Broken Beer Steins Scatter Wall Street

[Jetlag]

Suds here's a tip if you got some US pesos burning a hole in your pocket that you would like to "convert" at a favorable rate.

 

"The dollar has lost a quarter of its value against the peso in the past three years, increasing U.S. travelers' expense for hotels, taxis and restaurants in Chile. Passapoga is discounting the exchange rate to discourage Americans from cutting back on nightclub visits.

 

Drinks and exotic dances cost customers the same price in dollars as in 2004, when the growth of manufacturing in China and other developing countries caused demand for copper, Chile's biggest export, to surge. "

 

http://www.bloomberg.com/apps/news?pid=206...i3mA&refer=home

[joe3pack]

Right now the Fed is trying to support these bids. Without that we would be down 2,000 points.

the SPX chart would look mighty strange afterwards. . . .

[roxy]

I also think that if that was 1 or 2 bln that would be immediately disclosed just to calm the markets - no big deal, just few bucks between friends. So it must be at least 10.

651638[/snapback]

 

Apparently the Fed meeting was at 5 am Friday and by 7 am the deal was done.

 

http://calculatedrisk.blogspot.com/2008/03...ar-stearns.html

 

That was the PPT. Would they bother to convey a CC at 5 am for just few blns?

[joe3pack]

whoa, i just took a look at the stern bear chawt:

http://stockcharts.com/h-sc/ui?s=BSC&p=D&b...id=p64160055988

 

it has the feel of, say, a profitless internet stock in 2000.

[MrHanky]

Good to hear from you. What kind of work are you doing now? Best wishes on buying your new home.

651619[/snapback]

Still a stagehand...But I went back to mostly setting up for conventions and audio/visual set-ups.I just need 3 more years with the union here in vegas to be vested in their pension,it makes sense to stick around till at least then.

 

No guarantees of work....but i stay real busy.Work ethic here sucks,employers love me here because I work my ass off!

[cwd]

Still a stagehand...But I went back to mostly setting up for conventions and audio/visual set-ups.I just need 3 more years with the union here in vegas to be vested in their pension,it makes sense to stick around till at least then.

 

No guarantees of work....but i stay real busy.Work ethic here sucks,employers love me here because I work my ass off!

651644[/snapback]

 

I hope you will keep us informed on how things are going in Vegas. Good luck on your job and your new home.

[cwd]

I recall few days ago Bear claimed that they have $17 bln cash. My guess is that the bailout must be about half of that.

651637[/snapback]

 

 

I would think that would be a minimum number. These things always get bigger.

[MrHanky]

The problems begin when the construction is complete. Would will fill all those rooms?

651623[/snapback]

I don't know how they will fill them....I think room prices will finally start to drop a fair amount when all those rooms come online.

 

Right now with the dollar pretty much worthless,Most visitors are from overseas...especially europe and asia.Their money goes along way here.Walk down the strip and most don't even speak english.

 

They are also starting to buy up alot of the real estate....30-40% price drops PLUS the 30-40% loss of value of the dollar makes it dirt cheap to foriegn investors.

[Jetlag]

It doesn't until it does. That is kind of like escalating house prices in reverse.

651635[/snapback]

 

Yup, nobody gave a rats ass about commodity producers' costs up to the beginning of the commod run. Totally undifferentiated product, lots of producers, lots of supply... until it all changed.

 

The China unpegging is a veddy interesting question. The impact on the economy would be negative in the Short Term (I see stagflation written all over it) and positive on the longer term (exporting to China, US production more competitive and imports less attractive although lots of US companies make mucho dinero by producing cheap in China slapping their brand and selling to US consumer... So the outsourcing of production and offshoring of services would be alleviated or maybe not, because there is still a very big gap).

 

The impact on the stock market is a different question, total wild guess. I think it would be positively received in the stock market, specifically because chinese tend to do these things slowly (they're very proud of their millennial culture and somehow that translates into slow but decisive changes being good!?) so it would give some time for the economic agents to adapt to the new dynamic.

[Jetlag]

They are also starting to buy up alot of the real estate....30-40% price drops PLUS the 30-40% loss of value of the dollar makes it dirt cheap to foriegn investors.

651647[/snapback]

 

The US of Aliens.

[joe3pack]

over the past few weeks, i'd spoken with several colleagues 'bout imbesting; as usual, they brought up the subject, and i offered my two coppers. the poor chaps had purchased financials about 6-12 months ago, didn't use stop losses, didn't know that the economy was buckling, and had never heard of inverse ETFs.

 

it's sad, really. they're probably going to have to work their tails off to clear up a mere fraction of the damage to their nest eggs. it's a good thing they're relatively young, like me--they'll recover, one way or another.

 

others had bought way more house (and car--make that cars) than they can afford. the thinking often goes like this: "i'm a physician, i work hard to save lives, and therefore i deserve a little bit of luxury in my life." the hurtage is going to suck for these guys. i really feel for them and their families.

 

docs just don't earn what they used to--i say 'they' because i was professionally 'born' after the heyday of very noss physician incomes. accordingly, the majority of us can't really live high on the hoggy, but there's no edict saying that we deserve to. (oh, wait, the original hippocratic oath mentioned that. . . there goes my thesis.)

 

when i was fresh out of residency, i attended a lecture about being happy and feeling balanced within the medical profession. amongst the many pointers was an odd but sound one: don't buy a big house. you'll become a slave to its mortgage, and find yourself giving up precious time with family to earn the bucks to pay for it, perhaps finding yourself doing ethically questionable things to earn said bucks, and end up fatigued and enjoying a lot less the practice of medicine. wise words. (and ultimately, if a physician isn't giving his work his best effort, patients suffer.)

 

the bottom line is something i learned from watching my parents: never buy anything you can't afford.

[Jetlag]

this looks a bit like made up. European arrogance. Pointing the finger on the americans. The BBC should go to Liverpool and show how it looks like there and shut the wingohockingmoyamensing up.

651606[/snapback]

 

I think they'd be offended if you called them european. They've got their thing going on in their island and love to bash everyone else (barbarians outside the empire?) with their tabloids. Usually BBC is a bit above the tabloidian fascism, they probably grew issues over nothern rock... like the guy said on the next clip "bank runs in the UK? not supposed to happen!". I'm against the media, not the british people.

[Jetlag]

the poor chaps had purchased financials about 6-12 months ago, didn't use stop losses, didn't know that the economy was buckling, and had never heard of inverse ETFs.

 

651650[/snapback]

 

First just to save their souls alone, they've got stop watching Crapvision if they can't see it as a contrarian indicator. 6 to 12 months ago Crapvision was touting finanglers as "great value" and "biggest insider buying in ages". The writing was on the wall.

[cwd]

I don't know how they will fill them....I think room prices will finally start to drop a fair amount when all those rooms come online.

 

Right now with the dollar pretty much worthless,Most visitors are from overseas...especially europe and asia.Their money goes along way here.Walk down the strip and most don't even speak english.

 

They are also starting to buy up alot of the real estate....30-40% price drops PLUS the 30-40% loss of value of the dollar makes it dirt cheap to foriegn investors.

651647[/snapback]

 

That sounds like a good way to repatriate some errant greenbacks.

[cwd]

Yup, nobody gave a rats ass about commodity producers' costs up to the beginning of the commod run. Totally undifferentiated product, lots of producers, lots of supply... until it all changed.

 

The China unpegging is a veddy  interesting question. The impact on the economy would be negative in the Short Term (I see stagflation written all over it) and positive on the longer term (exporting to China, US production more competitive and imports less attractive although lots of US companies make mucho dinero by producing cheap in China slapping their brand and selling to US consumer... So the outsourcing of production and offshoring of services would be alleviated or maybe not, because there is still a very big gap).

 

The impact on the stock market is a different question, total wild guess. I think it would be positively received in the stock market, specifically because chinese tend to do these things slowly (they're very proud of their millennial culture and somehow that translates into slow but decisive changes being good!?) so it would give some time for the economic agents to adapt to the new dynamic.

651648[/snapback]

 

I expect China to be a lot like Japan. They only import things they can't produce like food and raw materials. No manufactured goods need apply.