10-13-08 12:38 AM
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  1. tck90k's Avatar
    speaking as a banker in the middle of this roller-coaster ride, I echo the words of Terrell Owens... "Getcha Popcorn ready."

    wamu, wachovia, and a handful f community banks near you are most likely next...
    looks like i was wrong .....JP Morgan just scooped up WaMu ...wit the help of the FED go figure ..where were they when i needed a Lehamn brothers buyout...
    09-25-08 07:21 PM
  2. jenaywins's Avatar
    Hi-def: hehe! That made my day.

    Impy: yeah, I try to stay up on things the best I can. It seems to me, from what I've gathered from the media and other sources, that the economy is pretty fubar right now, and that the next administration will most likely spend their entire term cleaning up the poopoo bush left on the carpet.

    Posted from my CrackBerry at wapforums.crackberry.com
    09-25-08 07:25 PM
  3. impy5's Avatar
    TCK- JP will be taking WaMu deposits by tomorrow morning. When this is all said and done we will more than likely see two maybe three "super banks" JP, B of A and a 3rd will likely be the only ones left standing, either Citi or TD.

    Jenay- The economy is the worst its been in years, home construction is at a 17 year low, and unemployment keeps getting higher. Its almost a blessing that the global economy is slowing or else inflation in this country would be astronomical. You are right though, who ever wins the election will spend the next four years cleaning up this whole mess. Hopefully with the election will come some up tick and things will start to turn around. The economy is cyclical and it will eventually turn around, we just have to repair all the damage first
    09-25-08 09:08 PM
  4. tck90k's Avatar
    TCK- JP will be taking WaMu deposits by tomorrow morning. When this is all said and done we will more than likely see two maybe three "super banks" JP, B of A and a 3rd will likely be the only ones left standing, either Citi or TD.

    Jenay- The economy is the worst its been in years, home construction is at a 17 year low, and unemployment keeps getting higher. Its almost a blessing that the global economy is slowing or else inflation in this country would be astronomical. You are right though, who ever wins the election will spend the next four years cleaning up this whole mess. Hopefully with the election will come some up tick and things will start to turn around. The economy is cyclical and it will eventually turn around, we just have to repair all the damage first
    im happy with JP buying wamu ..i been looking to bank with chase down here in FL but they only have 4 or 5 branches now they will be on every corner .

    i agree with teh 3 super banks i say jp , b of a and citi
    09-25-08 10:49 PM
  5. jenaywins's Avatar
    Here's a thought: with unemployment rates as high as they are, are all these people actually receiving unemployment benefits? I understand we "pay" into this, but if they are, isn't there going to be an awful lot of government money shelled out for this? Who is footing this bill, and wouldn't this make matters worse?

    Posted from my CrackBerry at wapforums.crackberry.com
    09-25-08 10:54 PM
  6. tck90k's Avatar
    Here's a thought: with unemployment rates as high as they are, are all these people actually receiving unemployment benefits? I understand we "pay" into this, but if they are, isn't there going to be an awful lot of government money shelled out for this? Who is footing this bill, and wouldn't this make matters worse?

    Posted from my CrackBerry at wapforums.crackberry.com
    i would say a good 75% of the people are collecting ..i am collecting..lol I was just checking the futures for the stock market ..i hate to say this but it looks like we are setting up for a major down side tomorrow. Asian markets are getting killed . dare i say it but can we be looking at the "crash of 2008 " just for the record i am heavily investing in financial stocks
    09-25-08 11:04 PM
  7. Hi-Definition's Avatar
    TCK, you quoted jenay's post...but didn't exactly answer her query; just basically gave yourself a pep rally saying you're getting unemployment benefits. Btw, hope you have luck w/ the job hunt and even better luck w/ the stock game. My stocks have been tumultuous.

    Jenay, unemployment benefits work like temporary health insurance under COBRA for the unemployed. As you know, both are subsidized by individual taxpayers; but the bulk comes from the pool of corporate/payroll taxes. Put it into perspective; the unemployment rate in 1929 was about 25%..so we're nowhere close to that fortunately. Yes, when the gov't foots the bill; it puts further monetary strain on money that could be funneled into other resouces...but that is why some are lobbying hard to put some form of regulation on CEO pay..so that portions of these grotesque salaries are foregone towards alleviating some of the unemployment caused by the very greed that bought them their mansions, private jets and luxury cars.

    Paradoxical indeed.

    As an aside; but at the same time..not really JUST an aside in the real sense.. Bush=McCain, McCain=Bush.

    Our economy is in shambles, America and the world is on life support.
    09-26-08 01:11 AM
  8. knacman's Avatar
    Ron Paul

    That is all
    09-26-08 10:47 AM
  9. vinnie_dugan's Avatar
    Jenaywins, just to clarify you and I dont pay for unemployment...

    Posted from my CrackBerry at wapforums.crackberry.com
    09-26-08 11:59 AM
  10. tck90k's Avatar
    wow looks like another bank is biting the dust ... lets all say Bye bye to Wachovia ....im going to back the truck up on Citi Bank ..
    09-26-08 10:45 PM
  11. exelant's Avatar
    I wish I knew the right thing to do. On the one hand, I would never think it is a good thing to reward those who got us into this mess. But on the other hand, the bank robbers are gone and we're left with picking up the pieces.

    If what they say is true, then we have to shore up our banking system and money supply. The effects of not responding, again if the warnings are true, will be terrible and long lasting. For those who are able to hang on to their jobs, they won't be much better off than those. without jobs. No matter what your credit score, you won't be able to get a new car loan, you won't be able to buy a house, and your kids won't be able to go to college. Your credit cards will be pulled or be too expensive to use.

    The President is warning of a contraction of our money supply like we haven't seen since the great depression. Imagine 25% unemployment. There will only be two classes in America, poor and rich. The rest of us are in trouble. If you don't have cash, you can't buy it. No one will be able to afford to retire, but there won't be a part time job available to make ends meet.

    I know the above are worst case scenarios, but imagine what you would do if you lost your job and couldn't get another one. What would your life be like when the unemployment ran out? Now imagine what it would be like if a conservative who doesn't believe in government help -- even though it was completely out of your hands, was President. Pretty scary if you ask me.

    Posted from my CrackBerry at wapforums.crackberry.com
    09-26-08 10:51 PM
  12. tck90k's Avatar
    I wish I knew the right thing to do. On the one hand, I would never think it is a good thing to reward those who got us into this mess. But on the other hand, the bank robbers are gone and we're left with picking up the pieces.

    If what they say is true, then we have to shore up our banking system and money supply. The effects of not responding, again if the warnings are true, will be terrible and long lasting. For those who are able to hang on to their jobs, they won't be much better off than those. without jobs. No matter what your credit score, you won't be able to get a new car loan, you won't be able to buy a house, and your kids won't be able to go to college. Your credit cards will be pulled or be too expensive to use.

    The President is warning of a contraction of our money supply like we haven't seen since the great depression. Imagine 25% unemployment. There will only be two classes in America, poor and rich. The rest of us are in trouble. If you don't have cash, you can't buy it. No one will be able to afford to retire, but there won't be a part time job available to make ends meet.

    I know the above are worst case scenarios, but imagine what you would do if you lost your job and couldn't get another one. What would your life be like when the unemployment ran out? Now imagine what it would be like if a conservative who doesn't believe in government help -- even though it was completely out of your hands, was President. Pretty scary if you ask me.

    Posted from my CrackBerry at wapforums.crackberry.com
    i understand what you are saying ..but look at where we are now ..its not a bail out any more ..its all politics now ..everyone of these people are looking to get re elected ....this blil should been passed already . look at the stock markets action today ..pre market down 200 ...closes up 120 300 point swing all bc everyone expects this bill to be done by 7 pm Sunday before the Asian markets reopen . if they dont have anything by then we will see Armageddon. Credit swaps for all the banks are at all time highs this morning it cost a bank 30% premium to borrow 10 million . The banking system is done ..they need liquidity by Monday . I personally fee stop bailing out the crappy banks ..let them fail ....survival of the fittest

    in the end there will be 5 banks

    Bank of America Biggest Bank out There )
    JP Morgan Chase ( best bank out there )
    Wells Fargo( great balance sheet )
    Citi Bank ( if they get wachovia they will survive )
    US Bank Corp ( midwest Bank and Cramer Fav )


    as for unemployment i see it going to 8-10% by year end.next months report will include all the layoffs from Lehman and the 10% of Wamu that will be laid off by months end .


    all i know is come Monday 6 AM if they don't have a deal on the table ..i am selling all my financial stocks regardless of how much i have lost already .
    09-26-08 11:24 PM
  13. exelant's Avatar
    I'm not an economist, but I understand the ramifications of having only 5 banks and it is not something anyone would want. I also understand politics very, very well. For a president to go on TV hat in hand pleading like Bush did, is frightening and reinforces the gravity of the situation. I also remember high unemployment rates from the late sixties early seventies it wasn't 10%, but it was bad. TC, I'm sorry, but I have to disagree with you.

    It feels good to be flip and tell them to go to h*ll, but we can't let it happen. There is no JP Morgan to bail the street out like 1907. There is something more important at stake. We have to protect our way of life. And I think business leaders might finally be getting it. Means of production has to come home, we need to provide our own jobs. We need fair trade -- if China has protective tariffs, then we will too.

    Vinnie is right about cycles, but government has a responsibility to cushion the fall. The only question is how much. I hope none of my CrackBerry friends lose theirs, but if it hits 10%, I'm afraid a lot will. That includes a bunch who thought they wouldn't . Good luck everyone.

    Posted from my CrackBerry at wapforums.crackberry.com
    09-27-08 12:05 AM
  14. the_sandman_454's Avatar
    I really don't think the bailout is a good idea, because it rewards bad decisions. The only way I'd support bailouts would be if the top executives were required to pay back 95% of their base salary and 100% of any bonuses they received and put it toward the bailout also.

    The economy will take a bigger hit initially, but probably be in better shape in the longer term if they just let the chips fall where they may.

    I'm not sure where the government (funded by me and you) has any obligation to bail anybody out in a situation like this. Let these companies fail, maybe it will illustrate the fact that you cannot expect to be able to fail and have someone there to save you. Good incentive to back off a bit on the risk level, no?

    Posted from my CrackBerry at wapforums.crackberry.com
    Last edited by the_sandman_454; 09-27-08 at 12:10 AM.
    09-27-08 12:06 AM
  15. tck90k's Avatar
    I'm not an economist, but I understand the ramifications of having only 5 banks and it is not something anyone would want. I also understand politics very, very well. For a president to go on TV hat in hand pleading like Bush did, is frightening and reinforces the gravity of the situation. I also remember high unemployment rates from the late sixties early seventies it wasn't 10%, but it was bad. TC, I'm sorry, but I have to disagree with you.

    It feels good to be flip and tell them to go to h*ll, but we can't let it happen. There is no JP Morgan to bail the street out like 1907. There is something more important at stake. We have to protect our way of life. And I think business leaders might finally be getting it. Means of production has to come home, we need to provide our own jobs. We need fair trade -- if China has protective tariffs, then we will too.

    Vinnie is right about cycles, but government has a responsibility to cushion the fall. The only question is how much. I hope none of my CrackBerry friends lose theirs, but if it hits 10%, I'm afraid a lot will. That includes a bunch who thought they wouldn't . Good luck everyone.

    Posted from my CrackBerry at wapforums.crackberry.com
    ok so 10% was a lil high..... my point i was trying to make is if more banks fail , ( which they will ) and if the liquidity in the markets goes to zero we will have massive layoffs . ... unemployment is at 6.1 % now 8 or 9 % is feasible ... another thing is banks aren't lending money try to get a mortgage now or even a car loan if you don't have a 720 credit score .. you wil get shot down .

    do you follow the financial markets ? take a look what 1 month and 3 month t-bills are paying normally around 1.3 -2 % this week they got down to .21% not even a quarter percent . thats scary i really do think people will stat to pull all there money out of banks and "put it in a mattress "
    09-27-08 12:25 AM
  16. exelant's Avatar
    I agree on one level, it will be a stern lesson for all of them, unfortunately it will be one for us, too. I also don't want the Democrats to bail out the Republicans who got us into this mess. Like the last great depression, it will keep the Republicans out of the White House for many decades to come.

    Fortunately for me, I have a recession proof job and a fixed benefit retirement plan that is already fully funded. My wife and I also live a cash life for the most part. We have no credit card debt -- the only loans we have is my car and our place -- no second mortgage. For people like me, depressions work out well because I will be in a position to buy property and other things for pennies on the dollar.

    I guess I am being cynical, but I'm making the point of being short sighted, and of being unconcerned for other middle class people. Who cares about our way of life long as I'm OK. TC, of course things look bad, that's whats troubling me. I feel that if we can solve the problem before it becomes a full blown depression we'll be better off.

    Posted from my CrackBerry at wapforums.crackberry.com
    Last edited by exelant; 09-27-08 at 12:57 AM.
    09-27-08 12:48 AM
  17. tck90k's Avatar
    i am starting to think the bail out will not get passed ...how can you pass something 75% of the country is against . i am in the feeling that as i stated before ..dont bail anyone out ..let them fail ...consolidation is a good thing in a recession ...survival of the fittest.

    yes all the jobs that will be lost will be bad ..but we cant have moron CEOs able to keep there job after a bail out to do this all over again.
    09-27-08 10:12 PM
  18. tck90k's Avatar
    ok so lets recap whats happened in the last 2 weeks

    700 Billion dollar Bail out Passed

    50 Basis point Rate Cut

    ohhh and how can i forget the stock market is down 1300 points in 10 days and has crashed .

    now we have the Asian markets crashing ... when will the pain end . i am sell off what i have left and going to go Long the DOG etf .


    and after watching the Debate the other night i have no confidence in either candidate to get us out of this mess.
    10-09-08 09:36 PM
  19. tesa's Avatar
    I have lost $5000 but that is minor compared to some of my coworkers. Some of them have lost $40,000 these last few weeks. We are just your every day working class that is a years salary. We are correctional officers so job security is not an issue if anything with the way things are going there will be a need for more.
    10-09-08 09:51 PM
  20. tck90k's Avatar
    I have lost $5000 but that is minor compared to some of my coworkers. Some of them have lost $40,000 these last few weeks. We are just your every day working class that is a years salary. We are correctional officers so job security is not an issue if anything with the way things are going there will be a need for more.
    i hear you ..i was laid off 4 weeks ago ...most of my savings is in the Market i have lost 54%
    10-09-08 10:05 PM
  21. JRussett's Avatar
    here's my take - the market is in half "panic" mode and half "stabilization" mode...people all over the world are panicing and pulling their 401k's and retirement packages out of the stock market, but the other is the fact that the market should never have been as high as it was and it just righting itself...all the horrible banking and credit practices inflated the market and now it's just settling to where it should be...
    10-10-08 08:56 AM
  22. MadCatUSA's Avatar
    here's my take - the market is in half "panic" mode and half "stabilization" mode...people all over the world are panicing and pulling their 401k's and retirement packages out of the stock market, but the other is the fact that the market should never have been as high as it was and it just righting itself...all the horrible banking and credit practices inflated the market and now it's just settling to where it should be...
    Certainly sounds reasonable to me, and all these people who had "wealth" are now realizing it was all just a paper fiction. Maybe, just maybe, some good will come of this and people will realize that putting your money into something as amorphous as stocks is not such a great idea, especially with the way that corporations have been behaving since the late '70's.
    10-10-08 09:06 AM
  23. metalwraith's Avatar
    The govt need to print more money.. to hopefully fuel the economy... or start bringing the gold at Fort Knox to a pawn shop....
    10-10-08 08:19 PM
  24. El33tist's Avatar
    more money printed would cause inflation and make it worse.
    10-11-08 12:04 PM
  25. CipherDias's Avatar
    Doubtful to say the least, the rich continue to get even richer and the poor continue to get even poorer...

    Banks are looking for a handout now but I don't recall they were giving US money when they were making record profits!
    10-11-08 12:57 PM
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