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Author Topic: Financial Hurricane
YaYawoman

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Icon 1 posted September 15, 2008 06:03      Profile for YaYawoman     Send New Private Message       Edit/Delete Post   Reply With Quote 
Hello all. Time for another yaya finance heads-up.

Last night, sunday evening, was a wild night in the finance world.

Lehman Brothers is no more. the NY Fed was trying to help broker a deal with many reps from banks worldwide but it fell through. Barclays declined and walked away, then Bank of america, then it was allll over. Lehman filing BK.

(Up to 26k jobs affected in that one, ouch)

Then Bank of America turns to Merril Lynch and says, hey cutie, lets hook up. So BofA and Mother merril are merging. I dont know how many jobs affected there.

THEN after all that AIG the insurance company are facing a downgrade and tried to tap the FEDS for a bridge loan and were supposed to announce a detailed plan this morning to restructure.

wow, what an interesting day this will be!!!

Posts: 765 | From: virginia | Registered: Oct 2005  |  IP: Logged
The Famous Druid

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Icon 1 posted September 15, 2008 13:51      Profile for The Famous Druid     Send New Private Message       Edit/Delete Post   Reply With Quote 
It's only a week or so since the $200 billion 'rescue package' for Fannie-May and Freddie-Mac (is it any wonder your financial system is a mess, with major institutions named after in-bred hillbillies?). The local press were full of "Happy Days Are Here Again" headlines.

Didn't last long. [Frown]

Now two major banks have bitten the dust on a single day, and the Fed has gone into 'panic mode', with a bail-out package that would have been unimaginable even a few months ago. It's announced it'll accept worthless CDO's at face value, and will lend to banks with no security other than shares in the borrowers (which will be worthless if they ever have to call those loans in). There's been no mention in the local press of the cost of this package, I suspect it's because no-one knows how much it'll cost.

They interviewed Greenspan on local radio last night, he was basically saying "man the lifeboats".

Scary times.

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If you watch 'The History Of NASA' backwards, it's about a space agency that has no manned spaceflight capability, then does low-orbit flights, then lands on the Moon.

Posts: 10669 | From: Melbourne, Australia | Registered: Oct 2002  |  IP: Logged
Cap'n Vic

Member # 1477

Icon 1 posted September 16, 2008 11:00      Profile for Cap'n Vic     Send New Private Message       Edit/Delete Post   Reply With Quote 
Four more years! Four more years! Four more years!

In related news.

Posts: 5471 | From: One of the drones from sector 7G | Registered: Jun 2002  |  IP: Logged
spungo
BlabberMouth, a Blabber Odyssey
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Icon 1 posted September 16, 2008 11:36      Profile for spungo     Send New Private Message       Edit/Delete Post   Reply With Quote 
Just wait for AIG to crash... hoooo doggie.

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Shameless plug. (Please forgive me.)

Posts: 6529 | From: Noba Scoba | Registered: Jan 2002  |  IP: Logged
Xanthine

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Icon 1 posted September 17, 2008 07:42      Profile for Xanthine     Send New Private Message       Edit/Delete Post   Reply With Quote 
Eff that. I'm on tenterhooks over WaMu. My family's bank and all that. What happens when the bank holding your mortage and a bunch of your investments goes under?

NB: My parents do the 20% down, fixed-rate 30-year thing over a decade ago. They may have even paid off the house by now - fortune smiled on then a few times in the last years. Even so, when the bank holding your mortage goes under, what happens to your mortage?

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And it's one, two, three / On the wrong side of the lee / What were you meant for? / What were you meant for?
- The Decemberists

Posts: 7670 | From: the lab | Registered: Mar 2001  |  IP: Logged
GrumpySteen

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Icon 1 posted September 17, 2008 08:01      Profile for GrumpySteen     Send New Private Message       Edit/Delete Post   Reply With Quote 
Xanthine wrote:
when the bank holding your mortage goes under, what happens to your mortage?

When a mortgage company goes under, the mortgages they hold are sold to the highest bidder. The best case scenario is that there's a new address that payments get sent to and everything else is the same. The worst case scenario is that it gets sold to a disreputable company with a history of taking advantage of customers.

If you wind up in the latter position, signature confirmation is your friend. It's hard for a company to deny that they recieved a payment when faced with proof of delivery, so 'little mistakes' get fixed quickly.

</voice of experience>

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Worst. Celibate. Ever.

Posts: 6364 | From: Tennessee | Registered: Jan 2000  |  IP: Logged
TheMoMan
BlabberMouth, a Blabber Odyssey
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Icon 1 posted September 18, 2008 07:36      Profile for TheMoMan         Edit/Delete Post   Reply With Quote 
____________________ de TheMoMan __ YaYawoman me thinks that this is the history lesson every one forgot, History does repeat and often for those that do not heed warnings. Too bad we do not have an FDR or Givem Hell Harry, in line for the White House.


http://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929

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Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.


Benjamin Franklin,

Posts: 5836 | From: Just South of the Huron National Forest, in the water shed of the Rifle River | Registered: Sep 2002  |  IP: Logged
YaYawoman

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Icon 1 posted September 18, 2008 19:20      Profile for YaYawoman     Send New Private Message       Edit/Delete Post   Reply With Quote 
well between school, work, a possible internship and following this amazing and horrifying wreck I havent had much time.

Xanthine, you keep on paying your mortgage, when you get paperwork advising you to send your mortgage to a new address, send it there. Steens advice is very good, hahaha. Also keep all accounts under the fdic limits. anything over the limits remove it and place it elsewhere.

be careful of money market funds, there have been several today that have broken the buck, some have suspended redemptions and it is looking kind of choppy there. MM's are not risk free, no matter how people perceive them, and be careful soem are not fdic insured. check out the fine print on the prospectus.

From the bit I have read tonite, it seems Cox of the SEC is about to push through congress a law banning short selling "temporarily". Look out below. I bet there is a huge pop on the news, but in the long run it will be more dangerous and downward in the markets. shorts set a floor. when all are afraid to buy, the shorts are covering, buying, pushing the price back up. without that floor, wham, down down down, or even worse, no bid. dumbasses.

Naked shortselling is illegal, and if the damn sec and otc people had actually enforced the regs and laws ALREADY on the books, would have nipped that in the bud.

Shoot, could re-instate the up-tick rule. Used to be illegal to short a stock if it was going down, could only short on upticks. that required balls of steel and good command of fundamentals, able to spot some company that is going up, but would someday theoretically in future go down.

sure, we are entering a bear market, and a liquidity trap, lets hoover up whatever small amt of liquidity out there. sigh.

morons

Posts: 765 | From: virginia | Registered: Oct 2005  |  IP: Logged


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