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#61 Charmin

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Posted 13 September 2008 - 06:05 AM

I was watching Houston Fox 2 live video and the guy filming the whipped up rain and high winds and guess what crossed in front of him

a jogger running down the street :lol:

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#62 Jetlag

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Posted 13 September 2008 - 08:41 AM

My understanding is that this is the crisis of trust, not solvency. Lemon could be perfectly solvent. It could be even damn rich. But its books are so complicated that nobody, even itself, doesn't know how much they are worth - and hence the problem of trust. There are other broker-dealers to move your accounts to.

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Parts of Lemon make money as any other bankster / finagler in trouble. But I doubt Lemon is anywhere near solvent. I started dissing Lemon on the basis they were the numero uno RE structured product issuer. These guyz had tons of MBS deals all the time. They made a killing and now they're getting killed. :lol:

Lemon is insolvent

#63 Trader Joe

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Posted 13 September 2008 - 09:41 AM

Not safe to hold anything in this environment.


You, are correct sir!

#64 Trader Joe

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Posted 13 September 2008 - 09:48 AM

The unfortunate thing is now the police/fire & rescue have to now put their own lives on the line for these d-bags.
_________________________________

GALVESTON, Texas - Hurricane Ike crashed into densely populated southeast Texas early Saturday, battering the coast with driving rain and ferocious wind gusts as residents who decided too late they should have heeded calls to evacuate made futile calls for rescue.

Though it would be daybreak before the storm’s toll was clear, already, the damage was extensive. Thousands of homes and government buildings had flooded, roads were washed out and several fires burned unabated as crews could not reach them. But the biggest fear was that tens of thousands of people had defied orders to flee and would need to be rescued from submerged homes and neighborhoods.

“The unfortunate truth is we’re going to have to go in ... and put our people in the tough situation to save people who did not choose wisely. We’ll probably do the largest search and rescue operation that’s ever been conducted in the state of Texas,” said Andrew Barlow, spokesman for Gov. Rick Perry.


MSNBC

#65 DrStool

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Posted 13 September 2008 - 09:52 AM

Apparently the worst case scenario did not come to pass as the eye of the storm came in just east of Galveston, bay, so they didn't get the much feared "certain death" surge up Galveston Bay and the Houston Ship Channel. Not so good for those east of the eye wall but less people, and less surge because it wasn't forced up into a narrowing bay.

That's the good news. Now we'll see what the bad news is.

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#66 DrStool

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Posted 13 September 2008 - 09:54 AM

NY Times coverage of the meeting with Wall Street heads.

http://www.nytimes.c...3rescue.html?hp

I kind of agree that the banks will play chicken with this, and there won't be a deal right away. I have no idea yet what the market will do Monday, but will post my thoughts in the Wall Street Examiner Professional Edition by Sunday evening.

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#67 DrStool

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Posted 13 September 2008 - 09:58 AM

Roubini-

"This biggest bailout and nationalization in human history comes from the most fanatically and ideologically zealot free-market laissez-faire administration in US history. These are the folks who for years spewed the rhetoric of free markets and cutting down government intervention in economic affairs. But they were so fanatically ideological about free markets that they did not realize that financial and other markets without proper rules, supervision and regulation are like a jungle where greed – untempered by fear of loss or of punishment – leads to credit bubbles and asset bubbles and manias and eventual bust and panics."


Hmm- the link didn't work. Let's try this.

Here was my comment on Roubini's post.

The US government has infected itself with the terminal disease it was seeking to treat.

The gross Gross forgot one very important detail, market risk. His fate and the fate of all his holdings are now sealed as Treasury yields begin their inexorable rise to the stratosphere. He better sell quick, or he'll be sitting on a pile of debt that's worth a whole lot less than it is today.


Let us not forget however that when the debtor is bigger than the creditors, it is the debtor who holds the cards. As the market comes to this realization, and the realization that the debtor cannot pay off the obligations it has assumed, it will revalue those obligations accordingly, thereby cutting their own throats. What will gross Gross say then?

The US government can only continue this Ponzi scheme of paying off its existing debts by issuing ever more securities. This game will now come to an end, as Treasuries will now be come to seen for the credits that they are--junk.



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#68 DrStool

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Posted 13 September 2008 - 10:37 AM

I think it's ironic that the market will punish these guys for their greed in the end. Unfortunately scumbags like gross Gross will still walk away with hundreds of millions in their pockets. The clients will get hosed. It's always the customers who get it in the end. But I am sure that in the not too distant future we will again hear Gross squealing like the pig that he is. A truly disgusting human being, worse than Cramer. Cramer at least is a known fool. Gross is just a gangster, plain and simple.

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#69 DrStool

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Posted 13 September 2008 - 10:39 AM

I hope we hear from our Houston stoolies soon. I know Captain's Log is there. CWD is in the Dallas area. Let us know what you are hearing CW.

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#70 Jimi

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Posted 13 September 2008 - 10:47 AM

I have a very basic question that I cannot answer.

What was the specific trigger that precipitated Treasury's take-over of the GSEs?
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#71 An Ant

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Posted 13 September 2008 - 10:48 AM

OT

http://www.storyofstuff.com

#72 Trader Joe

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Posted 13 September 2008 - 11:04 AM

I have a very basic question that I cannot answer.

What was the specific trigger that precipitated Treasury's take-over of the GSEs?

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The realization by the US gov of the reluctance (real or otherwise) of creditor countries to countinue to support our debt.

#73 lineup32

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Posted 13 September 2008 - 11:04 AM

I have a very basic question that I cannot answer.

What was the specific trigger that precipitated Treasury's take-over of the GSEs?

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the election :lol:

#74 Trader Joe

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Posted 13 September 2008 - 11:08 AM

These pics are from today, note the building is JP Morgan's Houston office.

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#75 Jimi

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Posted 13 September 2008 - 11:19 AM

The realization by the US gov of the reluctance (real or otherwise) of creditor countries to countinue to support our debt.

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I was busy all week, so I didn't follow it as closely as I might have wanted to.

But your invocation of "real or otherwise" inadvertently suggests what I am trying to get at. Something that is "real or otherwise" shouldn't really be the "trigger" that precipitates the wholesale takeover of these two mammoth obligations.

The question I am really trying to answer is, "Why did Paulson move last weekend? Why couldn't he wait?"

The post-acquisition discussion that I've seen largely says, "Well, this was sort of inevitable. But Paulson's plan is a good one. And this needed to be done."

That's all generalization that provides no insight into the specific timing.

"Why last weekend?"
Sure glad all my albums went GOLD.
"Ferdy-bee-bee-dee-ferbs."
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Rule #5 Professional Exemption.
Blind Follower, Just Think Positive Hyperinflation, I Get Paid 500 Quadrillion Dollars/Hour at 1000% Interest/Hour Compounding Forever Each Mouse Click Religion.
"I too observe 'flation.'"
I love you, TASR!
YOU MAKE KITTY SCARED
Tops Take Time
Postulate A Free Lunch Economy
Anyone, now, who is not genuinely afraid is a moran.
[T]housands of empty stucco crapboxes vacated after being circle-jerk sham-traded among corrupt borkers, uppraisers and loan officers from 100K up to 800K, then "nopay-walkaway" (with dirty loan cash in pockets)
Guess again, girlfriend.
Or, $2.7 million every effing day since the effing pinball machine.
Permabear Hysterian





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