We need nested comments. Up until about a month ago I was able to read every comment of every thread in an hour or two. Now, not so much... Even with greasemonkey trimming off the fat.
We need nested comments. Up until about a month ago I was able to read every comment of every thread in an hour or two. Now, not so much... Even with greasemonkey trimming off the fat.
Halsocan sems to be buckling under the recent stress also ...
Looking for advice...
My parents have their savings with WellsFargo. How much safe is WFC? Should they spread their savings to other banks? If yes, which ones
The SDS, DXD, and TWM I purchased in mid-to-late August I'm still holding (up 14-18% now). I will not sell until we hit SPX 1080 at least. There's little chance of an Intermediate Term bottom before that price point. This is viscious price destruction accompanied by huge/record volume.
Regarding house prices a la government intervention during the Great Depression:
Just like farmers were paid not to plow, plant, harvest, or sell, the government might consider a program where we bulldoze, burn, and destroy that pesky housing glut until we restore "normal" market forces of 9 times your annual salary for a single family house.
This isn't a stock blog? So shorting WTF just might turn out to be stupid.
Nice finish on last nights thread, this morning. We should get paid by the meme.
Ok, now back to covering ears and going: "nyah nyah nyah"
-- one of the other posters
Constructive suggestion: We are currently perceived as very weak. Opportunists tend to attack when they sense weakness. Intelligence agencies: please ignore the policy elephant in the corner and present facts, just the facts. Pretend that you are CR when you do this. Military commanders: Please just do the right thing.
The 1-month T-bill is yielding 0.01%, according to Pimco's site.
I have to wonder if short term T-bills could go negative yield. I think it's possible.
It's like what happened to natural gas last year. You may end up having to pay to store it, especially for the short term (i.e. before you can cram it under the mattress).
"stay out of the way"
?
to stay out of the way you'd have to have cleared all your positions to treasuries on friday. How many people did that? 0.001% ?
I missed any reports you may have made regarding the outcome of your recent fungal heroics. Did you make contact with the ancestors? If so, how is Bill getting on?
I'm surprised the broken buck isn't getting more play. The public understands the risks of stocks and most know the 100K FDIC insurance, but money funds? Seems to me that's where you'd see a run.
How about a piece of legislation called the Great American Single-Family Homestead Act, where we have house runs?...get into a house, mow the lawn for 5 years and keep up basic repairs and it's yours.
My magic eight ball keeps saying "ask again later," but if we get actual, crazy-people in lines bank runs, along with money market panic, you can kiss liquidity goodbye for the foreseeable future.
The big boys are already running back to PM, if the little folk start filling mattresses all of the cash disappears faaaaaast.
The journey went well. I learned that I am the center of the mandala, we are all one organism blinded by an ego-driven quest to separate from our source, and that God is not personified, but rather a glowing ball of light deep within us all. And through the discovery of our inner light, we can join the unified network of humanity and elevate mankind forever.
But then it wore off and I found myself in a bizarre world I can barely understand.
Just out of curiosity I checked the pension fund for VA State that includes law enforcement and Judical. I also looked at Fairfax County.
I was interested what there exposure was to Lehman amongst others. They should also be representative of this type of pension funds nationally.
A Quote
"Our commodity investment has really helped," said Robert L. Mears, executive director of Fairfax County's Retirement Administration Agency. "This year would have been a lot worse."
They went heavy into oil.
Other pension funds are rushing to get in on the action as the prices of oil, precious metals, corn, uranium and other vital goods continue to reach record highs. Montgomery County officials are in the process of shifting 5 percent of their $2.7 billion pension fund away from stocks and into commodities.
That probably has not worked out well.
The VA State Pension fund does not break out exactly what they are holding but this is the top commisions they paid. Ouch, Ouch
Investment Tech Group, Inc. $ 2,287,892
Goldman, Sachs & Co. 2,125,988 Deutsche Bank Securities 1,996,557 Bank of America Montgomery 1,591,744 Merrill Lynch, Pierce, FE 1,465,453 ABN AMRO 262,879
CSFB LLC NY 1,357,770
Citigroup Global Markets 1,183,875
Lehman Brothers, Inc., New York 1,130,315
Between commodities and Lehman how much is your average pension fund minus?
question : In this article they keep saying this is to provide the Fed with extra cash for liquidity purposes, as if that is the issue. Cannot this $ be used for insolvency issues, as in, we just got a potential new round of taxes ahead to pay for all of this?
The public understands the risks of stocks and most know the 100K FDIC insurance, but money funds? Seems to me that's where you'd see a run.
I still remember Charles Schwab putting inserts in my statements commenting about the Orange County bankruptcy, and how "worst case" the money fund would be solvent to at least 99.6%. Regular people over 40 who have hund money funds before do know this can happen.
That's what happens when the FED and the Treasury put a target on your back. Action = reaction
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
Human Action: A Treatise on Economics
Ludwig von Mises (1881-1973)
Could some of the declines be due to hedge funds or money market funds having to sell off any good assets to meet margin calls & demands for withdrawals? This might be an additional reason why some non-financial stocks are getting hammered- of course realisation that the outlook for sales to maxed-out consumers are dire should also be a reason.
"I wonder if this is a legitimate flight from currency."
I don't know if this is true or not, ac, but I can tell you from two decades of trading, I have always gotten into the most trouble when I overgeneralize a thesis.
Could great men thunder
As Jove himself does, Jove would ne'er be quiet,
For every pelting, petty officer
Would use his heaven for thunder;
Nothing but thunder! Merciful Heaven,
Thou rather with thy sharp and sulphurous bolt
Split'st the unwedgeable and gnarled oak
Than the soft myrtle: but man, proud man,
Drest in a little brief authority,
Most ignorant of what he's most assured,
His glassy essence, like an angry ape,
Plays such fantastic tricks before high heaven
As make the angels weep; who, with our spleens,
Would all themselves laugh mortal.
Goldman is tanking because of simple fear. There is absolutely no reason for Goldman and Morgan to tank so quickly, so much today. Folks i think today might be worse than monday or tuesday.
"Natalie writes:
Looking for advice...
My parents have their savings with WellsFargo. How much safe is WFC? Should they spread their savings to other banks? If yes, which ones"
if they have more than 100K, they should move SOME of their savings. LARGE BANKS:
With the VIX so high I would I think selling straddles would be the natural call. but this is completely out of hand. If you sold even straddles I don't know how you would come up with an exit strategy in this market.
The only way the breaker's will get tripped is if one of the player's decided to step out of line from the "playbook".....if they do they can kiss off any perception of help from the Fed (and any one else).
Now the chance of that happening is increasing exponentially but I have to believe that they won't hang themselves with the rope that the Fed dangles to them.
asl: "CR is losing his mission. Next thing? A political post."
I would welcome one, why must we ignore the role voters and politicians play in our economy. Oh, that's right because the regulars prefer this to be a stock blog. Probably it is too scary for CR as well, but he wasn't afraid to confront the irrational "House prices always go up" crowd in the beginning.
Not that there are rules, but this is "ought" to be the capitulation point on the way down for the average investor, and certainly the professional investor has to pulling or pulled out on the sidelines waiting for bargains to pop up...like New York, Florida, and California.
TED - measures the spread between LIBOR and 3-month Treasuries. It is an indicator of the willingess of banks to lend to eachother. Lower is better. 3 is unheard of.
That will not be allowed to happen until after the election.
Wanna bet?
I will. There is ZERO chance this gov't, which is all politics, all the time, no matter what....will allow it to happen.
In order for McCain to win, this has to be a rosy, happy, healthy economy. They will stop at nothing to project such health. A market crash would expose such dishonesty.
"Note: the TED spread is the difference between the three month T-bill and the LIBOR interest rate. Usually the TED spread is less than 0.5%. The higher the spread, the greater the perceived credit risks (compared to "risk free" treasuries)."
Why are you guys riding CR's jock? This is NOT a 'stock' blog. Maybe you all haven't visited a 'stock' blog, but they're day trader boring and rarely delve into the underlying issues.
"In order for McCain to win, this has to be a rosy, happy, healthy economy. They will stop at nothing to project such health. A market crash would expose such dishonesty."
The world will cast their vote. Starting at the next open of the Nikkei.
There's nothing anyone in the US can do about it. Not a damned thing.
`We are in new territory, this is a different game,'' Reid said at a briefing in Washington. Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said.
Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said.
"The assets of a money-market fund that held $62 billion three months ago have fallen below a safety benchmark intended to ensure investors who put money in can get it all back -- just the second unsettling instance in which a fund has exposed investors to potential losses in the nearly four-decade history of money-market funds." Expired
I was trying to sell some ESPP stocks today, and my broker had a msg saying the company has stopped people from selling their espp shares ..... strange....
Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said.
If reid really said that, then he just went up a few notches in my book. And I hate all politicians.
I will now speak in tongues xckkejnmxb ammsye wjjdn wm,liyuye jajjh,dlduuduh dyt3kjjkjhlla msjvkghkh bnjbhj,mkjjkjjxjjlllllbb wjywun eh. I can see Russia from my house. I can see 1929 from my house.
I was trying to sell some ESPP stocks today, and my broker had a msg saying the company has stopped people from selling their espp shares ..... strange....
Santelli just said, " as Dennis (Kneal) said he is an expert in Swaps" , what a great slam. He couldn't find his ass with both hands. He looks like he lost his dog,
The pipeline is drying up fast, 6 months down the line it will be tech rather then financial stocks.
NEW YORK (Fortune) -- The tech slowdown forces another supplier into the breakdown lane as Nortel slashes its forecast and puts one of its key businesses up for sale.
With new information technology equipment orders drying up amid a slumping economy and a credit crisis in the financial sector, other big tech shops like Dell (DELL, Fortune 500), Nokia (NOK), Texas Instruments (TXN, Fortune 500) have seen a challenging market turn more difficult.
Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said.
So in other words, they're in the same position as our government officials during the Great Depression.
Probably a good time to buy Morgan right now. There's no way they can remain independent, and they will have to move quickly. Wouldn't be surprised to see them bought at a considerable premium to their current share price. They only question is, does anybody but the Fed have money to spend.
"Currently Comrade Cannabis writes:
The journey went well. I learned that I am the center of the mandala, we are all one organism blinded by an ego-driven quest to separate from our source, and that God is not personified, but rather a glowing ball of light deep within us all. And through the discovery of our inner light, we can join the unified network of humanity and elevate mankind forever.
But then it wore off and I found myself in a bizarre world I can barely understand.
Currently Comrade Cannabis | 09.17.08 - 12:19 pm | #
Gold Star.
"There is no means of avoiding the final collapse of a boom brought about by credit expansion"
What about just preventing it to begin with?
Cha-Ching Ratings Conglomerated (CCRC) rates this comment DDD.
Santelli just said, " as Dennis (Kneal) said he is an expert in Swaps" , what a great slam. He couldn't find his ass with both hands. He looks like he lost his dog,
Rick is ok, the rest should be worried about their jobs.
ipodius writes:
On a happier note, gold is up $53 and silver is up nearly 8%, for those who follow that.
of course it is. for now, as money rushes from the market into whatever it deems "safe". Shortly, it will rush out just as quickly.
ipodius | 09.17.08 - 12:32 pm | #
You can't survive when you're net falls 70% (GS) and well...I don't have enough room to list what ails MS however they were leveraged higher than LEH.......
Good luck...you may get a bounce. I hope it's just a short term trade.
Can somebody explain Gold to me. It no longer backs our currency. It doesn't have any specialized mfg use that can't be handled by something else. You can't eat it - it wont shelter you or keep you warm. Why do people buy it in troubling times? It seems like a very outdated concept to me.
I've been busy working - funny how the world falls apart & I get busy - anyway stumbled across this today in my mfg newsletter inbox (originally from WSJ):
Can somebody explain Gold to me. It no longer backs our currency. It doesn't have any specialized mfg use that can't be handled by something else. You can't eat it - it wont shelter you or keep you warm. Why do people buy it in troubling times? It seems like a very outdated concept to me.
Very outdated, the guys that invented gunpowder had it 5k years ago.
Well you could say it stood the test of time.
These assclown on CNBC have Barney Frank in front of them and can't ask a hard question, nor challenge any of his lies. They just don't know anything about the issues. They are just pathetic cheerleaders.
"Don't be surprised if Washington shuts down the Internet as a matter of national security"
If so, we just pull FIDOnet out from the floppies and crank up the pots modems. When they block data through the telephone switches, we move to radio modems.
I think PMs will be volatile for awhile, and I'm not buying more now. But I do think they will be the best performing investments over the next year. Silver is in great shape to at least double over the next year, based strictly on supply/demand.
A good way to be bullish silver is SLW, Silver Wheaton. They are a company with 4-5 employees that buys forward contracts straight from silver mines in Peru, Mexico, etc. They then resell it into world market at optimum times. So, they are like silver bullion on steroids. Up to 1.5 times as volatile as spot silver. Ultra silver. Very beaten down until today.
Well he was talking really fast, but he said the Community Service(?) Act written in 1973 did not force lenders to lend to low income fanilies. Note the bill precedes him in Congress, and he doesn't mention all the subsequent revisions which he wrote. Another poster he catalogued his complete mistatements about the health of FnF, you can look those up. Why? do you beleve he has no role in the mess.
Anonymouse writes:
I wouldn't mock Mr. Market when he takes out swing points with quality of volume. That means much lower prices ahead.
A-Mouse: Ok, I said 1172 would be a swing point several weeks ago - and there is decent volume today. So, I guess we'll see. ( I'm 1/2 hr back still reading to catch up)
What we are actually witnessing is a run on the treasury of the US government which will result in a currency collapse. Hank, Ben and our corrupt CONgress almost guarantee this will occur.
I think we need j6pack to take the weekend to stew, hear some talking heads in between football games to decide to pull money out of his 401k. I'd predict a pretty heavy sell-off next Monday.
Right now, if it's not more than 400pts down per day, it's slow bleeding.
If so, we just pull FIDOnet out from the floppies and crank up the pots modems. When they block data through the telephone switches, we move to radio modems.
Uncle Billy is Mont Pelerin
There's always short wave;)
Hello..hello...Uncle Billy where did you find any turnips today?
Re: A suspected U.S. missile strike has killed at least six people in Pakistan. The blast comes hours after a top U.S. military officer told Pakistani leaders that America respects Pakistan's sovereignty. Pakistan has been outraged over American strikes into the country.
Canary in the UK writes:
Could some of the declines be due to hedge funds or money market funds having to sell off any good assets to meet margin calls & demands for withdrawals? This might be an additional reason why some non-financial stocks are getting hammered- of course realisation that the outlook for sales to maxed-out consumers are dire should also be a reason.
Canary in the UK | 09.17.08 - 12:21 pm | #
Money markets for sure. Once people hear rumors about breaking the buck their out of there. Ive spoken with a few people this morning that have moved mega bucks out of them. Its going to continue IMO.
GM models are very stong in China. I see everything from minivans to these strange buick bubble midgets you don't have in the US. In between are the park lane and "sword" as they call it for fun in the US.
Most bought for cash, and many for fleet or corporate sales. We were planning on a minivan (upcharge to the V6 model) until our partner got greedy about leather seats. Since there's no urgency, we'll but next quarter. A lot of that sort of scale back in China. Everythings so new, why rush upgrades?
Maybe there's a lot of that going on.
Major competition is regionally based, in the GZ region it's very mixed, french and honda, and in SH it's VW. Bj is a free for all, including Koreans.
I really don't have any insight into the factories and investors that churn the stuff out, but thats what I see street side.
Yahoo! "headline" news nearly hits the mark: "Couric's interview material will be aired Sept. 29 and 30 on the "CBS Evening News" and "The Early Show." Yahoo! 404 - Page Not Found
Sadly, I have a schedule conflict. Let us know how it goes.
Almost forgot. For all those who aren't reality-challenged, Naomi Klein, author of the Shock Doctrine will be at Scripps College in Claremont, CA giving a talk. 7:30 P.M. tomorrow night, in the performing arts theater.
Sorry CR. I never do that, but I thought it was important.
"Well he was talking really fast, but he said the Community Service(?) Act written in 1973 did not force lenders to lend to low income fanilies. Note the bill precedes him in Congress, and he doesn't mention all the subsequent revisions which he wrote. Another poster he catalogued his complete mistatements about the health of FnF, you can look those up. Why? do you beleve he has no role in the mess."
What he said is that the Community Reinvestment Act was not covered by mortgage brokers who made the majority of the bad loans. That Act is only enforced on banks who were regulated.
His statement about the FnF goes back to 2003 I believe. But, I think we were focusing on what he just said and the fact that you called him a liar. Barney Frank may have made mistakes, but as far as his career goes I'm mostly happy with his efforts on behalf of our country. Especially the Credit Cardholders' Bill of Rights this year.
I'm currently working on a remix to "I'll be Missing You" that should drop when The Notorious A.I.G. finally unwinds. Big ups to me, who predicted that the Jonas Brothers would outshine the old tired act of the Lehman Brothers. Nobody listens to techno.
Monday has been lining up for a big sell-off for months. I'm not a tin-foil hat wearer, but if you google the date and look around, you will find that lots of people have been predicting a crash on 9/22. I think it is in part because this friday is quadruple witching, and presumably there will be some effort made to keep prices up enough so that some options expire worthless.
I have Fidelity index funds like Spartan US Equity and Spartan International Equity. Should I get out of these now and into money market funds? Or can I keep holding them long term?
First?
Ain't it the truth now.
Here you go CR an Tanta on the workouts at IndyMac
IndyMac plan aids 1,200 borrowers in first month
CNNMoney.com: 404 Page Not Found
We need nested comments. Up until about a month ago I was able to read every comment of every thread in an hour or two. Now, not so much... Even with greasemonkey trimming off the fat.
Welp, just sold my SKF ending my third swing. I'm ready for the next runup in financials to present my next SKF buying opportunity.
AIG down 45 %
Yet XLF is still at 18.42, above the July 15th low of 17.17.
We need nested comments. Up until about a month ago I was able to read every comment of every thread in an hour or two. Now, not so much... Even with greasemonkey trimming off the fat.
Halsocan sems to be buckling under the recent stress also ...
Think they need a clearing house for all that OTC derivatives floating around. Or this thing will continue no end.
weather helm - if you are playing that game, why not buy the UYG while you are waiting? hehe. he. he. cough cough. he.
Gold is way up.
So much for that " bailout rally " . I am mostly in cash but feeling that pit in my stomach . Things don't look good .
MBS anyone?
Morgan and Goldman were warned.
You don't get what you want, you get what you deserve.
More Power!
Jesse's Café Américain: Fed to Treasury: More Power!
CR has swapped out Haloscan a couple of times now... but it always comes back. The least-worst alternative, I guess.
Always remember to copy large posts to your clipboard before clicking "Publish".
Or just keep them short and pithy in the first place!
CR, This isn't a stock blog, but this isn't a stock issue. Very applicable.
The stock market is still wildly over-valued.
On a happier note, gold is up $53 and silver is up nearly 8%, for those who follow that.
It seems the masses are stirring.
Even my father-in-law seems to know the happenings now. Until two weeks ago, he was still mumbling about Clinton's morals and "sleeper cells."
He was my canary. Damn.
Time to build a raft and head for Cuba.
The Russell 200 index is down 4.25%!
That will leave a mark!
I'm thinking about jumping back into miners before close. They are really lagging physical gold.
Somebody convince me thats a bad idea. My timing the last 6 months has been consistently about 48 hours off. Help me see why I'm wrong this time.
"weather helm - if you are playing that game, why not buy the UYG while you are waiting? hehe. he. he. cough cough. he."
Uhm, that's alright, it's out of my jurisdiction.
I'm fine with my other stuff. But if SKF goes back to 200 maybe I'll consider UYG.
what kind of money manager goes to the well only one time when the source has infinite resources? $85B is just the beginning.
me follow, me happy.
Derivative clearing house??? Who has that sort of money to fund it??
"this isn't a stock blog"
Agree however it became one when the entire financial system became reliant upon housing appreciation. We/you just didn't realize it.
Ciao
MS
13-week T-Bill 0.10%
As in zero-point-one-oh.
stuart writes:
me follow, me happy.
Derivative clearing house??? Who has that sort of money to fund it??
Would you believe the FED had meetings about it a few months back? Wonder what happened.
This isn't a stock blog
/triple-checks name of blog, scrunches face in confusio
ML is trading at a higher discounted figure than B of A. Thank God I went to cash 18 months ago. Dow 8,000 on it's way. GS and MS down the crapper.
I commented Monday that Goldman is an A-B=C-D structure to $80.
SEC on shorts -- sorry if a repost:
Expired
AIG does have int subs.
American International Assurance is
incorporated in Bermuda. All we get
is a consolidated annual statement.
Do you really think that the Bermuda
subsidiary was designed to pay extra taxes?
http://www.ezodproxy.com/AIG/2008/AR2007/images/AIG_10K2007.pdf
bubblevision appears to be paralyzed.
13-week T-Bill 0.10%
Yowza. Turning Japanese indeed. I want to move back there, but at this rate maybe I won't have to.
Glad that I've hung on with PM and the Russell shorts.
Just wow.
And now off to the store for more beans.
ML is trading at a higher discounted figure than B of A.
As long as BAC declines, that percentage differential will worsen as it increases the likelihood of a BAC kick out.
Well I have it on good authority (that would be the likes of Ben Stein and CNBC's Pisani) that the financials are a good buy.
GS - 180
BSC - 100+
LEH - 60
Those guys swore up and down these and other financials were the stocks to buy.
@I want to move back there, but at this rate maybe I won't have to.
LOL.
Looking for advice...
My parents have their savings with WellsFargo. How much safe is WFC? Should they spread their savings to other banks? If yes, which ones
Thanks
this was a housing blog.
has been a stock/etf blog for some time now.
will be until everyone gets their d**ks caught in the door on the way out when the REAL crash occurs.
Justin writes:
bubblevision appears to be paralyzed.
Bubblevision - Sexy girls blowing huge bubbles in movies
My account is still working. August's Chicle Chica is looking good.
If GE drops 30%, maybe CNBC will be sold off. Sigh.
The SDS, DXD, and TWM I purchased in mid-to-late August I'm still holding (up 14-18% now). I will not sell until we hit SPX 1080 at least. There's little chance of an Intermediate Term bottom before that price point. This is viscious price destruction accompanied by huge/record volume.
You don't get what you want, you get what you deserve.
Angry Saver
Truer words were never spoken...
DH please see my mea culpa in the housing starts thread.
I thought our comrades from Sec just postponed the market meltdown.
WTF is going on, all must be send to Goolag (don't confuse with google).
Regarding house prices a la government intervention during the Great Depression:
Just like farmers were paid not to plow, plant, harvest, or sell, the government might consider a program where we bulldoze, burn, and destroy that pesky housing glut until we restore "normal" market forces of 9 times your annual salary for a single family house.
...spit
The 1-month T-bill is yielding 0.01%, according to Pimco's site.
He was my canary. Damn.
Nice one Comrade Cannabis.. I wonder who is my canary... ROFL
You don't get what you want, you get what you deserve.
And sometime you don't get even that.
SEC on shorts -- sorry if a repost:
Expired s...elling_sec.html'
It's all the naked short-sellers fault! Gosh blast those gosh darn punks!
LOL!
<a href="http://www.pimco.com/TopNav/Home/Default.htm>Here's a snapshot of the Treasury curve (notice the 1 month yield)!
Main headline on Drudge Report:
"FEDERAL BANK INSURANCE FUND DWINDLING." (Links to AP story.)
Jeez on a cracker, look what those greedy homeowners have created!
Mr. Market is wearing that hockey mask again. Do I use the chainsaw or the machete? chainsaw...machete...? oh darn, I'll use both!
moooo mooooo....the herd runs this way, the herd runs that way. stay out of the way and you won't get trampled.
This isn't a stock blog? So shorting WTF just might turn out to be stupid.
Nice finish on last nights thread, this morning. We should get paid by the meme.
Ok, now back to covering ears and going: "nyah nyah nyah"
-- one of the other posters
Constructive suggestion: We are currently perceived as very weak. Opportunists tend to attack when they sense weakness. Intelligence agencies: please ignore the policy elephant in the corner and present facts, just the facts. Pretend that you are CR when you do this. Military commanders: Please just do the right thing.
I wouldn't mock Mr. Market when he takes out swing points with quality of volume. That means much lower prices ahead.
Market is disappointed that Fed didn't serve AIG cake with the deal.
The 1-month T-bill is yielding 0.01%, according to Pimco's site.
I have to wonder if short term T-bills could go negative yield. I think it's possible.
It's like what happened to natural gas last year. You may end up having to pay to store it, especially for the short term (i.e. before you can cram it under the mattress).
"stay out of the way"
?
to stay out of the way you'd have to have cleared all your positions to treasuries on friday. How many people did that? 0.001% ?
Main headline on Drudge Report: "FEDERAL BANK INSURANCE FUND DWINDLING." (Links to AP story.)
El Cliffo
Oh shite, that J6P main news source, and my local radio stations are really talking about what's going on. The masses are awakening.
ipodius,
got my shoes,
you got your shinebox?
This isn't a stock blog?
CR is losing his mission. Next thing? A political post.
"FEDERAL BANK INSURANCE FUND DWINDLING."
= massive bank runs
Comrade Cannabis!
I missed any reports you may have made regarding the outcome of your recent fungal heroics. Did you make contact with the ancestors? If so, how is Bill getting on?
Jim Cramer and the other shills on CNBC are going to need disguises. Maybe even body guards.
"fear factor" on bubblevision....
Have not put CNB(S) on for many year's....I just had to to see for myself.
Too funny....
Ciao
MS
Yves has a good link up from Information Arbitrage. Interesting thoughts about Barclays.
Looking at the purdy pictures on Kitco spot gold I was reminided of this:
"When beggars die there are no comets seen;
The heavens themselves blaze forth the death of princes."
I have to wonder if short term T-bills could go negative yield. I think it's possible.
Like aircraft software that calculates in negative degrees in the air?
When do the trading stops kick in? Anyone know?
I'm surprised the broken buck isn't getting more play. The public understands the risks of stocks and most know the 100K FDIC insurance, but money funds? Seems to me that's where you'd see a run.
Anonymous - have a martini and chill at that point.
anon @ 12:15
We are far away from that....1200pts on the DJ.
That will not be allowed to happen until after the election.
Ciao
MS
COME TO JESUS.
That will not be allowed to happen until after the election.
Wanna bet?
Dang, we sure are a long way from "DOW 36,000" lately.
Anonymous writes:
anon @ 12:15
We are far away from that....1200pts on the DJ.
That will not be allowed to happen until after the election.
Will take 3 days of 400 instead. Interesting times.
How about a piece of legislation called the Great American Single-Family Homestead Act, where we have house runs?...get into a house, mow the lawn for 5 years and keep up basic repairs and it's yours.
My magic eight ball keeps saying "ask again later," but if we get actual, crazy-people in lines bank runs, along with money market panic, you can kiss liquidity goodbye for the foreseeable future.
The big boys are already running back to PM, if the little folk start filling mattresses all of the cash disappears faaaaaast.
I can not even get anything work related done this week reading all the comments. Must seperate myself from screen and eat lunch...
I have to wonder if short term T-bills could go negative yield. I think it's possible.
They did for a while, if I recall correctly, in 1940.
wow, not even a 3-hour rally. apparently, the market's not buying that we're at the beginning of the end.
sure 4822...what are we betting?
Ciao
MS
Natalie --
My parents have their savings with WellsFargo. How much safe is WFC? Should they spread their savings to other banks? If yes, which ones
If they have more than $100,000 there, then yes, absolutely.
Which ones do not matter as long as they are FDIC insured.
If less than $100k, leave it alone. Wells Fargo is probably the strongest bank in the world, excepting maybe U.S. Bancorp.
The journey went well. I learned that I am the center of the mandala, we are all one organism blinded by an ego-driven quest to separate from our source, and that God is not personified, but rather a glowing ball of light deep within us all. And through the discovery of our inner light, we can join the unified network of humanity and elevate mankind forever.
But then it wore off and I found myself in a bizarre world I can barely understand.
This isn't a stock blog?
CR is losing his mission. Next thing? A political post.
A Depression recipe site?
I can haz skwerl now?
BB writes:
If GE drops 30%, maybe CNBC will be sold off. Sigh.
BB | 09.17.08 - 12:08 pm | #
How about making an honest woman out of MSNBC and marrying it off to the Obama campaign? He's flush with cash, no?
Fear is taking over in the market. Picking up speed. Any bets we hit -1000 today. I say yes.
On a happier note, gold is up $53 and silver is up nearly 8%, for those who follow that.
Very interesting.
I wonder if this is a legitimate flight from currency.
Just out of curiosity I checked the pension fund for VA State that includes law enforcement and Judical. I also looked at Fairfax County.
I was interested what there exposure was to Lehman amongst others. They should also be representative of this type of pension funds nationally.
A Quote
"Our commodity investment has really helped," said Robert L. Mears, executive director of Fairfax County's Retirement Administration Agency. "This year would have been a lot worse."
They went heavy into oil.
Other pension funds are rushing to get in on the action as the prices of oil, precious metals, corn, uranium and other vital goods continue to reach record highs. Montgomery County officials are in the process of shifting 5 percent of their $2.7 billion pension fund away from stocks and into commodities.
That probably has not worked out well.
The VA State Pension fund does not break out exactly what they are holding but this is the top commisions they paid. Ouch, Ouch
Investment Tech Group, Inc. $ 2,287,892
Goldman, Sachs & Co. 2,125,988 Deutsche Bank Securities 1,996,557 Bank of America Montgomery 1,591,744 Merrill Lynch, Pierce, FE 1,465,453 ABN AMRO 262,879
CSFB LLC NY 1,357,770
Citigroup Global Markets 1,183,875
Lehman Brothers, Inc., New York 1,130,315
Between commodities and Lehman how much is your average pension fund minus?
Treasury to Provide Fed Funding (WSJ, and FT)
U.S. Moves to Bolster Fed Balance Sheet - WSJ.com
question : In this article they keep saying this is to provide the Fed with extra cash for liquidity purposes, as if that is the issue. Cannot this $ be used for insolvency issues, as in, we just got a potential new round of taxes ahead to pay for all of this?
The public understands the risks of stocks and most know the 100K FDIC insurance, but money funds? Seems to me that's where you'd see a run.
I still remember Charles Schwab putting inserts in my statements commenting about the Orange County bankruptcy, and how "worst case" the money fund would be solvent to at least 99.6%. Regular people over 40 who have hund money funds before do know this can happen.
That's what happens when the FED and the Treasury put a target on your back. Action = reaction
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
Human Action: A Treatise on Economics
Ludwig von Mises (1881-1973)
mp:
Nice to see you.
Is conjure happy and gnawing on his bone?
as BB has already stated....that's how it will happen. The market will just stop trading before the trigger's are allowed to be tripped.
But I'll still bet you.
Ciao
MS
Could some of the declines be due to hedge funds or money market funds having to sell off any good assets to meet margin calls & demands for withdrawals? This might be an additional reason why some non-financial stocks are getting hammered- of course realisation that the outlook for sales to maxed-out consumers are dire should also be a reason.
Time to buy that substance farm .
But then it wore off and I found myself in a bizarre world I can barely understand.
Welcome to worker's paradise, Comrade Cannabis!
"I wonder if this is a legitimate flight from currency."
I don't know if this is true or not, ac, but I can tell you from two decades of trading, I have always gotten into the most trouble when I overgeneralize a thesis.
Could great men thunder
As Jove himself does, Jove would ne'er be quiet,
For every pelting, petty officer
Would use his heaven for thunder;
Nothing but thunder! Merciful Heaven,
Thou rather with thy sharp and sulphurous bolt
Split'st the unwedgeable and gnarled oak
Than the soft myrtle: but man, proud man,
Drest in a little brief authority,
Most ignorant of what he's most assured,
His glassy essence, like an angry ape,
Plays such fantastic tricks before high heaven
As make the angels weep; who, with our spleens,
Would all themselves laugh mortal.
Holy Shit!
Now I am worried, TED spread >2.90! Uncharted territory here.
Banks are completely unwilling to lend to each other. Something has got to give.
Goldman is tanking because of simple fear. There is absolutely no reason for Goldman and Morgan to tank so quickly, so much today. Folks i think today might be worse than monday or tuesday.
ac writes:
On a happier note, gold is up $53 and silver is up nearly 8%, for those who follow that.
Very interesting.
I wonder if this is a legitimate flight from currency
It is a legitimate flight To currency. That's what the gold bugs will tell you.
US dollar index is up(barely) too.
JS:
To paraphrase the comment from the English statesman in August 1914.
"The phones are going dead and will not be ringing again in our lifetime."
you forgot the most important-The U.S. as a safehaven for investment!
Gone Fishin' writes:
Fear is taking over in the market. Picking up speed. Any bets we hit -1000 today. I say yes.
If we hit -500 at any point today, my $.02 is we're looking at an eruption on Mount Shitmore for sure.
Alan writes:
Time to buy that substance farm .
Might also want a subsistence one as well. good to diversify in living.
JP,
no mea culpa necess.
U were right. They do evade taxes in Bermuda.
Paging Anonymouse!
Suppose, hypothetically, someone had MS October puts at 20.
How do you play these?
US$ is holding up. Gold and dollar, I'm OK with that. But it won't last.
JS writes:
Something has got to give.
Something = Treasury and Fed.
TED: 2.98.
Fear is taking over in the market. Picking up speed. Any bets we hit -1000 today. I say yes.
Gone Fishin'
Are we going to be Russia today?
Святая корова!
check out that live gold chart - is a rocket taking off:
http://www.kitco.com/images/live/gold.gif
The only thing that is confusing today: Why is AIG more than one buck?
Can short covering really have it at $2? Or do the masses not understand that the common has been washed out?
See my article from WSJ - Id say the Fed has been given full permission to cave whenever necessary.
"Natalie writes:
Looking for advice...
My parents have their savings with WellsFargo. How much safe is WFC? Should they spread their savings to other banks? If yes, which ones"
if they have more than 100K, they should move SOME of their savings. LARGE BANKS:
Cox, Paulson, and Bernanke have all done a terrific job according to Harvey Pitt on B-Berg.
In other news, Michael D. Brown has been elected Mayor of New Orleans.
With the VIX so high I would I think selling straddles would be the natural call. but this is completely out of hand. If you sold even straddles I don't know how you would come up with an exit strategy in this market.
CNBC Bubblevision talking heads are now blaming naked shortsellers. "The truth is under attack."
I love to tune into CNBC Bubblevision now and then for a good laugh.
The Texas ( i.e. ) Wallstreet Chainsaw massacre
YouTube - The Texas Chainsaw Massacre (1974) - Trailer
What happened was the most brutal series of crimes in America
To paraphrase the comment from the English statesman in August 1914.
"The phones are going dead and will not be ringing again in our lifetime."
homedad43 | Homepage | 09.17.08 - 12:24 pm | #
That quote always chills me.
And the monotors grow dim...
Sorry, whats TED?
Maybe significant but I'm watching "The China Syndrome" on AMC as we type?
The only way the breaker's will get tripped is if one of the player's decided to step out of line from the "playbook".....if they do they can kiss off any perception of help from the Fed (and any one else).
Now the chance of that happening is increasing exponentially but I have to believe that they won't hang themselves with the rope that the Fed dangles to them.
If it does happen......watch the hell out.
Ciao
MS
COME TO JESUS.
mp i love the smell of capitulation over lunch
asl: "CR is losing his mission. Next thing? A political post."
I would welcome one, why must we ignore the role voters and politicians play in our economy. Oh, that's right because the regulars prefer this to be a stock blog. Probably it is too scary for CR as well, but he wasn't afraid to confront the irrational "House prices always go up" crowd in the beginning.
Not that there are rules, but this is "ought" to be the capitulation point on the way down for the average investor, and certainly the professional investor has to pulling or pulled out on the sidelines waiting for bargains to pop up...like New York, Florida, and California.
TED - measures the spread between LIBOR and 3-month Treasuries. It is an indicator of the willingess of banks to lend to eachother. Lower is better. 3 is unheard of.
That will not be allowed to happen until after the election.
Wanna bet?
I will. There is ZERO chance this gov't, which is all politics, all the time, no matter what....will allow it to happen.
In order for McCain to win, this has to be a rosy, happy, healthy economy. They will stop at nothing to project such health. A market crash would expose such dishonesty.
Ipod is in the haus !
On a happier note, gold is up $53 and silver is up nearly 8%, for those who follow that.
sterlingerl
yeah, i'm very happy.
"Note: the TED spread is the difference between the three month T-bill and the LIBOR interest rate. Usually the TED spread is less than 0.5%. The higher the spread, the greater the perceived credit risks (compared to "risk free" treasuries)."
Two posts ago.
idoc writes:
yeah, i'm very happy.
Ditto.
Why are you guys riding CR's jock? This is NOT a 'stock' blog. Maybe you all haven't visited a 'stock' blog, but they're day trader boring and rarely delve into the underlying issues.
CR isn't about penny moves. Sheesh.
I think Bubblevision reflects their "new Calvinists" outlook.
"In order for McCain to win, this has to be a rosy, happy, healthy economy. They will stop at nothing to project such health. A market crash would expose such dishonesty."
The world will cast their vote. Starting at the next open of the Nikkei.
There's nothing anyone in the US can do about it. Not a damned thing.
Don't panic we are in good hands
`We are in new territory, this is a different game,'' Reid said at a briefing in Washington. Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said.
On a happier note, gold is up $53 and silver is up nearly 8%, for those who follow that.
of course it is. for now, as money rushes from the market into whatever it deems "safe". Shortly, it will rush out just as quickly.
Comrades! Now that the People's Insurance Co has been added, we can go cruising in the People's truck without fear. I call shotgun!
I hope that feller who I talked with about shorting airline stocks with yesterday took some profits on his longs yesterday.
Ciao
MS
Bubblevision heads are spooked because their GE options/NSOs/401ks are in jeopardy. GE is getting slaughtered.
who dat MS? Hehe. I told you the game was running out of time. I mean, oil was a bubble and all that, but it doesnt have to go back to $50.
Why is Tom Petty ringing in my head right now? Free fallin'....
Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said.
Parody, right?
"The assets of a money-market fund that held $62 billion three months ago have fallen below a safety benchmark intended to ensure investors who put money in can get it all back -- just the second unsettling instance in which a fund has exposed investors to potential losses in the nearly four-decade history of money-market funds."
Expired
What is a safety benchmark these days?lol
Kristina, I'm thinking of Hicks in ALIEN 2... "Elevator ride to hell... goin' DOWN!"
Most Jan-Mar-July lows breaking here should lead to the next bear market lower lows down another 5%-7% near DJIA 10k.
Steady As She Sinks.
I was trying to sell some ESPP stocks today, and my broker had a msg saying the company has stopped people from selling their espp shares ..... strange....
um, wow, Haloscan just died for a minute there.
Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said.
If reid really said that, then he just went up a few notches in my book. And I hate all politicians.
No Asl, that is what Harry Reid actually said
Reid Says `No One Knows What to Do' to Solve Crisis (Update2) - Bloomberg.com
I will now speak in tongues xckkejnmxb ammsye wjjdn wm,liyuye jajjh,dlduuduh dyt3kjjkjhlla msjvkghkh bnjbhj,mkjjkjjxjjlllllbb wjywun eh. I can see Russia from my house. I can see 1929 from my house.
"AIG's Willumstad May Get $7 Million After Three Months as CEO "
bring back public stoning ..
Bob Pisani - what an assclown. Nervously pumping the markets. Why hasn't CNBC fired that guy?
Oh that's right, he's just telling us what he's being told to tell us.
I was trying to sell some ESPP stocks today, and my broker had a msg saying the company has stopped people from selling their espp shares ..... strange....
Consider going short through some other broker.
Santelli just said, " as Dennis (Kneal) said he is an expert in Swaps" , what a great slam. He couldn't find his ass with both hands. He looks like he lost his dog,
hey guys, im streaming CNBC again..
cnbc CreditMattersBlog.com on Justin.tv
The pipeline is drying up fast, 6 months down the line it will be tech rather then financial stocks.
NEW YORK (Fortune) -- The tech slowdown forces another supplier into the breakdown lane as Nortel slashes its forecast and puts one of its key businesses up for sale.
With new information technology equipment orders drying up amid a slumping economy and a credit crisis in the financial sector, other big tech shops like Dell (DELL, Fortune 500), Nokia (NOK), Texas Instruments (TXN, Fortune 500) have seen a challenging market turn more difficult.
AP Headline - Stocks Plummet as Credit Crisis Intensifies
Who in the world though it could intensify over the levels of monday and tuesday. Live and learn I guess.
TED: 3.03
"President Sarah Palin writes: I can see 1929 from my house."
comedy gold.
Neither Federal Reserve Chairman Ben Bernanke nor Treasury Secretary Henry Paulson ``know what to do but they are trying to come up with ideas,'' Reid said.
So in other words, they're in the same position as our government officials during the Great Depression.
Next step in the recipe:
Panic response that makes things even worse.
Probably a good time to buy Morgan right now. There's no way they can remain independent, and they will have to move quickly. Wouldn't be surprised to see them bought at a considerable premium to their current share price. They only question is, does anybody but the Fed have money to spend.
Max writes:
TED: 3.03
Thar she blows!
cm: THANK YOU!!!!!!!!
You absolutely rock for this.
TED: 3.03
1-month LIBOR: 3.03
Comrade HomeDad-
I'm just guessing but conjure is unlikely to be happy... hungry perhaps.
Oh... is that what you meant by gnawing on his (previously attached to an investment banker) bone?
cheers,
Joe
"Currently Comrade Cannabis writes:
The journey went well. I learned that I am the center of the mandala, we are all one organism blinded by an ego-driven quest to separate from our source, and that God is not personified, but rather a glowing ball of light deep within us all. And through the discovery of our inner light, we can join the unified network of humanity and elevate mankind forever.
But then it wore off and I found myself in a bizarre world I can barely understand.
Currently Comrade Cannabis | 09.17.08 - 12:19 pm | #
Gold Star.
"There is no means of avoiding the final collapse of a boom brought about by credit expansion"
What about just preventing it to begin with?
Cha-Ching Ratings Conglomerated (CCRC) rates this comment DDD.
Leftys Liquors and Lubricants writes:
Santelli just said, " as Dennis (Kneal) said he is an expert in Swaps" , what a great slam. He couldn't find his ass with both hands. He looks like he lost his dog,
Rick is ok, the rest should be worried about their jobs.
Probably a good time to buy Morgan right now.
Datahead | 09.17.08 - 12:39 pm | #
Exactly what I was going to say. I'm long on MS and GS both, their numbers are not bad enough to deserve the pummeling they're taking.
Thank you CM.
I love watching those Wall Street assholes get their comeuppance.
yeah cm, thanx
Frank looks like a bulldog.
When does the Sexy Rat-Faced Babe come on CNBC?
deboraski aka debora writes:
Frank looks like a bulldog.
Barks like one too.
BB, yes, the ass clown is Dennis.
ipodius
Don't be such a misery. Sounds like someone who's missed the boat.
The Ecstasy of Gold
YouTube -
Our time has come. Enjoy
ipodius writes:
On a happier note, gold is up $53 and silver is up nearly 8%, for those who follow that.
of course it is. for now, as money rushes from the market into whatever it deems "safe". Shortly, it will rush out just as quickly.
ipodius | 09.17.08 - 12:32 pm | #
The US Government just announced that it will bail out the US Government.
barney looks pissed as hell.
Fricking Barney Frank. Someone should punch that butt pirate. Can't we send him to Key West or something?
Thanks for the stream, cm.
JP:
Wish I could short, but that would then doom my ESPP shares.
You all are having a lot of fun.
Man, I wish I had a TV attached to something.
"I'm long on MS and GS both"
Both are dead men walking.....
You can't survive when you're net falls 70% (GS) and well...I don't have enough room to list what ails MS however they were leveraged higher than LEH.......
Good luck...you may get a bounce. I hope it's just a short term trade.
Ciao
MS
Anyone remember the opening scene of Apocalypse Now?
Dealbreaker.com reporting rumours of emergency rate cut, for whatever that's worth.
Good luck...you may get a bounce. I hope it's just a short term trade.
Ciao
MS
Very short term.
That would explain the rallying trend.
Franni said:
The US Government just announced that it will bail out the US Government
Priceless...and so very apropos
It's mostly the fault of bloggers!
Dealbreaker were yesterday about AIG.
Thanks for the stream. The goofy guy being interviewed now is a straight shooter and knows his stuff.
Can somebody explain Gold to me. It no longer backs our currency. It doesn't have any specialized mfg use that can't be handled by something else. You can't eat it - it wont shelter you or keep you warm. Why do people buy it in troubling times? It seems like a very outdated concept to me.
Comrades. Almost 100 points off lows. We must terminate imperialist snarking.
JS writes:
Thanks for the stream. The goofy guy being interviewed now is a straight shooter and knows his stuff.
JS | 09.17.08 - 12:48 pm | #
He's a gay liberal. How can he be a straight shooter?
"JS writes:
Thanks for the stream. The goofy guy being interviewed now is a straight shooter and knows his stuff."
Barney Frank? BWAHAHAHAHAHAHA!
Straight Shooter! BWAHAHAHA!
LOL
Barney Frank just b$%#^slapped the bubblevision talking heads.
I like when Barney is on Cavuto and reveals Cavuto for the f'ing moronic statements he makes.
I lacked that context
@CSC
You gottabout 10 yrs of the herb in supply. I like where you were at, can I buy a call?
The US $ has just been arrested for loitering on the world scene with no visible means of support.
I've been busy working - funny how the world falls apart & I get busy - anyway stumbled across this today in my mfg newsletter inbox (originally from WSJ):
GM Pares Outlook for China Sales
File under 'More De-decoupling' Tag...
Back to the salt mine - looks like CR's providing me with another 2-3 hours reading later tonight.
BelieverJeff writes:
Can somebody explain Gold to me. It no longer backs our currency. It doesn't have any specialized mfg use that can't be handled by something else. You can't eat it - it wont shelter you or keep you warm. Why do people buy it in troubling times? It seems like a very outdated concept to me.
Very outdated, the guys that invented gunpowder had it 5k years ago.
Well you could say it stood the test of time.
These assclown on CNBC have Barney Frank in front of them and can't ask a hard question, nor challenge any of his lies. They just don't know anything about the issues. They are just pathetic cheerleaders.
eh, I wonder if this mini rally is petering out. where's that damn rate cut?
WeatherHelm - If only people discriminated against stupidity like yours rather than color and sexual preference...it would be a much better world.
TED: 3.03
1-month LIBOR: 3.03
Time for cocktails !
I'll see everyone at Lefty's
Lefty - So, please enlighten us with what Barney just lied about.
Leftys Liquors and Lubricants writes:
They are just pathetic cheerleaders.
Not scripted, but there's a storyline they follow.
I don't think I could store a ten year supply. My house is only 1700 sq ft.
My real-time screen says the 13-week T-Bill now yields 0.02%.
As in oh-point-oh-two. per. cent.
ow I really want TV.
I take that back.
There's an e-mail going viral encouraging people to take their money out of WaMu.
Yes, CSC, the masses are stirring.
Don't be surprised if Washington shuts down the Internet as a matter of national security.
AIG should have been left tits up in the sewer............
There are 100 people lined up outside a Regions Bank here in town?
Maybe there are having a free toaster giveaway
Anak:
cnbc CreditMattersBlog.com on Justin.tv
Another poster is providing a public service.
Barney Frank was on NPR this morning and he pretty much acted like a dick.
He sounds stressed.
Free money!
"Mr. Bernanke.....the helicopters are fueled and standing by sir."
Barney is gong to be setting up his friends with some SWEET deals courtesy his new Dissolution Bust Conflagration.
These assclown on CNBC have Barney Frank in front of them and can't ask a hard question, nor challenge any of his lies.
Maybe, because, ya know, there aren't any lies.
guy on cnbc just said john mccain wants to send inspector clouseau to figure out whats wrong with the economy. wow, they really have it in for him.
Doofus writes:
These assclown on CNBC have Barney Frank in front of them and can't ask a hard question, nor challenge any of his lies.
Maybe, because, ya know, there aren't any lies.
Spoken like a true Doofus.
The woman anchor looked like a wife listening to her husband lie about the lipstick on his collar. Tapping her pen, scowling....
"Don't be surprised if Washington shuts down the Internet as a matter of national security"
If so, we just pull FIDOnet out from the floppies and crank up the pots modems. When they block data through the telephone switches, we move to radio modems.
CITIBANK headed to the $10 store.
Low how the mighty are falling.
Steady As She Sinks
I think PMs will be volatile for awhile, and I'm not buying more now. But I do think they will be the best performing investments over the next year. Silver is in great shape to at least double over the next year, based strictly on supply/demand.
A good way to be bullish silver is SLW, Silver Wheaton. They are a company with 4-5 employees that buys forward contracts straight from silver mines in Peru, Mexico, etc. They then resell it into world market at optimum times. So, they are like silver bullion on steroids. Up to 1.5 times as volatile as spot silver. Ultra silver. Very beaten down until today.
No Asl, that is what Harry Reid actually said
Bloomberg.com refer=home
Ministry of Truth | Homepage | 09.17.08 - 12:36 pm | #
OMFG...that's unreal...
Well he was talking really fast, but he said the Community Service(?) Act written in 1973 did not force lenders to lend to low income fanilies. Note the bill precedes him in Congress, and he doesn't mention all the subsequent revisions which he wrote. Another poster he catalogued his complete mistatements about the health of FnF, you can look those up. Why? do you beleve he has no role in the mess.
Anonymouse writes:
I wouldn't mock Mr. Market when he takes out swing points with quality of volume. That means much lower prices ahead.
A-Mouse: Ok, I said 1172 would be a swing point several weeks ago - and there is decent volume today. So, I guess we'll see. ( I'm 1/2 hr back still reading to catch up)
CR, are you mirrored to those servers on the North Sea oil rig?
We need Congress to begin investigations or this will look like real chaos! We need leadership today!!
"Tapping her pen, scowling...."
Bubbleheads only like the idea of socializing losses when they come up with them.
...
What this economy needs is a good war!....What's that you say?...Oh!..hmm..let me get back to you on that.
What we are actually witnessing is a run on the treasury of the US government which will result in a currency collapse. Hank, Ben and our corrupt CONgress almost guarantee this will occur.
Uncle Billy, do you mean Sealand? That was an artillery platform from WW2.
I think we need j6pack to take the weekend to stew, hear some talking heads in between football games to decide to pull money out of his 401k. I'd predict a pretty heavy sell-off next Monday.
Right now, if it's not more than 400pts down per day, it's slow bleeding.
Dow in free fall muhaha.. @bernanke: game over!
Holy capitulation, Batman, why are the shorts destroying our country?!
If so, we just pull FIDOnet out from the floppies and crank up the pots modems. When they block data through the telephone switches, we move to radio modems.
Uncle Billy is Mont Pelerin
There's always short wave;)
Hello..hello...Uncle Billy where did you find any turnips today?
We have insane people in power:
Re: A suspected U.S. missile strike has killed at least six people in Pakistan. The blast comes hours after a top U.S. military officer told Pakistani leaders that America respects Pakistan's sovereignty. Pakistan has been outraged over American strikes into the country.
When they block data through the telephone switches, we move to radio modems.
steganography in usenet pron will work. Can't stop that.
Funky Western Civilization
YouTube - Tonio K.-The Funky Western Civilisation
Breaking: Federal Reserve out of money - borrowing more from government.
FT.com / In depth - US to take control of AIG
As in oh-point-oh-two. per. cent.
Is there a way to profit from the inevitable reversion to the mean?
malchiknik: I think I do, unless someone really has servers on an oil rig.
Principality of Sealand - Wikipedia, the free encyclopedia
From the Wikipedia article, they're armed as well (or were) -- shot at Royal Navy in the 90's!
Canary in the UK writes:
Could some of the declines be due to hedge funds or money market funds having to sell off any good assets to meet margin calls & demands for withdrawals? This might be an additional reason why some non-financial stocks are getting hammered- of course realisation that the outlook for sales to maxed-out consumers are dire should also be a reason.
Canary in the UK | 09.17.08 - 12:21 pm | #
Money markets for sure. Once people hear rumors about breaking the buck their out of there. Ive spoken with a few people this morning that have moved mega bucks out of them. Its going to continue IMO.
I'm unboxing my C64 right now. 1200 baud modem BBS on the way. It will be at:
ATDT 5551928,8,1
Thats great, it starts with an earthquake,Birds, snakes, and aeroplanes...Lenny Bruce is not afraid.
Uncle B,
I'm back from holiday again, and amazed
Mr. Anonymous:
Hat tip for Spencer Ackerman's or Juan Cole's blog. They've got that subject matter nailed up.
Why does Greenberg thinks it is ok to the gov. to give "liquidity" to AIG but the common shareholders do not get wiped out?!
dryfly,
GM models are very stong in China. I see everything from minivans to these strange buick bubble midgets you don't have in the US. In between are the park lane and "sword" as they call it for fun in the US.
Most bought for cash, and many for fleet or corporate sales. We were planning on a minivan (upcharge to the V6 model) until our partner got greedy about leather seats. Since there's no urgency, we'll but next quarter. A lot of that sort of scale back in China. Everythings so new, why rush upgrades?
Maybe there's a lot of that going on.
Major competition is regionally based, in the GZ region it's very mixed, french and honda, and in SH it's VW. Bj is a free for all, including Koreans.
I really don't have any insight into the factories and investors that churn the stuff out, but thats what I see street side.
All the best in the real world.
maria whoring for hank's interests.
deboraski aka debora writes:
Why does Greenberg thinks it is ok to the gov. to give "liquidity" to AIG but the common shareholders do not get wiped out?!
Errr.. He still own AIG stock?
whereis: turnips?? Don't tell me I'm too young to figure that one out.
naked kings: Hi. You shoulda called first. Not a great day to come back. Good to see you in any case.
When does the Sexy Rat-Faced Babe come on CNBC
Yahoo! "headline" news nearly hits the mark: "Couric's interview material will be aired Sept. 29 and 30 on the "CBS Evening News" and "The Early Show."
Yahoo! 404 - Page Not Found
Sadly, I have a schedule conflict. Let us know how it goes.
Cannibis Comrade,
Thanks! It's running !
Great to hear live TV from the USA, I think.
Now is easy to say: "This would never happen under my watch".
Gasbagarino!
seriously, when will maria stop polishing hank greenberg's pole. what a tool.
I hear that the Notorious R.T.C. is making a comeback. Anybody for a tribute album to P. Volky?
Misery loves companies.
Merger talk anyone?
ow they're trying to blame spitzer.
I am staying in the private sector with WuTang Financial. Youtube it.
Almost forgot. For all those who aren't reality-challenged, Naomi Klein, author of the Shock Doctrine will be at Scripps College in Claremont, CA giving a talk. 7:30 P.M. tomorrow night, in the performing arts theater.
Sorry CR. I never do that, but I thought it was important.
"The Notorious A.I.G."
Awesome. LOL
bubblevision:
bubble crack for crack whores
"The Notorious A.I.G."
Awesome. LOL
Currently Comrade Cannabis | 09.17.08 - 1:15 pm | #
Hahaha. Funniest thing i've heard on an otherwise depressing day.
New post...Some Senators have let us know: "It's all going tobe fine now...back to your desks"
Leftys Liquors and Lubricants writes:
"Well he was talking really fast, but he said the Community Service(?) Act written in 1973 did not force lenders to lend to low income fanilies. Note the bill precedes him in Congress, and he doesn't mention all the subsequent revisions which he wrote. Another poster he catalogued his complete mistatements about the health of FnF, you can look those up. Why? do you beleve he has no role in the mess."
What he said is that the Community Reinvestment Act was not covered by mortgage brokers who made the majority of the bad loans. That Act is only enforced on banks who were regulated.
His statement about the FnF goes back to 2003 I believe. But, I think we were focusing on what he just said and the fact that you called him a liar. Barney Frank may have made mistakes, but as far as his career goes I'm mostly happy with his efforts on behalf of our country. Especially the Credit Cardholders' Bill of Rights this year.
degenerate OTB gamblers might want to look at CEG again.
bubble crack for crack whores
This a commercial break from "Power Lunch"
I've got it and I won't give it up, until it's bedtime. Now.
Wait, commercial's over.
I'm currently working on a remix to "I'll be Missing You" that should drop when The Notorious A.I.G. finally unwinds. Big ups to me, who predicted that the Jonas Brothers would outshine the old tired act of the Lehman Brothers. Nobody listens to techno.
You're happy that Fanny and Freddie have been dumped onto to taxpayer?
Sorry, can't agree.
Lefty - nice straw man you built there
Who is driving this out of control train ? Casey Jones ?
I nominate for term of the year and maybe next year "THE GREAT UNWINDING".
Would you like some turnip with your cabbage soup comrade?
Gold is A soaring when the risk is A exploding. mama mia, the fat lady is a reeeally singing today.
" President Sarah Palin writes:
Would you like some turnip with your cabbage soup comrade?
President Sarah Palin "
Can we sit on your front porch and watch Russia while we eat?
GOLD Up $80 now.
YouTube - Spandau Ballet - Gold
Spandau Ballet.
Enjoy
Blackhat,
Monday has been lining up for a big sell-off for months. I'm not a tin-foil hat wearer, but if you google the date and look around, you will find that lots of people have been predicting a crash on 9/22. I think it is in part because this friday is quadruple witching, and presumably there will be some effort made to keep prices up enough so that some options expire worthless.
Wow. Everything
I have Fidelity index funds like Spartan US Equity and Spartan International Equity. Should I get out of these now and into money market funds? Or can I keep holding them long term?
Still no outrage on Main Street about this. It just stuns me.