because those are the downside leaders for the Europeans, particularly basket cases such as wireless giant Vodaphone Group (VOD.N), down 30%, and Royal Bank of Scotland (RBS.N), down 44%.

* The French market is also une grandestinque-bombe, down 22%, led by energy and banks. The Belgian market is worse, down 30%, with Germany down 24%, Austria down 23%, the Netherlands down 21% and Spain down 23%.

* Elsewhere on the Continent, the news does not improve. Sweden is off 23%, Russia is down 23%, Turkey is down 25%, and Greece is down 36%.

* How about Asia, the crown jewel of global growth? It's a wet noodle. The Chinese market is down 31%, South Korea is down 27%, once-hot Malaysia is down 29%, and India is down 43%. The best in the region are down half as much but still a lot, as Japan has lost 16% of its value this year. Taiwan is off 14%, Australia is off 21%, and Singapore is down 19%.

* And Latin America, that bastion of energy, metals and grains? Well, the bear market in Brazil has only just begun; it is down just 12% so far after being up as much as 22% in mid-May. Mexico is hanging in there at 5%, probably propped up by the narco-trafficking biz. But Argentina has fared a lot worse, sinking 20%.

Most of the European and Asian countries' biggest companies are banks that have suffered the same fate as U.S. financial institutions. Gullible and desperate for income at a time of record-low yields in the mid-2000s, they were suckered by Wall Street investment banks into borrowing to the hilt to buy high-yielding mortgage-backed securities that were mislabelled as high-quality, low-risk investments.

It takes only a 4% loss to wipe out your capital when you're at leverage levels of 30-to-1 -- a measure of how much capital you have at risk compared with how much capital you have before borrowing -- as many banks around the world were. And add to that a crash in metal and energy prices in the past two months, plus a slowdown in industrial growth, and you have a conflagration of capital that knows no borders.

The global dominoes fall
You need read only a single day's worth of headlines to gather that a global, synchronized economic wipeout is under way. On Aug. 18, Bloomberg reported that:

* French manufacturing confidence fell in July to the lowest level in five years.

* New Zealand's services industry contracted in July for the fourth straight month.

* Sales at Japanese department stores fell in July for the fifth straight month.

* Singapore's overseas shipments dropped in July for the third straight month as companies shipped fewer electronics and drugs to customers in the West.

In many places, a perfect wave of growth has reversed into a brutal riptide. Indian information-technology companies such as Cognizant Technology Solutions (CTSH.O) and Wipro (WIT.N) swelled in importance by helping U.S. companies fix the "millennium bug" in the late 1990s and then went on to grow at 40%-plus rates as the tech outsourcing fad exploded.

Now, The Wall Street Journal reported this week, the Western credit crunch and capital expenditure slowdown have sapped sales, and the cheaper U.S. dollar has shrunk Indian tech company profits. At the same time, rising labour costs have permitted competition to emerge in lower-cost countries in Eastern Europe and the Philippines. The big Indian tech companies' shares are down 30% in the past 10 months versus a negative 18% for U.S. techs.

Meanwhile, fear has gripped corporate bond investors by the throat in ways that make stocks' problems look tame. Surely you remember bonds, those widows-and-orphans instruments that were once considered the market's equivalent of a boring IOU, paying a percentage point or two above U.S. Treasurys? Well, now many are trading like penny stocks.

You can call your broker to buy debt by the mortgage unit of blue-chip GMAC Financing at crash-landing prices that would give you a 50% annualized rate of return over the next three months when they mature in November. Or perhaps you'd prefer bonds of privately held plastics giant Pliant that mature in September 2009 and are going for 45%. Or bonds of car-parts maker Dayton Superior (DSUP.O) that mature in June 2009 for a yield of 40%. Or maybe Washington Mutual (WM.N) bonds maturing in January that trade around 35%.

I could go on and on. Credit analyst Brian Reynolds has sent clients a list of 60 major companies with bonds maturing over the next 12 months that trade with yields over 10% at a time when the U.S. federal funds rate is at 2%, adding in a note: "And these are just the bonds that have been able to trade!"

The Merrill Lynch Corporate Master Index, which tracks the performance of investment-grade-rated corporate bonds, shows 72 of them trading in "distressed" condition, or more than 10 percentage points over U.S. Treasurys -- 28 of them issued by banks such as regional giants National City (NCC.N) and Washington Mutual. That means corporate bankruptcies are virtually inevitable over the next 18 months. Chris Whalen, the managing director of Institutional Risk Analytics, has told Dow Jones Newswires that he expects 110 banks with $850 billion in assets to fail by next July, which is eight times the Federal Deposit Insurance Corp.'s reserves.

A spate of bankruptcies of this breadth is incompatible with a rising stock market even if the next president gets in front of the problem by creating a new government entity that buys failed banks, much like the Resolution Trust Corp., which closed 747 thrifts starting in 1989. So either the pessimistic credit guys and global-equity investors are terribly wrong right now, or the relatively optimistic U.S. equity investors are wrong. They can't both be right, as both depend on assessments of global earnings potential, with small variation for currency values.

Since credit has led the recent cycle down, and since the rest of the world's vote is overwhelming, I think we have to give a nod to the pessimists this time. The latest bounce should persist a little longer, but once the Dow Jones industrials ($US:INDU) climb to around 12,000 by early fall, watch out below.

[Vteckidd]

You think so, eh? OK, check out this MSN article and the parts I bolded:

http://finance.sympatico.msn.ca/Investing/JonMarkman/Article.aspx?cp-documentid=9637816

Warning: Worldwide wipeout ahead

Think U.S. stocks are on a life raft? Look around the globe, where seas are much rougher. This is serious, folks. Brace for a brutal riptide of more economic upheaval.

By Jon Markman
August 22, 2008

It barely seems possible that anyone is more pessimistic about corporate earnings prospects than American shareholders right now, with the U.S. stock market down almost 15% for the year and the banking system coming unglued before everyone's eyes.

Yet if you take a moment to look around the world, you may be surprised to learn that U.S. stocks are the picture of health compared with their counterparts worldwide. And measured against the gloom in bonds, U.S. stocks are like a sunny day in spring.

Time to gloat? Not on your life. For if there's one thing we know about global markets these days, it's that they seldom diverge for long. So while it might be tempting to look with pity at investors across the seas and in other asset classes, it's more likely that U.S. equities will plunge than that foreign equities will float higher toward our perch.

Just spin a globe to see a few examples from the world of truly Olympian value destruction:

* The British stock market has been harried down the rabbit hole to the tune of 22%, or about half again as bad as we have it. Blame energy, banking and telecoms, because those are the downside leaders for the Europeans, particularly basket cases such as wireless giant Vodaphone Group (VOD.N), down 30%, and Royal Bank of Scotland (RBS.N), down 44%.

* The French market is also une grandestinque-bombe, down 22%, led by energy and banks. The Belgian market is worse, down 30%, with Germany down 24%, Austria down 23%, the Netherlands down 21% and Spain down 23%.

* Elsewhere on the Continent, the news does not improve. Sweden is off 23%, Russia is down 23%, Turkey is down 25%, and Greece is down 36%.

* How about Asia, the crown jewel of global growth? It's a wet noodle. The Chinese market is down 31%, South Korea is down 27%, once-hot Malaysia is down 29%, and India is down 43%. The best in the region are down half as much but still a lot, as Japan has lost 16% of its value this year. Taiwan is off 14%, Australia is off 21%, and Singapore is down 19%.

* And Latin America, that bastion of energy, metals and grains? Well, the bear market in Brazil has only just begun; it is down just 12% so far after being up as much as 22% in mid-May. Mexico is hanging in there at 5%, probably propped up by the narco-trafficking biz. But Argentina has fared a lot worse, sinking 20%.

Most of the European and Asian countries' biggest companies are banks that have suffered the same fate as U.S. financial institutions. Gullible and desperate for income at a time of record-low yields in the mid-2000s, they were suckered by Wall Street investment banks into borrowing to the hilt to buy high-yielding mortgage-backed securities that were mislabelled as high-quality, low-risk investments.

It takes only a 4% loss to wipe out your capital when you're at leverage levels of 30-to-1 -- a measure of how much capital you have at risk compared with how much capital you have before borrowing -- as many banks around the world were. And add to that a crash in metal and energy prices in the past two months, plus a slowdown in industrial growth, and you have a conflagration of capital that knows no borders.

The global dominoes fall
You need read only a single day's worth of headlines to gather that a global, synchronized economic wipeout is under way. On Aug. 18, Bloomberg reported that:

* French manufacturing confidence fell in July to the lowest level in five years.

* New Zealand's services industry contracted in July for the fourth straight month.

* Sales at Japanese department stores fell in July for the fifth straight month.

* Singapore's overseas shipments dropped in July for the third straight month as companies shipped fewer electronics and drugs to customers in the West.

In many places, a perfect wave of growth has reversed into a brutal riptide. Indian information-technology companies such as Cognizant Technology Solutions (CTSH.O) and Wipro (WIT.N) swelled in importance by helping U.S. companies fix the "millennium bug" in the late 1990s and then went on to grow at 40%-plus rates as the tech outsourcing fad exploded.

Now, The Wall Street Journal reported this week, the Western credit crunch and capital expenditure slowdown have sapped sales, and the cheaper U.S. dollar has shrunk Indian tech company profits. At the same time, rising labour costs have permitted competition to emerge in lower-cost countries in Eastern Europe and the Philippines. The big Indian tech companies' shares are down 30% in the past 10 months versus a negative 18% for U.S. techs.

Meanwhile, fear has gripped corporate bond investors by the throat in ways that make stocks' problems look tame. Surely you remember bonds, those widows-and-orphans instruments that were once considered the market's equivalent of a boring IOU, paying a percentage point or two above U.S. Treasurys? Well, now many are trading like penny stocks.

You can call your broker to buy debt by the mortgage unit of blue-chip GMAC Financing at crash-landing prices that would give you a 50% annualized rate of return over the next three months when they mature in November. Or perhaps you'd prefer bonds of privately held plastics giant Pliant that mature in September 2009 and are going for 45%. Or bonds of car-parts maker Dayton Superior (DSUP.O) that mature in June 2009 for a yield of 40%. Or maybe Washington Mutual (WM.N) bonds maturing in January that trade around 35%.

I could go on and on. Credit analyst Brian Reynolds has sent clients a list of 60 major companies with bonds maturing over the next 12 months that trade with yields over 10% at a time when the U.S. federal funds rate is at 2%, adding in a note: "And these are just the bonds that have been able to trade!"

The Merrill Lynch Corporate Master Index, which tracks the performance of investment-grade-rated corporate bonds, shows 72 of them trading in "distressed" condition, or more than 10 percentage points over U.S. Treasurys -- 28 of them issued by banks such as regional giants National City (NCC.N) and Washington Mutual. That means corporate bankruptcies are virtually inevitable over the next 18 months. Chris Whalen, the managing director of Institutional Risk Analytics, has told Dow Jones Newswires that he expects 110 banks with $850 billion in assets to fail by next July, which is eight times the Federal Deposit Insurance Corp.'s reserves.

A spate of bankruptcies of this breadth is incompatible with a rising stock market even if the next president gets in front of the problem by creating a new government entity that buys failed banks, much like the Resolution Trust Corp., which closed 747 thrifts starting in 1989. So either the pessimistic credit guys and global-equity investors are terribly wrong right now, or the relatively optimistic U.S. equity investors are wrong. They can't both be right, as both depend on assessments of global earnings potential, with small variation for currency values.

Since credit has led the recent cycle down, and since the rest of the world's vote is overwhelming, I think we have to give a nod to the pessimists this time. The latest bounce should persist a little longer, but once the Dow Jones industrials ($US:INDU) climb to around 12,000 by early fall, watch out below.
but i thought it was all Bushs fault?

[MS3ZZ]

I think it is bit unreasonable to think that we are going to be ok. Atleast not anytime soon. Tiny bubbles did pop in the past, which might be the reason why some of you might think this is just another one of those phase and everything will be back to normal. Unfortunately this is bigger bubble, possibly biggest that have been building for decades. When the bubble burst and US economy finally hit rock bottom, then we can truely decide where we stand.

ps.
This is not the fault of president entirely, only the sheep will blame and point fingers.

[1SICKLEX]

but i thought it was all Bushs fault?
not all, he is clearly part of the problem with all his buddies in power.

The funny thing is CLINTON passed this.....which really helped spur banker bullcrap... I am bi-partisan, I call it as I see it.

The Gramm-Leach-Bliley Act of 1999 blurred the distinction between banks, brokerages and insurance companies. The law repealed major sections of the Glass-Steagall Act, a law passed in 1932 to keep financial institutions from consolidating their reach.
As a result of the 1999 law, banks may acquire, establish or affiliate with brokerages and insurance companies to offer customers a wider range of financial services and products. In addition to loans and deposits, banks today offer brokerage accounts, insurance, annuities and other retirement investments. Because of their newfound reach, some of the largest of these institutions are referred to as bank supermarkets.

[The Creeper]

Anyone who seriously thinks whats going on in our economy right now is not something to deeply consider and fear is a waste to even argue with. You people are out of touch and Ignorant to economics, stocks and bonds, mortgage industry and how it works and who it all effects, the credit crunch, how thousands of homes going into foreclosure lowers the value of your home(which in most cases is a families biggest asset/investment), etc etc etc....You people are a waste to argue with, Mr. kidd and 1sicklex seem to have a touch on reality. And if any of you think either McCain or Obama can save our economy, just do the world a favor and kill yourself. The government cant save us, the market/economy will eventually correct itself after a very long time, which wont start until we see a bottom.

Side note - There has been talk of Wachovia going under aswell.

[Vteckidd]

This just in


Goldman Sachs (GS: 122.07, -13.43, -9.91%) reported its worst quarterly results since going public and crude oil prices nearly tumbled below $90 a barrel

The markets weren't helped by Goldman Sachs (GS: 121.90, -13.60, -10.03%), which reported its worst quarter since going public in 1999. The firm at 85 Broad St., one of just two remaining independent investment banks, saw its third-quarter profit plunge 71% to $810 million.

Folks, hang on

[Vteckidd]

If you bank with WAMU like i do

Washington Mutual (WM: 1.82, -0.18, -9.00%) hasn't been able to stop the onslaught of selling in its shares, opening down nearly 20%. WaMu, the nation's largest savings-and-loan, suffered another setback late Monday after Standard & Poor's slashed the bank's credit ratings into junk status. Shares of WaMu have plummeted 85% so far this year.

Hewlett-Packard (HPQ: 45.99, +0.66, +1.45%) plans to slash 24,600 jobs over the next three years and take a $1.7 billion charge, as a result of the company's $13.2 billion merger with Educational Data Systems, commonly known as EDS.

[Ran]

Wall Street Section is that way ---------->

Can a mod move this?

[Blitanicle99]

Okay, I am the village idiot when it comes to this.

Anyone think now would be a good time to throw an investment together? In hopes of making mad money?

[ironchef]

Wall Street Section is that way ---------->

Can a mod move this?Why? More people need to be aware of the situation going on in the financial markets, compared to the useless bullsh1t pbs, and the rest of the tards in the whoreslounge spend the day posting.

[Sport1.3]

Kidd you are way off. Your lunacy and false sense of conditions is EXACTLY what is causing a lot of the consumer confidence problems that are slowing our economy today. The fact that these banks were in dire straights is no new news. Anybody that follows anything aside from headlines has known this. Poor lending policies caused this. In all likelihood this will have very little to no effect on the average guy.


werd

[Vteckidd]

Why? More people need to be aware of the situation going on in the financial markets, compared to the useless bullsh1t pbs, and the rest of the tards in the whoreslounge spend the day posting.
thank you, even if some of our facts are wrong! :crazy:

[Vteckidd]

read 1sicklexs post , if you think im wrong

[Ran]

Why? More people need to be aware of the situation going on in the financial markets, compared to the useless bullsh1t pbs, and the rest of the tards in the whoreslounge spend the day posting.Too bad 80% of the people in the Whoreslounge don't give a sh*t. That's also WHY we have a Wall Street section. It's for people that want to read this stuff. The Whoreslounge is for general BS, not for surveying the impending doom of the stock market.

[ironchef]

They should give a sh*t, since this will affect them, whether they like it or not.

Sorry that a decent topic of discussion is taking up room in the middle of all the rampant retardation going on.

If you don't like it, don't click on the thread.

[Ran]

They should give a sh*t, since this will affect them, whether they like it or not.That's all fine and dandy, but that doesn't make this thread WL material.

I wouldn't invest in "People who care about this" stocks if I were you. They're not going to rise.

[Ran]

Sorry that a decent topic of discussion is taking up room in the middle of all the rampant retardation going on.

If you don't like it, don't click on the thread.If you're going to apologize, at least apologize for this thread being in the wrong section. :taun:

[Vteckidd]

Ran i posted it in here because this is BIG NEWS and i thought more people NEEDED to see it.

[DJ Maestro]

I want to know how the massive Stock Market downturn will affect the global loli economy. Will there be less loli's due to Merrill Lynch not being around to manage the stocks of companies such as Abercrombie & Fitch, Aeropostale, and Hollister? Those companies are solely responsible for bringing all the loli's in a general area into one easy to access location. Without them it would be much harder to hunt loli's as they would be forced to spread out to shop for their skimpy designer clothes. We just can't have that happen.

Oh yeah, one other thing......wrong section. :D

[Nemesis]

Oh damn how did I end up in the Wall Street Section? Oh wait....im in whoreslounge :confused:

[Ran]

Oh damn how did I end up in the Wall Street Section? Oh wait....im in whoreslounge :confused:http://i263.photobucket.com/albums/ii126/farkphoto/confused.jpg

[BKgen®]

http://premium1.uploadit.org/brandonp47/cats/1162084772492.jpg

lol i give a shyt about the topic of the thread.... but i don't give a shyt about the thread itself.

[Sam C.]

This thread is so full of BS it is amazing.

Fact- The economy is in a downswing but not a recession.

Fact- People are selling stocks to buy gov't backed bonds, it's called diversification. It will be back when the market calms.

Fact- Smaller investment firms are eager to scoop up Lehman clients, why do you think BOA bought Merrill?

Opinion- More banks may fall out. However, Federal Regualtions will only allow one banking institution to hold 10% of nations to deposits. Meaning, worst case scenario there will be 10 banks in the US.

Opinion- Lehman & Merrill knew what they were doing a few years back. They needed capital so they loosened lending stipulations, which came back to burn them.

Opinion- The government is not to blame nor are the brokerage houses. The blame falls on the consumer. You cannot sell a product without consumers willing to buy it. The majority of people who have defaulted on their did not have a clear understanding of what kind of mortgage they purchased. Instead they had their eye on the prize.

Opinion- Having the government step in to assist goes against a free market economy. In a free market businesses come and go, money is earned and lost. It is how it works. Regulations work against this and use your tax dollars to correct the ship while leading you to believe it is your best interest.

Lastly, don't take what you hear on any news program or site as doctrine. If you are truly concerned about an issue go do the research and see what is truly out there. Look for both sides of a story, and try to stay away from any publications that starts off with a fear invoking prose.

[4dmin]

Neither Mccain nor Obama have the answer for this, sorry.

This is pure greed from the Mortgage Companies and speculators.

They put all their eggs in one basket and it backfired

this is true but fact that we need better administration to help make regulations to keep such sh!t from happening again... just like eron, etc.

i just saw yesterday about mortgage scam totally up over 3 million dollars was going on here in Atlanta. buy a house for 100k and have someone you know appraise it for 300k then make up phony person to sell it too collect funds, etc...

[ironchef]

320 points doesn't make a difference huh. You expect the market to be up tomorrow? You don't follow the stock market much do you Ironchef?LOLs....

.DJIA (http://data.cnbc.com/quotes/.DJIA)

11056.66

http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif

139.15
+1.27%
2,466,025,000


.NCOMP (http://data.cnbc.com/quotes/.NCOMP)

2201.27

http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif

21.36
+0.98%
1,230,896,400


.SPX (http://data.cnbc.com/quotes/.SPX)

1211.13

http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif

18.43
+1.55%
7,148,504,300

[Vteckidd]

this is true but fact that we need better administration to help make regulations to keep such sh!t from happening again... just like eron, etc.

i just saw yesterday about mortgage scam totally up over 3 million dollars was going on here in Atlanta. buy a house for 100k and have someone you know appraise it for 300k then make up phony person to sell it too collect funds, etc...
for once, we agree.

Bush has let this get out of control when their were warning signs years ago.

[hydroshutter]

Lol @ blaming one person for the entire Economy's decrease lately.

[Vteckidd]

Lol @ blaming one person for the entire Economy's decrease lately.
im not blaming bush, im saying there should be more regulations in place, which is where the govt comes in

[MS3ZZ]

LOLs....

.DJIA (http://data.cnbc.com/quotes/.DJIA)

11056.66



http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif





139.15
+1.27%
2,466,025,000


.NCOMP (http://data.cnbc.com/quotes/.NCOMP)

2201.27



http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif





21.36
+0.98%
1,230,896,400


.SPX (http://data.cnbc.com/quotes/.SPX)

1211.13



http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif





18.43
+1.55%
7,148,504,300


It's not about stock being up and down anymore. Look and see what's happening outside.
Numbers can be manipulated, as well as wall street. Stock market right now is a joke.

[blacknightteg]

im not blaming bush, im saying there should be more regulations in place, which is where the govt comes in


quick question tho mike.....if there should be more regulations in place by the government. if they should step in, doesnt hat go against the republican parties idea's of less government? the only reason i bring this up is because your for mccain. thats all. not meaning to turn this into a political topic.

[1SICKLEX]

This thread is so full of BS it is amazing.

Fact- The economy is in a downswing but not a recession.

Fact- People are selling stocks to buy gov't backed bonds, it's called diversification. It will be back when the market calms.

Fact- Smaller investment firms are eager to scoop up Lehman clients, why do you think BOA bought Merrill?

Opinion- More banks may fall out. However, Federal Regualtions will only allow one banking institution to hold 10% of nations to deposits. Meaning, worst case scenario there will be 10 banks in the US.

Opinion- Lehman & Merrill knew what they were doing a few years back. They needed capital so they loosened lending stipulations, which came back to burn them.

Opinion- The government is not to blame nor are the brokerage houses. The blame falls on the consumer. You cannot sell a product without consumers willing to buy it. The majority of people who have defaulted on their did not have a clear understanding of what kind of mortgage they purchased. Instead they had their eye on the prize.

Opinion- Having the government step in to assist goes against a free market economy. In a free market businesses come and go, money is earned and lost. It is how it works. Regulations work against this and use your tax dollars to correct the ship while leading you to believe it is your best interest.

Lastly, don't take what you hear on any news program or site as doctrine. If you are truly concerned about an issue go do the research and see what is truly out there. Look for both sides of a story, and try to stay away from any publications that starts off with a fear invoking prose.

The govt is tons to blame. They REGULATE this ****, that is what they are THERE FOR. They WATCHED and CLOSED THEIR EYES as banks lent MONEY IT DIDN"T HAVE to RISKY PEOPLE in the BILLIONS of Dollars.

Then the GOVT BAILS OUT the BANKS AGAIN AND AGAIN AND AGAIN and screw taxpayers over who PAY FOR THIS!!!!

Look at how bankruptcy laws changed under Bush, it is now much harder for a person to file bankruptcy and you have to pay the $$$$ back!! It was b/c BIG BUSINESS complained "We are lending money and people don't pay"

Well now BIG BUSINESS is in dire straits and begs our GOvt to BAIL THEM OUT AGAIN.

MIND YOU OUR GOVT IS BROKE!!!!! WE HAVE NO MONEY TO LEND!!!!!

Our Fiscal policy is a JOKE, we are TRILLIONS, in debt and our budget is hundreds of billions over budget.

Who the hell do u think buys govt bonds??? China, India and other countries!!! If they cash out, we are SCREWED!!!


Bottom line, do your research. Our founding fathers and when our presidents had sense and BALLS, they DESPISED CENTRAL BANKS and Big banks.

Andrew Jackson actually said FU BANKS and paid every single dime back except about $32,000. He knew banks= peoples destruction.

Well READ ON THE FEDERAL RESERVE, which is a FRAUD!!!

http://www.healthfreedom.info/Federal_Reserve_Fraud.htm

Its not a part of our government. And guess what some of these same institutions that failed, helped set up the FED.

[Vteckidd]

WASHINGTON - In a bid to save financial markets and economy from further turmoil, the U.S. government agreed Tuesday to provide an $85 billion emergency loan to rescue the huge insurer AIG. The Federal Reserve said in a statement it determined that a disorderly failure of AIG could hurt the already delicate financial markets and the economy.
ADVERTISEMENT

It also could "lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance," the Fed said.

"The President supports the agreement announced this evening by the Federal Reserve," said White House spokesman Tony Fratto. "These steps are taken in the interest of promoting stability in financial markets and limiting damage to the broader economy."

Treasury Secretary Henry Paulson said the administration was working closely with the Fed, the Securities and Exchange Commission and other government regulators to "enhance the stability and orderliness of our financial markets and minimize the disruption to our economy."

"I support the steps taken by the Federal Reserve tonight to assist AIG in continuing to meet its obligations, mitigate broader disruptions and at the same time protect taxpayers," Paulson said in a statement.

The Fed said in return for the loan, the government will receive a 79.9 percent equity stake in AIG.

Earlier, Fed chairman Bernanke and Paulson met with Sen. Christopher Dodd, D-Conn., Majority Leader Harry Reid, D-Nev., and House Republican leader John Boehner of Ohio, to brief them on the government's option.

"At the administration's request, I met this evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. They expressed the administration's views on the deepening economic turmoil and shared with us their latest proposals regarding AIG," Reid told reporters. "The Treasury and the Fed have promised to provide more details in the near future, which I believe must address the broader, underlying structural issues in the financial markets."

On Tuesday, shares of the insurance company swung violently as rumors of potential deals involving the government or private parties emerged and were dashed. By late Tuesday, its shares had closed down 20 percent — and another 45 percent after hours. Still, no deal emerged.

The problems at AIG stemmed from its insurance of mortgage-backed securities and other risky debt against default. If AIG couldn't make good on its promise to pay back soured debt, investors feared the consequences would pose a greater threat to the U.S. financial system than this week's collapse of the investment bank Lehman Brothers.

The worries were triggered after Moody's Investor Service and Standard and Poor's lowered AIG's credit ratings, forcing AIG to seek more money for collateral against its insurance contracts. Without that money, AIG would have defaulted on its obligations and the buyers of its insurance — such as banks and other financial companies — would have found themselves without protection against losses on the debt they hold.

"It might not just bring down other financial institutions in the U.S. It could bring down overseas financial institutions," said Timothy Canova, a professor of international economic law at Chapman University School of Law. "If Lehman Brother's failure could help trigger AIG's going down, who knows who AIG's failure could trigger next."

New York-based AIG operates an insurance and financial services businesses ranging from property, casualty, auto and life insurance to annuity and investment services. Those traditional insurance operations are considered healthy and the National Association of Insurance Commissioners said "they are solvent and have the capability to pay claims."

[TheChosenOne]

PLEASE!

I wish that people would heed the facts in situations like this.

Allow me to explain...

The federal reserve makes money. Not like a pimp makes money (this can be argued), but like a machine "makes" money. Now, when the Federal Reserve lends out money, it's not out of the charitable kindness of their heart, but with the intent of making more money off of the money they have already made. And I ask, do you all know how they make this money??? BY LOANING THE MONEY ON INTEREST!!!

This is what they do as an entity! No one escapes the wrath of dept to the Federal Reserve! NO ONE! Not even the "High & Mighty" GUBMENT! All this talk about how the economy is in the "shyter" and "we need to brace ourselves for another depression" is making me sick. All that jazz about the stock market is the backbone of "our" economy is mularchy.

Granted, yes, the stock market does have SOME affect on how much the US dollar is worth, but NOT NEARLY as much of an effect as the Federal Reserve! So the next time someone throws an editorial in your face with big numbers and tells you it's bad. Do the research and find the TRUTH! The world isn't going to end as we know it. Just don't invest in shyty stocks. ;)


The ni99a has spoken.

And YES I support Obama, but only by default, so don't bring that democratic propaganda fuckboyshyt in here!

[1SICKLEX]

^^^ Dude, the dollar value has dropped significantly. The banking marking and brokerage market is in turmoil. Energy is at an all time high. Unemployment is climbing. Consumer Confidence is low. Inflation continues to rise.

We are NOT in a recession? Just go to any mall on the weekend and notice how empty it is compared to just last year.

[MS3ZZ]

PLEASE!

I wish that people would heed the facts in situations like this.

Allow me to explain...

The federal reserve makes money. Not like a pimp makes money (this can be argued), but like a machine "makes" money. Now, when the Federal Reserve lends out money, it's not out of the charitable kindness of their heart, but with the intent of making more money off of the money they have already made. And I ask, do you all know how they make this money??? BY LOANING THE MONEY ON INTEREST!!!

This is what they do as an entity! No one escapes the wrath of depth to the Federal Reserve! NO ONE! Not even the "High & Mighty" GUBMENT! All this talk about how the economy is in the "shyter" and "we need to brace ourselves for another depression" is making me sick. All that jazz about the stock market is the backbone of "our" economy is mularchy.

Granted, yes, the stock market does have SOME affect on how much the US dollar is worth, but NOT NEARLY as much of an effect as the Federal Reserve! So the next time someone throws an editorial in your face with big numbers and tells you it's bad. Do the research and find the TRUTH! The world isn't going to end as we know it. Just don't invest in shyty stocks. ;)


The ***** has spoken.

And YES I support Obama, but only by default, so don't bring that democratic propaganda fuckboyshyt in here!


Feds are printing money out of thin air to bail these companies. Feds have no money, the nation is in debt.
Printing money out of thin air is putting us in more debt, further decreasing our dollar value, and we the tax payers are paying for it.

Stop watching Fox news or CNBC for these issues.

[1SICKLEX]

Feds are printing money out of thin air to bail these companies. Feds have no money, the nation is in debt.
Printing money out of thin air is putting us in more debt, further decreasing our dollar value, and we the tax payers are paying for it.

Stop watching Fox news or CNBC for these issues.

Exactly. They print money and lend money they never really had in the first place. They are a fraud!! Its backed by nothing!!! Notice how the value of gold has skyrocketed!! It is a finite resource. As long as there is ink and paper, they will continue to print money.

They bastards make up free money, then lend the money to the USA, then have the balls to add interest to fake money. SO they make money on money they created out of thin air.!!

[Alan®]

^^^ Dude, the dollar value has dropped significantly. The banking marking and brokerage market is in turmoil. Energy is at an all time high. Unemployment is climbing. Consumer Confidence is low. Inflation continues to rise.

We are NOT in a recession? Just go to any mall on the weekend and notice how empty it is compared to just last year.
I agree with you to an extent but hasn't oil dropped considerably in the past 30 days? I would harldy consider a ~$50 drop in the price of oil an all time high. Statements like these made by the media are also to blame for our current cituation.

As far as the housing market goes. The blame lies between the banks that leant the money and the idiots that actually agreed knowing that they couldn't afford the damn house in the first place.

[MS3ZZ]

Exactly. They print money and lend money they never really had in the first place. They are a fraud!! Its backed by nothing!!! Notice how the value of gold has skyrocketed!! It is a finite resource. As long as there is ink and paper, they will continue to print money.

They bastards make up free money, then lend the money to the USA, then have the balls to add interest to fake money. SO they make money on money they created out of thin air.!!

Amazing isnt it? Govt is counterfeiting our currency and there are people that sees this as nothing wrong.
This amazes me everyday.

[1SICKLEX]

I agree with you to an extent but hasn't oil dropped considerably in the past 30 days? I would harldy consider a ~$50 drop in the price of oil an all time high. Statements like these made by the media are also to blame for our current cituation.

As far as the housing market goes. The blame lies between the banks that leant the money and the idiots that actually agreed knowing that they couldn't afford the damn house in the first place.
You do realize even though oil dropped from a high of what 146 to around 96 today, that still is higher than anything a year ago let alone 5 years ago.
The price of oil is still high. Compared to a few months ago, yeah it looks good.

It is still high.

[Alan®]

You do realize even though oil dropped from a high of what 146 to around 96 today, that still is higher than anything a year ago let alone 5 years ago.
The price of oil is still high. Compared to a few months ago, yeah it looks good.

It is still high.
That was exactly my point. There are still some things that are doing good. Sorry I'm a bit of an optimist I just think that the whole doom and gloom aspect doesn't exactly do anything for the American psyche. We know things arent great right now but they're not terrible.

[MS3ZZ]

I dont know about you, but things are terrible by my standards.

[sakasaku]

http://www.youtube.com/watch?v=59oT8WL3uhc
this is all
perfect song:)

[4dmin]

quick question tho mike.....if there should be more regulations in place by the government. if they should step in, doesnt hat go against the republican parties idea's of less government? the only reason i bring this up is because your for mccain. thats all. not meaning to turn this into a political topic.

:lmfao:i was totally gonna say the same to be an a$$hole but ya... this is where more gov't s needed... mortgage companies were retarded 0 down on home people can't afford then when % changes and they can't afford we happen to be in a economic downturn which now turns into a crisis.

there were so many stats about how many new home owners there were since bush has been in office... i would love to know how many have lost their homes in the past 8 years. (not saying it is his fault but republicans have said in the past (even bush) that their work in part of why we have more home owners)

[Sam C.]

The govt is tons to blame. They REGULATE this ****, that is what they are THERE FOR. They WATCHED and CLOSED THEIR EYES as banks lent MONEY IT DIDN"T HAVE to RISKY PEOPLE in the BILLIONS of Dollars.

Then the GOVT BAILS OUT the BANKS AGAIN AND AGAIN AND AGAIN and screw taxpayers over who PAY FOR THIS!!!!

Look at how bankruptcy laws changed under Bush, it is now much harder for a person to file bankruptcy and you have to pay the $$$$ back!! It was b/c BIG BUSINESS complained "We are lending money and people don't pay"

Well now BIG BUSINESS is in dire straits and begs our GOvt to BAIL THEM OUT AGAIN.

MIND YOU OUR GOVT IS BROKE!!!!! WE HAVE NO MONEY TO LEND!!!!!

Our Fiscal policy is a JOKE, we are TRILLIONS, in debt and our budget is hundreds of billions over budget.

Who the hell do u think buys govt bonds??? China, India and other countries!!! If they cash out, we are SCREWED!!!


Bottom line, do your research. Our founding fathers and when our presidents had sense and BALLS, they DESPISED CENTRAL BANKS and Big banks.

Andrew Jackson actually said FU BANKS and paid every single dime back except about $32,000. He knew banks= peoples destruction.

Well READ ON THE FEDERAL RESERVE, which is a FRAUD!!!

http://www.healthfreedom.info/Federal_Reserve_Fraud.htm

Its not a part of our government. And guess what some of these same institutions that failed, helped set up the FED.

Nice rant.

You clearly failed to see my reasoning in stating the government is not to blame. It is the consumer who created a market of subprime loans. These consumers did not fully understand what they were getting into. That is their fault no one elses. We as consumers are responsible for understanding all aspects of any loan we get into, it is called accountability. They are now unable to pay, and therefore their house goes under and no is left to pay the bill. This lack of payment is why banks are in a world of hurt. Banks took a risk and lost. Without risk there is no reward.

Also, government regulations on mortgages are set to ensure a consumer is not defrauded by a brokerage/bank. Meaning misrepresentation of the truth. They do not say you must have a certain amount down to get a loan or you must make a certain income. That risk is assumed by brokerage/bank and is perfectly legal.

This leads into my last opinion made is my previous post and something we both agree on. The government should not step in and offer bailouts, it goes against the free market. Government should let the market play out, there will be winners and losers. These brokerages like any private business that is poor at doing business should fail. Some economists argue large scale fallout in industries is good. It clears the market of poor performers and often sparks innovative new startups with improved effeciences.

Also my point about bonds is that investors in the US were selling stocks to purchase T-bonds as they wanted to mitigate certain risks due to over reactions in the market. That is why the Dow fell, many people decided to sell their stocks. The people buying the stock knew the risk of the stock was now higher. When a stocks risk is higher the price goes down, this hopefully allows for greater return in the future. When the market recovers these same dollars will come back.


Lastly, your suggestion to do my research was excellent regurgitation of my last point. I do my research I suggest everyone else on here do the same.

[4dmin]

^^^ Dude, the dollar value has dropped significantly. The banking marking and brokerage market is in turmoil. Energy is at an all time high. Unemployment is climbing. Consumer Confidence is low. Inflation continues to rise.

We are NOT in a recession? Just go to any mall on the weekend and notice how empty it is compared to just last year.

malls are empty b/c RAN and rest of local pedo crew... i don't feel safe there :lmfao:

[Ran]

malls are empty b/c RAN and rest of local pedo crew... i don't feel safe there :lmfao:http://img.photobucket.com/albums/v92/Nismosis/Screencaps/GONNAHAPPYGUYS.jpg

[Vteckidd]

This proves how little you know about Mccain.

Im not saying im for ultra regulation and the govt needs to have its hand in everything. Im saying there should have been steps to STOP the sub prime mortgage crisis.

It was the LAX lending policies of the federal govt and the banks greed, that gave loans to "poor" people that had the loophole for this whole mess to happen.

And the more an more i read about it, the more and more i think "who DIDNT see this coming" when it all started.

Mccain is for Reform, i think thats pretty clear. Hes attacked Bush on the Economy a few times.

And unlike some people, i can admit when my party has made a mistake. Just cause im republican doesnt mean we can do know wrong, and vice versa.

[1SICKLEX]

Nice rant.

You clearly failed to see my reasoning in stating the government is not to blame. It is the consumer who created a market of subprime loans. These consumers did not fully understand what they were getting into. That is their fault no one elses. We as consumers are responsible for understanding all aspects of any loan we get into, it is called accountability. They are now unable to pay, and therefore their house goes under and no is left to pay the bill. This lack of payment is why banks are in a world of hurt. Banks took a risk and lost. Without risk there is no reward.

Also, government regulations on mortgages are set to ensure a consumer is not defrauded by a brokerage/bank. Meaning misrepresentation of the truth. They do not say you must have a certain amount down to get a loan or you must make a certain income. That risk is assumed by brokerage/bank and is perfectly legal.

This leads into my last opinion made is my previous post and something we both agree on. The government should not step in and offer bailouts, it goes against the free market. Government should let the market play out, there will be winners and losers. These brokerages like any private business that is poor at doing business should fail. Some economists argue large scale fallout in industries is good. It clears the market of poor performers and often sparks innovative new startups with improved effeciences.

Also my point about bonds is that investors in the US were selling stocks to purchase T-bonds as they wanted to mitigate certain risks due to over reactions in the market. That is why the Dow fell, many people decided to sell their stocks. The people buying the stock knew the risk of the stock was now higher. When a stocks risk is higher the price goes down, this hopefully allows for greater return in the future. When the market recovers these same dollars will come back.


Lastly, your suggestion to do my research was excellent regurgitation of my last point. I do my research I suggest everyone else on here do the same.
Sorry but simply supply and demand here. There will ALWAYS be a demand for cheap housing and there will ALWAYS be a market of homebuyers.

The SUPPLIERS decided to lower standards where ANYBODY could now buy a home. No credit, no problem. No job, no problem. No down payment, no problem. You "THINK" you will be rich in 5 years, yes we can put you in a 350k home.


The Govt. should have stepped in but the ECONOMY was flourishing so they didn't.

Now taxpayers and the next administration have to fix this mess.


We do agree on most everything else :) Good posts.

[TIGERJC]

Sorry but simply supply and demand here. There will ALWAYS be a demand for cheap housing and there will ALWAYS be a market of homebuyers.

The SUPPLIERS decided to lower standards where ANYBODY could now buy a home. No credit, no problem. No job, no problem. No down payment, no problem. You "THINK" you will be rich in 5 years, yes we can put you in a 350k home.


The Govt. should have stepped in but the ECONOMY was flourishing so they didn't.

Now taxpayers and the next administration have to fix this mess.


We do agree on most everything else :) Good posts.
That is why we need more gov't oversight so that this doesn't happen again, but the funny thing is that the gov't and a lot of ppl knew the housing market was going to collabse b/c of the lending practices long before the actually collabse

[Capt._Ron]

That is why we need more gov't oversight so that this doesn't happen again, but the funny thing is that the gov't and a lot of ppl knew the housing market was going to collabse b/c of the lending practices long before the actually collabse

Yes thats the solution!!!. Lets make the government as big as possible!! Maybe then they can do everything for us and we can just give them all of our money and let them decide how redistribute it. This will solve everything! I think this new style of government should be called Socialism or even better Communism.

LOL wake up folks!!! The government shouldn't bail anyone out. These companies made poor decisions and they should face the consequences thats the point of a free market economy.

[TIGERJC]

Yes thats the solution!!!. Lets make the government as big as possible!! Maybe then they can do everything for us and we can just give them all of our money and let them decide how redistribute it. This will solve everything! I think this new style of government should be called Socialism or even better Communism.

LOL wake up folks!!! The government shouldn't bail anyone out. These companies made poor decisions and they should face the consequences thats the point of a free market economy.
either or, if the gov't is going to be bailing compaines they need to oversee these compaines. I don't agree on bailing compaines out with taxpayer money, but with these important finacial instiutions failing some had to step in or this country as a whole would be fuked

[§treet_§peed]

well looks like im taking 1k out of my 4k in a savings account and investing it in thestock marketing... i just hope if i do this that i will be able to make a nice little profit in a few years... anyone got any pointers on a good stock brocker?

[chnco]

It's threads like these tha everyone is panicking and selling off.

[Vteckidd]

It's threads like these tha everyone is panicking and selling off.
yeah cause the DOW dropping 600 points is not cause to panic LOL

I mean its just to show everyone how important this election is.

[tony]

So.. theres a nice rally going on right now. Things seem to be back where they were last week. I told some of you to buy but oh well..

[Vteckidd]

So.. theres a nice rally going on right now. Things seem to be back where they were last week. I told some of you to buy but oh well..
it aint over, its because of the talks of the Debt Repository

NEW YORK - Wall Street had a stunning late-session turnaround Thursday, shooting higher and hurtling the Dow Jones industrials up more than 400 points after a report that the federal government may create an entity that will take over banks' bad debt.
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The report on CNBC said Treasury Secretary Henry Paulson is considering the formation of an entity like the Resolution Trust Corp. that was set up after the failure of savings and loan banks in the 1980s.

Investors were cheered by the notion of a huge federal intervention like the establishment of RTC to acquire the real estate debt that has hobbled financial institutions and led to the intense volatility in the markets this week.

If there's an RTC-like entity, "it's going to take a lot of the bad debt off the balance sheets of these companies," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York. That would alleviate many of the pressures causing the credit crisis, he said, and open up the credit markets again. But Fullman noted, "the devil's in the details."

"Bear markets are very sensitive to news. And on a scale of 1 to 10, this one is a 13," he said.

In late afternoon trading, the Dow soared 411.66, or 3.88 percent, to 11,021.32.

Broader stock indicators also jumped. The Standard & Poor's 500 index rose 48.85, or 4.22 percent, to 1,205.24, and the Nasdaq composite index advanced 95.07, or 4.53 percent, to 2,193.92.

The report of a broader government bailout proved more reassuring to investors than moves before the opening bell Thursday by the Federal Reserve and other major central banks to inject as much as $180 billion into global money markets. The moves were an attempt to keep the credit crisis from worsening; the Fed added another $55 billion in overnight loans Thursday.

Grinding gears in the world's credit markets have driven up the cost of borrowing for businesses; banks have become hesitant to make loans even to other banks for fear of what institutions might be hobbled by soured debt. Investors are also contending with fears that more big-name financial companies could falter.

Worry in the markets had led to speculation about the future of such major players as thrift bank Washington Mutual Inc. and investment bank Morgan Stanley. Media reports have been saying that Wells Fargo & Co. and Citigroup Inc. are interested in a possible takeover of Washington Mutual; and a person familiar with the negotiations said Morgan Stanley and Wachovia Corp. are in talks about a possible combination. He spoke on condition of anonymity because the talks are ongoing.

"We're seeing a tremendous amount of nervousness. That nervousness is leading to volatility," said Anthony Conroy, head trader for BNY ConvergEx Group. He said the markets hadn't seen as much fractiousness since the 1920s.

Advancing issues outnumbered decliners by more than 2 to 1 on the New York Stock Exchange, where volume came to 1.85 billion shares. Trading remained heavy as it has all week amid investors' fears about the well-being of the financial system. But observers said traders were positioning themselves ahead of Friday's "quadruple witching," which marks the simultaneous expiration of four types of options contracts and can exacerbate volatility.

Investors shying from the risks of stocks turned to government-backed debt. On Wednesday, the 3-month Treasury bill — considered one of the safest short-duration assets — saw demand surge so high that its yield briefly dipped into negative territory for the first time since 1940. Investors are so focused on parking their money in safe assets that they're willing to take very little return on such investments.

The prices for short-duration Treasurys fell from Wednesday's levels. But the yield on the 3-month T-bill was still extremely low at 0.19 percent — up from 0.2 percent late Wednesday, but well below its yield of 1.60 percent just a week ago.

Longer-term bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.51 percent from 3.42 percent late Wednesday.

Investors also continued a move into other safe havens. Gold rose again Thursday, up $50.20 to $900.70 an ounce on the New York Mercantile Exchange after posting its largest ever one-day price jump Wednesday.

Oil shot up early in the day, moving back above $100 as investors sought it as another haven. But crude fell back with the market's realization that the financial turmoil will likely exacerbate the drop in demand that has taken oil down sharply from its July record of $147.27 a barrel.

Light, sweet crude on the Nymex rose 72 cents to settle at $97.88 a barrel.

"We are in uncharted territory," said Linda Duessel, the equity market strategist at Federated Investors. "The seriousness and the size of this fallout has been underestimated from the beginning. It's most disconcerting what's going on in the credit market."

Investors remained jittery throughout Thursday's session. The Chicago Board Options Exchange's volatility index, known as the VIX, set a new high for the year in trading Thursday. Often referred to as the "fear index," the VIX at times rose to levels not seen since October 2002. But the VIX retreated after the report a government plan for bad bank debt.

Some market observers say a reading of more than 40 is necessary before the market can begin to excise its fears and carve out a rebound.

Mixed economic readings drew little attention as investors focused on the financials and the credit markets.

The Labor Department reported that initial claims for unemployment benefits rose by 10,000 last week to 455,000, due primarily to Louisiana's job losses from Hurricane Gustav. And the Philadelphia Fed said its regional manufacturing report improved to a 3.8 in September from a negative 12.7 in August. It marks the first positive reading since November.

Among financials, Morgan Stanley rose $2.15, or 10 percent, to $23.90 as the investment bank sought a buyer or cash infusion to shore up its flagging share price. The stock has fallen 38 percent in the past week following Monday's bankruptcy filing at rival Lehman Brothers Holdings Inc. and a forced sale of Merrill Lynch & Co. to Bank of America Corp.

The Russell 2000 index of smaller companies rose 40.38, or 5.97 percent, to 716.76.

Overseas, Japan's Nikkei stock average dropped 2.22 percent to its lowest closing level in over three years. Hong Kong's Hang Seng index lost 0.03 percent.

Britain's FTSE 100 fell 0.66 percent, Germany's DAX index rose 0.04 percent, and France's CAC-40 fell 1.06 percent.

[1SICKLEX]

SIgh...
Its "news"..they do this all the time. They simply have a leak or press release of some sort to make things better.

Every international exchange does this. Nothing is fixed at all, even the Dow being up 400.

[tony]

lol Thats perfectly fine.. honestly if someone feels now is the time to sell it doesn't bother me one bit to be right or wrong on this subject.

Better yet.. keep selling, I'm enjoying the bargains.

[§treet_§peed]

i got one thing to say mccain and the milf ftmfw yo

[iloveboost]

It's threads like these tha everyone is panicking and selling off.

Yup. Returns have fluctuated but I've seen absolutely nothing to worry about.

Business as usual, folks.

[EmminoDaGreat]

/\/\/\ wtf? where you been?

[iloveboost]

/\/\/\ wtf? where you been?
Bought a Ducati, been playing around with it.

Insurance company isn't wanting to pay me $34,000 for mods that I had in the Z06 (on top of value of the car) so my lawyer is fighting with them about it.

Other than that, just chillin. Waiting to snag a good deal on a C6Z or hang tight a while longer for a 997 turbo.

[EmminoDaGreat]

I saw it a while back in the lot up the street...

[iloveboost]

I saw it a while back in the lot up the street...
The Z06 or the Ducati?

Z06 has been gone for about 3.5 months now.

http://img.photobucket.com/albums/v601/iloveboost/Z06gone.jpg

This is what's been holding me over:

http://img.photobucket.com/albums/v601/iloveboost/Ducati2.jpg
http://img.photobucket.com/albums/v601/iloveboost/Ducati1.jpg

Already got the fender eliminator kit and tucked the plate back behind the tire. Looks way cleaner now.

[EmminoDaGreat]

The z06, thats how it looked pretty much..

[ironchef]

The Z06 or the Ducati?

Z06 has been gone for about 3.5 months now.

http://img.photobucket.com/albums/v601/iloveboost/Z06gone.jpg

This is what's been holding me over:

http://img.photobucket.com/albums/v601/iloveboost/Ducati2.jpg
http://img.photobucket.com/albums/v601/iloveboost/Ducati1.jpg

Already got the fender eliminator kit and tucked the plate back behind the tire. Looks way cleaner now.So purdy, me want!!! (bike)

What happened to the z06? It was so purdy also.

[iloveboost]

The z06, thats how it looked pretty much..
Still brings a tear to the eye.

Ah well, that's life. You know how it goes... time to move on to bigger and better things.

[iloveboost]

So purdy, me want!!! (bike)

What happened to the z06? It was so purdy also.
Some guy ran a red light taking his kids to daycare. Hit me in the driver's side door (duh). Kids weren't even crying and I didn't have my seatbelt on. Walked right out of it with a small bump on my head.

[ironchef]

Well, at least you're ok. Sucks about the car though.

[tony]

Is everything still falling apart? Just curious of those who say it is..

[ironchef]

Is everything still falling apart? Just curious of those who say it is..But the media tells me it is, I think i'm going to hide in my bathtub, what will I do?

/sarcasm

LOLs