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#1041870 - 09/15/08 10:56 AM
Is Wall St falling down?
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10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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NEW YORK -- The American financial system was shaken to its core on Sunday. Lehman Brothers Holdings Inc. said it would file for bankruptcy protection, and Merrill Lynch & Co. agreed to be sold to Bank of America Corp. http://online.wsj.com/article/SB122145492097035549.html
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Get your facts first, then you can distort them as you please. - Mark Twain
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#1041881 - 09/15/08 12:26 PM
Re: Is Wall St falling down?
Retired DQ
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Power Poster
Joined: Apr 2007
Posts: 2,649
The Land of Tax Free Shopping!
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It's actually how our system should work; the market rewards those who make good decisions with profit, it rewards those who make bad decisions with losses. The financial sector has made some bad choices with derivative debt securitizations, and the market is righting itself. Government bailouts only prolong the pain.
I know it's hard to hear, but it's the truth.
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Caveat Lector! The opinions expressed in this post are those of FBH and no other, not even my employer!
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#1041885 - 09/15/08 12:44 PM
Re: Is Wall St falling down?
Bimmer
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Joined: Dec 2002
Posts: 40,766
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FBH, I completely understand, and I am glad they aren't being bailed out. But, how many other firms will be going down before the housing market stabilizes??
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Get your facts first, then you can distort them as you please. - Mark Twain
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#1041917 - 09/15/08 01:18 PM
Re: Is Wall St falling down?
MagicCity
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Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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MC... can you paraphrase... cannot get youtube here at work.
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I don't repeat gossip, so listen closely...
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#1041923 - 09/15/08 01:22 PM
Re: Is Wall St falling down?
#Just Jay
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Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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me either...
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Get your facts first, then you can distort them as you please. - Mark Twain
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#1041979 - 09/15/08 02:23 PM
Re: Is Wall St falling down?
MagicCity
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Joined: Nov 2003
Posts: 12,846
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It was McCain saying that he does not know much about the economy. At least he knows the impact of raising capital gains and dividend taxes on a weak economy.
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#1041984 - 09/15/08 02:26 PM
Re: Is Wall St falling down?
Jokerman
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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the DQ isn't going to call out my bank again I hope!
we are part of the solution!
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1041985 - 09/15/08 02:27 PM
Re: Is Wall St falling down?
Pale Rider
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10K Club
Joined: Jul 2004
Posts: 18,989
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♪How come every time you come around My London London Bridge wanna go down Like London London London wanna go down Like London London London be going down like
The drinks start pouring And my speech start slurring Everybody start looking real good ♪
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With the lights out, it's less dangerous.
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#1041992 - 09/15/08 02:34 PM
Re: Is Wall St falling down?
Pale Rider
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10K Club
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
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the DQ isn't going to call out my bank again I hope!
we are part of the solution! BOA BOA BOA!!!!
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain
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#1042038 - 09/15/08 03:28 PM
Re: Is Wall St falling down?
Retired DQ
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Power Poster
Joined: Jul 2002
Posts: 6,726
the sandy shore
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Lehman Acquires United States (Update 1)
Sept. 10 Lehman Brothers Holdings Inc. (LEH) announced today that it has acquired the United States.
CEO Richard Fuld announced at a press conference that since it was unable to raise needed capital in it's talks with Korea Development Bank, which ended in failure yesterday, the company was faced with the undesirable choice of raising capital by selling off profitable units such as it's asset-management unit. Lehman's board feared even that would not restore investor confidence and might result in a forced-sale of the company orchestrated by the Federal Reserve for far less than it was worth, much as was the case with Bear Stearns.
The board voted to take over the United States instead. Fuld stated that the United States Government was so weak financially that it could not stave off the hostile takeover and that the price paid was a bargain given the United States' current financial situation.
Fuld said that Lehman would immediately replace management of the United States and that by eliminating Congressional benefits and perks alone, should be able to eliminate the deficit and restore profitability by the 2nd quarter of 2009. He expressed regret that the President, Executive staff, Congress, and their families would experience severe financial hardship since "they have no marketable skills"; however he said Lehman had no choice. "It was literally us or them".
In a coordinated press conference, Chinese Premier Wen Jiabao stated that China had financed the takeover in exchange for an undisclosed number of Lehman common shares. "The United States has been spending like a drunken sailor for the last 7 years. We have financed their deficit almost single-handedly during that time. We have become increasingly distressed over the doubling of the national debt of the United States by the current administration and felt that repayment of the debt owed us was in danger. The United States government approached China for a poison-pill loan to prevent the takeover by Lehman; however feeling the Lehman offer was far superior, we declined their request. Holders of debt of the United States, including Treasuries, Ginnie Mae securities, and the mortgage backed securities of Fannie Mae and Freddie Mac, which became guaranteed after the Treasury conservatorship of the two companies, need not worry. Their debt is now backed by the full faith and credit of the People's Republic of China."
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I disbelieved what he was saying so hard, I probably created an alternate universe where it wasn't true.
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#1042058 - 09/15/08 03:39 PM
Re: Is Wall St falling down?
E.E.G.B
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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where do we go to learn Cantonese?
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1042066 - 09/15/08 03:43 PM
Re: Is Wall St falling down?
Pale Rider
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Joined: Jul 2004
Posts: 18,989
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Canton, duh!
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With the lights out, it's less dangerous.
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#1042146 - 09/15/08 04:46 PM
Re: Is Wall St falling down?
Retired DQ
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10K Club
Joined: Aug 2002
Posts: 34,318
under the Lone Star
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more shoes to fall no doubt, but this is a drop in the bucket when we lose control and go off in the ditch over Social Security, Medicare and Medicaid......
_________________________
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.
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#1042686 - 09/15/08 11:06 PM
Re: Is Wall St falling down?
Bimmer
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Power Poster
Joined: Jan 2008
Posts: 6,389
Looking for My Happy Place....
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Wow.....
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What would you do if you knew you could not fail? ~ Dr. R Schuller
My opinion only.
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#1042911 - 09/16/08 02:03 PM
Re: Is Wall St falling down?
Tigg
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Power Poster
Joined: Jul 2002
Posts: 6,726
the sandy shore
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RE: WaMu: ``There's a very good chance that they are the next one to fail,'' Charles Lemonides, chief investment officer at Valueworks LLC in New York, said of WaMu on Bloomberg TV. The company has said it has enough capital and liquidity to stay in business and new Chief Executive Officer Alan Fishman has said he'll be able to turn the company around.
TBH, I'm sort of surprised they've lasted as long as they have. I had them pegged for a 7/31 failure.
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I disbelieved what he was saying so hard, I probably created an alternate universe where it wasn't true.
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#1042980 - 09/16/08 02:53 PM
Re: Is Wall St falling down?
E.E.G.B
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Power Poster
Joined: Jul 2002
Posts: 5,568
New Jersey
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Will someone please make sure that Senator Upchuck Schumer doesn't write any letters about WaMu? Thank you.
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Management is doing things right; leadership is doing the right things. Peter Drucker
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#1043250 - 09/16/08 06:00 PM
Re: Is Wall St falling down?
Sinatra Fan
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Diamond Poster
Joined: Dec 2007
Posts: 1,713
Texas
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You can blame the demise of Wall Street on: 1. The repeal of the Glass-Steagal Act; 2. Alan Greenspan continuing to lower interest rates while knowing non-bank mortgage lending was out of control; and 3. Mortgage-backed securities, CDOs, etc.... In other words, it all goes back to the Clinton Administration.
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Only two things that money can't buy, that's true love & homegrown tomatoes
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