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FatalWishes
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Lawmakers learn insurance giant AIG sent execs on pricey retreat soon after federal bailout
| Quote From Source: | WASHINGTON (AP) -- Days after it got a federal bailout, American International Group Inc. spent $440,000 on a posh California retreat for its executives, complete with spa treatments, banquets and golf outings, according to lawmakers investigating the company's meltdown.
AIG sent its executives to the coastal St. Regis resort south of Los Angeles even as the company tapped into an $85 billion loan from the government it needed to stave off bankruptcy. The resort tab included $23,380 worth of spa treatments for AIG employees, according to invoices the resort turned over to the House Oversight and Government Reform Committee.
The retreat didn't include anyone from the financial products division that nearly drove AIG under, but lawmakers still were enraged over thousands of dollars spent on outing for executives of AIG's main U.S. life insurance subsidiary.
| | Click source url to view entire story. |
Source YahooBiz
Source URL:
http://biz.yahoo.com/ap/081007/meltdown_aig.html
Call it a hunch, but I think the hatred for execs of failing/failed companies we are paying to bail out is going to grow. It will grow at a disproportionate rate due to the gluttonous life style they live with their millions of dollars and lack of caring for their companies.
This story seriously pisses me off. We as taxpayers paid for that bullshit. We bailed this FU#CKING company out and they just blew damn near 1/2 million dollars getting pampered in some damn spa.
They should take the warning labels off of everything and let stupidity sort itself out.
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DanG
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Russia bailed them out... |
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FatalWishes
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Well apparently all the upside was in early trading and that has gone to shit. So if you don't trade premarket, the gains are over. Shit is still hitting the fan and we are going to drop right out of the gates. Futures look like shit.
Dow 9,247.00 -291.00
S&P 500 969.00 -36.80
NASDAQ 1,286.25 -50.25
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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WoW, what an opening. Volitilty is insane. They are shaking the traders right out of the market lol.
They are going to have to rewrite every investing/trading book after this market stabilizes.
They should take the warning labels off of everything and let stupidity sort itself out.
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DanG
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Indonesia Halts Stock Trading After 10 Percent Plunge
| Quote From Source: | Indonesia's stock exchange halted share-market trading for the first time in eight years after the benchmark index plunged 10 percent, the biggest decline since the 1998 Asian financial crisis.
Trading was suspended indefinitely, the exchange said in an e-mailed statement. The Jakarta Composite Index plummeted the most in Asia, where credit market turmoil drove the MSCI Asia Pacific Index to its biggest loss since 1990. Almost a quarter of Indonesian shares fell at least 10 percent as lending costs rose to near a two-year high.
| | Click source url to view entire story. |
http://www.bloomberg.com/app...=a1z6jhcZJzCQ&refer=home |
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FatalWishes
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Pending home sales show surprise rise
The National Association of Realtors says pending home sales increased 7.4% from July to August; highest since June 2007.
http://money.cnn.com/2008/10...x.htm?postversion=2008100810
And ya'll thought I was crazy for calling a bottom to housing last month.
Nationally I do expect some very stable areas and others like Florida and California I can see dropping another 10-15% in value.
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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700 auto dealers could fail
http://money.cnn.com/2008/10...m?postversion=2008100714#TOP
Gee let me guess. They sell Ford, Chevy, Dodge, Pontiac, GMC, Cadillac...and all the other major US brands.
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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Not looking good right now.
FatalWishes has attached this image:
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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Trading on both Russian stock markets halted
Russia's MICEX shuts until Friday after steep opening losses, RTS until further notice.
http://biz.yahoo.com/ap/081008/eu_russia_markets.html
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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Yeehaw, SeeSaw, jeez.
I wonder how long this will last?
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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It is feeling like a bottom. We are close I feel. If we are having a great depression type of market then lets compare the two together. I'm still thinking 50% correction which would be 7300 on the Dow. Timing the bottom is a dangerous thing to do. We have not had the big capitulation day either like I was expecting. We need a good 900+ drop and then a strong rebound that sticks on impressive volume.
The government has intervened so much I don't know what is going to happen anymore. There is a lot of fear as well still out there. The Vix close at 57.53. It was as low as 51 today and shot back up.
SKF was up big today too. Not sure what is going one but I am thinking a lot of up movement today was shorts covering then selling the shares they had to buy up. Its the only way I can explain the severe see sawing action today.
I really think we will be fine for the short term. 10 years from now the USA may not be able to pay interest on its loans and the entire global market will collapse. We have to make it past 2012 first lol. For the here and now its all about finding the bottom and getting into the right stocks. I'm not ready to buy right now but when I do, I still say JPM, BAC, WFC and C. These banks are gong to be monsters and their competition was whacked pretty damn good. RIMM is looking good as well. The new Black Berry Storm is going the best competition to the Iphone yet and Research in Motion (RIMM) profits are going to soar and they have already started their recovery. Investors know the new phone is going to be a success. That is one stock on my list for sure.
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They should take the warning labels off of everything and let stupidity sort itself out.
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DanG
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Nope |
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FatalWishes
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I'm still thinking another 1000-2000 down this morning on the Dow. Not dropping that much this morning, but I'm thinking we need to drop another 1000-2000. A good 50% correction is what this mess requires.
If you are thinking too much more than that...then you can just write this mess off because a can of beans will be worth more than somebodies life. The government will not let that happen.
I still maintain my 7500 to 8500 on the Dow feeling. We need 1 big sell off.
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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White House considers ownership stakes in banks
| Quote From Source: | WASHINGTON (AP) - The Bush administration is considering taking ownership stakes in certain U.S. banks as an option for dealing with a severe global credit crisis.
An administration official, who spoke on condition of anonymity because no decision has been made, said the $700 billion rescue package passed by Congress last week allows the Treasury Department to inject fresh capital into financial institutions and get ownership shares in return.
This official said all the new powers granted in the legislation were being considered as the administration seeks to deal with a serious credit crisis that has caused the biggest upheavals on Wall Street in seven decades and continues to roil global markets.
| | Click source url to view entire story. |
Source MY News
Source URL:
http://apnews.myway.com/article/20081009/D93MS0L80.html
Like I said above, the government won't let that happen.
I believe I said somewhere in an earlier post about a nationalized banking system. They are thinking about it.
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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Lots of good news today so I bet we head up.. at least at the opening.
http://www.bloomberg.com/app...=aN4C_2xs4bLU&refer=home
Looks like Wall Street is going to do an about face and sell the rumor and buy the news.
They should take the warning labels off of everything and let stupidity sort itself out.
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DanG
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8600
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FatalWishes
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Dow plunges more than 678 to fall below 9,000
| Quote From Source: | "The story is getting to be like that movie Groundhog Day," said Arthur Hogan, chief market analyst at Jefferies & Co. He pointed to the still-frozen credit markets, and Libor, the bank-to-bank lending rate that remains stubbornly high despite the Fed's recent rate cut.
"Until that starts coming down, you'll be hard-pressed to find anyone getting excited about stocks," Hogan said. "Everything we're seeing his historic. The problem is historic, the solutions are historic, and unfortunately, the sell-off is historic. It's not the kind of history you want to be making."
According to preliminary calculations, the Dow fell 678.91, or 7.3 percent, to 8,579.19. The blue chips hadn't closed below the 9,000 level since the June 30, 2003.
| | Click source url to view entire story. |
Source Yahoo
Source URL:
http://biz.yahoo.com/ap/081009/wall_street.html
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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So lets see where we are...
Dow 8,579.19 -678.91
Nasdaq 1,645.12 -95.21
S&P 500 909.92 -75.02
The way I see it we have another 1000 to 1200 to drop. I've seen many quotes saying 7300 on the DOW.
We are getting there. Another couple days of this...we will be there. Lots of good news this morning and we were up. IBM was a big help as well as a couple of other companies.
GM screwed the day up. GM deserves its own thread. Here is a corporation that went from being one of the biggest on the entire planet to being 1/3 the size of Avon. Their EPS is -103.19. Their market cap is only 2.69 billion. How and why there are still in business is anybodies guess.
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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Holy shit the $ViX was at 64.92. The highest ever. It closed at $63.92.
This is the beginning of the end gentlemen.
I guess I'm praying for 7300 on the Dow. I said it back in February, and I say it again. It has to be the low.
If we crash into the 6000's all support from institutions will disappear and the system will collapse.
They should take the warning labels off of everything and let stupidity sort itself out.
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Indy
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Who knows how far the Dow will drop. It is just paper. The stuff is so severely over inflated and propped up by monopoly money. Unless people start feeling better about the economy the price will continue to drop. And I suspect that won't change until after the election and we get that idiot for a president out of office. We'll also have to dump Bernanke and Paulson. Those guys have been extremely destructive when it comes to the economy.
The prices have crashed. It hasn't even pretended to stabilize. Who knows? Maybe 5,000 points will be bottom. Maybe our economy completely fails and the U.S. government goes bankrupt.
As for GM they got what they had coming. Their vehicles are over priced and nothing special. They got passed up by the rest of the world. Time for them to go extinct like all other dinosaurs.
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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FatalWishes
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Well Gentlemen, the Blue Chips were selling off today. You know those "recession proof" stocks? Proctor & Gamble? Johnson and Johnson? I guess the hedge funds have decided we are going to be so broke that we will buy less Q-Tips and toiletries so they needed to drop those stocks. McDonalds, Walmart, you name it. They dropped. They have sold everything else off to 50-95% so I guess the only thing left is those. Just goes to show you, when the sell off happens, no stock is safe.
They should take the warning labels off of everything and let stupidity sort itself out.
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FatalWishes
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Asia is selling off hard. Damn, it will be in the 7000's before the dow is at this rate.
NIKKEI 225
(Osaka: ^N225) 8,183.37 Down -974.12 (10.64%)
http://finance.yahoo.com/q?s=^N225
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chrisisasavage
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Sounds like investors are betting on the US economy going completely down the toilet  |
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FatalWishes
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The government should have stayed out. Every time they do something the news reports it, people watch it and you can see when people started checking their 401ks and IRA's when the big drops started.
People like Jim Cramer telling them to sell their stocks for cash they would need for the next five years. Why else would people dump their Blue Chips? It is stupid fear and panic caused by the news off of government involvement.
Blame CNBC, MSNBC, CNN, and Bloomberg. We hovered around the 11,300 mark for a long time until Bear Stearns made such big news. Then the banks and Fannie and Freddie. AIG, Lehmans....its just been handled so wrong.
The free market would have settled this and we would have been fine. I guarentee we will overshoot and be way oversold due to fear and panic. The best thing to do is..nothing. If you have not gotten out, it is too late. You don't lose anything until you sell. We are going to oversell the market. Many areas have already been way oversold.
They should take the warning labels off of everything and let stupidity sort itself out.
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DanG
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posted on 10/8/2008 at 07:35
