Here we go. So far, the crisis has avoided Finland. But I am sure it is come here soon. And we are taking precautions: making sure that we do not have too much money in one bank, cancelling expensive items such as longer trips abroad, etc.
Soon, we will more time to read and discuss, as there will be less work to do.
Below 10K despite the fact that most individuals I know are not attempting capital preservation. Wait until they do. Wait until "experts" in mass-media start voicing the upside of capital preservation. And backyard gardening.
In light of their IRA & 401K losses, I'm sure Cramericans are taking comfort in the fact that they will be turning profits on their part ownership of $700 billion in dodgy assets.
I suppose there's some ironic comfort in knowing that in Ben Bernanke we have someone who is an "expert" on the Great Depression now piloting us into the next one.
If the powers that be can manage to pull it off (highly doubtful IMO) they will close this slightly above the 10k mark. Then the race to the bottom continues tomorrow.
This moment in history is being brought to you by a government, a Central bank, countless regulators and an ignorant population. None of which were doing their job. Carry on.
My congressman, Tom Davis, decided to call it quits yesterday. Apparently he is not happy about how things are being run and done. or someone in the private sector made him a great offer.
I just called his office about a matter. The women I talk to was extremely cranky. I guess it is a pain knowing you are 4 weeks from being out of a job.
The year 1999 was designated the International Year of Older Persons by the United Nations. It was the Year of the Rabbit in the Chinese zodiac. 1999 - Wikipedia, the free encyclopedia
Since the Dow Jones occasionally kicks out losers from the index and replaces them with strong companies, this is actually a lot worse than it appears. Now adjust the Dow number for inflation and its much much worse. Now subtract taxes from all those 401K's and guess what? The only retirements that are fully funded are on wall street.
JDS Uniphase Corporation was formed by the 1999 merger between these two fiber optic companies, JDS Fitel and Uniphase Corporation. Also in 1999, JDS Uniphase was added to the S&P 500 index.
THE $25 BILLION ANALYST
Walt Piecyk's 15 minutes have arrived. A 28-year-old telecom analyst with Paine Webber, Piecyk has neither the experience nor the kind of first-tier employer (e.g., Morgan Stanley, Goldman Sachs, Merrill Lynch) that usually gives an analyst influence. But on an otherwise quiet day between Christmas and New Year's, Piecyk not only pushed a stock up 31%, he got his mug on CNBC and in the Wall Street Journal, and managed to get his name in more than 20 papers across the country. How? By making the kind of prediction that can electrify a stock, not to mention the career of an analyst: Piecyk announced that wireless phenom Qualcomm, then at $503 a share, could hit $1,000 within a year.
Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.' -Andrew Jackson
for those who pay attention to pre-announcements....NFLX has warned for 4th qtr. Supposedly recession proof business' are getting hit as well. Excepting Lefty's of course
Nice of NFLX to warn right after the ESOP program made it's purchases.....I'm guessing the employee's are really happy that they waited until after the program made automatic purchases for them....
While the 777.68 point loss in the Dow Jones Industrial Average on Sept. 29 was the biggest one-day decline in the indexs history, the 7-percent dip didnt rank among the greatest percentage losses of all time.
The top spot in that department goes to Dec. 12, 1914, when the average lost a whopping 24.39 percent.
Heres a list of the biggest percentage one-day declines in Dow history:
like watching a really scary horror movie, that gets scarier and scarier and you wonder just where its going to end
(im thinking, i know what you did last summer?)
translation
i know what you did for the last decade
these morons better stop under-reacting to this crisis
i dont care what your political disposition might be
we need to nationalize all financial institutions... re-organize, wash out the bad actors, recapitalize and then return in time to private hands that which we can.
From Bloombergs article:
Fed Boosts Cash Auctions to $900 Billion, May Do More (Update2)
It is pretty much all out war,'' said Christopher Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd., New York.They are pulling out all the stops to try and get borrowers and lenders to meet and do transactions once again.''
Hey lawyerliz- It was a commercial parody from Saturday Night Live. Phil Hartman did the voice over. It was pretty hilarious because apparently the ball didn't want to be taunted (!?) I did a quick YouTube search for the clip but didn't see it.
I wonder if W will be leave with the stock market lower than when he came in. Obviously it will be for the S&P, but the Dow is even looking to be worse.
W and Republican congress = worst government ever!!
This is what they have for confidence, versus putting wall street crooks in jail:
Traders have ratcheted up expectations for further, deeper rate cuts in the near-term, with fully 40% looking for a 75 basis point cut between now and Hallowen.
Ah, but you were not this government's constituents. The people they were actually TRYING to help made billions during this whole sham of a presidency.
Can you take the check to the bank it's drawn on and get cash? Sometimes my real estate clients-when I had real estate clients--would do this, I'd get a call from the bank, and I'd say, yeah, the lady with the red shirt is my client and you can cash it.
the drop in oil price has coupled this problem to those few places where people thought they could hide (commodities funds, many emerging markets) more importantly, the SWF of the oil producing nations got whacked, and are now not being refilled as fast
the deflationary signal from the collapse in oil prices is highly disconcerting
We fired our cannon till the barrel melted down
So we grabbed an alligator and we fought another round
We filled his head with cannonballs 'n' powdered his behind
And when we touched the powder off, the gator lost his mind
We fired our guns and the British kept a'comin'
There wasn't nigh as many as there was a while ago
We fired once more and they began to runnin'
On down the Mississippi to the Gulf of Mexico
Can you take the check to the bank it's drawn on and get cash? Sometimes my real estate clients-when I had real estate clients--would do this, I'd get a call from the bank, and I'd say, yeah, the lady with the red shirt is my client and you can cash it.
lawyerliz | 10.06.08 - 10:37 am | #
Meanwhile, back in Mainstreet USA, a congressman/woman up for election in 4 weeks is feeling betrayed, and now will have to convince his/her constituents that things would have been worse if he/she hadn't voted to throw $700B down a hole...
Out on the distant marches events were happening. Grim happenings, foretold in the BOOK OF THE BUBBLE. The Marcher Lords had made mistakes. The outer ring had broken down. Now the forces of Chaos Triumphant were pouring into the heartland.
Liz, it's drawn on Gibralter out of Coral Gables (My estate lawyer is in Southern Florida) I'm on the panhandle and there are no branches here...I thought of that last night and searched for branches...
OT: Anyone listen to Jim Cramer on Today (around 7:10 AM PDT)?
He said if you need money for the next five years, pull them out of stock market. He expects 20% decline before things improve. Apparently, he thought about this over the weekend!
I think Davis announced his retirement during a peak in the primary campaigns, so it probably was lost in the noise.
Maybe she was cranky because, as you pointed out, she's going to be out of a job in four weeks! And she is getting paid next to nothing to take calls by raging econ wonks coming out of the blogosphere.
In all seriousness, you could have done a lot worse than Tom Davis over the past years. For starters, he's not under investigation or indictment.
Cramer: Being Too Negative Hurts
By Farnoosh Torabi | By Jim Cramer
You'll miss out on some opportunities, says Jim Cramer.
Related Topics: Consumer Goods | Financial Services
01:11PM 10/03/08
Relief Rally (Action Alerts PLUS
By Jim Cramer
I'm still wary of the credit crisis, but things feel better today than they did yesterday.
03:41PM 09/30/08
This Feels Like 1987, and That's a Good Thing (RealMoney.com
By Jim Cramer
Today's actions feel like the rescue operation that pulled us out of the crash.
04:19PM 09/18/08
I-Banks Would Be Great Pickups Here (RealMoney.com
By Jim Cramer
A commercial bank could add a solid book for a song.
03:09PM 09/18/08
In honor of Ahead of the Curve, who used to deride my investments in SRS and who claimed ELN was his stock of choice, I would like to point out that ELN just made it into single digits. Back when he used to like to ridicule me it was in the mid 30's.
Question from the marginally informed... Are Fannie & Freddie bonds being repriced? Wasn't that one of the reasons for the US to nationalize...to back stop the bonds?
In 1999 the Dow included:
Goodyear Tire and Rubber Company, Sears Roebuck, Union Carbide, International Paper, AT&T, and Eastman Kodak.
Anyone care to pull the likes of Microsoft and Intel out of the Dow and put these dogs back in? Interesting note AIG got both in and out of the Dow 30 in this period.
In all seriousness, you could have done a lot worse than Tom Davis over the past years. For starters, he's not under investigation or indictment.
Margin Call of Cthulhu | 10.06.08 - 10:41 am |
And no problems in any mens rooms, or with Pages, I suspect he is burned out.
In all seriousness, you could have done a lot worse than Tom Davis over the past years.
For sure. As chair of the House oversight cmmte. he wasn't troubled by wars, torture, wire tapping, DOJ shenanigans or possible financial melt downs. He kept his eye on the ball and went after the for real miscreants. BASEBALL PLAYERS WHO SHOT A STEROID FILLED NEEDLE IN THEIR RESPECTIVE ASSES
EEV - emerging markets ultra short iis up 25% today. I held call options on it before the bailout but sold them for a small profit not liking the meddling. Oh well. Another winner turns into a morsel in my hands.
Well it is good that congress voted for the $700B due to the 700 points drop because if they would vote today based on dow drop it would have been for $1.2T
anonymous writes:
EEV - emerging markets ultra short iis up 25% today. I held call options on it before the bailout but sold them for a small profit not liking the meddling. Oh well. Another winner turns into a morsel in my hands.
New Stock Market Terms & More a/o October 2008
\t
\tCEO --Chief Embezzlement Officer.
\tCFO-- Corporate Fraud Officer.
\tBULL MARKET -- A random market movement causing an investor
\tto mistake himself for a financial genius.
\t\t\t\t\t
\tBEAR MARKET -- A 6 to 18 month period when the kids get no
\tallowance, the wife gets no jewelry, and the husband gets no sex.
\t\t\t\t\t
\tVALUE INVESTING -- The art of buying low and selling lower.
\t
\tP/E RATIO -- The percentage of investors wetting their
\tpants as the market keeps crashing.
\t\t\t\t\t
\tBROKER -- What my broker has made me.
\t\t\t\t\t
\tSTANDARD & POOR -- Your life in a nutshell.
\t\t\t\t\t
\tSTOCK ANALYST -- Idiot who just downgraded your stock.
\t\t\t\t\t
\tSTOCK SPLIT -- When your ex-wife and her lawyer split your
\tassets equally between themselves.
\t\t\t\t\t
\tFINANCIAL PLANNER -- A guy whose phone has been
\tdisconnected.
\t\t\t\t\t
\tMARKET CORRECTION -- The day after you buy stocks.
\t\t\t\t\t
\tCASH FLOW-- The movement your money makes as it disappears
\tdown the toilet.
\t\t\t\t\t
\tYAHOO -- What you yell after selling it to some poor sucker
\tfor $240 per share.
\t\t\t\t\t
\tWINDOWS -- What you jump out of when you're the sucker
\twho bought Yahoo @ $240 per share.
\t\t\t\t\t
\tINSTITUTIONAL INVESTOR -- Past year investor who's now
\tlocked up in a nuthouse.
\t\t\t\t\t
\tPROFIT -- An archaic word no longer in use.
Like so many other bloggers, I will remember where I was when Wall Street looked at the bailout plan that had just been voted in....and decided the thing they had just pushed for didn't matter.
There is an immense silver lining here. If the market shows how little it cares about the bailout plan, maybe the federal government will try something which might actually help, like taking over all of the ailing banks and firing all of their management at once.
Does anyone know why Angelo Mozilo is not making his presence felt these days? His rational analyses could have a calming effect on the market. How much of his bonuses taken during the last 7 years will he be using to buy CDO's to help stabilize the credit markets?
Under Bill Clinton, a rising sea lifted all boats. All levels of the population improved. Under Bush, everybody got screwed sideways except for the top 2%.
There is an immense silver lining here. If the market shows how little it cares about the bailout plan, maybe the federal government will try something which might actually help, like taking over all of the ailing banks and firing all of their management at once.
At least the f**kers weren't rewarded for passing the bailout. Now they'll be getting thousands of angry calls from constituents complaining bitterly.
Funny that mp stated in one his posts yesterday "Buy Ammo." I had just come back from buying some. It was only me and a Muslim guy buying. He was buying NATO rifle caliber in quanity.
A2/P2 spread back up to 3.38 (not recent peaks, but still a depression level). Volumes are still high for short-duration and low for long-duration, but it's a lot better than the worst two weeks. The benefit is almost all in asset-backed paper, so the Bank of the Fed probably caused the revivial. Even with Bank of the Fed open we haven't seen any A2/P2 or AA financial deals crossing into 2009.
Now for housing prices to come down to 1999 prices. I know there are a lot of foreclosures that are going for 1999 prices and lower. But it's about time for the rest of them to follow.
cnbc are totally morose with their guests today. Like, do I really have to talk to this guy about his company? really? lemme try really hard to squeeze out a question. Listless would be a good word.
FYI: Oct. 6, 2008 - Attorney General Edmund G. Brown Jr. today announced a landmark, multi-state settlement with Countrywide Home Loans, Countrywide Financial Corporation and Full Spectrum Lending that is expected to provide up to $8.68 billion of home loan and foreclosure relief nationally, including $3.5 billion to California borrowers.
The settlement does not include Angelo Mozilo, the former Chairman and Chief Executive of Countrywide Financial Corporation or David Sambol, formerly the President of Countrywide Home Loans and the President and Chief Operating Officer of Countrywide Financial Corporation. Brown will continue to prosecute his case against Mozilo and Sambol.
squeezed, wait until Friday for a rally. Short sellers can come back in Thursday if they send out daily newsletters detailing all their positions and submit to nightly questionings by the SECs 2 employees
I feel like a looky-loo on the freeway. I know there is a massive accident. I see broken glass, crumpled metal, and oh my God some blood in the road. Do I just put my head down and pass by?
Nope. I park my car and stare at the carnage. And looky there, 800 other people eating sandwiches and watching people die.
Looks like the DOW is spalling off another 500 points on the way to oblivion. I wonder if the pump monkeys will be able to prop it back to 10,000 this week? I also wonder why I bother investing in anything other than CD's, which despite having a pathetic rate of return, will at least return something over 10 years... assuming the bank is still around, of course!
Long-term investing for the win - maybe in another 10 years you'll have made some money... not counting inflation, fees, taxes, etc.
The Mitchell report nonsense occurred under Waxman, not Davis. Davis - a Republican - hasn't been chair since the Democrats took over the House. And many of other things you name do not fall under House Oversight's jurisdiction, and several of those issues did not break into the news until after Davis lost his chairmanship.
I'm actually more worried about the TED and CP spreads. That sort of mechanism (bank failures, credit deflation) was really what made The Great Depression ......... "Great".
The schadenfreude has faded. Now all I feel is a sense of freedom and renewal. Yeah, it's going to be tough going for a while but now that we've cleared out some of the Bratz... I feel sorta good and hopeful, in a grim kind of way...
Comrade Kaboom,
The 90s were the recovery from the prior cyclal bust. Clinton had nothing to do with that. Just lucky timing. Bush is a dope, but he had similarly bad luck. Timing is everything.
The next president will come into a mess that will ultimately be a strong recovery like the 1990s - no matter who is president. However, the tricky question for the next president is whether the recovery will be felt by voters before the elections in 1012.
How timely. I pulled out my "The Very Best of Prince" CD yesterday afternoon and played "1999", while explaining to relatives where the markets would head today. Anyone care to rewrite the lyrics to "party like it's 1929"?
Thanks liz, I did some looking into Gibralter, they are a sub of Boston Financial which is in some trouble with subprimes. I have to make this deposit to cover my mortgage (husband laid off for 5th time in less than a year and my own job as a bartender has not been great lately (about a 20% cut in pay, tips are WAY down). I'm going to speak with my bank now and see if I like their answers. If not I will try my husband's which is Tyndall FCU...Wish me luck...
Ren: uuugh. I have a feeling though that the old professional protesters are soon going to elbowed out by the leftwing version of Bratz (aka "The Disgruntled Children of Obama")
You know, I'm feeling better about the availability of rendition and torture under this administration. I suggest we shift the FDIC fleet of black vans to the disappearance squad and make a bunch of executives go away.
Commerical paper volumes via the Federal Reserve (I love that website, so much data they never even read).
Things were cut off mid September and are nothing in October. Asset Backed AA financial doubled in October vs September as unsecured paper was cut off. You can see the same things with the Euribor (unsecured)
Ha! You had this post ready!
Yeehaw!
First
America's lost decade ...
Rats!! 20 minute delay on msn. At 9993.
Could the the DJIA just re-jigger its components to include SKF and SRS?
Nemo, oh yeah ... I thought 10K was possible this morning.
Best Wishes.
CR was watching CNBC with his finger over the "post" button. That is hilarious.
Would have been more impressive had he done the "Hari Seldon" thing and pulled it off while out hiking. But still awesome.
I hope the Dow treated well, on its way up, the numbers it's meeting on its way down.
The Titanic is sinking. Do I hear 8000?
Could the the DJIA just re-jigger its components to include SKF and SRS?
Priceless. You should work at Goldman.
What a waste.
And all we have to show for it are remodeled kitchen cabinets and nice patio furniture.
Dumb.
Posting in this historic thread, so I can say I was there when the ice broke...
does this mean we get a special on CNBC today....
Ciao
MS
Yeah, But CR, do you have some purple velvet outfit like Prince? Tanta singing backup?
Yay!
Sigh...
Here we go. So far, the crisis has avoided Finland. But I am sure it is come here soon. And we are taking precautions: making sure that we do not have too much money in one bank, cancelling expensive items such as longer trips abroad, etc.
Soon, we will more time to read and discuss, as there will be less work to do.
does this mean we get a special on CNBC today....
No, today is a repeat special on how stupid the American taxpayer is. Starring Warren Buffett.
friar-
For those of us who did that we feel extra good about paying it off shortly after it was done
Ciao
MS
PARTAY like it's 1929 !!!!!!!!! Yeeehaaaaaaaaaa
Cthulhu is awake. And hungry. Be afraid!
Below 10K despite the fact that most individuals I know are not attempting capital preservation. Wait until they do. Wait until "experts" in mass-media start voicing the upside of capital preservation. And backyard gardening.
Mission Accomplished!
Is this the bottom?
Is this the once in a life time opportunity to buy stocks?
How scary. A decade of gains lost. Take a look at Morningstar on most MF 1,3,5 and 10 year returns. I haven't seen this since 1982.
Can anyone argue Deflation is not here.
Vix @ 49+
bounced off of sub 10k, maybe traders really do follow the dow
The idea that I should listen to CNBC to protect my investment still ... boggles.
In light of their IRA & 401K losses, I'm sure Cramericans are taking comfort in the fact that they will be turning profits on their part ownership of $700 billion in dodgy assets.
Yeah right!
What a sham(e)!
10,000 is just a number. So is 9999.
wsf:
No that opportunity was at 11.5k.
Sir Ivan My Poni writes:
PARTAY like it's 1929 !!!!!!!!! Yeeehaaaaaaaaaa
Here ya go :-
YouTube -
Nope - but it sadly does help move the lumpen investor, so it can't be ignored either for short term market movement.
I suppose there's some ironic comfort in knowing that in Ben Bernanke we have someone who is an "expert" on the Great Depression now piloting us into the next one.
If the powers that be can manage to pull it off (highly doubtful IMO) they will close this slightly above the 10k mark. Then the race to the bottom continues tomorrow.
Ciao
MS
Someone upthread or last thread mentioned reading. bks--Barnes & Noble is the only stock on my watch list not red at the moment.
And BKUSA the bank I love to bash, has lost 10%. That is, it went from about a buck to 90 cents!
Guys, we all know that as long as the bubbleheads on CNBC keep saying we are at a bottom, we have more downside to go.
Look at the charts.
We go lower.
Keeps bouncing off of 10K like a happy fun ball ( still legal in 12 states ).
Does anyone know when the first pricing on the Fannie and Freddie bonds gets posted?
I know the auction is supposed to compute first round pricing at 11AM and final pricing at 4PM, but I don't know where to find that data.
Anyone?
The new mantra: return OF capital, not return ON capital.
I'm so looking forward to burlap coming back into style.
Oh my, here we go plunging lower...The Nas is really getting it the worst, down almost 4.5%
This moment in history is being brought to you by a government, a Central bank, countless regulators and an ignorant population. None of which were doing their job. Carry on.
blackhat: muslim is the new muslin...
Dope Brontide --
Wow, I haven't seen a reference to Happy Fun Ball in like 10 years. Which is appropriate, I guess.
Thanks for the memories!
Obligatory Dow 36,000 post.
What's happy fun ball?
Even Campbell's soup is down.
My congressman, Tom Davis, decided to call it quits yesterday. Apparently he is not happy about how things are being run and done. or someone in the private sector made him a great offer.
I just called his office about a matter. The women I talk to was extremely cranky. I guess it is a pain knowing you are 4 weeks from being out of a job.
I love all of these so called experts on Bubblevision stating investors are 'overreacting' by selling now.
"Long term investing" is the new black doncha know.
For real plunging see ^ATX and ^OSEAX (small markets getting whipsawed). Oh, and Jakarta!
anonymouse, if you are around, are you buying here?
Totally didn't notice AAPL is plunging below $100. Definitely a company to watch again once the carnage subsides. And if Jobs is still CEO by then.
CR, please make a picture of your hands pressing enter and your Mac. Auction that on ebay. Starting price $1.75
The TSX just crossed 10K.
Where is Abbey Joseph Cohen?
What a dingbat.
It's been a total sham!
Paul McCartney & Lulu - Party (live '1999)
YouTube - Paul McCartney & Lulu - Party (live '1999)
Somebody earlier observed that quite a lot of good money will flood into this market, and be destroyed as the market goes down.
Yes, a lost decade has been found, and now to mint a lost generation.
Do NOT taunt happy fun ball....
Ciao
MS
Happy Fun Ball! Do not taunt Happy Fun Ball. Happy Fun Ball contains material that fell from space.
Dow 9900s, we barely knew ya...
You could almost throw darts at this market and double your money in 3 years.
Rib eye on aisle 3, 99 cents a pound!
Calculated Risk writes:
America's lost decade ...
You can't have a "lost decade" in a moderate recession.
CR HAS CAPITULATED!!!
Now put on the dark robe and meet us in the park tonight at midnight. Bring an alcohol lamp and your chanting voice, brother!
??? I just want to know what it is.
A drug?
LOL CSC, was hoping you'd show up.
TED 3.88
crossing 4 would be much more important than this dow fall into 4 digits
the bogus bailout had the effect of increasing the TED spread - nice
The year 1999 was designated the International Year of Older Persons by the United Nations. It was the Year of the Rabbit in the Chinese zodiac.
1999 - Wikipedia, the free encyclopedia
What the hell is going on with the Yen????
LLiz:
Happy Fun Ball - Wikipedia, the free encyclopedia
CSC,
I will put-on goat-leggings for just such an occasion.
Please bring the M&Ms, you know, the OTHER M&Ms.
Since the Dow Jones occasionally kicks out losers from the index and replaces them with strong companies, this is actually a lot worse than it appears. Now adjust the Dow number for inflation and its much much worse. Now subtract taxes from all those 401K's and guess what? The only retirements that are fully funded are on wall street.
YouTube -
When does Bawney Fwank start speaking today about how great the bailout's working?
The dow has fallen more since they passed the bailout. What say you Bawney Fwank?
He should resign today, along with Dodd, Paulson, Cox, and Bernanke.
Comrade Von Helmut - I think red is the new black, isn't it?
Nova, your Congressman, Tom Davis, decided to call it quits 8 months ago. It isn't like he just woke up and decided to retire.
Va.'s Davis To Leave Congress at End of Term - washingtonpost.com
How late it is, how late.
S&P 1K already in play.
yay containment!
where's O'Joe and Sebastian? probably show up on the dead cat bounce later.
dow 4,000, woo hoo!
S&P crossing below 1050 - this is a bigger landmark - ouch
Calculated Risk writes:
America's lost decade ...
Or, America's LAST decade. Possible.
And even more important would be a big discount on the pricing of Freddie/Fannie debt in todays massive CDS unwind cluster $#^& party.
That single pricing could wipe out several players - and yet virtually noone knows who they are... yet
Bought SPY, bought QQQQ - stops in place
Keeps bouncing off of 10K like a happy fun ball ( still legal in 12 states ).
Do not taunt happy fun ball.
Is it true that, percentage wise, the market lost more in the 2000-2002 market than has been lost here?
Comrade Kristina:
I wouldn't miss the breakdancing bears. Where is brother Sebastian with his silver lining?
Margin Call of Cthulhu | 10.06.08 - 10:27 am |
Really, and he never called or anything. Where is the love and why was she so cranky?
Nemo writes:
CR was watching CNBC with his finger over the "post" button. That is hilarious.
nemos was watching calculated risk blog, hitting the reload button over and over
so was lawyerliz, theyieldcurve and mock turtle
but once again...you cant fight the fed, and you cant fight the tape
and most of all dont even try to fight Nemo's monkey!
ice anonymouse - money where your mouth is, the real deal
hope for your sake we are right - where did you catch the SPY knife?
Lost decade perhaps Clearly it is evidence of the power of cyclicality.
happy fun ball, I guess you had to be there.
Shall I refresh msn? LLiz bites her nails.
Jo: You've never seen it miss this house, and miss that house, and come after you!
from Twister...
should have said i hope you are right - i am much less sanguine
JDS Uniphase Corporation was formed by the 1999 merger between these two fiber optic companies, JDS Fitel and Uniphase Corporation. Also in 1999, JDS Uniphase was added to the S&P 500 index.
THE $25 BILLION ANALYST
Walt Piecyk's 15 minutes have arrived. A 28-year-old telecom analyst with Paine Webber, Piecyk has neither the experience nor the kind of first-tier employer (e.g., Morgan Stanley, Goldman Sachs, Merrill Lynch) that usually gives an analyst influence. But on an otherwise quiet day between Christmas and New Year's, Piecyk not only pushed a stock up 31%, he got his mug on CNBC and in the Wall Street Journal, and managed to get his name in more than 20 papers across the country. How? By making the kind of prediction that can electrify a stock, not to mention the career of an analyst: Piecyk announced that wireless phenom Qualcomm, then at $503 a share, could hit $1,000 within a year.
Roll that clock back!
SPY - $104.86; QQQQ - $34.29
My secret hope is that veterans get free houses from the gov since they will have so many.
Energy is getting routed for the past week.
Man....that is got to be hurting some hedgies....
Got to get out of the way of this de-leverageing boulder.
This drop is impressive - end of taxpayer bailouts unless this can be claimed as "the washout".
Paulson needs to resign this week.
Listen to the call of the Cthulhu, Hank... the Deep Ones are inviting you back to their chilly embrace.
That's a half position, btw. Will buy 2nd half if SPX 1000, but FEAR is so tantamount that I had to buy some.
excellent - few would have put their money where their mouth is and then posted ex ante - kudos
Can we go back retroactively and wipe off the books the idea that -777 was an important message?
Worth repeating:
Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.' -Andrew Jackson
Time to bring out the chimp for his humorless routine?
The Russell 2000 is now below 600.
for those who pay attention to pre-announcements....NFLX has warned for 4th qtr. Supposedly recession proof business' are getting hit as well. Excepting Lefty's of course
Nice of NFLX to warn right after the ESOP program made it's purchases.....I'm guessing the employee's are really happy that they waited until after the program made automatic purchases for them....
Ciao
MS
Biggest Dow Percentage Losses
Biggest Dow Percentage Losses | GetListy
While the 777.68 point loss in the Dow Jones Industrial Average on Sept. 29 was the biggest one-day decline in the indexs history, the 7-percent dip didnt rank among the greatest percentage losses of all time.
The top spot in that department goes to Dec. 12, 1914, when the average lost a whopping 24.39 percent.
Heres a list of the biggest percentage one-day declines in Dow history:
this whole this is surreal
like watching a really scary horror movie, that gets scarier and scarier and you wonder just where its going to end
(im thinking, i know what you did last summer?)
translation
i know what you did for the last decade
these morons better stop under-reacting to this crisis
i dont care what your political disposition might be
we need to nationalize all financial institutions... re-organize, wash out the bad actors, recapitalize and then return in time to private hands that which we can.
maybe its possible that us stupid constituents who wanted the bailout to fail new just a little something...?
Run Forest, Run!
The chimp is chocking on pretzels today.
ac | 10.06.08 - 10:31 am
Right On!
From Bloombergs article:
Fed Boosts Cash Auctions to $900 Billion, May Do More (Update2)
It is pretty much all out war,'' said Christopher Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd., New York.They are pulling out all the stops to try and get borrowers and lenders to meet and do transactions once again.''
Who would this be? Consumers? I don't think so.
My secret hope is that veterans get free houses from the gov since they will have so many.
nova | 10.06.08 - 10:30 am | #
just wait a few more months and they will be free
Hey lawyerliz- It was a commercial parody from Saturday Night Live. Phil Hartman did the voice over. It was pretty hilarious because apparently the ball didn't want to be taunted (!?) I did a quick YouTube search for the clip but didn't see it.
I got to hand it to Bernanke for actually keeping it in his pants as far as rate cuts are concerned.
I had expected a before the bell whack off.
Good luck talking about Ayers on Tuesday, Mac.
The Nasdaq went from 4500 down to 1100 in the tech bubble crash, so we're not anywhere near that bad yet.
CNBC is trying to cover up Dow sub 10k by NEWSFLASH: OIL BELOW $90!!!!!
Where are Ben Stein and Jeremy Seigal?
Freakin shills. Dingbats. Total Shamsters.
The Fed has also done another reverse repo. as of this morning.
Temporary Open Market Operations - Federal Reserve Bank of New York
Nice that it is a liquidity problem as they are actively removing it from the system.
Ciao
MS
So I have a 20K check in my pocket that I now have to take and put in a bank...Why is this not making me feel better?
oil below 90 might be worse than dow 9k
I liked Phil Hartman. Number of visiters rising. Happy to be here for the End of The World.
Now bks is down too and Apple unchanged.
SUPERFUND!
down goes Frazier...down goes Frazier
Can I hope they see the futility of their actions and cancel the bailout bill now? (sigh)
monta's ankle writes:
oil below 90 might be worse than dow 9k
monta's ankle | 10.06.08 - 10:35 am | #
Why?
to be fair the headline should read party like it is 2003 because the market was a lot lower then, all three indexes in fact.
I wonder if W will be leave with the stock market lower than when he came in. Obviously it will be for the S&P, but the Dow is even looking to be worse.
W and Republican congress = worst government ever!!
1-19-2000
DJI - 11489.36
SPX - 1455.90
Got one cart full up. Need another.
Speed shopping is FUN!
Past performance is blah blah blah....
The worst part is that wall street ripoff machine is sponsored by the fed and the U.S. government.
I say end inflation. Let people save for themselves in the context of a sound currency.
This is what they have for confidence, versus putting wall street crooks in jail:
"Jump, you f*ckers"
Oh and BTW, I was dead wrong about oil. Ain't that a bitch...oh well...I didn't have a dime in it anyway.
Did the yen just gain almost 3% against the dollar over the past two hours?
Ah, but you were not this government's constituents. The people they were actually TRYING to help made billions during this whole sham of a presidency.
Can you take the check to the bank it's drawn on and get cash? Sometimes my real estate clients-when I had real estate clients--would do this, I'd get a call from the bank, and I'd say, yeah, the lady with the red shirt is my client and you can cash it.
come ooooon, DJ 9800....
Hey, the Nikkei hasn't changed in a while... are they at lunch again?
the drop in oil price has coupled this problem to those few places where people thought they could hide (commodities funds, many emerging markets) more importantly, the SWF of the oil producing nations got whacked, and are now not being refilled as fast
the deflationary signal from the collapse in oil prices is highly disconcerting
We fired our cannon till the barrel melted down
So we grabbed an alligator and we fought another round
We filled his head with cannonballs 'n' powdered his behind
And when we touched the powder off, the gator lost his mind
We fired our guns and the British kept a'comin'
There wasn't nigh as many as there was a while ago
We fired once more and they began to runnin'
On down the Mississippi to the Gulf of Mexico
Can you take the check to the bank it's drawn on and get cash? Sometimes my real estate clients-when I had real estate clients--would do this, I'd get a call from the bank, and I'd say, yeah, the lady with the red shirt is my client and you can cash it.
lawyerliz | 10.06.08 - 10:37 am | #
That might work.
Wow - TSX @ 9,865
So do we still worship Buffet?
Could Erin get the geezer on the phone for some words of wisdom? I think there is a tasty morsel of Morgan Stanley to be had...
mock turtle --
and most of all dont even try to fight Nemo's monkey!
As long as we are on old SNL skits...
Go ahead. Touch my monkey.
Meanwhile, back in Mainstreet USA, a congressman/woman up for election in 4 weeks is feeling betrayed, and now will have to convince his/her constituents that things would have been worse if he/she hadn't voted to throw $700B down a hole...
Nikkei is closed...
That is one nasty looking nose dive on the DOW chart!, it's a tsunami cliff dive!
Any chance that the Dow goes down to 5000?
Out on the distant marches events were happening. Grim happenings, foretold in the BOOK OF THE BUBBLE. The Marcher Lords had made mistakes. The outer ring had broken down. Now the forces of Chaos Triumphant were pouring into the heartland.
The next shoe to fall is private (in)equity.
All those recent deals were done at huge leverage, foolishly low rates and high valuations. No way that can work out for the end user - pension plans.
Private equity shops are nothing more than glorified house flippers.
What a SHAM!
"The people they were actually TRYING to help made billions during this whole sham of a presidency."
Yes. The same ones who made billions during the previous sham of a presidency during the 90s.
Liz, it's drawn on Gibralter out of Coral Gables (My estate lawyer is in Southern Florida) I'm on the panhandle and there are no branches here...I thought of that last night and searched for branches...
Yeah, But CR, do you have some purple velvet outfit like Prince? Tanta singing backup?
homedad43 | Homepage | 10.06.08 - 10:13 am | #
TantApollonia?
OT: Anyone listen to Jim Cramer on Today (around 7:10 AM PDT)?
He said if you need money for the next five years, pull them out of stock market. He expects 20% decline before things improve. Apparently, he thought about this over the weekend!
Back to the party...
Hey, look on the bright side, the Teheran stock exchange is still waaaay up on the year!
There just has to be a Black Sabbath song I can play during this.
Nova,
I think Davis announced his retirement during a peak in the primary campaigns, so it probably was lost in the noise.
Maybe she was cranky because, as you pointed out, she's going to be out of a job in four weeks! And she is getting paid next to nothing to take calls by raging econ wonks coming out of the blogosphere.
In all seriousness, you could have done a lot worse than Tom Davis over the past years. For starters, he's not under investigation or indictment.
LOLLEROO!
They really are wheeling out Buffet... just did a teaser ahead of the ad break.
cramer is another garbage bottom caller - every three weeks, another bottom
Cramer: Being Too Negative Hurts
By Farnoosh Torabi | By Jim Cramer
You'll miss out on some opportunities, says Jim Cramer.
Related Topics: Consumer Goods | Financial Services
01:11PM 10/03/08
Relief Rally (Action Alerts PLUS
By Jim Cramer
I'm still wary of the credit crisis, but things feel better today than they did yesterday.
03:41PM 09/30/08
This Feels Like 1987, and That's a Good Thing (RealMoney.com
By Jim Cramer
Today's actions feel like the rescue operation that pulled us out of the crash.
04:19PM 09/18/08
I-Banks Would Be Great Pickups Here (RealMoney.com
By Jim Cramer
A commercial bank could add a solid book for a song.
03:09PM 09/18/08
etc.. Just thought I would lighten the mood
the deflationary signal from the collapse in oil prices is highly disconcerting
monta's ankle | 10.06.08 - 10:38 am |
Then this is bad news for pension funds who went heavy into commodities is my guess.
As an aside.... I'm an American and just learned something interesting. Maybe some of the foreigners here already know.
Did you know that Ellen Degeneres is the President of Germany?
Fascinating.
I also now know what a Credit Fault Swap is. Like a bet, man.... Crazy.
Can you believe Oregon State beat SC?
Happy fun ball has now moved to 9900.
holy sh!t
below 9900
In honor of Ahead of the Curve, who used to deride my investments in SRS and who claimed ELN was his stock of choice, I would like to point out that ELN just made it into single digits. Back when he used to like to ridicule me it was in the mid 30's.
He doesn't come around these parts anymore.
DJ 9800 is the new new
and that bad news for pensions/hedgies/sheiks has now translated into liquidation elsewhere
trouble abounds when correlations go to 1
Is it worth it to drive to Coral Gables or points north? It might be.
I'm in Merritt Island today, but will be a short distance to CG tomorrow. Call me tomorrow if you want to meet.
Obviously, call ahead to Gibraltar to see if there is no prob.
Question from the marginally informed... Are Fannie & Freddie bonds being repriced? Wasn't that one of the reasons for the US to nationalize...to back stop the bonds?
dan writes:
Hey, look on the bright side, the Teheran stock exchange is still waaaay up on the year!
Don't worry, it's going to bomb soon.
"Angry Saver writes:
Where is Abbey Joseph Cohen?
What a dingbat. "
That might the nicest thing said about ol' Abby today. I won't publish my thoughts about her here.
lawyerliz writes:
What's happy fun ball?
Happy Fun Ball
Saturday Night Live - Happy Fun Ball - Video - NBC.com
ok, this is now panic mode
This is a vindication to Peter Schiff, David Tice, Dr. Roubini & Dr. Faber who saw this comming 3 years ago.
Dow 10k includes survivor's bias.
In 1999 the Dow included:
Goodyear Tire and Rubber Company, Sears Roebuck, Union Carbide, International Paper, AT&T, and Eastman Kodak.
Anyone care to pull the likes of Microsoft and Intel out of the Dow and put these dogs back in? Interesting note AIG got both in and out of the Dow 30 in this period.
DJ 9800 is the new new
DOW 9800 is the new DOW 10000?
In all seriousness, you could have done a lot worse than Tom Davis over the past years. For starters, he's not under investigation or indictment.
Margin Call of Cthulhu | 10.06.08 - 10:41 am |
And no problems in any mens rooms, or with Pages, I suspect he is burned out.
lessee..
850 billion bailout
1.2 trillion in stock market losses since bailout
Way to go CONgress.
CRVIX 755.
In all seriousness, you could have done a lot worse than Tom Davis over the past years.
For sure. As chair of the House oversight cmmte. he wasn't troubled by wars, torture, wire tapping, DOJ shenanigans or possible financial melt downs. He kept his eye on the ball and went after the for real miscreants. BASEBALL PLAYERS WHO SHOT A STEROID FILLED NEEDLE IN THEIR RESPECTIVE ASSES
YouTube - BEGIN THE BEGIN - REM
If they put Buffett in jail, I'm all in!
Through unprecedented intervention by the U.S. Treasury, Paulson led government efforts to avoid a severe economic slowdown.
Oh, and I don't know anything bad about Gibraltar. A client of mine borrows from them and he is making his payments.
Soon, we will more time to read and discuss, as there will be less work to do.
Matti Kinnunen
Yow, Matti, my thoughts exactly, just this afternoon.
It is an opportunity, but I confess to anxiety about what will be the subject matter.
!
Popsie Nomansky writes:
Any chance that the Dow goes down to 5000?
Probably not today, but give it a couple weeks.
uh oh, this is starting to look like free fall
TED just broke 3.9
EEV - emerging markets ultra short iis up 25% today. I held call options on it before the bailout but sold them for a small profit not liking the meddling. Oh well. Another winner turns into a morsel in my hands.
CNBC Breaking News: Guy found on street says at worst a moderate recession, not a deep recessio
The T-bill bond fund I put my 401k in six months ago is green 0.011% today.
At ~4% a year, this "most conservative" investment is now up 42% over the last nine years, but if you bought the Dow, you're flat for that pariod!
Wait.. let me go watch Flip that House and feel better.
Down 490
50/50 chance of circuit-breakers today?
Hear, Hear, 12th percentile!
I remember those converstations, partly cause we share the same SRS bet.
hiker90 of the lowest 12th percentile
Since with the problems in Europe the European banks will not have any extra cash, or time, to deal with the US problems.
Does this mean Central Bank coordination means returning phone calls from the US in 2 working days or less?
Hey everyone - i was off the Net all weekend.
Did I miss anything???
Well it is good that congress voted for the $700B due to the 700 points drop because if they would vote today based on dow drop it would have been for $1.2T
at this rate we'll knock 20% off today
panic buying anyone?
rate of descent linear and steep, begin to fill the ballast tanks
Almost halfway to the circuit breaker.
Neil Young: Let's Impeach The President
YouTube -
You guys are a bunch of wimps--this is nothing compared to early 2000's.
below 9800
Wow, I haven't seen a reference to Happy Fun Ball in like 10 years. Which is appropriate, I guess.
Thanks for the memories!
Nemo | Homepage | 10.06.08 - 10:21 am | #
Caution: Do not taunt happy fun ball.
damn. blew right through Dow 9800.
Life's rich demand creates supply in the hand of the powers - the only vote that matters...
YouTube - R.E.M. w/ Eddie Vedder - Begin the Begin
anonymous writes:
EEV - emerging markets ultra short iis up 25% today. I held call options on it before the bailout but sold them for a small profit not liking the meddling. Oh well. Another winner turns into a morsel in my hands.
No one ever lost money taking profits.
-533.95
Someone put the breaks on quick!
Bloomberg radio has the hearings on.
Dickey Fuld's bit should be fun to hear.....if he even shows up.
Ciao
MS
Bought 1/4 more position in SPY, QQQQ (extreme $TICK just registered)
New Stock Market Terms & More a/o October 2008
\t
\tCEO --Chief Embezzlement Officer.
\tCFO-- Corporate Fraud Officer.
\tBULL MARKET -- A random market movement causing an investor
\tto mistake himself for a financial genius.
\t\t\t\t\t
\tBEAR MARKET -- A 6 to 18 month period when the kids get no
\tallowance, the wife gets no jewelry, and the husband gets no sex.
\t\t\t\t\t
\tVALUE INVESTING -- The art of buying low and selling lower.
\t
\tP/E RATIO -- The percentage of investors wetting their
\tpants as the market keeps crashing.
\t\t\t\t\t
\tBROKER -- What my broker has made me.
\t\t\t\t\t
\tSTANDARD & POOR -- Your life in a nutshell.
\t\t\t\t\t
\tSTOCK ANALYST -- Idiot who just downgraded your stock.
\t\t\t\t\t
\tSTOCK SPLIT -- When your ex-wife and her lawyer split your
\tassets equally between themselves.
\t\t\t\t\t
\tFINANCIAL PLANNER -- A guy whose phone has been
\tdisconnected.
\t\t\t\t\t
\tMARKET CORRECTION -- The day after you buy stocks.
\t\t\t\t\t
\tCASH FLOW-- The movement your money makes as it disappears
\tdown the toilet.
\t\t\t\t\t
\tYAHOO -- What you yell after selling it to some poor sucker
\tfor $240 per share.
\t\t\t\t\t
\tWINDOWS -- What you jump out of when you're the sucker
\twho bought Yahoo @ $240 per share.
\t\t\t\t\t
\tINSTITUTIONAL INVESTOR -- Past year investor who's now
\tlocked up in a nuthouse.
\t\t\t\t\t
\tPROFIT -- An archaic word no longer in use.
Scottrade taking forever to load now.
DJIA
9,799.39 \t-525.99
karelian --
So do we still worship Buffet?
No, but Buffett is doing just fine. Berkshire stock is up nicely in the past year...
I'm reminded of the stellar collapse phase of a supernova...
actually, this is much much worse than 2000-2002
correlations are going to 1, it is quickly becoming a global rout in all asset classes
2000-2002 was a mosquito for most of us
Alright DOW...STOP your sending us to the poor house.
S&p 500 = 1027 ..ouch...
Re: panic buying anyone?
Cash is royal, anyone who would invest in corruption is insane and deserves to get burned!
Clean up wall street and people will come!
Like so many other bloggers, I will remember where I was when Wall Street looked at the bailout plan that had just been voted in....and decided the thing they had just pushed for didn't matter.
There is an immense silver lining here. If the market shows how little it cares about the bailout plan, maybe the federal government will try something which might actually help, like taking over all of the ailing banks and firing all of their management at once.
Does anyone know why Angelo Mozilo is not making his presence felt these days? His rational analyses could have a calming effect on the market. How much of his bonuses taken during the last 7 years will he be using to buy CDO's to help stabilize the credit markets?
Wake up...
yawn...
stretch...
look at market...
scream...
fall back asleep.
Under Bill Clinton, a rising sea lifted all boats. All levels of the population improved. Under Bush, everybody got screwed sideways except for the top 2%.
9200 here we come.
Know how to get a broker out of a tree?
Cut the rope...
dow will drop to 8250 by year's end.
There is an immense silver lining here. If the market shows how little it cares about the bailout plan, maybe the federal government will try something which might actually help, like taking over all of the ailing banks and firing all of their management at once.
At least the f**kers weren't rewarded for passing the bailout. Now they'll be getting thousands of angry calls from constituents complaining bitterly.
Funny that mp stated in one his posts yesterday "Buy Ammo." I had just come back from buying some. It was only me and a Muslim guy buying. He was buying NATO rifle caliber in quanity.
A little credit market news:
A2/P2 spread back up to 3.38 (not recent peaks, but still a depression level). Volumes are still high for short-duration and low for long-duration, but it's a lot better than the worst two weeks. The benefit is almost all in asset-backed paper, so the Bank of the Fed probably caused the revivial. Even with Bank of the Fed open we haven't seen any A2/P2 or AA financial deals crossing into 2009.
Patriot Act anyone?
Anonymous at 10:50 wuz I.
Now for housing prices to come down to 1999 prices. I know there are a lot of foreclosures that are going for 1999 prices and lower. But it's about time for the rest of them to follow.
Reference point:
Jul 1 1929: 343.45, Apr 1 1932: 42.84
-87.5%
Extrapolation: 3127 (warning Dow formulation has changed both in method and composition significantly during the last 80 years)
What is the circuit breaker based on today's open?
cnbc are totally morose with their guests today. Like, do I really have to talk to this guy about his company? really? lemme try really hard to squeeze out a question. Listless would be a good word.
It was only me and a Muslim guy buying. He was buying NATO rifle caliber in quanity.
He's a friendly. The bad ones prefer AK's
Mark Haines just cited an interesting statistic on today's NYSE trading.
"Down volume: 464 million shares. Up volume: 2 million shares."
Says 230-to-1 ratio is "unheard of".
Erin looks good in black.
Stop worrying. The shorts will step in any second and the covering bounce will trim the decline. Oh.... wait. Nevermind. Hoist by thine own petard.
Now for housing prices to come down to 1999 prices. I
Many houses in our area selling for 10-20% below their 2003 new prices.
We can all prop this market up on Wednesday with SHORTS!!!
$TICK hit -1500! I can't find such a high reading on my charts going back half a decade
FYI: Oct. 6, 2008 - Attorney General Edmund G. Brown Jr. today announced a landmark, multi-state settlement with Countrywide Home Loans, Countrywide Financial Corporation and Full Spectrum Lending that is expected to provide up to $8.68 billion of home loan and foreclosure relief nationally, including $3.5 billion to California borrowers.
The settlement does not include Angelo Mozilo, the former Chairman and Chief Executive of Countrywide Financial Corporation or David Sambol, formerly the President of Countrywide Home Loans and the President and Chief Operating Officer of Countrywide Financial Corporation. Brown will continue to prosecute his case against Mozilo and Sambol.
Fraud Guy: NYSE works quarterly.
1100/2200/3500 are the breakers
TED 3.95, credit spread nightmare scenario unfolding
Well, at least the decline will stop at some point as people cover their shorts in the financial sec... oh, right.
TED spread at 3.95
President Bush's comment on today's stock market action: "This sucker's going down!"
Just to be a funny guy I bought some SSO.
Not much mind you, but I figured it would be entertaining.
Bottom?
Hey guys, I hate my job, I'm thinking of quitting. How do I get into this blogging thing? is the internets falling down as well?
I wonder how this all will affect these kool kidz:
Young Entrepreneurs Making Money Online
ac,
You might (might) have to wait a few days but SSO will jump fast
Program trading on the downslope is a bitch. Lookout below!!!!!!!!!!
President Bush's comment on today's stock market action: "This sucker's going down!"
He was refering to Barney Frank, not the DOW
squeezed, wait until Friday for a rally. Short sellers can come back in Thursday if they send out daily newsletters detailing all their positions and submit to nightly questionings by the SECs 2 employees
No reason to get excited,
The thief he softly spoke.
YouTube -
Essentially you have a bunch of very young rich brats running wall streets -- that just lost everything; hope they have windows to bail out of!
jfkesq writes:
dow will drop to 8250 by year's end.
Your shiny happy optimism isn't gonna fly here.
I feel like a looky-loo on the freeway. I know there is a massive accident. I see broken glass, crumpled metal, and oh my God some blood in the road. Do I just put my head down and pass by?
Nope. I park my car and stare at the carnage. And looky there, 800 other people eating sandwiches and watching people die.
Hi CR readers! Hell of an accident, no?
Wait, is that my 401k under that crushed Lexus?
Bailout not goodz?
TED trying to go to 4
Bloomberg.com:
Personal Finance
someone got the wrong memo to the PPT - defending 9800 and 1025 S&P not quite as useful
Looks like the DOW is spalling off another 500 points on the way to oblivion. I wonder if the pump monkeys will be able to prop it back to 10,000 this week? I also wonder why I bother investing in anything other than CD's, which despite having a pathetic rate of return, will at least return something over 10 years... assuming the bank is still around, of course!
Long-term investing for the win - maybe in another 10 years you'll have made some money... not counting inflation, fees, taxes, etc.
Good thing the shorties will be here soon to cover.
Kona writes:
Essentially you have a bunch of very young rich brats running wall streets -- that just lost everything; hope they have windows to bail out of!
Jump you fuckers! | My[confined]Space
Anonymous,
The Mitchell report nonsense occurred under Waxman, not Davis. Davis - a Republican - hasn't been chair since the Democrats took over the House. And many of other things you name do not fall under House Oversight's jurisdiction, and several of those issues did not break into the news until after Davis lost his chairmanship.
And FYI, Cthulhu is not a Republican.
"TED 3.95, credit spread nightmare scenario unfolding""
I'm actually more worried about the TED and CP spreads. That sort of mechanism (bank failures, credit deflation) was really what made The Great Depression ......... "Great".
The stock market crash, well... that didn't help.
I'm not buying until a cab driver tells me to sell everything ..
Gold and the Dow will cross at 4000.
Official Cramer ass-clown story: Jim Cramer: Time to get out of stocks - TODAY Technology & Money
Comrade Dope Baron Von Helmut writes:
Can I hope they see the futility of their actions and cancel the bailout bill now?
Like I said, politicians are going to look awfully stupid if this doesn't bottom and rally.
If HaloScan is still active in 2 years, Dow 6k is the time to buy with a pop at 8000
The schadenfreude has faded. Now all I feel is a sense of freedom and renewal. Yeah, it's going to be tough going for a while but now that we've cleared out some of the Bratz... I feel sorta good and hopeful, in a grim kind of way...
Wow S&P down over 6%, shit, and I was looking for 900 by XMAS, we may get that today!
BB: Epic find, dude. This is the best protest sign I've ever seen.
Jump you fuckers! | My[confined]Space
Davis was asked what as a commte. he had oversight on and his response was "everything". He covered for Bush for 4 years. Throw him on the ash heap
Can we get the trillion back from Paulson now?
I mean - he hasn't spent it yet, so he could be charged with treason and frogmarched to Leavenworth, right?
"Stop worrying. The shorts will step in any second and the covering bounce will trim the decline. Oh.... wait. Nevermind. Hoist by thine own petard."
Rob Dawg
Priceless! I bet you've waited all morning just to post that.
Comrade Kaboom,
The 90s were the recovery from the prior cyclal bust. Clinton had nothing to do with that. Just lucky timing. Bush is a dope, but he had similarly bad luck. Timing is everything.
The next president will come into a mess that will ultimately be a strong recovery like the 1990s - no matter who is president. However, the tricky question for the next president is whether the recovery will be felt by voters before the elections in 1012.
If I was on Wall Street I would be running for that open elevator shaft before there were too many bodies to break the fall.
Blackhat -
I'm amazed that so many didn't take action to protect themselves, even when they had a clue what might be happening.
I see a train, I run.
I think the PPT has arrived for work. Yawning, hung over, bad breath, but feisty.
How timely. I pulled out my "The Very Best of Prince" CD yesterday afternoon and played "1999", while explaining to relatives where the markets would head today. Anyone care to rewrite the lyrics to "party like it's 1929"?
Sorry, Venkman, I'm terrified beyond the capacity for rational thought.
"I told you not to cross the streams"...
Comrade Dope Baron Von Helmut writes:
down goes Frazier...down goes Frazier
Can I hope they see the futility of their actions and cancel the bailout bill now? (sigh)
"Young fool[ish Congresspeople]. Only now, at the end, do you understand."
S&P P/E: @ 13.21
It was 14.05 9/29/08
So, valuation has a ways to go still
Capital preservation.
It's the new Crocs.
Fair Economist, re: A2/P2
What I find telling is that they didn't have enough data to quote 90 day A2/P2 or AA financial
AA Asset-backed financial is 4.38% 90 day. No wonder everyone is addicted to Fed Reserve short term cheap money.
No bank these days were designed to handle anything near that
"Yeah, it's going to be tough going for a while but now that we've cleared out some of the Bratz"
but I love Bratz, especially with emmenthaler and mustard...
Thanks liz, I did some looking into Gibralter, they are a sub of Boston Financial which is in some trouble with subprimes. I have to make this deposit to cover my mortgage (husband laid off for 5th time in less than a year and my own job as a bartender has not been great lately (about a 20% cut in pay, tips are WAY down). I'm going to speak with my bank now and see if I like their answers. If not I will try my husband's which is Tyndall FCU...Wish me luck...
The up volume is 1/200th of the down volume, Haines was saying he had never seen that before. That is what happens when you ban shorts, I think?
Remember the headlines about the market dropping because the bailout didn't pass?
I'd like to ask those reporters a few questions right about now.
Bailout protesters are in Downtown SF at my train station. They need some better chants. Hey Hey Ho Ho Bailout has got to go just doesn't inspire.
USD/YEN hit 100.210 - good enough for gubmnt work!
Have to go to work now.
I wonder when CNBC is going to blame today's drop on "anticipation of the return of short sellers on Thursday".
Ren: uuugh. I have a feeling though that the old professional protesters are soon going to elbowed out by the leftwing version of Bratz (aka "The Disgruntled Children of Obama")
Just stunning.
Yeah, CSC, I generally try to slow down for a look while my better half tries to get out and help.
No helping here since not a damned thing to be done.
We're now in process of putting a new definition to the term, "Fave Five".
This is all wild stuff... I remember watching while the market crashed in 1987. It was much more dramatic than this decline.
Nonetheless, this volatile decline is evidence of the late stage of the current cyclical decline.
Does Melissa Francis have a tiny head or just a giant mouth?
You know, I'm feeling better about the availability of rendition and torture under this administration. I suggest we shift the FDIC fleet of black vans to the disappearance squad and make a bunch of executives go away.
energycon update your blog more often =}
Must see, What a surprise
Commerical paper volumes via the Federal Reserve (I love that website, so much data they never even read).
Things were cut off mid September and are nothing in October. Asset Backed AA financial doubled in October vs September as unsecured paper was cut off. You can see the same things with the Euribor (unsecured)
CARRY trade unwind is brutal today
Where is the bottom?
I think we are losing are bottoms!
LawyerLiz - You ever work as a Public Defender? You remind me of one.
what happens when they start the marky marks on CDS later today?
-1000?
Where is the bottom?
I think we are losing are bottoms!
Zephyr | Homepage | 10.06.08 - 11:08 am | #
Bush and Paulson are busy looking for it with both hands, to date, no luck in finding it...
We are losing our bottoms!