Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 And getting my teeth kicked in again today Anybody feeling bailed out yet???????????? Link to comment Share on other sites More sharing options...
OkieEric Posted October 7, 2008 Share Posted October 7, 2008 And getting my teeth kicked in again todayI'm too afraid to look at my account - several of my smaller, thinly traded plays are down 10% for a second day in a row. Ugh Link to comment Share on other sites More sharing options...
crunchtastic Posted October 7, 2008 Share Posted October 7, 2008 And getting my teeth kicked in again today Anybody feeling bailed out yet???????????? Since I've only lost about 45 grand out of the IRA I guess I can't complain. I was never under the illusion that I'd have the luxury of quitting working anyway. I still have a job, for the time being, which is a nice thing. I'm trying to distract myself, otherwise I'm just too damned pissed off. The new CEO, standing up in front of Congress and blaming the mark- to- market accounting rules for AIG's woes. And Hank Greenberg, blaming it all on the guys who replaced him. Uh-huh. This whole mess was created after he left in '05? There is much scurrying here, and I've heard the 85$ billion is nearly all gone ($61 was drawn down before last week was over). American General stands to fetch the most cash, so they are dealing like crazy. Not a peep yet on the buyer, though. Link to comment Share on other sites More sharing options...
lockmat Posted October 7, 2008 Share Posted October 7, 2008 Is it too late to go back to a gold standard? Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 Now the FED is going to buy a trillion dollars in short term debt, this is total insanity, the market is in a free fall. Somebody shoot Bernanke he's evidently lost his mind.......... Link to comment Share on other sites More sharing options...
crunchtastic Posted October 7, 2008 Share Posted October 7, 2008 Is it too late to go back to a gold standard? not at all. But what's going on now is not a currency issue per se. Arguments against the gold standard have to do with deflationary/inflationary effects, especially on an already weak economy. Many academics will point to how the countries that weathered the Great Depression the best were those that were already off the gold standrad, or got off quickly, as opposed to those that hung on. Thanks for bringing it up. I've been meaning to get around to reading what the gold people are saying these days; I guess now I should. As a practical matter, since gold coin is legal to own, it makes for very good personal liquidity. I've been buying more lately. A ziploc of gold and a .45 fit easily in all my purses. I'm exaggerating, but only some. Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 A week after the Bailout, the Exec's at AIG are out blowing $440,000.00 at a luxury resort, he St. Regis Resort in Monarch Beach. LINK To StoryThese SOB's should be locked up, confiscate everything they own and lock their asses up. Link to comment Share on other sites More sharing options...
memebag Posted October 7, 2008 Share Posted October 7, 2008 Good news, everybody!AIG was warnedU.S. regulators sent a letter to American International Group Inc in March warning of its lack of transparency and ability to oversee its financial products, a top Democratic lawmaker said on Tuesday.They sent them a letter! They knew something was hinky, so they jumped right in and wrote a letter. Astounding. Link to comment Share on other sites More sharing options...
Subdude Posted October 7, 2008 Author Share Posted October 7, 2008 Now the FED is going to buy a trillion dollars in short term debt, this is total insanity, the market is in a free fall. Somebody shoot Bernanke he's evidently lost his mind..........The commercial paper market has collapsed; banks are pulling back from short term lending which leaves a major funding gap for a lot of businesses. Lack of funding will spread the liquidity shortfall from banks to just about every major firm in the country. That is what it takes to turn a financial panic into a depression. It is exactly the outcome that all of the actions of the Fed and Treasury have been trying to prevent. This was the doomsday scenario that was presented to Congress to sell the bailout bill. Bernanke is an expert on the Great Depression and the Japanese "lost decade". Things haven't turned around yet, but I trust that at least he understands the depth of the problem and is looking for a better solution than tossing millions out of work. Link to comment Share on other sites More sharing options...
Subdude Posted October 7, 2008 Author Share Posted October 7, 2008 Good news, everybody!AIG was warnedThey sent them a letter! They knew something was hinky, so they jumped right in and wrote a letter. Astounding.A letter you say! Why, by gosh, that certainly puts paid to the argument that regulation has been too weak. After all, they did go to the trouble to send a letter. Link to comment Share on other sites More sharing options...
RedScare Posted October 7, 2008 Share Posted October 7, 2008 A letter you say! Why, by gosh, that certainly puts paid to the argument that regulation has been too weak. After all, they did go to the trouble to send a letter.Well, that all depends on whether the letter was written on parchment, or on recycled paper. One carries much more weight than the other. Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 Well Exxon did okay today Red so I guess you can joke some Me I want to puke. Closed at - 508.39 Sorry Red I last looked at it around 15:00 hrs, looks like it stumbled in the home stretch Link to comment Share on other sites More sharing options...
memebag Posted October 7, 2008 Share Posted October 7, 2008 Are there any free market capitalists out there still not convinced of the need for regulation for essential services? I haven't heard from that camp for a couple of weeks. Did they all see the light? Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 Link to comment Share on other sites More sharing options...
RedScare Posted October 7, 2008 Share Posted October 7, 2008 Well Exxon did okay today Red so I guess you can joke some Me I want to puke. Closed at - 508.39 Sorry Red I last looked at it around 15:00 hrs, looks like it stumbled in the home stretch Yeah, what the hell happened? I was feeling OK that XOM was "only" off 18% from its 52 week high (as opposed to 33.4% for the DOW). Then I click back over and it fell off a cliff. And, your chart shows an after hours price of 78.77. Could this be a glitch like your Google had last week? Link to comment Share on other sites More sharing options...
Subdude Posted October 7, 2008 Author Share Posted October 7, 2008 Are there any free market capitalists out there still not convinced of the need for regulation for essential services? I haven't heard from that camp for a couple of weeks. Did they all see the light?The silence is deafening. However, there has been the occasional admitted convert. Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 No that appears to be valid data, if you break it out and look at the numbers, the last hour they dumped a ton of shares, people sitting around waiting for a last minute upturn must have panicked. It's currently +.49 after hours.....Just fell to -.17 Link to comment Share on other sites More sharing options...
crunchtastic Posted October 7, 2008 Share Posted October 7, 2008 Are there any free market capitalists out there still not convinced of the need for regulation for essential services? I haven't heard from that camp for a couple of weeks. Did they all see the light?Hey, speaking of regulation, and essential services, did you see that Reliant Energy is in the crapper too, and looking for a buyer?http://www.chron.com/disp/story.mpl/business/6043725.html Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 Oh well taxes are going to be interesting this year. I may have over paid already. Link to comment Share on other sites More sharing options...
crunchtastic Posted October 7, 2008 Share Posted October 7, 2008 Well, that all depends on whether the letter was written on parchment, or on recycled paper. One carries much more weight than the other.It was on recycled paper, of course. In braille. edit: the blind leading the blind. Damn I'm getting some good ones in today. Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 Jesus Red check this out Talk about bizarre still waiting on the data to break out..... Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 Talk about weird Link to comment Share on other sites More sharing options...
Subdude Posted October 7, 2008 Author Share Posted October 7, 2008 The Dow Jones industrial average, which had lumbered downward from early in the session, accelerated its losses in the final hour and ended down 508.39 points, breaking below the 9,500 mark to close at 9,447.11.The broader Standard & Poor Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 The Market Friday at closing is going to be a nightmare, I can just feel it coming. Link to comment Share on other sites More sharing options...
Subdude Posted October 7, 2008 Author Share Posted October 7, 2008 The Market Friday at closing is going to be a nightmare, I can just feel it coming.Why? What happens Friday? Link to comment Share on other sites More sharing options...
RedScare Posted October 7, 2008 Share Posted October 7, 2008 Talk about weird Looks like some poor schmuck forgot to cancel his buy order. Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted October 7, 2008 Share Posted October 7, 2008 Link to comment Share on other sites More sharing options...
RedScare Posted October 7, 2008 Share Posted October 7, 2008 Are there any free market capitalists out there still not convinced of the need for regulation for essential services? I haven't heard from that camp for a couple of weeks. Did they all see the light?Not necessarily seeing the light, but trying to figure out how to digest this. The temptation would be to say let the market handle this, but they have to know that that strategy would induce a much bigger panic. I am hearing pundits publicly talk of Depression, where just weeks ago many would not even say Recession. If there were no government intervention, we'd be having runs on the banks right now.This is a bitter pill to swallow for those who have spent their entire careers repeating the free market, deregulation mantra. Besides, it is not the small free marketer who caused this, but the free market politicians, who deregulated the markets. Think of it like spectators at a drag strip. They are only interested in speed and horsepower, not brakes and parachutes. That is all well and good, so long as the mechanics do not fall into that trap. In the political world the politicians (mechanics) were swayed by the spectators, and forgot about brakes and parachutes. Disaster ensued. Link to comment Share on other sites More sharing options...
Subdude Posted October 7, 2008 Author Share Posted October 7, 2008 If there were no government intervention, we'd be having runs on the banks right now.That's not true. Not true at all. If there were no government intervention, the banks would have all have failed by now so there couldn't be bank runs. Link to comment Share on other sites More sharing options...
RedScare Posted October 7, 2008 Share Posted October 7, 2008 That's not true. Not true at all. If there were no government intervention, the banks would have all have failed by now so there couldn't be bank runs.Heh. I'll concede that point. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.