still what is the chance they need the 700bill to neutral all the stuff from there various discount windows before 30. sept.??
could the fed be broke?? Could the banks after another write down be unable to answer Mister Margin??
say to Congress they should wait till 2nd oct to pass this )
The Ge news goes a long way in explaining why GE wanted to be included in the no short list. Also IBM requested. What news will they tell us. Both of these companies you would think are great manufacturing companies. However the truth is they are so deep into the financial schemes and shams they need protection from the truth of the short sellers. The last 20 years of prosperity was a hoax.
I would start directing my faxes at McCain tell him you will not vote for him if he votes for this or supports it. He is crazy enough to at least cause some trouble.
How this is scary how basically no one on TV is questioning this. Lou Dodds did a bit but then Barney Frank flipped out. Dodd's didn't get bitch slapped but he backed down a little.
People showing much to much respect for these elected officials.
I emailed my senators again this morning, second time ever. It was simple and too the point. Vote for the bailout, I don't vote for you. I will call them with the same message later this morning.
Throwing taxpayer money at this is NOT the solution. We will be back at this crossroads in 6 months or less. What then?
Sometimes the fudge get so huge you can't work with it anymore.
Or more likely, there is some perceived benefit to releasing this week's numbers sans their normal massaging. I'll take added sense of panic/urgency for $700B please, Alex.
What I don't understand is this. To me its like in the movie Pulp Fiction. When Jules and Vincent have a problem they call Marcellus. He tells them not to worry that he is sending the wolf. Jules says "Shit negro - thats all you had to say"
Once they knew the help was coming they could relax.
The markets know they are going to get the liquidity soon. The only questions are other conditions. If as they say liquidity is the problem then they know their problem is solved. Why would there be a collapse now?
OT - On topic actually - saw that GE is going to get back into the television set business in conjunction with an asian firm. GE will have 49% and the screens will be specialized, as I understand, to allow internet access from the TV set.
Also, actually not terribly bearish long term on GE since they do have one of the few domestic arms that can still do nuclear power. Unless they sold it to finance the crap assets that they bought...
Bernanke and Paulson have pretty much destroyed the whole base of the Fed's and Treasury's power at this point. Only by going outside to tap other things - like a dedicdated Congressional giveaway - can the still have any influence. They've shattered it all. Given it away. Gone.
The Fed Funds rate for yesterday was 1.19% - well below the 2% target. And, looking at the temporary open market operations where they accepted 25B out of 28.95B submitted at a weighted average of 1.496%, this doesn't look like something entirely unwelcome.
john writes:
The Ge news goes a long way in explaining why GE wanted to be included in the no short list.
Precisely! Any firm that is on that list should be sold, and any firm that asks to be on that list should be viciously shorted at the first chance. I know of a very large french firm that has instructed all its investment managers to unload all financial stocks world wide. And I know of a firm that recently launched a short extension fund that, when forced to unolad the shorts, unloaded all the longs as well, so the portfolio is now an "ex financials" short extension fund. Since there were about four times as much longs as shorts, well you all can do the math. I wonder how many other funds are doing the same, or finding other ways around the rules.
Don't worry about the losses as we will make it up on volume. Haha.
I realized that GE (ie Generous Electric for those whose parents worked for GE in the past) was going to have problems when they gave me a huge credit line. I figured what the heck and applied for a 30K credit line. Imagine my surprise when they granted it to me. I have used it for stock purchases when they gave me a special 6 month 2% rate and then paid it off after the special. So it is at zero. Recently as a check, I decided to see if I could do a transfer as you want to make sure that your credit lines are available. After talking to a customer service rep who was unable to do the balance transfer and was unable to send out balance transfer checks, I was transferred to a balance transferred specialist who informed me that my credit line was frozen even though the line had never had a late payment and I have high credit. At least, the line is only frozen at GE and not on my crdit report.
Bottom line, GE was freezing their lines to prevent a run on existing credit lines. Between this and their desire to make more money from the consumer market via financing, this was an indicator that I should have shorted GE. Problem was that I had my money tied up in other investments. Oh well, always time to make money in another way. Cheers.
To politicians, the only thing scary about voting directly opposite to the expressed will of the people is when it happens so close to elections that people will remember.
Bush was just crying wolf again. The market hasn't collapsed. Fanny and Freddy are going up and up. (Incredible really). It was all just a hustle to stick the public with lots of debt to bail out Paulson's rich friends. The sky isn't falling, chicken Paulson. Stop running around flapping your wings in hysteria.
Also, actually not terribly bearish long term on GE since they do have one of the few domestic arms that can still do nuclear power. Unless they sold it to finance the crap assets that they bought...
Merged it's operations with Hitachi. Has a 20% stake in Japan and a 60% stake in the rest of the world. Got a bunch of cash from the transaction so you know they didn't come out with a bigger stake in nuclear power than they had before.
ayn rand and f.a. hayek saw it coming a long time ago.
And Randroid Alan Greenspan helped bring it about.
4tehlulz | 09.25.08 - 8:57 am | #
Greenspan helped bring it about? How? I keep hearing how Greenspan was some Satanic figure, somehow planning the current crisis, but I just don't see why he would do it. What's his motive? Who stands to gain if the US, the reserve currency of the world, the falls off the cliff?
Horse laugh when Bush said the "entire economy" was at risk. Things only affected the "entire economy" when Lehman and AIG went belly up and some superrich took a haircut. That's the "entire economy" taking a hit. As long as the downturn only hit the little people the "entire economy" was just fine. As McCain's disgusting sidekick says, when the "little people" get hurt it's just whiners that are involved.
This morning I called both my senators (for the 6th straight day) and representative about my displeasure (in the strongest of terms) about this bailout.
The big one is coming...
rrriiinnggg??
Jobless claims up 32K to 493K
4-week moving average up 16k
Durable goods down 4.5% vs 2%
from last tread:
still what is the chance they need the 700bill to neutral all the stuff from there various discount windows before 30. sept.??
could the fed be broke?? Could the banks after another write down be unable to answer Mister Margin??
say to Congress they should wait till 2nd oct to pass this
)
Right on cue...
What BB said. Durables report is pretty bad, with downward revisions to July and big, broad dump in August.
Welsh says GDP is falling in Q3. Bold call, huh?
Paging Raphael, who offered data for analysis in the last thread.
Please send it over. Thanks.
The Ge news goes a long way in explaining why GE wanted to be included in the no short list. Also IBM requested. What news will they tell us. Both of these companies you would think are great manufacturing companies. However the truth is they are so deep into the financial schemes and shams they need protection from the truth of the short sellers. The last 20 years of prosperity was a hoax.
Funny they finally let some unfudged numbers out
Sometimes the fudge get so huge you can't work with it anymore.
Anonymous writes:
One of the congressmen said on CNBC, quoting Ben Franklin :
WE all hang together or we hang separately.
Also said that both senate and congress are on it and that:
The cavalry has arrived.
Looks like the bill will be passed with oversight and all if that's any consolation.
Think it's a done deal and now the MSM will have to go into overdrive to 'market' it so you don't go berserk over your 'elected' representative.
TED 3.32.
Just say NO.
"Welsh says GDP is falling in Q3. Bold call, huh?
k harris"
Yeah, he's a genius. Someone should pay him some more.
I'm still opposing this bill.
I'll still be calling.
THEY'RE SKYING THE FUTURES!!!!!!
Me too as if it matters.
Everyone MUST vote against anyone who votes for this package.
Vote the crooks out!!!
Morning CR - you work hard and so should we - Call your elected officials -Again and again:
Congress.org - Get informed, get involved
Media contacts (ask for the newsroom so you'll get a body):
Congress.org - : Media Guide
Bailout protest under way in nyc:
No Bailout for Wall Street -- Protest on Wall Street this Thursday at 4pm! | Naomi Klein
I think others are being organized in different cities.
BB
The big one what
I would start directing my faxes at McCain tell him you will not vote for him if he votes for this or supports it. He is crazy enough to at least cause some trouble.
How this is scary how basically no one on TV is questioning this. Lou Dodds did a bit but then Barney Frank flipped out. Dodd's didn't get bitch slapped but he backed down a little.
People showing much to much respect for these elected officials.
SR
We're getting much much closer to revolution every day. These idiot bankers in power have no clue about the giant movement soon to destroy them.
CNBC says it's not a "bailout it's an investment". We'll make money.
Spare me please!
in case anyone doesnt have it
(202) 224-3121 is the Congressional Switchboard.
Just ask for your Congressman or Senators.
Phones are manned in 15 minutes (9 AM EST)
(202) 224-3121
I am calling and fax this AM .
...and getting the rest of my $ (the las t%5 ) out of stocks if the market spike up to today .
THEY'RE SKYING THE FUTURES!!!!!!
I emailed my senators again this morning, second time ever. It was simple and too the point. Vote for the bailout, I don't vote for you. I will call them with the same message later this morning.
Throwing taxpayer money at this is NOT the solution. We will be back at this crossroads in 6 months or less. What then?
Vote the crooks out!!!
same old cry, and when they go to vote they say, well my crook isn't that bad. and all the crooks keep their jobs.
welcome to serfdom. ayn rand and f.a. hayek saw it coming a long time ago.
we are truly poor bastards now.
I oppose the bill in any modified version. Period. Frank; Dodd... any version.
The basic concept is so wrong it makes me spit. Unthought, ill-defined, profoundly dangerous: no, no, no, no, no!
It all makes sense.
We've got a subprime president, a subprime congress, subprime banks and subprime citizenry.
The US is subprime. Might as well kill the currency to make sure we're fully representing this.
UST to CCC-/D!!!!
Sometimes the fudge get so huge you can't work with it anymore.
Or more likely, there is some perceived benefit to releasing this week's numbers sans their normal massaging. I'll take added sense of panic/urgency for $700B please, Alex.
99% of the PUBLIC says NO
Congress will vote YES
Representative Democracy?
What's wrong with this picture?
They Shoot Horses Dont They writes:
we are truly poor bastards now.
Poor-er.
And Randroid Alan Greenspan helped bring it about.
What I don't understand is this. To me its like in the movie Pulp Fiction. When Jules and Vincent have a problem they call Marcellus. He tells them not to worry that he is sending the wolf. Jules says "Shit negro - thats all you had to say"
Once they knew the help was coming they could relax.
The markets know they are going to get the liquidity soon. The only questions are other conditions. If as they say liquidity is the problem then they know their problem is solved. Why would there be a collapse now?
ew thread
WASHINGTON (AP) Hurricanes Ike and Gustav and weak economy push jobless claims to 7-year high.
Is the Gov allowed to say that's the reason??
Futures betting 96% on an October FFR cut? Did I miss the ads for the Fed's "everything must go" sale?
Is the Gov allowed to say that's the reason?
You're question seems to be based on the premise that this government can't do absolutely anything it damn well pleases.
OT - On topic actually - saw that GE is going to get back into the television set business in conjunction with an asian firm. GE will have 49% and the screens will be specialized, as I understand, to allow internet access from the TV set.
Also, actually not terribly bearish long term on GE since they do have one of the few domestic arms that can still do nuclear power. Unless they sold it to finance the crap assets that they bought...
GE will survive.
Futures betting 96% on an October FFR cut?
Bernanke and Paulson have pretty much destroyed the whole base of the Fed's and Treasury's power at this point. Only by going outside to tap other things - like a dedicdated Congressional giveaway - can the still have any influence. They've shattered it all. Given it away. Gone.
In practice, it would appear that the Fed already has cut:
Federal Funds Rate Data - Federal Reserve Bank of New York
The Fed Funds rate for yesterday was 1.19% - well below the 2% target. And, looking at the temporary open market operations where they accepted 25B out of 28.95B submitted at a weighted average of 1.496%, this doesn't look like something entirely unwelcome.
john writes:
The Ge news goes a long way in explaining why GE wanted to be included in the no short list.
Precisely! Any firm that is on that list should be sold, and any firm that asks to be on that list should be viciously shorted at the first chance. I know of a very large french firm that has instructed all its investment managers to unload all financial stocks world wide. And I know of a firm that recently launched a short extension fund that, when forced to unolad the shorts, unloaded all the longs as well, so the portfolio is now an "ex financials" short extension fund. Since there were about four times as much longs as shorts, well you all can do the math. I wonder how many other funds are doing the same, or finding other ways around the rules.
TED now at 337 bps.
Nothing to see here, folks, keep moving ...
Why is the TED rising when the CongressCrooks are hooking up the the hoses to the US Mint to drown them with liquidity?
Don't worry about the losses as we will make it up on volume. Haha.
I realized that GE (ie Generous Electric for those whose parents worked for GE in the past) was going to have problems when they gave me a huge credit line. I figured what the heck and applied for a 30K credit line. Imagine my surprise when they granted it to me. I have used it for stock purchases when they gave me a special 6 month 2% rate and then paid it off after the special. So it is at zero. Recently as a check, I decided to see if I could do a transfer as you want to make sure that your credit lines are available. After talking to a customer service rep who was unable to do the balance transfer and was unable to send out balance transfer checks, I was transferred to a balance transferred specialist who informed me that my credit line was frozen even though the line had never had a late payment and I have high credit. At least, the line is only frozen at GE and not on my crdit report.
Bottom line, GE was freezing their lines to prevent a run on existing credit lines. Between this and their desire to make more money from the consumer market via financing, this was an indicator that I should have shorted GE. Problem was that I had my money tied up in other investments. Oh well, always time to make money in another way. Cheers.
I am standing down, no more calls or emails..its a done deal
shadowjack62,
To politicians, the only thing scary about voting directly opposite to the expressed will of the people is when it happens so close to elections that people will remember.
Bush was just crying wolf again. The market hasn't collapsed. Fanny and Freddy are going up and up. (Incredible really). It was all just a hustle to stick the public with lots of debt to bail out Paulson's rich friends. The sky isn't falling, chicken Paulson. Stop running around flapping your wings in hysteria.
"The Ge news goes a long way in explaining why GE wanted to be included in the no short list."
i loaded this comment topic explicitly to post that no surprise I was beaten, twice or more, by others.
The game is rigged. Heads they win with their money, tails, they win with our money.
Also, actually not terribly bearish long term on GE since they do have one of the few domestic arms that can still do nuclear power. Unless they sold it to finance the crap assets that they bought...
Merged it's operations with Hitachi. Has a 20% stake in Japan and a 60% stake in the rest of the world. Got a bunch of cash from the transaction so you know they didn't come out with a bigger stake in nuclear power than they had before.
GE, Hitachi to pool nuclear power units - Oil & energy- msnbc.com
4tehlulz writes:
And Randroid Alan Greenspan helped bring it about.
4tehlulz | 09.25.08 - 8:57 am | #
Greenspan helped bring it about? How? I keep hearing how Greenspan was some Satanic figure, somehow planning the current crisis, but I just don't see why he would do it. What's his motive? Who stands to gain if the US, the reserve currency of the world, the falls off the cliff?
Horse laugh when Bush said the "entire economy" was at risk. Things only affected the "entire economy" when Lehman and AIG went belly up and some superrich took a haircut. That's the "entire economy" taking a hit. As long as the downturn only hit the little people the "entire economy" was just fine. As McCain's disgusting sidekick says, when the "little people" get hurt it's just whiners that are involved.
I wonder if Paulson and Bush fit into Phil Grahamcracker's category of "whiners". They've been whining a lot the last few days.
This morning I called both my senators (for the 6th straight day) and representative about my displeasure (in the strongest of terms) about this bailout.
where does the 700 billion come from?
Bernanke Jumps Out of Political Fray After Warning of Collapse - Bloomberg.com
Bernanke Jumps Out of Political Fray After Warning of Collapse
CR did you see that.....Please have a look.