Even if assuming these costs could be justified on public policy grounds, neither the Treasury nor the Federal Reserve had the authority to commit public money in that way; in particular, the Federal Reserve's loans must be sufficiently secured to provide reasonable assurance that the loan will be fully repaid.
Huh? How could he say this on the same day the Fed started making unsecured loans?
Ben is incapable of telling the truth. He is locked in the internal struggles of a delusional psychophant.
Sorry I stole first, wont do it again. Just wanted it once. God I am a loser.
Even if assuming these costs could be justified on public policy grounds, neither the Treasury nor the Federal Reserve had the authority to commit public money in that way; in particular, the Federal Reserve's loans must be sufficiently secured to provide reasonable assurance that the loan will be fully repaid.
So...its ok for you to get paid back, but the TARP is another story...I get it, screw the taxpayers
--
My two favorite people to appear on financial TV are evildoer Bush and evildoer Burn-ass-ke. They really make the markets go down more often than not. Evildoer Greenspan was too crafty.
People seem to think there is a rate cut coming.
My take: there will be NO rate cut until there is a cut in the Euro zone. Bernanke is essentially pleading with them in this speech.
scrubbing mark-to-market ? That's like going to NINJA for financial institutions before they go to market to recapitalize. The level of hypocrisy is stunning.
Isn't that the definition of insanity? Doing the same thing repeatedly and expecting a different outcome? It will goose the market for a few hours at best. That's it. It accomplishes nothing in the long run.
Nemo rules first post, period, he has the perl chops and ocd, stop poking him.
Nemo is a brilliant contributor which is the ultimate currency here. if you want to shine, bring data, humor, outstanding analysis. it's ok to be new or have questions, that's how we roll.
Memo to Bernanke: give up and accept the fact that United States consumers and businesses are poorer than we thought they were a year ago. This is a solvency problem and not a liquidity problem. Americans don't deserve credit!
Look folks, we're shoveling..uh.. money at these bastards, but we have..umm.. no idea what they're going to do with it. Oh yeah, and it's being destroyed faster than we can shovel. So..uh..we're hopeful yet cautious.
Captain Ben: "Warp 11 Mr. Paulson!"
Navigator Paulson: "There is no '11' Captain!"
Captain Ben: [intercom] "Engineering, can you give me emergency SIV power?"
Engineer Bair: "Cap'n aye cinna giv ye inny more. The CP is broken the TED connectors are gapping, the FFR is almost ta zero! She's breakin' up an no pow'r in the universe kin save us."
The Congress and the Administration chose to act at a moment of great stress, but one at which the great majority of financial institutions have sufficient capital and liquidity to return to their critical function of providing new credit for our economy.
BB pulls out "the benevolent fist of the government," but finds the inflationary gas that he expected to be nothing more than a squeaky fart in the wind.
With...uh...price stability totally out of control, and ...um..employment taking a dump..we...uh...would be better served by..uh..giving the Fed new powers...uh..and new areas of authority...uh..which would probably be more efficient with..uh..little or no oversight.
Huh? How could he say this on the same day the Fed started making unsecured loans?
A shell company will be created out of air. They will guarantee payments to the Treasury. The shell company will then use taxpayer money to buy billion$ of CP
uh... we are fucked, really... uh... investment banks... all bad... uh... hank... goldman sachs... we always thought this would work out uh.... illiquid... uh... we die now
Gaining financial confidence for the coke snorting playstations kids (on wall street who are busy punching in lotto ticket numbers today) is a day-to-day matter of tossing more cash at more bets -- but as the lotto pool goes down, as the Playstation produces less profit and these nepotistic kids are divided into groups that will either go to jail or be fired, " financial confidence" will not be re-stored anywhere around the globe, until these brats are taken out of the nuclear reactor!
Amen and Godbless America and all her risk modeling ... ♥®
I was thinking last night about mens breaking points. I am not being sexist. I am just old and from another era. If you put a group of men under prolonged emotional and physical stress some of them will break.
The men and women making decisions now have probably never been under this kind of prolonged physically draining activity. Add the mental stress of the decision making process and I would not be surprised if it happens. We will never hear about it probably.
The bad thing is that as a group you can be assured that at least some will make the wrong decisions in the weeks ahead.
"Send Lawyers, Guns, and Money" is a great username (great song, one of Hunter S. Thompson's faves)...Anyway, the Fed is firing at rapid speeds these past couple of days. Don't be surprised if this happens within days.
Now hold on one minute, Ben. 6 months ago you were saying inflation expectations were minimal, and would be moderating over time. Then you dump hundreds of billions of dollars on to the market, sterilized or otherwise, because it will not affect inflation. Now you tell us inflation is very ugly? How did that happen?
What is capital? Can it be issued by decree? My take is our our money/capital means future labor hours promised today. That makes sense if you expect positive returns. Are positive returns today possible? Who wants to take on debt? Older versions of capital which are like for like exchanges may be the only avenue to show real returns in the near future. CB's need to accept their new future with their old friends.
Currently Smoking Cannabis writes:
Is he receiving oral sex from someone in the podium? I saw that in a movie once and that's what the dude sounded like.
Or maybe he expired two days ago and they stuffed him full of Duracells...
Morgan Stanley (NYSE : MS) will host a conference call regarding to discuss
the Fund's strategy and portfolio composition.
Call Details
When : Tuesday, October 7, 2008
Phone # : 800-230-1092
Intl # : 612-332-0923
Passcode : 963215
CSC: When I saw this, I thought of you, not sure why: YouTube -
FYI (also): The CPFF (Commercial Paper Funding Facility) will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase three-month unsecured and asset backed commercial paper directly from eligible issuers.
Congress pony show is a joke. Until Willumstad and Sullivan, etc... walk into the hearings wearing orange jumpsuits and handcuffs, it's all brazen wink & nod multimillionaires quizzing their multibillionaire benefactors
Anoddamoose...we did NOT say end of the day. We said buy early and then get out when the pump ended. It did ended earlier than expected though today, but the end result was exactly what we thought...a stink bomb.
You are in the ninth inning. Your team is down 28 to 0. Repeat: 28 to nil.
You are the owner. You are the manager. Your staff sucks and your team is poor. Your hands are tied. But your pockets are deep. What is your game plan?
Obviously, your only chance is to become league owner and change the rules.
The other team nust leave the field. You will softball pitch your team with your own pitcher. You eliminate the strikeout rule. All batters now score.
The other team concedes immediately even though the score has them winning 28 to nothing. The lesson is?
"I was thinking last night about mens breaking points. I am not being sexist. I am just old and from another era. If you put a group of men under prolonged emotional and physical stress some of them will break.
The men and women making decisions now have probably never been under this kind of prolonged physically draining activity. Add the mental stress of the decision making process and I would not be surprised if it happens. We will never hear about it probably.
The bad thing is that as a group you can be assured that at least some will make the wrong decisions in the weeks ahead."
There are no men of steel. Even Stalin, the eponymous man of steel, broke down in June of 1941.
Many of us have a good understanding of stress. I know I do. It's been twenty years and I'm still not over it.
I once sat up in bed from a sound sleep, yelling. I thought I was still there.
From that I find that banks are currently paying FDIC 6.3 basis points (presumably on insured deposits only), and FDIC is proposing raising that to 13.5 basis points.
Assuming that a bank has $1B in deposits (and assuming $850M is insured), they would be paying FDIC a premium of $535K per year.
Raising the premium rate, combined with the increased insurance limit of $250K is a dummy whammy. Assuming that the increased limit kicks this hypothetical bank up to $950M of insured deposits, that would generate a new annual premium of $1.283M (IOW double the previous premium).
The hoopa-joop must continue...Damn don't you understand? I will by the powers invested in me from the iron "benevolent fist of government" decree this on this very day! Shut up and keep the damn printing presses rolling....before all hell breaks loose.
Darth is correct. There is NO investing now. It's all casino days for at least a year or two. Who knows, maybe ten. Get in, get out. Anyone can open their trap or TARP or ratpoison at any moment and mangle a trend in the market.
FYI: September 15 - Bloomberg (Jeff St.Onge): "Lehman Brothers Holdings Inc., the fourth-largest US investment bank, owes its 10 largest unsecured creditors more than $157 billion, including debts to bondholders totaling $155 billion."
September 18 - "The credit crisis that brought down Lehman Brothers Holdings Inc. and Bear Stearns Cos. is pushing corporate borrowing costs to the highest since at least November 2002 ... The average yield on the most actively traded investment- grade bonds has risen to 7.43% from 5.99% a year ago. High-yield borrowing costs have jumped to 13.6% from 9.17%."
See also: Higher yields offered by Indymac and WaMu...
As an aside, Google actually hit a bid at 0.01/share last week (I think it was Wednesday.) Apparently some market maker screwed up (yeah right) and put in a huge sell order at market price right near the close. I watched it go from $410 to $341 in the blink of an eye.
Nasdaq busted all the trades from 3:57PM on. This had to be cheating, as I believe somebody panicked. I bet it was a hedge fund blowing up.
That did it, that triggered the brain. If The Fed is going to pour cash into these short term securities, would that not, in theory, drive up the cost of commercial paper and reduce the yield? How does that help provide liquidity? Huh, huh?
This is a real live version of Monopoly and Ben is the banker. We would just write on scrap paper, when we ran out of money for the "pass go" cash. However, in this game...Wall Street or Boardwalk ain't worth $hit. If you are from the South...ain't is a word. So is, rat bastard, ass clown, dumb shit, crook, carpet bagger, dumb f*ck, and all other manner of superlatives assigned to those making our eternal financial decisions for us right now. This bastard is the one steering the ship directly into the iceberg....
A bearded financier of academic veneer,
Strolled arm-in-arm with his companion
Engrossed with interest, they promptly stepped off the canyon.
Were heading for Doom & Gloom! cried The Maestro,
Dont worry said Bernanke, waving his magic hankie,
From you, Ive learned prestidigitation and obscufacation,
to achieve never-ending levitation.
Greenpsan looked at him askance,
as he promptly soiled his pants.
Finally accepting the full gravity of the situation.
+++++++++++++++++++++++++++++
Geoff writes:
Darth is correct. There is NO investing now.
Forget trading. Look at the 30 stocks in the DJIA. Tell me which ones are good investments. AMEX? Citi? Home Depot? 3M? Now, tell me about "investing." There's the problem. The investment aspect of US stocks have been diluted from so many directions there's nothing left. The only profits for the next several years are only going to be courtesy of tax treatment.
Translation: Expect more drops in the stock market. Don't do anything with your money. Keep it where it is.
You suckers sitting on your 401k's invested 100% in mutual funds will watch your retirements evaporate before your eyes before this asshole will do anything about it. I wonder if Treasury Secretaries are protected by the Secret Service? Even if so, they can't stop thousands of mad investors from hanging him if they lose everything.
"But he is doing what he should be doing at his job, pull out all the stops."
Well let's stop and think about that - what is his job? Did he over-reach here and take on responsibilities he should not have? Like the stock market? I think he did that last spring.
Almost a whole year of TAF with very little notice...and the public perception until recently that all was well, even with the expanded terms and the Discount window almost mothballed.
So, izit true then that the traders (like the one interviewed by NPR yesterday) don't know who rescued the DOW from that 800 pt plunge...and don't know who could be buying into this market...for nearly a year?...possibly creating the plummet instead of the steady moderate decline?
"meeting payroll and the like" falls on its face if you are one of these "commercial banks"...and iz NPR this gullible...this subprime?
Watching this financial collapse is very satisfying to me because it reaffirms that substance, hard work and actually producing things matter in the end. This country had gotten so fat and sassy that it thought that all we had to do was just sit on our fat butts and make money from stocks and home appreciation, with the FED and the Chinese throwing money on the economic fire.
Uh oh- it turns out our parents might have been right after all. There is no free lunch in the end. This house of phony money is crashing down and thank heavens for that.
Alex: Super plan. I think that the CC companies are watching out for this sort of behavior. I purchased a laptop yesterday, and they rejected it due to possible fraud. They wanted to know what it was for. I have about 50k in CC limit, and I'm already in foreclosure, so what the heck?
Dont disagree wit you Dawg. Ive been out of the market almost completely for a few weeks. Put a toe in here and there to jump on gravy trains (or runaway trainwrecks) but that is it. With volatility like this, being in for more than an hour can be extremely hazardous to your health.
But my point is that this market is destroyed for anyone who is an "investor". The whole thing looks increasingly like a house of cards.
It's going to suck for all these people who thought they would be retiring soon.
Did anyone really think there would be a rally this week? Come on, this was going to unravel for an ugly October. We all knew it. I'm just surprised that the S&P isn't below 1000 yet.
BTW Cramer on Colbert last night was actually funny
Bernanke followed immediately by Bush? Someone obviously wants to make this sucker go down. There is no other rational explanation for trotting out a tag-team of S-S-Stutters the C-C-Clown and Bobo the Chimp.
Barney Frank Says Race a Factor in Subprime Blame Game
ABC News - 4 hours ago
The Chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., yesterday said Republicans are misplacing blame when they target Democrats' efforts to expand affordable housing -- and Frank alleged there was a racial component to ...
YEAH, YOU SOLD HOMES TO ILLEGAL ALIENS ASSHOLE! NO DOCUMENTATION! NO SOCIAL SECURITY NUMBERS! NO CREDIT HISTORY!
It's all falling down..."Mad Money" is over. Finally, a victory for the average guy. Maybe they'll finally cut those H-1B visas and send home the illegals and bring our manufacturing jobs back.
"Currently Smoking Cannabis writes:
Is he receiving oral sex from someone in the podium? I saw that in a movie once and that's what the dude sounded like."
Sheila was seen kneeling just before the program started but then the camera suddenly cut away...
yes yes.... Keep trying to keep the people in the homes they don't belong owning. This way everyone who can afford their home yet still underwater just like their neighbor but never gets acknowledged by our leaders and is still expected to bail out their neighbor. HOw long can this system before all the people who can afford their homes start walking away due to the absurdity of bailing out the most imprudent folks in this country.
This just in from some retarded idiot blogger at nakedcapitalism:
Wait a tick here, I'm wondering with The new Fed SPE, how pouring jet fuel down an oil well -- which is on fire will help provide future liquidity?
This is insane and this does not help build confidence at all! The problem I refer to is, that by adding jet-fuel cash into the commercial paper oil well fire -- The Fed is supplying more oxygen to a fire and will start a bigger fire that will burn hotter and longer.
Commercial yields will go down, as the paper cost goes up, thus they are doing exactly the opposite of what needs to be done, just as with lowering FF rates. We have too much cash centered into pools of concentration and that is freezing liquidity, thus to de-thaw or put out the fire, cash has to be forced into new places, like longer term notes and things like mortgages. Obviously there is this short term lack of flow, but The Fed, IMHO, needs to jumpstart the yields on longer stuff and get money off the sidelines and into longer term bonds which can then be used as supportive capital for collateral -- then, as less demand is placed on the short term redemptions, that will allow more water for the fish to swim around in, or, back to the oil well problem, The Fed needs to cut off oxygen to the panic and shock investors into a panic towards higher yields which are removed from the short term fire.
Any thoughts Ben, Warren ...
oh Warren... yah, Warren is being offered sweet future value deals which place him in a long-term position for future cash flow yields, coupons that will reward him -- does anyone think Buffett will toss his cash into this short term fire>> Huh, huh, do you punk>
The Dow briefly went below 9,600 and then jumped, same as yesterday. There's obviously a pretty strong support level there. It might actually hold for a couple of days
Can anyone explain why the PPT commences rallies at 2pm? Not saying the PPT exists but it is interesting over the last year how many times there has been a 2pm rally.
Bush = Goldilocks and Bear Ben have fucked up. I'm glad I'm outta here real soon and headed down to the ranch. I've got some cedars to chop down and fish to fry.
for some historical perspective on surreal current events:
'...with the recession deepening as 1938 grew older, the President capitulated. On April 14, in a fireside chat, he explained to the country that he planned to ask Congress for 3 billion dollars to increase public works,relief, flood control, and housing. In June the stock market came to life, and in eight months, the Dow index spurted from 99 to 158. Happier days, if not happy days, lay ahead.'
(from "The Glory and The Dream"-- William Manchester)-- and isn't that quaint?-- only 3 billion dollars.
but this is immemorially current:
Whither is fled the visionary gleam?
Where is it, now, the glory and the dream?
That's when the auto pilot starts up. There is no one ast the helm as the masters of the universe are busy making sure they have a place to flee to without an extridition agreement with the US.
Yeah, great point. Frank personally gave no-doc neg-am mortgages to the aborted fetuses of gay illegal aliens with dark skin. And that was the whole cause of the subprime crisis.
whee
I own first and second
Even if assuming these costs could be justified on public policy grounds, neither the Treasury nor the Federal Reserve had the authority to commit public money in that way; in particular, the Federal Reserve's loans must be sufficiently secured to provide reasonable assurance that the loan will be fully repaid.
Huh? How could he say this on the same day the Fed started making unsecured loans?
Rate cut means more mattress money
Nemo is losing his edge
Rate cut priced into the market already? or generous rally coming in anticipation?
or does anything BB say or do or project have any impact at all anymore?
Economic recovery? We are not even in a recesson!!!
Ahahahahaha!!!
It's not a license to spend....it's a license to purchase assets.
Just nod, you dumb freaking proles.
The outlook is grim: encourage them not to cut target rate. Have to keep up appearances you know.
Nemo is trying to say something meaningful other than "FIRST!!!11!1!!"
If I just wanted to be first, I could do it every time. One of these days I will demonstrate...
Nemo,
Ben is incapable of telling the truth. He is locked in the internal struggles of a delusional psychophant.
Sorry I stole first, wont do it again. Just wanted it once. God I am a loser.
"the Federal Reserve will need to consider"
That's it??? That's the whole climax of that dismal buildup???
Thanks to your incompetence yes it has Benny.
Market slide started at 1:12 precisely. Wonder why....
What to do today?
Withdraw cash?
Buy ammo?
Groceries?
My goodness! So much to do, so little time!
Thats when PPT go out to attend a nature call.
Don't worry. We're doing what we wish we would've done differently the last time we screwed you all.
That will instill confidence.
gosh, can we not afford beta blocker pills to keep ben's voice from quavering? i know what's going on yet he makes me uncomfortable.
"the tax payer will be either ahead or behind from TARP, no one knows which."
"some experimentation will be needed."
weeee!
I feel as if I am living in an alternate reality where there is no such thing as a recession.
"Warm up those helicopters boys...we gots more ponies to deliver!!"
BB is the equivalent of Brooks Foster at the AA meeting.
Even if assuming these costs could be justified on public policy grounds, neither the Treasury nor the Federal Reserve had the authority to commit public money in that way; in particular, the Federal Reserve's loans must be sufficiently secured to provide reasonable assurance that the loan will be fully repaid.
So...its ok for you to get paid back, but the TARP is another story...I get it, screw the taxpayers
Everytime Bernanky opens his mouth, the market falls... I see a pattern here.
Economic recovery? We are not even in a recesson!!!
That's what I was thinking because the Fed was touting real GDP growth a couple of months ago.
--
Now the Crooks' agent tells us.
Please read this Crooks' agent's remark since March 2007 and you will conclude that the guy is a moron and ALWAYS BEHIND THE CURVE.
BORN-AND-BRED DOPES ARE ALWAYS BEHIND THE CURVE IN THE SCAM MARKET AND ANY OTHER MARKET.
Therefore, Burn-ass-ke is not only a Crooks' agent but also a moron and born-and-bred dope.
Aren't the American People lucky?!
Jas
Bernanke needs to be answering questions while hooked up to a polygraph.
First question: Is this sucker going down?
economic activity is likely to be subdued during the remainder of this year and into next year.
Subdued? LOL!
Crap , I was joking and it was on me..
crazy little thing called Rove writes:
new post
crazy little thing called Rove | 10.07.08 - 1:30 pm | #
crazy little thing called Rove writes:
Psych Nemo.....
crazy little thing called Rove | 10.07.08 - 1:31 pm | #
The September 16 FOMC minutes will be released in half an hour. The suspense builds.
Sorry I stole first, wont do it again.
No worries, Captain. It's all in good fun.
crispy&cole --
So...its ok for you to get paid back, but the TARP is another story...I get it, screw the taxpayers
It's our money either way.
well i don´t know...
Economic recovery? We are not even in a recesson!!!
Did the senators not think about this ?
There is no "crisis in confidence."
I, personally, am quite confident that we are well and truly f*cked.
And I don't mean that in no good way.
Mistakes were made
Ben's taking questions from the audience. Says don't worry about inflation. Everything's fine. Go back to bed. Boy, I feel better now.
Is he saying he will resign soon?
--
My two favorite people to appear on financial TV are evildoer Bush and evildoer Burn-ass-ke. They really make the markets go down more often than not. Evildoer Greenspan was too crafty.
Jas
Only 200 pt damage, not bad Ben's getting better.
"We have to be very careful not to declare victory."
-- Ben Bernacke, October 7, 2008
Short version: the ecomomic outlook is grim - expect a rate cut.
We've already had a massive rate cut that hasn't been officially announced.
Why not make it legit?
Why the endless stream of prevarication and deception?
What community college did he go to again? I want to make sure my kids never end up there.
read-- Bernanke
this used to bring a rally....
We are all service economy now.
People seem to think there is a rate cut coming.
My take: there will be NO rate cut until there is a cut in the Euro zone. Bernanke is essentially pleading with them in this speech.
Bulls, he's just trying to slow down terminal velocity.
How's a guy spose to get any work done when these morons won't stop their gumflappin'? (wink)
The PPT crew will be punching in to work soon...
Hey, how did MS go bust in 2 hours ?
Stock down massively..and I hear their CDS is trading heavily points upfront
scrubbing mark-to-market ? That's like going to NINJA for financial institutions before they go to market to recapitalize. The level of hypocrisy is stunning.
A RATE CUT WILL DO NOTHING!
Isn't that the definition of insanity? Doing the same thing repeatedly and expecting a different outcome? It will goose the market for a few hours at best. That's it. It accomplishes nothing in the long run.
What a fool.
BB taking questions.." we are becoming more of a service economy"
"Manufacturing is actually doing better...it's a mixed bag....very unusual cycle..."
OY VEY
Nemo rules first post, period, he has the perl chops and ocd, stop poking him.
Nemo is a brilliant contributor which is the ultimate currency here. if you want to shine, bring data, humor, outstanding analysis. it's ok to be new or have questions, that's how we roll.
I thought there was no housing bubble and fundamentals were good.
Memo to Bernanke: give up and accept the fact that United States consumers and businesses are poorer than we thought they were a year ago. This is a solvency problem and not a liquidity problem. Americans don't deserve credit!
Look folks, we're shoveling..uh.. money at these bastards, but we have..umm.. no idea what they're going to do with it. Oh yeah, and it's being destroyed faster than we can shovel. So..uh..we're hopeful yet cautious.
Thanks, Ben! I'm off to the mall!
whose testifying on Cspan now...?
Summary :
BEN : Things are getting worse. Thank you for your 700b, we will use it to experiment with till we get a desired result(hopefully).
"Obviously construction is very weak," says Ben. Thanks for pointing that out! Missed that!
Captain Ben: "Warp 11 Mr. Paulson!"
Navigator Paulson: "There is no '11' Captain!"
Captain Ben: [intercom] "Engineering, can you give me emergency SIV power?"
Engineer Bair: "Cap'n aye cinna giv ye inny more. The CP is broken the TED connectors are gapping, the FFR is almost ta zero! She's breakin' up an no pow'r in the universe kin save us."
Ben's on CNN right now:
Watch CNN TV - Watch Free CNN TV - CNN TV Live on PC
The Congress and the Administration chose to act at a moment of great stress, but one at which the great majority of financial institutions have sufficient capital and liquidity to return to their critical function of providing new credit for our economy.
Noted without comment.
Hey....Bucky...
YouTube - You are next!
I'm drinking every time BB says "uh"........
We are all service economy now.
sm_landlord | Homepage | 10.07.08 - 1:39 pm | #
But I don't want to be a whore!
He is admitting that banks have been at 0% reserves using sweep accounts
CNBC is pushing for the global response of a rate cut.
But germany didn't show up at that EU meeting and japan already said shove it.
Can we have Paulson also ?
I am missing him...the gay snake charmer...
kucinich now questioning AIG CEO's on c-spa
"socially costly behaviour" -- great line
I'm listening to cspan radio
SHUT UP ALREADY BEN!!! You are making a mess
Now might be the time to pull money out of banks. Might.
Thanks ZUZU
BB wants to set a lending floor rate... how bout 0?
Ben admitting it's difficult to control federal funds rate. Nice!
BB pulls out "the benevolent fist of the government," but finds the inflationary gas that he expected to be nothing more than a squeaky fart in the wind.
Shouldn't we be discussing MS?
One more Q : Where is Paulson. Do you like him ? How do you stand his reeky mouth
blackhat, doesn't matter... if I understand correctly, banks don't need any reserve any more.
This sucker is going to be subdued!
Why does Ben speak quiveringly?
BB wants to 'experiment' with the rate cause he doesn't quite know where the floor is.
Experiment now. After trillions already spent.
"There are no more free standing Investment Banks."
With...uh...price stability totally out of control, and ...um..employment taking a dump..we...uh...would be better served by..uh..giving the Fed new powers...uh..and new areas of authority...uh..which would probably be more efficient with..uh..little or no oversight.
Clearly that's what we have to do.
"we are going to experiment with this to get to the target" "we are not sure where this will end up" - Ben just said this
Ben is throwing so much money at the sucker that it is going down....
Huh? How could he say this on the same day the Fed started making unsecured loans?
A shell company will be created out of air. They will guarantee payments to the Treasury. The shell company will then use taxpayer money to buy billion$ of CP
Hang on, who is that guy with the blow dart aimed at Ben?
damondidit writes:
Shouldn't we be discussing MS?
damondidit | 10.07.08 - 1:45 pm | #
Yes, we should stand up in silence for the deceased bank
HOMAGE
Oh, you mean we signed a law to spend over $800 billion and now we're in financial trouble?
What a shock! But before that we were fine.
Maybe the check wasn't big enough or we have to cut rates into negative territory.
How could I have forgotten to add Bernanke to my Halloween costume ideas about the financial crisis?
jeez, "we're not quite sure where this will end up"
"we're experimenting."
ben makes greenspan look good in short retrospect.
uh... we are fucked, really... uh... investment banks... all bad... uh... hank... goldman sachs... we always thought this would work out uh.... illiquid... uh... we die now
Is he receiving oral sex from someone in the podium? I saw that in a movie once and that's what the dude sounded like.
Gaining financial confidence for the coke snorting playstations kids (on wall street who are busy punching in lotto ticket numbers today) is a day-to-day matter of tossing more cash at more bets -- but as the lotto pool goes down, as the Playstation produces less profit and these nepotistic kids are divided into groups that will either go to jail or be fired, " financial confidence" will not be re-stored anywhere around the globe, until these brats are taken out of the nuclear reactor!
Amen and Godbless America and all her risk modeling ... ♥®
Currently Smoking Cannabis writes:
Is he receiving oral sex from someone in the podium? I saw that in a movie once and that's what the dude sounded like.
LOL. Good one!
More insights on "stink bidding" plays, please
I keep waiting for the Vaudaville type hook to reach out from stage left and yank him off the stage before the rotten fruit starts flying.
This new authority...this new status...uh....OOOOHHHHHH YEAAAHHHHHH OOOOooooOOOoo....ahhhh.......
@CSC
Always there for us when we need a good laugh these days.
"Hang on, who is that guy with the blow dart aimed at Ben?"
He needs to be tranquilized before he hurts himself thrashing around.
Experimentation in new floatation devices is best done after the ship hits the iceberg. Not.
Go ahead Bernanke, make my day. Cut rates, go Japanese, gimme more sushi and geisha girls.
Do ya feel lucky, punk?
RE: ben and hank halloween costumes:
BEN and HANK - Ben Bernanke and Henry Paulson Horned Masks - BENandHANK.com
I was thinking last night about mens breaking points. I am not being sexist. I am just old and from another era. If you put a group of men under prolonged emotional and physical stress some of them will break.
The men and women making decisions now have probably never been under this kind of prolonged physically draining activity. Add the mental stress of the decision making process and I would not be surprised if it happens. We will never hear about it probably.
The bad thing is that as a group you can be assured that at least some will make the wrong decisions in the weeks ahead.
wtf is going on with MS....this is NOT good. Can I haz shorts?
Dow fell 150 points while Bernanke was speaking...
Rob Dawgs Rule Zero for Financials:
0. When someone says it is not about solvency; it is about solvency.
People...weve got a big problem here. See MS stock price.
"Send Lawyers, Guns, and Money" is a great username (great song, one of Hunter S. Thompson's faves)...Anyway, the Fed is firing at rapid speeds these past couple of days. Don't be surprised if this happens within days.
ben bernanke: I have no confidence in you.
"People...weve got a big problem here. See MS stock price."
Real time shows down 31% just now.
"The inflation numbers are very ugly right now"
Now hold on one minute, Ben. 6 months ago you were saying inflation expectations were minimal, and would be moderating over time. Then you dump hundreds of billions of dollars on to the market, sterilized or otherwise, because it will not affect inflation. Now you tell us inflation is very ugly? How did that happen?
What is capital? Can it be issued by decree? My take is our our money/capital means future labor hours promised today. That makes sense if you expect positive returns. Are positive returns today possible? Who wants to take on debt? Older versions of capital which are like for like exchanges may be the only avenue to show real returns in the near future. CB's need to accept their new future with their old friends.
Currently Smoking Cannabis writes:
Is he receiving oral sex from someone in the podium? I saw that in a movie once and that's what the dude sounded like.
Or maybe he expired two days ago and they stuffed him full of Duracells...
BAC not much better
MS - conf call scheduled?
Morgan Stanley (NYSE : MS) will host a conference call regarding to discuss
the Fund's strategy and portfolio composition.
Call Details
When : Tuesday, October 7, 2008
Phone # : 800-230-1092
Intl # : 612-332-0923
Passcode : 963215
haha, nullpointer that's great!
Down -300, place your bets...
I guess now that MS is taking deposits, they are subject to a run.
So tempting, MS down 34% now.
Must stop finger of doom!!!
goodness gracious,
take a few week's off and ya'll have made a mess of the place.
ok... on 3 , let's have a new ridiculous lending program. or credit. or bailout. or, hey all 3.
1.......2.....
PPT!
Anyone see the PPT!
Red alert! Red alert!
My Cup Noodles is giving me 'A Modest Proposal'
"Caution: Product is hot; please handle with care, especially when serving children."
So, we finish up 200?
CSC: When I saw this, I thought of you, not sure why: YouTube -
FYI (also): The CPFF (Commercial Paper Funding Facility) will provide a liquidity backstop to U.S. issuers of commercial paper through a special purpose vehicle (SPV) that will purchase three-month unsecured and asset backed commercial paper directly from eligible issuers.
Anyone know if the Freddie/Fannie contracts were successfully settled today? I heard that it would have a huge impact on the CDS system either way
Gold, Deflation, and CB "panic" printing campaign
Mish's Global Economic Trend Analysis: Real Price Of Gold Soars
Anybody got a big giant cane? This has got to stop.
Still out there talking about inflation. Just, unbelievable.
Is this guy in the grip of an ideology?
It makes you want to rip the problem out of his hands, as you would a hapless co-worker.
open , yes?
i'm in with my token 1 MS oct20
Can I get a "contained"...ya know...for old time's sake?
Can the U.S. be added to the Axles of Evil for haboring financial weapons of mass destruction?
P.S.: Ben - Take my auto loan indebtedness, please!!!!!.
Cordially,
Товарищ Килгор Траут
Dope Brontide --
"Caution: Product is hot; please handle with care, especially when serving children."
Nice.
Reminds me of that old Twilight Zone episode "To Serve Man".
mykillk...freddie and fannie settled at 91 to 95 cents. Was in yesterday's FT. The next trick is settling Lehmans $400bil.
So much for getting up early and buying, then selling at the end of the day for an easy profit.
I do hope no one is investing based on anything that is posted here.
Congress pony show is a joke. Until Willumstad and Sullivan, etc... walk into the hearings wearing orange jumpsuits and handcuffs, it's all brazen wink & nod multimillionaires quizzing their multibillionaire benefactors
@Is he receiving oral sex from someone in the podium? I saw that in a movie once and that's what the dude sounded like.
LMFAO
Police Academy III
Dow 36,000!
Anoddamoose...we did NOT say end of the day. We said buy early and then get out when the pump ended. It did ended earlier than expected though today, but the end result was exactly what we thought...a stink bomb.
Three people I never want to play hold'em with:
David Lerach
Benny B
Lawrence Yun.
They are totally unreadable and dont know up from down.
Why do I get this overwhelming sense of deja vu about this time everyday?
http://apina.nwpshost.com/9473.gif
Dow 3600!
Geoff: Sounds rather successful. Counter-party premium of 5 to 9 cents definitely manageable
Yahoo message boards are claiming the "rumor on the floor" is that Mitsubishi wants to pull out after reviewing MS's books.
You are in the ninth inning. Your team is down 28 to 0. Repeat: 28 to nil.
You are the owner. You are the manager. Your staff sucks and your team is poor. Your hands are tied. But your pockets are deep. What is your game plan?
Obviously, your only chance is to become league owner and change the rules.
The other team nust leave the field. You will softball pitch your team with your own pitcher. You eliminate the strikeout rule. All batters now score.
The other team concedes immediately even though the score has them winning 28 to nothing. The lesson is?
Deflationists must concede immediately.
Like some others here, I own gold -- but as an insurance policy.
Considering the actions the Fed and the gov't have taken, it's a policy that I'm glad I have. And which I may well file a claim on.
Anonymouse has been spot-on in his calls...
until now.
Of course, the afternoon is still young...
MS is cliff diving. GS to follow.
Anoddamoose writes:
So much for getting up early and buying, then selling at the end of the day for an easy profit.
I do hope no one is investing based on anything that is posted here.
Anoddamoose | 10.07.08 - 1:56 pm
That sounds much more like a trade than an investment.
Anyone participating in this madness in any significant way...is nuckin futz.
By Decree, you will no longer have 800 pt drops!
You shall have 2 days of 400 instead.
Carry on.
Royal Bank of Scotland collapsing.
"I was thinking last night about mens breaking points. I am not being sexist. I am just old and from another era. If you put a group of men under prolonged emotional and physical stress some of them will break.
The men and women making decisions now have probably never been under this kind of prolonged physically draining activity. Add the mental stress of the decision making process and I would not be surprised if it happens. We will never hear about it probably.
The bad thing is that as a group you can be assured that at least some will make the wrong decisions in the weeks ahead."
There are no men of steel. Even Stalin, the eponymous man of steel, broke down in June of 1941.
Many of us have a good understanding of stress. I know I do. It's been twenty years and I'm still not over it.
I once sat up in bed from a sound sleep, yelling. I thought I was still there.
outlook for economic growth has worsened
This guy is so effing dense. Translation for the rest of us: R-E-C-E-S-S-I-O-N. Is that so hard to say?
Barclays and RBS are taking on water. Every man for himself.
I posted this on the previous thread, but I think its very important, re bank recapitilazation...
FDIC Proposes Doubling Fees to Boost Insurance Fund
From that I find that banks are currently paying FDIC 6.3 basis points (presumably on insured deposits only), and FDIC is proposing raising that to 13.5 basis points.
Assuming that a bank has $1B in deposits (and assuming $850M is insured), they would be paying FDIC a premium of $535K per year.
Raising the premium rate, combined with the increased insurance limit of $250K is a dummy whammy. Assuming that the increased limit kicks this hypothetical bank up to $950M of insured deposits, that would generate a new annual premium of $1.283M (IOW double the previous premium).
Unintended consequences ?
CNBC headline 4:00 PM
"Stocks close off lows of the day."
Bank on it.
The hoopa-joop must continue...Damn don't you understand? I will by the powers invested in me from the iron "benevolent fist of government" decree this on this very day! Shut up and keep the damn printing presses rolling....before all hell breaks loose.
about to sign off and make money.
it seems to be all about credibilty and faith.
credit/faith-
of governments
rating agencies
currency
banks
401k's, etc.
and most sadly, society.
Darth is correct. There is NO investing now. It's all casino days for at least a year or two. Who knows, maybe ten. Get in, get out. Anyone can open their trap or TARP or ratpoison at any moment and mangle a trend in the market.
Can I get a "contained"...ya know...for old time's sake?
Darth Paulson
LOL ! ! !
I cant get that image of his testimony out of my head....
What a tool....
They will do everything to keep GS over 115. Isn't that WB's strike price?
MS conference call:
Analyst: Hello, anybody there?
MS: (chirp....chirp)
Analyst: Is anybody there?
MS: Yeah, it's Phil, I'm here to unplug the phones.
Bank on it.
Rob Dawg | Homepage | 10.07.08 - 1:59 pm | #
Come on now. BANK on it?? We can't even bank on banks.
I actually believe that Nemo is CR's split-off personality.
I do think he could be first any time he/she wished, but on this thread, took time to make a point.
I blame the whole mess on Iceland!
"stocks tumble as Bernanke speaks" -- headline of AP article
GS - $114.50. Ruh roh.
o.k. how soon does the Fed reach into the fires of Mordor and create a ring, a ring to rule them all...?
MS book value is $30, trading at $17
FYI: September 15 - Bloomberg (Jeff St.Onge): "Lehman Brothers Holdings Inc., the fourth-largest US investment bank, owes its 10 largest unsecured creditors more than $157 billion, including debts to bondholders totaling $155 billion."
September 18 - "The credit crisis that brought down Lehman Brothers Holdings Inc. and Bear Stearns Cos. is pushing corporate borrowing costs to the highest since at least November 2002 ... The average yield on the most actively traded investment- grade bonds has risen to 7.43% from 5.99% a year ago. High-yield borrowing costs have jumped to 13.6% from 9.17%."
See also: Higher yields offered by Indymac and WaMu...
speed: book value has no meaning anymore.
MS, You called it yesterday "pissing into a cat 5 hurricane"
More on stink bids:
<a href="http://www.tickerforum.org/cgi-ticker/akcs-www?post=61058>Trading volatility
As an aside, Google actually hit a bid at 0.01/share last week (I think it was Wednesday.) Apparently some market maker screwed up (yeah right) and put in a huge sell order at market price right near the close. I watched it go from $410 to $341 in the blink of an eye.
Nasdaq busted all the trades from 3:57PM on. This had to be cheating, as I believe somebody panicked. I bet it was a hedge fund blowing up.
MS book va'lue is REALLY probably $1.63
GS book value is $105. Wait for it...
Hey Kona, thanks for that dude. That's right up my alley, actually.
That did it, that triggered the brain. If The Fed is going to pour cash into these short term securities, would that not, in theory, drive up the cost of commercial paper and reduce the yield? How does that help provide liquidity? Huh, huh?
I'm pretty sure the Asians are re-thinking their plans for what to do with their current and future surplus $$$$.
Lending their surpluses to Western countries has been a total joke.
Comrade Yancey Dope Ward --
I actually believe that Nemo is CR's split-off personality.
I swear that is not true, and it is an insult to CR to suggest it...
And no, I am not Tanta, either. (That one is an even bigger insult.)
I am just another random voice on the Internet.
Yankee writes:
MS book va'lue is REALLY probably $1.63
You actually think they have a positive book value?
Watched it live on TV.
Bernanke seemed very shaky and not so confident that what they are doing will actually work.
But he is doing what he should be doing at his job, pull out all the stops.
Anybody else got the same felling?
Looks like that big rally late yesterday was to keep the Dow from 8k after Ben made his speech.
This is a real live version of Monopoly and Ben is the banker. We would just write on scrap paper, when we ran out of money for the "pass go" cash. However, in this game...Wall Street or Boardwalk ain't worth $hit. If you are from the South...ain't is a word. So is, rat bastard, ass clown, dumb shit, crook, carpet bagger, dumb f*ck, and all other manner of superlatives assigned to those making our eternal financial decisions for us right now. This bastard is the one steering the ship directly into the iceberg....
GS book value is $105. Wait for it...
Yeah right. Bear Stearns had a book value of $80/share the day they went under.
++++++++++++++++++++++++++++++++++
A bearded financier of academic veneer,
Strolled arm-in-arm with his companion
Engrossed with interest, they promptly stepped off the canyon.
Were heading for Doom & Gloom! cried The Maestro,
Dont worry said Bernanke, waving his magic hankie,
From you, Ive learned prestidigitation and obscufacation,
to achieve never-ending levitation.
Greenpsan looked at him askance,
as he promptly soiled his pants.
Finally accepting the full gravity of the situation.
+++++++++++++++++++++++++++++
This is scary, and a lot of innocent bystanders are going to get hurt - people who don't even trade.
CSC, my daughter loves that and I thought it was not bad, she also likes this, but of course this is OT and have a good day: YouTube - #25.3 - Guillemots - Annie, let's not wait
Geoff writes:
Darth is correct. There is NO investing now.
Forget trading. Look at the 30 stocks in the DJIA. Tell me which ones are good investments. AMEX? Citi? Home Depot? 3M? Now, tell me about "investing." There's the problem. The investment aspect of US stocks have been diluted from so many directions there's nothing left. The only profits for the next several years are only going to be courtesy of tax treatment.
I'd love to own MS's book. Probably shows where a lot of bodies are buried...could be really useful.
What book are you taking about. They dont have a book anymore.
Its all SHADOW accountiing and malpractices.
I worked in MS London office for 4 years. Things that used to go on there were just incredible.
Angry Saver writes:
I'm pretty sure the Asians are re-thinking their plans for what to do with their current and future surplus $$$$.
FT.com / Comment / Opinion - An Asia bond could save us from the dollar
What's the bigger number, the number of CBNCers calling bottom sometime this week, or the number of CR visitors online right now?
@Things that used to go on there were just incredible.
Care 2 share?
Dow cliff diving now
Where is PPT?
And isn't consumers not spending at least a prelude to savings?
I have about 250K of credit card limit, never been in debt in my life.
Is now a good time to start? I'm thinking buying 250K of gold coins on my credit card, burying them, and declaring bankruptcy, good plan?
Alex
out of the horse's mouth: GS was counterparty to $20 billion in CDS from AIG.
Bernanke: More economic pain ahead- AP
Translation: Expect more drops in the stock market. Don't do anything with your money. Keep it where it is.
You suckers sitting on your 401k's invested 100% in mutual funds will watch your retirements evaporate before your eyes before this asshole will do anything about it. I wonder if Treasury Secretaries are protected by the Secret Service? Even if so, they can't stop thousands of mad investors from hanging him if they lose everything.
Dow is holding at 9,600
Alex, most coin dealers won't take credit cards. Cash, baby. Cash and a fake first name.
"But he is doing what he should be doing at his job, pull out all the stops."
Well let's stop and think about that - what is his job? Did he over-reach here and take on responsibilities he should not have? Like the stock market? I think he did that last spring.
Bernanke and Bush on the same day? What did I do to deserve this?
I wish to see SPY below 1000. Will my Wish be granted today ?
brain about to explode after watching some in congress try to equate highly leveraged derivatives with mark to market valuations.
we need a timeout. nah, we're just doomed.
yay sunshine on the east coast!! outa here.
Almost a whole year of TAF with very little notice...and the public perception until recently that all was well, even with the expanded terms and the Discount window almost mothballed.
So, izit true then that the traders (like the one interviewed by NPR yesterday) don't know who rescued the DOW from that 800 pt plunge...and don't know who could be buying into this market...for nearly a year?...possibly creating the plummet instead of the steady moderate decline?
"meeting payroll and the like" falls on its face if you are one of these "commercial banks"...and iz NPR this gullible...this subprime?
Watching this financial collapse is very satisfying to me because it reaffirms that substance, hard work and actually producing things matter in the end. This country had gotten so fat and sassy that it thought that all we had to do was just sit on our fat butts and make money from stocks and home appreciation, with the FED and the Chinese throwing money on the economic fire.
Uh oh- it turns out our parents might have been right after all. There is no free lunch in the end. This house of phony money is crashing down and thank heavens for that.
Alex: Super plan. I think that the CC companies are watching out for this sort of behavior. I purchased a laptop yesterday, and they rejected it due to possible fraud. They wanted to know what it was for. I have about 50k in CC limit, and I'm already in foreclosure, so what the heck?
Dont disagree wit you Dawg. Ive been out of the market almost completely for a few weeks. Put a toe in here and there to jump on gravy trains (or runaway trainwrecks) but that is it. With volatility like this, being in for more than an hour can be extremely hazardous to your health.
But my point is that this market is destroyed for anyone who is an "investor". The whole thing looks increasingly like a house of cards.
It's going to suck for all these people who thought they would be retiring soon.
Very hollow feel to all this open mouth policy. BAC down 6, minus 20% is an anchor around the necks of all these federal jawboners
How appropriate that these guys keep using the word "tools". :rolleyes:
If you put a group of men under prolonged emotional and physical stress some of them will break.
yup. McCain showed that in Hanoi when he made the videos 'confessing' to the N. Vietnamese.
Bernake's tremelo voice shows it.
Paulson's congressional demeanor shouted it.
McCain's campaign dislexia shows it again. He changes from AM to PM on any issue.
Bush has always shown his insecurities/bravado.
It's time for change.
Did anyone really think there would be a rally this week? Come on, this was going to unravel for an ugly October. We all knew it. I'm just surprised that the S&P isn't below 1000 yet.
BTW Cramer on Colbert last night was actually funny
Speed writes:
MS book value is $30, trading at $17
Speed | 10.07.08 - 2:02 pm | #
Thanks. I needed a good laugh.
Marky Mark says NO.
maybe next time America needs someone to help watch our back they will....so for now they can just kiss our ass.
MS book value is below 0. They hold at least their book value in defaulting CDS. Fuck book value. Get a clue.
bush chimp on live...
Comrade Bagholders,
"economic activity is likely to be subdued during the remainder of this year and into next year."
If by subdued he means beaten visciously about the head and shoulders with a baseball bat, I think he's in the ballpark.
Ba-dum-dum.
Hey, I'll be here all week. Tip your waitresses, they have jumbo mortgages too.
Nostrovia,
Bush is going to speak again!?!
out of the horse's mouth: GS was counterparty to $20 billion in CDS from AIG.
It's a disgrace. Crony capitalism. They are destroying faith in the system.
What a sham!
Cramer said to sell. A rally is certain.
Bush...uh, speaking english on CNBC
"Is now a good time to start? I'm thinking buying 250K of gold coins on my credit card, burying them, and declaring bankruptcy, good plan?"
Sounds like it would fly on Wall Street.
So anyone putting money on PPT kicking in at 3pm?
BUSH RESIGNS ?
WTF is going on ?
"Dope Brontide writes:
Bush is going to speak again!?!"
Crap- like that is going to help
Is that Bush or SNL?
MS book value is zero. They hold as much defaulting CDS as anyone. Get a clue.
Cramer said sell?
Up 200 now for sure.
@ deflationary jane:
Be patient. It's already dropped to 1,021 now. Just one more day. Two, tops.
Bank Holiday?
FFDIC writes:
Is that Bush or SNL?
You know it's bad when you can't tell the difference.
Cramer must have said, "sell MS". It's tanking...will be worthless in 1 week.
Official: Retirement assets down $2 trillion...
onebourbon, one scotch , and one beer...
for the cr house!
goodnight and good luck
If I hear "foreign oil" one more time I am going to scream. Argh.
He's obsessed with the word 'liquidity'
Bernanke followed immediately by Bush? Someone obviously wants to make this sucker go down. There is no other rational explanation for trotting out a tag-team of S-S-Stutters the C-C-Clown and Bobo the Chimp.
YHOO !!! I bet shareholders are mad...probably begging Microsoft to take over LOL.
WHEN IS THIS GONNA END?
Gotta go watch CNBC. Bush talking about the little guy for first time in his political career...
Lefty's is now Open writes:
Bank Holiday?
Bush wants a Bank Holiday cause he thinks he'll get the day off.
Wells Fargo and Citigroup discussions leaning towards Wells taking 75-80 percent of Wachovia deposits, Citi taking 20-25 percent: source 2:01pm EDT
"Eventually we expect much of not all of the tax dollars to be recoup
Re MS - besides the Mitsu pull out, also heard that hedge funds are running away from them.
Mitsu Pull out ? Link PLS
Barney Frank Says Race a Factor in Subprime Blame Game
ABC News - 4 hours ago
The Chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., yesterday said Republicans are misplacing blame when they target Democrats' efforts to expand affordable housing -- and Frank alleged there was a racial component to ...
YEAH, YOU SOLD HOMES TO ILLEGAL ALIENS ASSHOLE! NO DOCUMENTATION! NO SOCIAL SECURITY NUMBERS! NO CREDIT HISTORY!
Markets on new lows. Cut this short, he's doing more damage than BB
There is going to be a crazy rally soon (any moment or day now).
Then I sell my longs bought at bottom recently, then buy QID SKF for the big drop in late october.
The hedgies can go the way of the dodo and I for one will be opening a bottle of something expensive, californian, and bubbly.
Mitsu pull out is just a rumour.
The AIG hearings are unbelievable. This financial fraud is so much worse than ENRON & Worldcom.
Bush wants a Bank Holiday cause he thinks he'll get the day off.
He's more than welcome to take the next 135 days off as far as I'm concerned. I'll even chip in for his ticket back to Crawford if that'll help.
45 minutes to rally time.
Helicopters lifting off...
dang, trying to get on my bike to clients, but bush is so fun.
he's explaining highly leveraged derivatives via hope now alliance.
"the value we may end up owning will be higher, from TARP."
DOW tumbling, yay! i make money everytime he opens his mouth. awesome.
Born Dope Interesting Times writes:
There is going to be a crazy rally soon (any moment or day now).
More inclined to believe that if we had an 800 down day. As it is it may be sideways.
WE CAN DO THAT! lawlz
I guess there is no hope Bush is speaking in Chinese on T.V.? No, oh well.
Commence unwind.
It's all falling down..."Mad Money" is over. Finally, a victory for the average guy. Maybe they'll finally cut those H-1B visas and send home the illegals and bring our manufacturing jobs back.
"Currently Smoking Cannabis writes:
Is he receiving oral sex from someone in the podium? I saw that in a movie once and that's what the dude sounded like."
Sheila was seen kneeling just before the program started but then the camera suddenly cut away...
S&P at a 5-year low?
how much lower? Predictions?
yes yes.... Keep trying to keep the people in the homes they don't belong owning. This way everyone who can afford their home yet still underwater just like their neighbor but never gets acknowledged by our leaders and is still expected to bail out their neighbor. HOw long can this system before all the people who can afford their homes start walking away due to the absurdity of bailing out the most imprudent folks in this country.
Don't get it...
This just in from some retarded idiot blogger at nakedcapitalism:
Wait a tick here, I'm wondering with The new Fed SPE, how pouring jet fuel down an oil well -- which is on fire will help provide future liquidity?
This is insane and this does not help build confidence at all! The problem I refer to is, that by adding jet-fuel cash into the commercial paper oil well fire -- The Fed is supplying more oxygen to a fire and will start a bigger fire that will burn hotter and longer.
Commercial yields will go down, as the paper cost goes up, thus they are doing exactly the opposite of what needs to be done, just as with lowering FF rates. We have too much cash centered into pools of concentration and that is freezing liquidity, thus to de-thaw or put out the fire, cash has to be forced into new places, like longer term notes and things like mortgages. Obviously there is this short term lack of flow, but The Fed, IMHO, needs to jumpstart the yields on longer stuff and get money off the sidelines and into longer term bonds which can then be used as supportive capital for collateral -- then, as less demand is placed on the short term redemptions, that will allow more water for the fish to swim around in, or, back to the oil well problem, The Fed needs to cut off oxygen to the panic and shock investors into a panic towards higher yields which are removed from the short term fire.
Any thoughts Ben, Warren ...
oh Warren... yah, Warren is being offered sweet future value deals which place him in a long-term position for future cash flow yields, coupons that will reward him -- does anyone think Buffett will toss his cash into this short term fire>> Huh, huh, do you punk>
it ain't so easy to unwind allthe cds in MS that the playas who KNOW are loading up on. much slower market , relatively.
deflationary jane writes:
The hedgies can go the way of the dodo and I for one will be opening a bottle of something expensive, californian, and bubbly.
A house in a bottle?
The Dow briefly went below 9,600 and then jumped, same as yesterday. There's obviously a pretty strong support level there. It might actually hold for a couple of days
Sheila was seen kneeling just before the program started but then the camera suddenly cut away...
FFDIC | 10.07.08 - 2:21 pm | #
HA! that's a hoot, nice.
I really wish I had not watched that. Then again, it makes buying ammo Sunday look more reasonable.
Morgan Stanley bouncing back. Company denying Mitsubishi will not close on the deal
This is Bush ownership society. The government owns You.
"Fed to buy massive amounts of short-term debt- AP"
Well, it can't be more than $700 billion worth (I hope). It's like trying to buy a gumball with 10 cents.
Must be about 15 minutes flight time from the chopper base to Wall St. Bombs away.
GWB: " I wish I could snap my fingers and make it stop, but that's not how it works"
OY VEY
RBS is down 40%. Big banks don't fall 40% unless they are facing insolvency. Barclays is down 22%.
The UK banking system is in serious trouble.
Thank god for Hank and Ben. Imagine how bad the market would be tanking if not for their vision and leadership in crafting the bailout!
Market climbing back... PPT at work...
The UK banking system is in serious trouble.
Angry Saver
Didn't Barclays buy LEH operations?
I love the headline on Yahoo Finance: "Bernanke Speaks, Dow Falls 300."
A house in a bottle?
Anoddamoose
LOL....Daaaaaamn...
Can anyone explain why the PPT commences rallies at 2pm? Not saying the PPT exists but it is interesting over the last year how many times there has been a 2pm rally.
Bush = Goldilocks and Bear Ben have fucked up. I'm glad I'm outta here real soon and headed down to the ranch. I've got some cedars to chop down and fish to fry.
To paraphrase Tim Robbins from last night's Daily Show: Please give us an intelligent president - please!
The head bobbing thing he does just makes me want to knock his block off. I bet he dances like a rockem sockem robot too.
OK, according to my PPT calculator... we should end up +200 today.
Has anyone mentioned that Kevin a. Hassett,co author of "DOW 36,000 is a Senior Economic Adviser to McCain?
Has anyone mentioned that Kevin a. Hassett,co author of "DOW 36,000 is a Senior Economic Adviser to McCain?
GWB: " I wish I could snap my fingers and make it stop, but that's not how it works"
See what he did there? Pure Rovian double talk. He doesn't actually have even the tiniest bit of a clue how it works.
Skent, I'm not sure it's a timing issue. There's just a lot of support at around 9,600. But then, I'm not a big believer in the PPT as such
Can anyone explain why the PPT commences rallies at 2pm?
That's when we return from our 3-martini lunch.
+200 above todays low ?
is he drinking?
Ken Lay just contacted Bush from his secret location to ask for a pardon and $50 million.
Anonymous writes:
OK, according to my PPT calculator... we should end up +200 today.
Anonymous,
Unless you are suggesting that PPT has managed to keep this market only down 27% YOY, shut up. Respectfully, shut up.
for some historical perspective on surreal current events:
'...with the recession deepening as 1938 grew older, the President capitulated. On April 14, in a fireside chat, he explained to the country that he planned to ask Congress for 3 billion dollars to increase public works,relief, flood control, and housing. In June the stock market came to life, and in eight months, the Dow index spurted from 99 to 158. Happier days, if not happy days, lay ahead.'
(from "The Glory and The Dream"-- William Manchester)-- and isn't that quaint?-- only 3 billion dollars.
but this is immemorially current:
Whither is fled the visionary gleam?
Where is it, now, the glory and the dream?
-Wordsworth
That's when the auto pilot starts up. There is no one ast the helm as the masters of the universe are busy making sure they have a place to flee to without an extridition agreement with the US.
No PPT... it's short covering before end of day.
Seems to be a big pushback whenever we approach 9600.
Just delaying the inevitable?
He makes it sound like a eulogy.
YEAH, YOU SOLD HOMES TO ILLEGAL ALIENS ASSHOLE!
Yeah, great point. Frank personally gave no-doc neg-am mortgages to the aborted fetuses of gay illegal aliens with dark skin. And that was the whole cause of the subprime crisis.
WHUPWHUPWHUPWHUPWHUPWHUPWHUP
I can hear Ben's Helicopter flying overhead
Dow now down only 200 pts
Pension Plans:
Official says pension funds are down $2 trillion
GWB: " I wish I could snap my fingers and make it stop, but that's not how it works"
I WISH I COULD SNAP MY FINGERS AND MAKE BUSH STOP, BUT THAT'S NOT HOW IT WORKS.
When asked for advice about what small business owners should do, Bush replies "We're just gonna have to work our way through this." Profound.