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Robert J

What, no thread on the banks?

158 posts in this topic

I work for a financial services co in Toronto. Now watching what's happening down south as it all goes down south.

______________________________________________________________________________

Stocks on Wall Street plummeted just after the opening bell on Monday morning as investors grappled with a financial landscape vastly different from the one they left behind last week.

The Dow Jones industrial average dropped more than 300 points in just under 10 minutes of trading, and the major European stock exchanges sank more than 4 percent, in the first wave of investor reaction to some of the most dramatic developments in the history of high finance.

More on this story....

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:o What would Sarah Palin do???

seriously, this is fucked up.

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What would Sarah Palin do? Probably the same thing that Bush and Co. have done...CORPORATE WELFARE!

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I used to work for Countrywide (payment processing, nothing to do with loan origination or brokering or anything like that, so DON'T SHOOT!!!).

Still do, only now Countrywide is Bank Of America. Now BOA has bought Merrill Lynch, so I guess we gotta make room for the bull.

As if we have room for any more...

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What would Sarah Palin do? Probably the same thing that Bush and Co. have done...CORPORATE WELFARE!

The more relevant question is what would Phil "Nation Of Whiners" Gramm do... and I think the answer comes out just about the same either way...

(do I smell a move to the Political forum coming up?)

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What would Sarah Palin do? Probably the same thing that Bush and Co. have done...CORPORATE WELFARE!

The more relevant question is what would Phil "Nation Of Whiners" Gramm do... and I think the answer comes out just about the same either way...

(do I smell a move to the Political forum coming up?)

Oh, probably, after I point out the chosen one has gotten a $126,000 in the last 10 years from.....

Fannie Mae and Freddie Mac

Funny, if you check out the link, the top 3 on the list are all Democrats!!! Who'd a thunk it??? They are the good guys! :crazy:

Edited by BERIGAN

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Suspender-strap barrels will be the height of fashion this season on Wall Street!!!

Sadly for me, I live on Main Street. Perhaps it is time to take up the selling of organic apples???

As for Sarah Palin, comrades, I must confess that in the waning years of the Cold War we attempted to secretly invade your northernmost state--only to be repelled by assault-weapon fire from Sarah Palin's house!!! :ph34r:

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Suspender-strap barrels will be the height of fashion this season on Wall Street!!!

Sadly for me, I live on Main Street. Perhaps it is time to take up the selling of organic apples???

As for Sarah Palin, comrades, I must confess that in the waning years of the Cold War we attempted to secretly invade your northernmost state--only to be repelled by assault-weapon fire from Sarah Palin's house!!! :ph34r:

Repelled by an assault weapon fire you say??? If they burn up that quickly, they must have been made by your Chinese brothers!!! ^_^

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"If you don't believe I'm sinkin', look what a hole I'm in!" — Ma Rainey, to her audience as the stage collapsed, making only her head visible.

Bush, whose neoCons and greedy Roveans have brought us to this point, maintains that our economy is strong. Mavereckless McCain echoes that. Conrad, believe it, we have ben sinking since the supreme court appointed Bush.

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"If you don't believe I'm sinkin', look what a hole I'm in!" — Ma Rainey, to her audience as the stage collapsed, making only her head visible.

Bush, whose neoCons and greedy Roveans have brought us to this point, maintains that our economy is strong. Mavereckless McCain echoes that. Conrad, believe it, we have ben sinking since the supreme court appointed Bush.

Chris, I don't know if you heard this, but in almost every recount,(Conducted by a press that dearly wanted to prove Bush lost) Bush won! Hope you can take this shock, since you have been railing against the SC for 8 years! :lol:

Gosh, remind me again, which party has been in control of congress the past 2 years???? What have they been doing about this crisis???

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Conrad, if, as you imply, there really was a reliable count, why was it necessary to have the supremes make a final decision????????

BTW, I think Pelosi and Reid should have been retired a long time ago—I am not enamored with the Dems.

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As for the banks, they made their bed, now we have to sleep in it.

(Serves them right, and serves US right for not regulating them.)

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This is too serious an issue to play "gotcha" on, because there are indeed "ties" enough to go around, and I do believe that we are just seeing the tip of the economic crisis iceberg (just saw Sec. Paulson blame the "housing crisis", but damn, in my highly unsophisticated eyes, we just ain't got no real money, period, except them at the very, very top, the rest of us live on paychecks and credit cards and whatever little bit we can save or "invest", Countrywide collapses, stockholders get screwed, but Mozillo & Sambol get gazillions and perks, and they ain't unique)), but on this specific matter, Johnson was gone a long time ago, yet Davis remains, front & center.

And Gramm... what will we do with Gramm that will not land us in jail or the electric chair?

Phil Gramm is not your friend. Many other people may or may not be as well, but never, ever think that Phil Gramm is your friend. especially when it comes to your money.

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Phil Gramm is not your friend. Many other people may or may not be as well, but never, ever think that Phil Gramm is your friend. especially when it comes to your money.

Not even on MySpace?

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AIG, WM and UBS all seem to be fighting to be first in line to go next...

The last couple of months have renewed my appreciation for my job (consulting). A very large percentage of my friends are wall streeters, and many of them have lost their jobs recently.

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Phil Gramm is not your friend, but he is John McCain's friend. He's one of McCain's top advisers.

Signed,

One of 300,000,000 whiners!!!

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The answer to this and every other economic problem:

Less regulation!!! More tax cuts for the super-rich!!!

Signed,

John McCain and the GOP

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I think you people are being silly by treating this as a Repub/Dem partisan issue.

The corruption on Wall Street and their bought and paid for politicians of both parties has been obvious for over a decade.

The Libertarians/Misesians have been predicting this would happen since the 60s, at least. Ron Paul this spring even based his presidential campaign on the corruption of the Federal Reserve Board. And every media organization I am aware of treated him like a quack. That's nothing new - the only response the Libertarians/Misesians have ever received for their warnings has been derision.

I think this meltdown is as good a reason as any to vote third party across the board this November. Let the liberals vote for the Green Party, and the conservatives vote for the Constitution and Libertarian Parties. What a change in Congress we would see then!

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Correct me if I'm wrong, comrades, but wasn't McCain adviser Phil Gramm also a leader of the push to deregulate banks?

Why, cross my stars and sickles, he was!!!

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http://www.iht.com/articles/2008/09/14/bus...isis.php?page=1

"Investors just don't know what these assets are worth," said Ed Yardeni, president of Yardeni Research. "There's no transparency. It's totally up to management to decide what these assets are worth and tell their accountants." For example, Lehman said last week that it had $20 billion in tangible equity- money that would theoretically be available to its shareholders if Lehman had to be liquidated. But those same shareholders valued Lehman at only $2 billion as of Friday, proof that they do not have confidence in the way Lehman has calculated its assets.

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I am still fuming that the evil Democrats stopped George Bush, John McCain, and the GOP from privatizing Social Security back in 2005-06. How I wish Social Security funds were enjoying a brisk ride in the current stock market! Sadly, John McCain now tries to claim that he never was for privatizing Social Security--but blast me with a T-34, comrades, he was!!!

Why is he not proud to speak of his campaign appearances with President Bush advocating for such??? :mellow:

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AIG, WM and UBS all seem to be fighting to be first in line to go next...

The last couple of months have renewed my appreciation for my job (consulting). A very large percentage of my friends are wall streeters, and many of them have lost their jobs recently.

AIG should be fine. They are seeking capital but they aren't awash with debt like Lehman was. A couple months or so ago, the Federal Reserve had identified over 300 banks who were vulnerable with bad loans. They didn't name any of them for fear of causing a run, but some of your local banks might definitely be on the list. There is a real danger that your local bank could go under.

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