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ghoster
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Last week the banks went to the window for 28 day loans that rolled over and got 1.8 Trillion dollars so they are in fine shape, but the economy? Not so much. Yep, I got as much cash as I could which isn't much, but hey things might only be locked down for a week, maybe.
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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world markets in da crapper
http://money.cnn.com/data/world_markets/
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got Cash ? |
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chrisisasavage
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Eventually here the US stock market takes a plunge. Who here's thinking we have a black monday or tuesday this week. |
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chrisisasavage
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Based on the Oct 7th predictions naturally. I think it's sooner than later the US Stock market crashes |
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FatalWishes
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Well Libor jumped 400% in one day.
Today's three-month Libor for loans in dollars jumped to 4.33 percent.
| Quote From Source: |
Libor, set every morning in London, is what banks pay to borrow money from each other. That in turn determines prices for financial contracts valued at $393 trillion as of Dec. 31, 2007, or $60,000 for every person in the world, and helps set consumer interest rates on everything from home loans to credit cards.
| | Click source url to view entire story. |
Source Bloomberg
Source URL:
http://www.bloomberg.com/app...=ahZ4C6T_mjfk&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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Asian markets plunge on fears crisis is spreading
| Quote From Source: | Asian stock markets plunged Monday as investors took scant comfort from Washington's passage of a $700 billion bank bailout and focused instead on deepening financial turmoil in Europe that threatens to slow global growth.
Japan's benchmark Nikkei 225 average was down 4.4 percent to 10,452, while Hong Kong's Hang Seng index slid 3.7 percent to 17,198.
Markets in mainland China, Australia, South Korea, Singapore and Thailand also fell sharply. Indonesia's key index plunged more than 5 percent.
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http://news.yahoo.com/s/ap/2...06/ap_on_bi_ge/world_markets
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Indy
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European markets are getting murdered as well. As of 4:10am eastern time (yeah I'm up early) the results are this....
FTSE down 4.72%
DAX down 4.36%
CAC down 4.57%
Could today be the day the Dow drops below 10,000 for the first time in ages?
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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Indy
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It is getting worse for the European markets. All three I listed above are down over 5%.
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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Indy
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The FTSE is 5.52% in the toilet.
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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DanG
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Black Monday comin up
wtf was the point in the 700 billion $$ Bullsh... er Bailout ??
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DanG
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BLOOD
http://www.cnbc.com/id/17689937 |
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chrisisasavage
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To pad the pockets of the rich. |
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chrisisasavage
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Fed May See Lending to Companies, States as Next Crisis Fronts
| Quote From Source: | Oct. 6 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke may find the next fronts of the financial crisis to be just as chilling as last month's downfall of Wall Street titans: its spread to corporate America and state and local governments.
Companies from Goodyear Tire & Rubber Co. and Duke Energy Corp. to Gannett Co. and Caterpillar Inc. are being forced to tap emergency credit lines or pay more to borrow as investors flee even firms with few links to the subprime-mortgage debacle. California Governor Arnold Schwarzenegger says his and other states may need emergency federal loans as funding dries up.
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Source: Bloomberg
Source URL: http://www.bloomberg.com/app...=aktjzhZEdgfY&refer=home |
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DanG
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Russia suspends trading on stock exchange
| Quote From Source: | Trading on Russia's ruble-denominated stock market, the MICEX, was suspended today after its main index nosedived more than 15 per cent on worries about global financial turmoil.
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http://www.nst.com.my/Curren...006180834/Article/index_html |
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FatalWishes
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U.S. bank failures almost certain to increase in next year
| Quote From Source: | SAN FRANCISCO, California (AP) -- Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion rescue plan to restore order to the financial industry.
The biggest questions are how many will perish and how they will be put out of their misery, whether it's outright closures by regulators scrambling to preserve the dwindling deposit insurance fund or in fire sales made under government pressure.
Weakened by huge losses on risky home loans, the banking industry is now on the shakiest ground since the early 1990s, when more than 800 federally insured institutions failed in a three-year period. That was during the clean-up phase of a decade-long savings-and-loan meltdown that wound up costing U.S. taxpayers $170 billion to $205 billion, after adjusting for inflation.
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Source CNN Money
Source URL:
http://www.cnn.com/2008/US/10/05/shaky.banks.ap/index.html
I don't know why people thought the 700 Billion was going to save us. I wonder how many Americans realize it was actually about 2 trillion we are paying for because of all the pork added to the bailout bill.
And their banks will still fall and stocks/401ks/IRA's will still tank. And we just took on another 2 trillion to boot. Passing that was stupid. The last thing we needed to do as a middle class, was to take on more debt.
I emailed my state representatives and actually got a reply from a couple of them. I asked that the bill not be passed. The bubble has popped and trying to keep it inflated and repaired is stupid. We are not going to spend our way out of this one and the sooner people realize it, the sooner we can move on and get this mess over with.
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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As 'Biggest Crisis' Hit, Congress Held Nose and Backed Bailout
| Quote From Source: | Oct. 6 (Bloomberg) -- U.S. Representative Elijah Cummings was shopping at a Safeway supermarket in Baltimore on Tuesday, Sept. 30, when an elderly woman stopped him. She was frightened, she said, because her daughter had called to tell her that her retirement account was in danger.
The day before, Cummings, a Maryland Democrat, had voted against a $700 billion financial rescue package that most of his constituents viewed as a bailout for reckless investment banks, he said. Its defeat in the U.S. House pushed the Dow Jones Industrial Average down 777 points, its biggest point drop in a single day.
Now, back at home, Cummings was confronted by symptoms of the widening financial crisis. Drew Greenblatt, president of Marlin Steel Wire Products LLC in Baltimore, told the congressman he couldn't fulfill a major order because his credit line was frozen. Students were calling Cummings' office worried that they couldn't get college loans.
| | Click source url to view entire story. |
Source Bloomberg
Source URL:
http://www.bloomberg.com/app...=a2PslgpVvrCI&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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buh bye
DanG has attached this image:
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chrisisasavage
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Great Commentary
| Quote From Source: | We face extreme danger. Unless there is immediate intervention on every front by all the major powers acting in concert, we risk a disintegration of global finance within days. Nobody will be spared, unless they own gold bars.
| | Click source url to view entire story. |
| Quote From Source: | We are fast approaching the point of no return. The only way out of this calamitous descent is “shock and awe” on a global scale, and even that may not be enough.
| | Click source url to view entire story. |
| Quote From Source: | The lesson of the 1930s is that any country trying to reflate in isolation will be punished. The crisis will ricochet from one economy to another until every one is crippled. We are seeing it play again in this drama as our leaders fail to rise above their narrow, parochial agendas.
| | Click source url to view entire story. |
Source: Telegraph.co.uk
Source URL: http://www.telegraph.co.uk/f...pe-falls-into-the-abyss.html |
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chrisisasavage
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Yikes
Dow: 9,797.88 -527.50 (-5.11%)
Nasdaq: 1,817.77 -129.62 (-6.66%)
S&P 500: 1,032.79 -66.44 (-6.04%) |
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DanG
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for the DOW
http://thepcguru.tripod.com/headshot.mp3
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got Cash?
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doppelganger
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Now that the DJIA is in the 9,000's, I expect that things will grind to a halt and then stabilize after a little while. I think that it's about where it needs to be but things will deteriorate even more in the short term until all the F.U.D. panic subsides. Things have needed to shake out for a long time now. Hopefully this is the begining of the end of what they were stupidly trying to prop up with funny money and cooked balance sheets.
OR... farmers can't get loans (which most of them need) to plant crops and we're all gonna be in a big world of shit in a few months. Let's hope it doesn't go that far.
Edit: The VIX is currently at 55. The highest it's ever been in it's history. A lot of fear out there. I wouldn't be surprised if today will be remembered as one of the greatest stock market crashes in history... and just think, it's not even the 7th yet. :| |
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FatalWishes
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| Quoting doppelganger - posted on 10/6/2008 at 10:05 |
Now that the DJIA is in the 9,000's, I expect that things will grind to a halt and then stabilize after a little while. I think that it's about where it needs to be but things will deteriorate even more in the short term until all the F.U.D. panic subsides. Things have needed to shake out for a long time now. Hopefully this is the begining of the end of what they were stupidly trying to prop up with funny money and cooked balance sheets.
OR... farmers can't get loans (which most of them need) to plant crops and we're all gonna be in a big world of shit in a few months. Let's hope it doesn't go that far.
Edit: The VIX is currently at 55. The highest it's ever been in it's history. A lot of fear out there. I wouldn't be surprised if today will be remembered as one of the greatest stock market crashes in history... and just think, it's not even the 7th yet. :|
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This is what we have been needing. Today is a good day. We need this market around 8500 is where we need it. Actually a good 50% cut from the top at 14k would be good so that would be around 7000 on the Dow.
What worries me is the pension funds for those that are retired. They won't be retired much longer.
When I first started this thread I was thinking 8500-9500 on the DOW. Later around June I revised that to 7500-8500. Many are now saying under 7k???
If we have a total global meltdown, I guess we could go to zero eh? We are what...11 trillion in debt? Our dollar is at a 13month high. Cash is king now. We don't make anything here anymore except weapons and weapon systems. And planes for those weapon systems.
Everything I buy says "Made in China" now. Between the Lawyers, Nafta and everything else I say set this system back to zero. World Wide.
Things cost too much. 54k for an F-250 diesel truck? 50k for a BMW 335Xi Car? How many people do they think can afford that stuff?
Ever watch Flip that House on the TLC channel? Houses in California...like 1400 sq ft homes are still selling for over 500,000 dollars. WTF is that all about? You can buy that same home here for 110k and that house 10 years ago was 65k so they are still over valued.
Shit costs too much and the continued greed and the squeezing of the middle class to death is going to cost us all. Consumer greed is going to kill us as well. There was greed on both sides and everybody is going to pay now.
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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doppelganger
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You know, I thought it was all overvalued since about the last 10 years. Nothing but a giant specuative bubble, so I thought about maybe a 40%-50% overvalued market. Or 100% depending on how you're looking at it. But I thought "no way can it drop by half" so I thought conservatively at 1/3 or 30-ish percent.
The fed can keep pumping money into the market and it all looks good short term, but those dollars have to represent something, and the value of those dollars just isn't there. It doesn't matter if there's 70 trillion dollars in the american financial system if those dollars don't represent anything of tangible value.
So now we have hyper-inflated currency and everyone is overextended on credit. It is time to pay the piper and some people are going to feel the pain, but hopefully we're near enough to the bottom that things can look up after a few months. They just need to keep the wheels greased enough to not let things stall out. The fed is so scared of deflation, but hyper-inflated fiat currency is obviously not working now is it?
I can see The New Deal v2.0 looming on the horizon. |
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MountainManMike
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maybe we can put a new deal 2.0 into alternative energy and constructing things to make us energy independent. |
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FatalWishes
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Yeah, I've been screaming "inflation" for most of the year. History has proven that any country that tries to print their way out of an economic mess falls flat on their face.
Their governments get toppled too. Free enterprise needs to be just that. We could be on our way up except the FED kept propping this mess up to let us down gently. Instead of dropping at the beginning of the year, its been a slow painful drop.
Well we are still going to land somewhere at the bottom. We just don't get our legs broken on the landing. We still cannot get out of the hole so it really doesn't matter that we are left standing lol.
On the flip side, there are huge piles of cash sitting on the sidelines waiting for the drop to finish but I think confidence has been shaken. I'm already looking at areas to move my 401k back over but unwilling to do so. There is too much uncertainty. There is talk that Bank of America who bought Countrywide was going to lower the principal of those that cannot afford the loans they took on and keep them in their houses. So for an honest person like me, what is my motivation to keep paying my mortgage when my neighbor gets 40k+ in free equity for being a greedy dumbass? It does not pay to be honest or a nice guy in this country.
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 10/3/2008 at 12:01
