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#256 Jetlag

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Posted 21 September 2008 - 10:21 PM

'member the problematic debt out on the street Roubini was yapping about?

"The change suggests the inclusion of instruments such as car and student loans, credit-card debt and any other troubled asset. That may force an eventual increase in the size of the package as Democrats and Republicans in Congress negotiate the final legislation with the Bush administration, anal cysts said. "

Uncle Sam's gonna buy it all from the banksters.

http://www.bloomberg...mw9g&refer=home

#257 mdporter

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Posted 21 September 2008 - 10:23 PM

"Fed Board Approves Goldman, Morgan Stanley Bid to Become Banks  "

http://www.bloomberg...LUV4&refer=home

"To provide increased liquidity to the companies, the Fed agreed to lend to the firms' broker-dealer subsidiaries on the same terms as the Fed discount window for banks and the central bank's Primary Dealer Credit Facility lending window for investment banks."

http://www.reuters.c...X00302620080922

More money for the crooks.

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Good God... how much is Skank getting paid under the table by Goldman?
The men the American people admire most extravagantly are the most daring liars, the men they detest most violently are those who try to tell them the truth. -- H.L. Mencken

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#258 Jetlag

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Posted 21 September 2008 - 10:28 PM

Consider what is about to happen to california. as RE falls, taxes revenue declines. Unemployment is going up, which means income tax revenues are falling.

This little wall street mess is going to screw up alot of things here, which means that revenue will fall even faster.

The state budget is 100% effed up right now. A new one was passed but already emergency spending cuts are being discussed as being required by December.

If the hot air isn't held up the state is in a financial disASSter (which it has no escape from). Thousands of state employees will get fired, leading to more home losses. The rhetoric will be fast and furious.

Now repeat across all the states.

Game over.

:o

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To top it all off when the time comes for gubermint to help the states and the REAL ECONOMY it'll be close to spent out and paying much higher rates. Wall Street, the top 1% as Shorty puts it, and SWFs and Pimpco and God knows who else is being bailed out TODAY.

No money for soup lines.

[img]http://tbn0.google.com/images?q=tbn:BouWI9Cq1WIJ::http://bp3.blogger.com/_Mq5qyAsSNIQ/RqYl2zXAGaI/AAAAAAAABxc/kn2JLLsckSE/s400/great%2Bdepression%2Bsoup%2Bline.jpg[/img]

In keynesian economics gubermint has to spend money on the economy to get out of a depression. There's nothing about bailout rich folk and pension funds and insurers and whatnot.

#259 Jimi

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Posted 21 September 2008 - 10:29 PM

Mainly, we just have to keep a cool head, green eyeshades in place.

My gut feeling is that this rally gets reversed pdq as the implications of what is going on begin to sink in. 

And maybe Paulson did say that. Or maybe he didnt'. But it's legislation. The ball is in Congress's court, and right now the public is apparently overwhelmingly opposed to it, if you can believe the feedback on CNN. There's going to be some wrangling in Congress over this, that's certain. And the first version of the legislation is certain to be amended even after passage.

With angry constituents bombarding their congresscritters with complaints about bailing out Wall Street on our dime, you can bet that this legislation will not get passed overnight, if at all.

This is going to be fun to watch.  Just you wait.

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I completely agree. I seriously doubt we will see the "clean" legislation that Paulson has demanded by the end of the week. That leaves either no bill, or a complicated bill.

Which means that the exuberance of Friday may soon turn to fear again, as you note, "pdq."
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#260 mdporter

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Posted 21 September 2008 - 10:32 PM

Attention all Stoolies that are US Citizens:

This week it is your duty as Americans to let Congress know that they are not to pass this crappy bailout legislation. It doesn't matter if you think it is futile to try. Each day you must fax your senators and your house rep (and not with a recycled fax). Each day you must call both their local and Washington offices.

If you don't do this, Paulson and his Goldman Sachs banker boyz win. All the Boyz win. They will laugh all the way to the bank on our dimes, then they will live to steal even more from us, our kids, and our grandkids.

THIS HAS TO STOP.

No bailouts of US institutions that were criminally negligent an unresponsible

NO BAILOUTS OF ANY FOREIGN BANKS at US Taxpayer expense, just because they bought shitty paper and want their money back.

NO BAILOUTS of GM or Ford, of bad student loan debt, or bad car loans.

JUST SAY NO, AND DO IT EVERY FREAKIN' DAMN DAY.

If you don't, we're toast.

Sincerely,

me, my wife, and my little girl Emma
The men the American people admire most extravagantly are the most daring liars, the men they detest most violently are those who try to tell them the truth. -- H.L. Mencken

"Only a man who knows what it is like to be defeated can ... come up with the extra ounce of power it takes to win." - Muhammad Ali

"When plunder has become a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it." -- Claude Frédéric Bastiat

#261 Trader Joe

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Posted 21 September 2008 - 10:34 PM

Morgan Stanley and Goldman change their corporate status to "bank holding companies" instead if "investment bank"

#262 DrStool

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Posted 21 September 2008 - 10:39 PM

You could use my Dear Senator letter--

http://wallstreetexaminer.com/?p=3168

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#263 joe3pack

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Posted 21 September 2008 - 10:39 PM

they have done a good job of making the 'shorts' the new bad guys.

It is really unbelievable how gullible most folks are.

On the stock chat boards the sheeple are openly baying for the blood of the shorts and today they are delirious that the 'evil shorts' are getting it good.

This is the most 'surreal' thing I have ever seen.

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it's like blaming the garbageman for the existence of trash.
Long UFB.

#264 ChicagoBear

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Posted 21 September 2008 - 10:40 PM

A few thought as I was perusing the mine fields:

In 4 trading days, from the 9/12 close to the lows on 9/18, the SP500 dropped 9.4%. Why quibble over the definition of a crash. The papers want you to know we broke even last week. :blink:

A plan is just that the best intentions. It doesnt stop home prices from falling. More bad debt is on the way. The financial carnage will continue. :o

A few juicy financial companies that are NOT on the no-short list: GE, AXP, COF, CIT

Brilliant thoughts on the idea of financial terrorism. I love the thinking outside the box! While Im not ready to buy into the idea that Bin Laden is working a conspiracy to short US companies, the idea that the US government could orchestrate financial pressure this way on foreign markets seems more than likely, IMO. If this is true, however, than we should assume it has happened before and not just at this point in time. Other examples from the past would be interesting to look at.

Shorting trashuries sure looks like the no-brainer du jour right now. I wont do it until I know there is no more panic buying on the horizon. I dont think were there, yet. :ph34r:

I understand and appreciate all the warnings about ETFs. While most of them have unknown risks associated with the derivatives and other instruments used to achieve their objectives, is not the gold ETF, GLD, safe from this standpoint since it is supposed to be backed by the physical? Does anybody see any risk in holding this apart from price fluctuations?

I was starting to appreciate the deflation camp. The whole idea that house prices are falling, the markets losing value, money is vaporizing, demand is falling and so will prices for all goods (with lots of examples), points to deflationary forces cant be ignored. But the actions this week, not just in the US but globally, make it perfectly clear that the bankers of the world will provide as much liquidity as needed to keep the wheels greased. I dont know if it will work or not, and maybe we experience more deflation before the hyper-inflation begins. But my guess based on what we have seen so far, and what is most likely to come, will probably be the greatest increase in printing the world has ever seen. Its either that, or we are bankrupt. The US is going to have to monetize all this debt. I think the last leg of the gold bull is just starting.

The MMPI is the definition of what is called dust-bowl empiricism. When they created it, it was not good science from the standpoint that it was not driven by theory. They took a whole list of questions, administered them to lots of people with already diagnosed disorders, and then looked at what items correlated in which ways with the personality disorders. It is really only useful for identifying people with disorders. For screening purposes, it should only be used for security-related jobs (e.g. police, nuclear facility employees, bank employees, etc.). The MMPI has no predictive validity for performance on the job. It merely weeds out the psychos. Glad to hear you passed, Doc. :P

In case you need some comic relief from all of this, go to the SouthPark website:
http://www.southparkstudios.com/
Scroll down to the Episode Finder and click on season 11
Click on episode 1107 Night of the Living Homeless :lol:

This is the end game right now, IMO. If the Fed doesnt pump like hell this week, and they fail to prop things up, then the whole financial system could collapse. I smell the crash even with the shorting restrictions. Cash is king right now, and nothing else is really safe, globally. FWIW, my bet would be that were going down this week. Hard!

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#265 DrStool

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Posted 21 September 2008 - 10:40 PM

Bellwethers update-

http://wallstreetexaminer.com/?p=3169

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#266 Charmin

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Posted 21 September 2008 - 10:47 PM

One thing we know about the bailout package they vote on tomorrow - they want it to spread worldwide.

"We are talking very aggressively with other countries around the world and encouraging them to do similar thing," he said in an interview on the ABC News TV show This Week. "I believe a number of them will." Paulson http://www.nationalp....html?id=811467
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#267 joe3pack

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Posted 21 September 2008 - 10:50 PM

i doubt bin laden or other islamic extremists engineered any short-selling of significant scale. but i'm pretty sure our current mess delights bin laden to no end. i believe he stated that he wanted to financially ruin the USandA, and the sad thing is that its occurrence was largely our own doing.
Long UFB.

#268 Grand Poopercycle

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Posted 21 September 2008 - 10:50 PM

Perhaps an attempt to scare the congress to just do it or else...

Haven't we seen this movie before in 2002/3 with different cast ?

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How about expounding on this 2002-3 vibe?

Simply the comparison of the selling of the Iraghead war?

Or is it market-related? You're calling a major market low?

#269 joe3pack

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Posted 21 September 2008 - 10:54 PM

was reviewing the karachi stock exchange chart. all that intervention resulted in scheise for the boolz, after a few days of exhilarating bonherr.
Long UFB.

#270 An Ant

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Posted 21 September 2008 - 10:57 PM

How about expounding on this 2002-3 vibe?

Simply the comparison of the selling of the Iraghead war?

Or is it market-related? You're calling a major market low?

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I'm not an expert on markets. It's not marker related.





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