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DanG
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New crisis threatens healthy banks
| Quote From Source: | Increasing struggles by consumers and businesses to make payments on a variety of loans, not just mortgages, are setting off a new wave of trouble in the financial sector that is battering even institutions that had steered clear of the subprime-home-loan debacle.
Unlike last year, when soaring mortgage defaults sparked a crisis of confidence in the financial system, the root of these problems is the downturn in the broader economy. Simply put, consumers and businesses are strapped for cash with job losses growing and retail sales falling, economists said.
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http://www.msnbc.msn.com/id/25309921/ |
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FatalWishes
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L.A. seeing more people living out of their cars
| Quote From Source: | LOS ANGELES (AP) - Having lost her job and her three-bedroom house, Darlene Knoll has joined the legions of downwardly mobile who are four wheels away from homelessness.
She is living out of her shabby 1978 RV, and every night she has to look for a place to park where she won't get hassled by the cops or insulted by residents.
"I'm not a piece of trash," the former home health-care aide said as she stroked one of five dogs in her cramped quarters parked in the waterfront community of Marina del Rey.
| | Click source url to view entire story. |
Source Breitbart
Source URl:
http://www.breitbart.com/art...D91FV1E80&show_article=1
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DanG
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FIVE dogs ? puh leeeze
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MountainManMike
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5 dogs? time to make them dinner. |
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FatalWishes
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Interesting to note, but in Vietnam, anybody with more than two dogs would be considered a "rancher".
They should take the warning labels off of everything and let stupidity sort itself out.
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DanG
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or a vegetarian. |
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FatalWishes
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Well we have blown through the 11,800's...We may just blow on through to the 11,600's
Dow 11,727.07 -115.29 -0.53%
Oil 137.44 0.70 0.51
Only thing that is going to turn this market around right now is a sudden drop in oil prices.
They should take the warning labels off of everything and let stupidity sort itself out.
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chrisisasavage
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Home prices post record 15.3% drop in last 12 months
| Quote From Source: | NEW YORK (CNNMoney.com) -- U.S. home prices posted record declines in April, extending a painful losing streak for U.S. home prices.
The S&P/Case-Shiller 20-city Home Price Index fell to a record low of 15.3% on a year-over-year basis, and was down 1.4% from March. The 10-city index was down 16.3% year-over-year and 1.6% for the month.
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http://money.cnn.com/2008/06...pril/?postversion=2008062410 |
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FatalWishes
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Well oil dropped then went back up today. The future is bleak to say the least.
Looks like the Dow is headed to the 11,600's today. We keep going at this pace we will be at 10,000 soon. If we stay around there for the third wave we may get beat back down all the way to 8500-9500 range. The good news will be,
stocks will be really cheap!!
Brunskwick (maker of Mercury engines, Triton Boats, Sea Ray, Lowe boats, bowling alleys, and billiard tables) is slashing jobs and factories.
http://www.bloomberg.com/app...=aZBgWdjC0qWo&refer=home
Citigroup is hosed...
| Quote From Source: | the pace of deterioration in the industry ''appears to be far worse than'' it originally anticipated, according to a June 25 note.
| | Click source url to view entire story. |
That is a big 10-4 duh there!!
http://www.bloomberg.com/app...=aXXvsTcMNBKM&refer=home
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DanG
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how bout those 'lows'...
idiots
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DanG
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Dow industrials drop to lowest level of year
| Quote From Source: | Stocks tumbled Thursday as Wall Street contended with a barrage of bad news: another surge in oil prices and warnings of trouble in the key financial, automotive and high-tech industries. The major indexes showed losses of more than 2 percent, including the Dow Jones industrial average, which shed about 250 points and dropped to its lowest level in more than a year.
The Dow fell as low as 11,549.90, well under its 2008 trading low of 11,634.82 and to its lowest level since September 2006. That sent some investors rushing for the safety of Treasury bonds — government debt is regarded as a haven when the stock market is in turmoil.
The passel of worries that investors juggled Thursday added up to an increasingly troubled economy. Analysts' negative comments on General Motors Corp. sent shares of the largest U.S. automaker to their lowest level in more than 30 years, while Citigroup Inc. fell sharply after an analyst placed a "sell" rating on the stock and warned investors to expect less from the brokerage sector in an uneasy economic climate. Disappointing outlooks from technology bellwethers Oracle Corp. and BlackBerry maker Research In Motion Ltd. further soured investors' moods and made the tech sector one of the steepest decliners.
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http://news.yahoo.com/s/ap/2...p_on_bi_st_ma_re/wall_street
buh bye
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FatalWishes
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Is this where I can say " I told you so?"
Problem is now trying to time the real bottom. I'm wondering if we are going to just go ahead and drop all the way now, or wait and drop a little bit on this wave, recover a little bit, and go up before we worry about the third wave of writeoffs and tank again.
The market usually goes to the future and things are based on that future. With 2/3rds of the write offs still to come, a recession looming, fuel prices up, inflation kicking our asses..the future looks like shit.
We may be heading to under 10,000k this month. I have no idea how the market is going to react. I still see the bottom as being 8500-9500. We may stay above that or go lower. I have no way to know. Nobody does. Just like when they called the bottom a couple of months ago, they were ALL wrong. Nobody knows.
I wished I could help our readers and give them an Idea of what is to come. RIght now the trend is down and there is NO indication of when or even "if" we will go up.
Listen to Warren Buffet and George Soros (hate the bastard George but he didnt get rich by being dumb with money) Those two multi billionaires will know more than the entire market put together.
If you care what I think this is how I see it. We lost roughly 2400 points during the first drop on the Dow from the high of 14100 to Marchs Low of 11700. Remember the Government took the greatest action since the great depression and slashed interest rates during this 2400 pt drop.
Is that why we dropped 2400 pts? If the government had not intervened would it have been 5000 pts?
Understand that the federal governement is NOW out of ideas and options. The fed cannot print up any more money because of inflation. They cannot lower interest rates anymore. There is nothing they can do to save us from the 2/3rds or 1.3 trillion dollars in writeoffs we are facing.
Does this mean we will drop more than 2400 pts??? I put this years high at 13,058. Ok..so two 2400 point drops would be 8200 on the dow. But remember we dont have any help this time. There are no more rate cuts or money to print and we have 2/3rds to go.
The dollar is not worth much, so gold and oil are going up. The higher oil goes..the worse it will get for all of us.
Oil 139.65 +5.10
Gold 915.10 +32.80
Oil went up $5.10 today, and Gold went up $32.80.
I'm afraid we may go under 8000 on the dow due to the bank failures coming, the price of oil, and consumers being strapped. Life is about to get pretty hard for everybody.
I hope I'm completely wrong. I hope we stay about 11k on the dow. Not everbody and everthing is going to fail, but there are some major players out there that are going down. Bear Stearns was just the beginning.
I said many years ago, greed will be our undoing. It was greed that got us where are are facing a financial nightmare right now.
If things crash, know this...now is not the time to get divorced and try to sell your home... unless you are wealthy. You are stuck and you'd better just be happy with what you have for now. You'd better learn to just get along and be happy with your spouse, SUV, and house because you will be with them for a while. The days of trading stuff in for new and better models is over. America is going to have to change how we do things and appreciate what we have for now and pay off our debts. We can no longer afford to live off of credit.
We may go up 400 points tomorrow or down another 300. Right now..things look the worst. Some people say now is the time to buy. Me, I'm going to sit back and watch.
Good luck to all.
They should take the warning labels off of everything and let stupidity sort itself out.
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DanG
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The Dow dropped 358.41 points, more than 3 percent, to close at 11,453.42 — its lowest finish since Sept. 11, 2006
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FatalWishes
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That would be 907 points below "the bottom"
They should take the warning labels off of everything and let stupidity sort itself out.
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DanG
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Congress Approves $162 Billion for Iraq, Afghanistan Wars
yeah country's in the shitter but hey the wars are going well... err
| Quote From Source: | Congress gave final approval to legislation providing $162 billion for the wars in Iraq and Afghanistan along with funding for veterans and unemployment benefits sought by Democrats.
The Senate voted 92-6 last night to approve the spending bill, which was passed by the House of Representatives last week. It next goes to President George W. Bush who has said he will sign it.
The legislation allocates money for the wars until mid- 2009, when Bush's successor will be in office, and ends the 18- month legislative battle in which Bush resisted Democratic efforts to tie war funding to demands for troop withdrawals.
''Congress has given the president everything he's asked for'' on the war, said Mackenzie Eaglen, senior policy analyst for national security at the Heritage Foundation in Washington, a policy group with close ties to the Republican Party.
| | Click source url to view entire story. |
http://www.bloomberg.com/app...id=aCj1Sd_nfASg&refer=us |
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DanG
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new five dollar bill ...
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DanG
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Take a look at this thread...
https://www.kitcomm.com/showthread.php?t=19066
Fortis expects a complete collapse of the US financial
markets within a few days to weeks.
What do Fleck, Fortis, RBS and Barclays Have in Common?
... all have recently predicted a massive unraveling of the US financial 'system'
within a few weeks.
http://mrmortgage.ml-implode.com/
got Cash ? |
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FatalWishes
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I knew it was going to be bad, even worse than many people thought. Even I am amazed at how much worse it will actually be when the system collapses.
Its like I was thinking on a scale of 1-100 that we would land on about 83.
Apparently it will land about 183. Way off the scale. Even a paranoid free thinking worry wart like me couldn't imagine the total collapse of the entire financial system. I mean...I don't even know what happens. We won't be working because we won't get paid because there are no banks for our employers to deal with right?
No money...no system. We can't go buy anything. Our cash (USD) will be worthless. I mean...wtf are we going to do??
Personally to prepare I'm buying massive quantities of food. Rice, flour, water purification tablets, reloading supplies of weapons and canned food.
You have to have food, water and shelter. Shelter is good, you may want to buy a tent JIC should the system collapses and they boot you out of your home for not making the payment?? Can they do that if the bank that holds the note fails?
I don't know. I can shoot doves in my back yard and catch fish out of the local creek. We won't starve. I know this sounds like BS, but seriously there are a ton of websites out there talking about being prepared.
I'm just curious if they know something we don't and we should be doing the same thing??
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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There are ton of Layoffs lined up....
Newspapers, reeling from slumping ads, slash jobs
http://biz.yahoo.com/ap/080629/newspapers_cutbacks.html
Ford, Chrysler, GM
http://biz.yahoo.com/ap/080629/auto_apocalypse.html
Reports: Siemens to cut 17,200 jobs
http://biz.yahoo.com/ap/080628/germany_siemens.html
Bank of America to lay off 7,500
http://www.bizjournals.com/t...ries/2008/06/23/daily58.html
Starbucks
http://biz.yahoo.com/ap/0807...ks_closings_urgent.html?.v=1
Not really sure if you call Starbucks closing 600 stores a bunch of layoffs, but you can't close that many stores and not affect or not have an effect on somebodies salary somewhere.
They should take the warning labels off of everything and let stupidity sort itself out.
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ghoster
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Since there is no comparison to this coming crises I don't see how anyone can predict the depth and duration of any of this. Things keep popping up that were never thought of or mentioned to compound the problem.
I agree food, fuel, guns, ammo, maybe a temporary shelter (tent) and let's not forget toilet paper either, going to be rough enough as it is. Personally I am moving to the mountains and finding a cave somewhere large enough with a water supply. I figure we have about two and a half years before things really get bad, so best to prepare early. Remember better to be two years early rather than two days late!!
It is going to be epic this next crisis and might well spell the end of this particular system. Of course, the government elites will have their bunkers well supplied so that when it is all over they will come out to administrate the new paradigm don't you know. This is for individuals to figure out some will some won't, the few that get through this will be the early prepared ones, the others that don't will be knocking at the door wondering WTF happened to them. Oh yeah, Ipod and Iphone won't work either and leave the WII at home too. Kids these days better study up on survival skills because when the power goes out, things get really interesting.
As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
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FatalWishes
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Good idea Ghoster. Many cannot imagine no help coming or no grocery stores to shop out of.
We are so caught up in daily life. Jump in the SUV's and run the kids to school and then band practice and do homework...blah blah.
Guys get together and drink beer and women get their hair and nails done. Its a really good life. We are so used to those things we have totally forgotten how to really live. We as a society are more interested in sports and sport figures than what is truly important.
In the future money won't mean shit. Your ability to shoot and gather food will be far more of a basic skill. Hunting, fishing, gathering, will be what matters. Not how much shit you can talk or how big your house is.
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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BIS: Global economy could face deeper downturn
| Quote From Source: | Central banks' banker says world economy could see deeper, longer downturn than most expect
BASEL, Switzerland (AP) -- The global economy could face a deeper downturn than many currently expect amid rising inflation and the turmoil on financial markets, the Bank for International Settlements said at its annual meeting Monday.
"In the aftermath of a long credit-driven boom, it would not be surprising to see turmoil in financial markets, slowing real growth and temporarily rising inflation," the BIS said in its annual report.
"While difficult to predict, their interaction does appear to point to a deeper and more protracted global downturn than the consensus view seems to expect."
| | Click source url to view entire story. |
Source Biz.Yahoo
Source URL:
http://biz.yahoo.com/ap/0806...itzerland_central_banks.html
They should take the warning labels off of everything and let stupidity sort itself out.
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ghoster
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AS they say "timing is everything" so if this whole mess goes belly up in July will there be any warning, or do we just slide lower and lower with a decline that isn't precipitous? I just don't know. So with that in mind, I am taking my own precautions and soon. I would rather sit and watch the decline knowing I had done all or most of what I could. Rather than be caught out at the last moment. The old idea of crossing that bridge when I come to it doesn't work for me.
Too many will be thinking "it can't go on" or something like that, unfortunately when it starts it will be a self perpetuating process, and added in will be natural disasters. Floods, obviously, and other stuff too, no government will not be there to help, they can't they actually have their hands full with the continuation of government drill.
Couple that with no money, or valueless money and we have a real dillema on our hands. I have no crystal ball so I don't know where this is going to end, but it doesn't look good to me, we are definitely in uncharted waters here. Nothing to compare this to. Bunker up boys this is going to get rough!! 
As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
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FatalWishes
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| Quoting FatalWishes - posted on 6/20/2008 at 09:34 |
Financials are getting creamed. I do NOT expect these banks to survive in the future..at all.
Bank United (BKUNA )
Current stock price,1.3400 Down 0.1200(6.32%) 52wk High $22
MBIA (MBI)
Current stock price,4.88 Down 0.62(9.69%) 52 wk High $68.98
Washington Mutual
Current stock price, 5.96 Down 0.2100 52wk high $44.04
DOWNEY FINANCIAL (DSL)
Current stock price, 3.21 Down 0.13(3.52%) 52 wk High $69.49
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Well lets see where we are now....
Bank United (BKUNA )
Current stock price,.96 Down 0.1200(6.32%) 52wk High $22
MBIA (MBI)
Current stock price,4.39 Down 0.62(9.69%) 52 wk High $68.98
Washington Mutual
Current stock price, 4.93 Down 0.2100 52wk high $44.04
DOWNEY FINANCIAL (DSL)
Current stock price, 2.77 Down 0.13(3.52%) 52 wk High $69.49
Well Bank United is now a penny stock and Downey Financial is right behind it.
Does anybody else have failing bank stocks they would like to add to this list? Or any financial stock period??? This is pretty interesting. And no Bear Stearns (BSC) Doesn't Count because they are already done.
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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| Quoting ghoster - posted on 6/30/2008 at 12:55 |
AS they say "timing is everything" so if this whole mess goes belly up in July will there be any warning, or do we just slide lower and lower with a decline that isn't precipitous? I just don't know. So with that in mind, I am taking my own precautions and soon. I would rather sit and watch the decline knowing I had done all or most of what I could. Rather than be caught out at the last moment. The old idea of crossing that bridge when I come to it doesn't work for me.
Too many will be thinking "it can't go on" or something like that, unfortunately when it starts it will be a self perpetuating process, and added in will be natural disasters. Floods, obviously, and other stuff too, no government will not be there to help, they can't they actually have their hands full with the continuation of government drill.
Couple that with no money, or valueless money and we have a real dillema on our hands. I have no crystal ball so I don't know where this is going to end, but it doesn't look good to me, we are definitely in uncharted waters here. Nothing to compare this to. Bunker up boys this is going to get rough!!
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I can think of three things right now.
A) I am extremely well informed and have a reason to be worried and everybody I know is living in ignorant bliss.
B) I am overly paranoid and nothing bad is coming and everybody thinks I am a nut.
C) Everybody I talk to is painfully aware but doesn't care and cannot figure out why I am warping about it because nothing bad is going to happen to us.
Seriously I don't think anybody really knows or if they do they really don't care. Yeah gas is higher, but nobody really gives a shit about anything else. Nobody is talking about anything. Its all about what they did this last weekend and how much fun they are going to have on their upcoming vacations.
Either I know something they don't or I am worried about nothing because nobody else gives a shit. I guess I am a nut and overly paranoid and need to chill out and stop warping because nothing bad is going down.
Interesting article..
http://www.reuters.com/artic...eNews&rpc=22&sp=true
They should take the warning labels off of everything and let stupidity sort itself out.
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posted on 6/23/2008 at 05:38
