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Public Comments
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check out the Sarah Palin song at 5:53
classic!
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110 is too high
I believe it's 90-100.
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unlucky 13
Be sure to watch the video showing his facial expressions as the verdict is read.
He's gonna spend the rest of his life locked in a cage, where he should have been 13 years ago.
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a tie or McCain win is very unlikely
a landslide Obama victory is more likely
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MISSOURI BIRD CHEERS ON OBAMA
I LOVE THIS BIRD!!!!!!!!!!!!!
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Devrivative Demons
I think its interesting that Bush didn't mention derivatives at all in his speech. Derivatives are what is really going to kill our economy. There is about 1 trillion dollars in subprime loans but around 62 trillion in subprime derivatives. Why would a company make loans to people that can't afford them? Because you turn around a bet that the loan will fail. That way you win either way.
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I got smarts real good.
Sara Palin does not need facts, she's a PATRIOT... heelllloooo, duh doodie face.
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My gamer tag
projectlinus and song No Cars Go by The Arcade Fire
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haha, the Microsoft / Seinfeld ad campaign is already canceled
After dumping its $10 million contract with Jerry Seinfeld after just three ads (only two of which even aired) Microsoft has created new ad copy where regular people and a few celebrities say, “I’m a PC!” One problem with the campaign’s credibility: the ad work was created using Macs.
http://www.roughlydrafted.com/2008/09/19/microsofts-im-a-pc-ads-create...
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You can't change the rules in the middle of the game
Hedge fund managers who made vast profits betting against the nation’s financial titans called the ban unfair, and said the move would only prolong the financial crisis. Some traders said they were no longer betting on the intrinsic health of companies, but rather on what the government might do next. Others simply withdrew from the market.
“Some of my clients are literally closing their books and going on their vacation for two weeks — they can’t operate in this environment,” said Meredith A. Whitney, a financial services analyst. “You pack up and come back and play the game when you know what the rules are.”
“People have definitely been saying that this is no longer an investor’s market, nor even really a trader’s market — it’s all entirely speculation on what the government is going to be doing next,” said a broker at a Wall Street firm, who was not authorized to talk to the press. “Anyone who thinks they have a handle on where things are going is deluding themselves.”
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update
127 days later, #1 (Bear) and #6 (Fannie) already went under (government bailouts).
#5 (Lehman) is days away from going under. #3 (Merrill) is probably a few weeks to a few months away from collapsing.
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I've never heard him this angry
Classic ... great audio.
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Lehman will be gone by next week
Kiss it goodbye.
Lehman will be gone within a week.
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Not protecting the $36 billion in preferred stock = toast for financial stocks
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_U/threadv...
Not protecting the $36 billion in preferred which was mostly owned by the banks is a huge negative for financial equities. Here is a quote from the Treasury today.
There is definitely some nervousness. From the statement:
'The agencies encourage depository institutions to contact their primary federal regulator if they believe that losses on their holdings of Fannie Mae or Freddie Mac common or preferred shares, whether realized or unrealized, are likely to reduce their regulatory capital below "well capitalized." The banking agencies are prepared to work with the affected institutions to develop capital restoration plans consistent with the capital regulations.'
Also, given this part and the fact that the ambiguity has moved from FNM/FRE to the treasury in terms of how much this is going to cost you'd think treasury yields will have to climb:
"Our nation has tolerated these ambiguities for too long, and as a result GSE debt and MBS are held by central banks and investors throughout the United States and around the world who believe them to be virtually risk-free. Because the U.S. Government created these ambiguities, we have a responsibility to both avert and ultimately address the systemic risk now posed by the scale and breadth of the holdings of GSE debt and MBS."
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Pesky Facts
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_U/threadv...
BSC, survived the great depression, now gone. The government came in to help.
FNM and FRE, the backbone of our troubled housing and mortgage system, shareholders incinerated. The same government is moving in to help.
IndyMac, gone. CFC, gone (absorbed).
FDIC list of banks in danger grew 20% last month. The more money the government uses on bailouts, the more companies are lining up for theirs.
Banks are selling off whatever they can to raise cash. While LEH was negotiating a sale with a Korean group, one of the commodity funds they were heavily invested in went belly up. The Koreans walked away.
In spite of all the government help, the Dow is down 3,000 points in less than a year and we are still in official bear market territiory.
Unemployment flew through 6% and those who closely watch this believe it will go higher. Cheaper mortgage rates are not what they need.
We are losing jobs at the fastest rate since the depression. GM, Ford and Chrysler are burning through more cash than the budget of many medium sized countries around the world.
Some people have been waiting for the magic turnaround because they refuse or are incapable of seeing or believing in facts, maybe for political reasons, I don't know. Their epiphany may be the black swan event. They rush in to buy every time the magic bullet is fired from the starters gun that signals we have seen the bottom and the financials are now healthy. Then we have rallies in financials that last for a few days, usually less than a week.
There have been 7 or 8 of these rallies just this year. In that time UYG has gone from $73 to $21.
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wow
1. The quantities of Fannie and Freddie bonds outstanding and needing government support are so massive. According to the Federal Reserve's recently released Flow of Funds (pdf page 96), agency- and GSE-backed securities — mostly issued by Fannie and Freddie — total a whopping $7.6 trillion, or $2.4 trillion MORE than the entire amount of Treasury securities outstanding.
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