will be liquidated by Monday morning, Once the big 4...Now only Bear Sterns and Merrill Lynch are still standing, the dow will open Monday morning down a projected 300 points...
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don't trust other people with your money.Comment -
The investment banks are barreled in.Comment -
thankfully i am completely out of this disaster finallyComment -
invest in gambling...not in stocksComment -
BANK of AMERICA just purchased Merrill Lynch a few hours ago!!!Originally posted by bmw530iComment -
so glad government did not bail out these greedy pigsComment -
someone i know bought LE at 38, went up to 48 and he thought he was a financial genus. now it is about 3-4 dollars. i told him sports betting is much easier, at least you don't have to sweat after the game is over.Comment -
I don't know sht about stocks, thats why I stay away from them.Comment -
O ****ing hate bank of america. The only company I hate worse is Countrywide and lo and behold they will be one soon. Now our 401k is being taken over by these losers so I am ready for shitty customer service.
On a side note notice how the price of oil has fallen again to $94 a barrel. Notice how gas prices are rising and are expected to top $4 again. I said this before and I say it again- the gas companies will never allow gas prices to drop because they have to outdo their previous profit each quarter and in the process will destroy the economy and take out who knows how many business's will doing so. It is a shame americans are pussies and apathetic and will just let it happen.Comment -
I'm gonna move to China.Comment -
The Lehman news has plunged the market nearly 390 points thusfar,
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I can't see the Fed letting AIG fail. At least we don't have to bail out Lehman. Wall Street has really screwed itself again. Don't be surprised in Congress legislates more regulation for the financial markets.Comment -
Paulson didn't exactly signal optimism for AIG shareholders, though he didn't indicate the fed was completely done helping the financials. I think they could let the street deal with it.Originally posted by Tchocky
Def a rework coming for the regulatory agencies.Comment -
If AIG went down, would people holding annuities sold by AIG get screwed?Comment -
Not sure. Gov't has asked Goldman and JP Morgan to organize 75 billion credit line to keep AIG from goingOriginally posted by bookie
up.
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Well how can this happen? Someone tell me?Comment -
It makes you really think, everything is overinflated, Google trading at 433.00 a share. Dow should be trading at maybe 9500? Our financial landscape will continue to shift, until wall street gets honest..... rumors are Citibank is in real big trouble no one is paying there credit card bills, I was at the supermarket and a lady pulled out her Citicard to pay for her groceries, this is a trend.Comment -
AIG needs 75 or so billion to get bailed out. Fed won't do it, they are asking Goldman and JP Morgan to set up the financing. Should have word in next 12 hours or so.
Fukkin leveraged to the hilt, and the whole house of cards is crumbling....Comment -
lol sounds like everyone one of you need to take an economics class. hey treece I know you were joking when you said you want to move to China. Good luck you will be arrested for being on this site not to mention put in prison for gambling. lol, communist countryComment -
O.K. JJ heres my take. A few years ago before online trading, the finacial institutions had investors by the balls with all the broker fees involved with trading stocks. Then the internet came to be and broker fees went to shit. The financials had to come up with another avenue to make money, at the same time the administration wanted to get the minority vote and figured the best way to do that is to help low income people get a house. So Paulson, Dobbs and some other dudes came up with mortgage back securities. It was perfect. Have securities made up primarily of sub- prime mortgages, but rated with a AAA rating. A total scam but who cares. Here how it works, mortgage brokers find someone with a pulse and give them a mortgage that they know that they can't afford, then they package the mortgage in a security and sell it. They get the fees and someone else gets the risk. Well this wasn't good enough, some companies started to by this crappy paper, and it worked for a while. Just like all ponzi schemes, the last ones in are left holding the bag. Anyway, when the housing market started to collaspe the paper quickly became worthless and all of these companies had to write down the debt, even though they have much more of this paper than the company is worth. So they went looking for financial backers to help bail them out. Some got bailed out and some apparently aren't. Now this mess is even creeping into Alt A loans. Now the very people who invented this mess announced that they are going to hold hearings to see who fcked up. It is easy, Paulson, Dobbs, and the New Jersey Gov. was also involved when he was the head of Goldman will Sac you, are all pretty much the colprits who should be held orimarily responsible.Originally posted by jjgoldComment -
oh thats it damn it ive been trying to figure it out.
if i remember correctly every thing was fine in 200,actually it is the same today as it was then exept one little created word hardly mentioned before TERRORISMComment -
Another difference with today is that everyone isn't chasing the same asset class. Don't worry though another wall street ponzi scheme is probably already in the works. Take a look back at the last two schemes, tech, and housing. I think the next one will be a green bubble. Everything to do with the environment, and renewable energy.Originally posted by accuscoresucksComment -
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Yes I can tell you jj. Basically what happened is the banking industry (and others related to the banking industry) took enormous risks, bigger and bigger risks, which when they paid off, the bankers (and others realted to the banking industry) said they "earned" the money because they are so smart, and if and when they fail (as is happening now), it's a combo of government bailouts and tough titties for people left holding the bag.Originally posted by jjgold
To put it in gambling terms, the bankers (and others related to the banking industry) were free rolling with public money/public interest.
One key piece of legislation that you can look into that helped all this along was the Gramm-Leach-Bliley Act, look it up if you want to know more.
Yes, that is "Gramm", as in Phil Gramm, McCain's Presidential co-chair and senior economic advisor (up until this July, when having Gramm so officially close became too embarrassing for McCain), as well as UBS lobbyist.
An yes, that's "Leach" as in Jim Leach, Republican from Iowa, of UIGEA fame.Comment -
Let me summarize. Good companies like the company I work for AEGON that haven't screwed there balance sheets up like the rest of corporate america...like AIG... we aren't writing off billions in losses this year...
These people used "Enron" style accounting to maintain there Liquidity vs the amount of risk they should have assumed. They assumed too much risk in one area and now real estate is effectively killing them off.
AIG will not fold its too big... If AIG folds then the US economy is ****ed. Someone will buy it before it gets to that point.
Now here is the real kicked a company like AEGON whose stock is very low right now due to the financial market situation could be bought very easily for its current stock price... I'm suprised this hasn't happened. Especially if its just the US division... Dutch owned company would be willing to part with the super competitive US market...
Anyways, my opinion is these ****ers are getting bailed out when they shouldn't be let the ****ers fold because there CEO's and CFO took 100 million dollar retirement packages as they get booted out the door.
Before you doubt me, I'll break it down for people who don't understand.
-no debt
-international US is a fraction of the company
-growing extensively in Central/South America/Pacific Rim
-Pays a good dividend
- down 70% from all time high
- Is not effected by the credit crunch (is not writing off losses)Comment
