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ghoster
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Again where is all of this money for investment or buying houses going to come from? Jobs are not being created and the ones that can pay the freight are not being created. Actually they are being destroyed.
Take the Auto industry and it's buy backs, so we hire lower wage earners and then how do they pay for the increase in the cost of just about everything? Much worse is as far as I will go, and the scale of this thing will be compounded by the amount of people without any money. If we have 47 million without health insurance because they cannot afford it, then that is about half the number that will be in real trouble when this actually hits.
I am thinking of distance as a buffer from the masses of really pissed off citizens of this country. Head down, and small footprint works in my mind. I just do not see a way out of this mess without some real blood letting. 
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."
- H.L. Mencken |
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DanG
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DanG has attached this image:
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FatalWishes
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Something major is going to happen at Lehman Bros. I'm not sure if they are going to fold up and roll over or if they are going to be bought out. Rumors are flying everywhere from a Warren Buffet buyout to the Korean's looking to close a deal.
I'm not sure I'd be too comfortable holding those shares. What if they get bought for 1/2 of their current value?
LEHMAN BROS HLD
(NYSE: LEH)
Real-time: 14.26 Up 0.54 (3.94%) 3:59pm
52wk Range: 12.02 - 67.73
Volume: 113,074,421
Avg Vol (3m): 58,826,800
They did almost double their normal volume. This is where somebody could go broke and somebody else will make millions.
Personally I won't play with a stock like this one. It is way too volatile of a stock. Screw that. It will be fun to watch over the coming weeks.
Fannie Mae and Freddie Mac...you know those stocks the Fed bought for us taxpayers??? We are losing our asses in them. We are down 75% since they bought them. From their highs they are down 95%?? Talk about a loss. I'm not sure if Paulson can keep them afloat until Obama gets into office at this point.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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FatalWishes
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The US Banking System Is in Trouble
| Quote From Source: | A few weeks ago when I was in Maine, I met Chris Whalen. Chris is the managing director of a service called Institutional Risk Analytics, whose primary business is analyzing the health of banks and financial institutions. If you are one of their clients, you can go to their web site and drill quite deep into all aspects of every bank in America. And what they have done is come up with various metrics which compare how well-capitalized a bank is, how much risk it is taking, and what kind of losses (or profits) it can expect. It is a one of a kind firm, and the data gives Chris a very special perspective on the US banking system.
And what he sees is not pretty. There is a crisis brewing. He expects 100 banks to fail between now and July of 2009. Most of them will be small, but there will be a few large banks. The total assets of those banks he estimates to be $850 billion (not a typo!). Those are the assets the FDIC is going to have to cover when they take over the banks.
Take Washington Mutual as an example. There are problems there. Their debt now trades at 20%, which is worse than junk. There is no way they could issue preferred stock to recapitalize their business. And they are going to need more capital, as they have writedowns in their future due to the slowing of the economy. Any common issue would have to seriously dilute existing shareholders almost to the point of nothing. There are circumstances in which they can survive, but it would take a remarkable recovery for the US economy, which is not likely. Maybe management can pull a rabbit out of the hat, but it will need some strong magic to get the capital they need at a cost they can live with.
| | Click source url to view entire story. |
Source Safehaven
Source URL:
http://www.safehaven.com/article-11057.htm
I like the part about Fannie and Freddie towards the bottom and how the tax payers are being bent over for 25 billion.
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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Buffett says economy's troubles will continue
| Quote From Source: | Buffett says recession will persist as ripples of credit mess spread but economy will recover
OMAHA, Neb. (AP) -- Billionaire investor Warren Buffett said Friday the economy continues to be in a recession, by his definition, and will continue to be for at least several more months.
During a live appearance on CNBC, Buffett said ripples of the credit crunch are continuing to cause problems in financial businesses and the economy.
Earlier this year he said a financial crisis reveals which players have been "swimming naked," because the tide goes out. That picture has worsened along with the crisis.
| | Click source url to view entire story. |
Source Yahoo Biz
Source URL:
http://biz.yahoo.com/ap/080822/buffett_economy.html?.v=12
They should take the warning labels off of everything and let stupidity sort itself out.
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ghoster
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It would seem that shorting any of these might pay off, but then you always need the other side of that trade and I doubt there are many willing to enter into that one. It is going to get real interesting in the future.
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."
- H.L. Mencken |
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DanG
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| Quote From Source: | On August 22, 2008, The Columbian Bank and Trust Company, Topeka, KS was closed by the Kansas Office of the State Bank Commissioner and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
| | Click source url to view entire story. |
http://www.fdic.gov/bank/individual/failed/columbian.html |
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FatalWishes
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Yup 9th one this year. There will be ton more to follow.
http://www.bloomberg.com/app...=a9iX_1ShWWAs&refer=home
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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FatalWishes
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FDIC gets ready for bank failures
| Quote From Source: | ATLANTA — The Federal Deposit Insurance Corp. is one of those agencies with a low profile but essential role similar to plumbing or electricity — you don't notice it until the power's out or the basement's flooding.
These days, the FDIC's folks are busier with the financial equivalent of fixing burst water mains and dead power lines.
Seventy-five years after it was launched during the Great Depression, the bank regulator and insurer is facing its biggest challenge in decades. Many banks in Georgia and across the nation have been battered by the slumping economy and troubled loans to home builders, developers and homeowners.
| | Click source url to view entire story. |
Source Statesman
Source URL:
http://www.statesman.com/bus...ies/2008/08/fdic_0824_1.html
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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FatalWishes
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"Things are going to get worse before they get better.''
| Quote From Source: | Aug. 25 (Bloomberg) -- Most of the bond strategists and salesmen that Resolution Investment Management Ltd.'s Stuart Thomson talked to last August expected the credit crunch to be long over by now. Instead, money markets show there's no end in sight, and it may even worsen.
''It's like an ongoing nightmare and no one is sure when we're going to wake up,'' said Thomson, a money manager in Glasgow at Resolution, which oversees $46 billion in bonds. ''Things are going to get worse before they get better.''
In a replay of the last four months of 2007, interest-rate derivatives imply that banks are becoming more hesitant to lend on speculation credit losses will increase as the global economic slowdown deepens. Binit Patel, an economist in London at Goldman Sachs Group Inc., said in an Aug. 21 report that nations accounting for half of the world's economy face a recession.
| | Click source url to view entire story. |
Source Bloomberg
Source URL:
http://www.bloomberg.com/app...=a5B1EgdRFF4M&refer=home
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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DanG
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| Quote From Source: | A failure of U.S. mortgage finance companies Fannie Mae and Freddie Mac could be a catastrophe for the global financial system, said Yu Yongding, a former adviser to China's central bank.
''If the U.S. government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic,'' Yu said in e-mailed answers to questions yesterday. ''If it is not the end of the world, it is the end of the current international financial system.''
| | Click source url to view entire story. |
http://www.bloomberg.com/app...archive&sid=aslo2E01QVFI
----------------------
got Cash ? |
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FatalWishes
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FDIC: 117 troubled banks, highest level since 2003
| Quote From Source: | FDIC: troubled banks highest in 5 years; bank profits dropped by 86 percent in second quarter
WASHINGTON (AP) -- The number of troubled U.S. banks leaped to the highest level in about five years and bank profits plunged by 86 percent in the second quarter, as slumps in the housing and credit markets continued.
Federal Deposit Insurance Corp. data released Tuesday show 117 banks and thrifts were considered to be in trouble in the second quarter, up from 90 in the prior quarter and the biggest tally since mid-2003.
The FDIC also said that federally-insured banks and savings institutions earned $5 billion in the April-June period, down from $36.8 billion a year earlier. The roughly 8,500 banks and thrifts also set aside a record $50.2 billion to cover losses from soured mortgages and other loans in the second quarter.
| | Click source url to view entire story. |
Source Yahoo Biz
Source URL:
http://biz.yahoo.com/ap/080826/troubled_banks.html
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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DanG
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86 f*ckin percent - thats huge *anywhere* |
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ghoster
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Somewhere there is a fat lady singing "The Partys over" guess it is time to go home and bar the door. It is going to get real strange soon in this country.
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."
- H.L. Mencken |
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FatalWishes
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I'm wondering about the third quarter or maybe the November election. Either way this mess is going to get dumped on the new candidate. Glad I'm not running for office.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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ghoster
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With the MSM touting the new overcooked numbers it looks like good times are rolling, doesn't it? I have never figured out the disconnect between reality and the supposed "government figures" that continually seem in to defy reason. But that is the purpose of government to confuse and distract the populace while stealing all they can with both hands.
Unfortunately by the time that most on the street figure out something is wrong it will be too late. Sorry folks just move along somewhere else. OH, don't have anywhere else, then board this nice government bus that will take you somewhere you can be more efficiently utilized for the greater good. Like work factories or somewhere that doesn't have to pay you a wage, or afford you any healthcare. Not to worry we are going to take care of you. Any questions? 
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."
- H.L. Mencken |
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FatalWishes
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Georgia-based bank failure is nation's 10th this year
| Quote From Source: | NEW YORK — Integrity Bank of Alpharetta, Ga., on Friday became the 10th U.S. bank to fail so far this year, done in by the very business it was built on — real estate lending.
Regions Bank of Birmingham, Ala., is assuming all of Integrity Bank's $974 million in insured and uninsured deposits in 23,000 accounts, and about $34.4 million of the bank's $1.1 billion in assets.
The remainder of Integrity's total assets are being retained by the FDIC. The FDIC said it estimates that Integrity's failure will cost its deposit insurance fund $250 million to $350 million.
| | Click source url to view entire story. |
Source USA Today
Source URL:
http://www.usatoday.com/mone...orgia-based-bank-fails_N.htm
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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FatalWishes
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August jobless rate at 4-1/2 year high
| Quote From Source: | WASHINGTON (Reuters) - The U.S. unemployment rate unexpectedly shot up to 6.1 percent in August, its highest in more than 4-1/2 years, as employers cut payrolls for an eighth straight month and labor markets showed signs of accelerating decline.
The Labor Department said 84,000 jobs were lost in August, significantly higher than the 75,000 that economists surveyed by Reuters had forecast. In addition, July's job losses were revised up to 60,000 and June's to 100,000 from a previously reported 51,000 in each month.
Department officials said the August unemployment rate was the highest since December 2003. Analysts had expected the rate to remain steady at July's 5.7 percent rate rather than to jump.
| | Click source url to view entire story. |
Source Yahoo Biz
Source URL:
http://biz.yahoo.com/rb/080905/usa_economy_payrolls.html
Well I'm not a betting person but I believe the market may see the 10k area again.
I've not posted in here for a while because of that brief little rally Wall Street was having. I think they are back to their senses now and things may be getting pretty cheap in the future.
We may lose 400 or gain 400 after the morning dip. Never bet against the machine. Just go with the flow.
Keep an eye on some of the financial stocks.... Visa and Master Card will probably be getting the shit kicked out of them again. They have it in for the solar sector as well. There are some good bargains to be had, but not just yet. Patience will net you some good gains.
I would expect some of the worst bank stocks to drop as well. I'm keeping a very close eye on Washington Mutual (WM), Fannie (FRE) and Freddie (FNM), Wachovia (WB), Downey Financial (DSL) and Bank United (BKUNA)
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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ghoster
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Rumors abound that the fed is going to take over Freddie and Fannie perhaps this weekend, another bank failure on Friday. (what else?) and once again they patch up another hole in this dike. Rest assured one of these days things will falter in a large way that will not be able to be patched. The news will only get out when it is obvious.
I don't think they have our best interests at heart, do you? More of the shenanigans will only prolong this mess. Banks are borrowing 18.5 Billion a week, but the investment houses have stopped borrowing from the Fed. Wonder why? They loaded all of their toxic junk paper on Freddie and Fannie, that is holding something along the lines of 1.5 Trillion in bad paper. Think they can patch that one up?
China is dumping their Fannie and Freddie paper, I will bet that Russia is doing it as well, but you won't read that in the MSM. Nope all control of the news will be exercised in order to keep the machine humming along. Until it isn't, then the SHTF time is here. Just be prepared as best you can.
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."
- H.L. Mencken |
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FatalWishes
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Detroit's sputtering Big Three turn to Washington for help
| Quote From Source: | Battered by weak sales, declining market share and miserable credit ratings, Detroit's Big Three automakers are now turning to the US government for help.
General Motors Corp., Ford Motor Co. and Chrysler LLC will be launching a campaign in the coming days to secure at least 25 billion dollars in federal loans to help get past the current economic malaise.
"This isn't a bail out," said Greg Martin, Washington spokesman for GM, the largest US automaker which has been awash in speculation for months that it is running short of cash.
| | Click source url to view entire story. |
Source Breitbart
Source URL:
http://www.breitbart.com/art....w5v4edpo&show_article=1
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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ghoster
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Nationalize it all, then what do we have? If the government was so good at running business we wouldn't have these huge deficits and all. Nope it is the kiss of death when they take over this stuff. Hang on things get real interesting from here on. Basics are good to have.
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."
- H.L. Mencken |
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DanG
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Yep - the word is that both Fannie and Freddie are going to be
'nationalized'... between them they hold nearly 50% of the U.S.
mortgages.
keep repeating - everything is fine, everything is fine
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MountainManMike
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sounds like it happened...whats that mean for the normal consumer? |
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FatalWishes
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U.S. Seizes Mortgage Giants Fannie an Freddie
| Quote From Source: | In its most dramatic market intervention in years, the U.S. government seized two of the nation's largest financial companies, taking direct responsibility for firms that provide funding for around three-quarters of new home mortgages.
Treasury Secretary Henry Paulson announced plans Sunday to take control of troubled mortgage giants Fannie Mae and Freddie Mac, replace the companies' chief executives and provide up to $200 billion in capital to restore the firms to financial health. The Treasury's plan puts the two companies under a conservatorship, giving management control to their regulator, the Federal Housing Finance Agency, or FHFA. In return for agreeing to provide as much equity capital as needed later to cover losses stemming from mortgage defaults, the Treasury gets $1 billion of preferred stock in each company without providing any immediate cash.
| | Click source url to view entire story. |
Source Wall Street Journal
Source URL:
http://online.wsj.com/articl...l?mod=hpp_us_whats_news'
More Here
http://www.bloomberg.com/app...36c2lWGQ&refer=worldwide
More lies by bankers. They inflated their numbers to look better. Well this should shake some shit up. I have bad feeling about tomorrow with some of the financial stocks. Some will sink others will fly up. Glad I'm not in it.
Wall Street may rally tomorrow and fly up. I don't know.
I don't know what this means Mountain Mike. I just know the taxpayers got fucked again. I don't see how we can take on all of this debt.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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FatalWishes
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Well lets check how things are going now...
Bank United (BKUNA )
Current stock price,.95 52wk High $22
Washington Mutual
Current stock price, $2.27 52wk high $44.04 (This bank is huge and just asset wise it is worth $16.00 a share. It could still fail, but we would have to be heading to the apocalypse and by that time we would have bigger issues than worrying about this bank failing)
Downey Financial (DSL)
Current stock price, 1.62 52 wk High $69.49
__________________________________________
Indy Mac Bank (OTC: IDMC.PK) FAILED/DONE
Current stock price, .12 52 wk High $31.32
First one to go off my list. Who is next???
___________________________________________
National City Corp (NCC)
Current stock price, 4.79 52 wk High $33.54
Fannie Mae (FNM)
Current stock price, .74 52 wk High $70.57
Freddie Mac (FRE)
Current stock price, .66 52 wk High $67.20
First Horizon National (FHN)
Current stock price, .74 52 wk High $39.03
Lehman Bros (LEH) Brokerage, not a bank but important
Current stock price, 7.25 52 wk High $74.09
Firstfed CP (FED)
Current stock price, 12.58 52 wk High $59.10
Franklin Finance CP (FBTX)
Current stock price, .51 52 wk High $14.39
Merrill Lynch (MER)
Current stock price, 23.30 52 wk High $89.23 (Note, Not sure if MER will fail, but their EPS is -14.23 and they are dropping fast. They report earnings on Thursday. This will be a key indicator to watch. That is the reason it is on the list.)
Wachovia Corporation (WB)
Current stock price, 15.08 52 wk High $53.10
Citigroup Inc. (C)
Current stock price, 18.68 52 wk High $52.97 (Just wanted to track this one. They are not going anywhere...I don't think. That trillion dollar asset story has me confused on this one.
Last updated Sept 10, 2008, 4:46 pm CST. There are some pretty weak looking banks out there.
Just a side note, I take a personal interest in Washington Mutual because that is where I have been banking for 20 something years. It's time to go. I'm not willing to risk anymore time with them. If they fail I'm not going to stand in line and wait for my money. I'm going to move it before it is too late. With an EPS of -10, they won't miss me.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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posted on 8/22/2008 at 09:35
