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And so the blood bath begins

RichP said:
I'm telling you this BS bailout is not needed, the hype, fear and PAID LOBBYISTS calling congressional members is all part of, yup, PAID EMPLOYEES of the people in wall street that stand to benefit from this are mass calling congress people pretending to be constituents.
Click to expand...

Tell that to Arnold Schwarzenegger and the State of California.

Arnold Schwarzenegger: California needs $7 billion loan to fend off credit crisis



http://www.telegraph.co.uk/news/new...7-billion-loan-to-fend-off-credit-crisis.html

http://news.yahoo.com/s/nm/20081003/us_nm/us_california_loan

http://www.cnbc.com/id/27009014
 
Last edited:
Ecomike said:
Tell that to Arnold Schwarzenegger and the State of California.

Arnold Schwarzenegger: California needs $7 billion loan to fend off credit crisis



http://www.telegraph.co.uk/news/new...7-billion-loan-to-fend-off-credit-crisis.html

http://news.yahoo.com/s/nm/20081003/us_nm/us_california_loan

http://www.cnbc.com/id/27009014
Click to expand...

you know,
If i was to finance my day to day life, like say gas, food and mortgage on credit... and then one day the credit stops...
I would have to figure out how to live on what I earn... or file for bankruptcy.

I will tell that to The terminator.. I don't give a $hit... if you can't manage your money it will catch up to you.
I know... It has caught up to me a couple times. and I didn't go and take money from the American tax payer to fund my credit problems. I stopped buying crap for a couple years and payed stuff off.

such is freedom... free to make stupid mistakes and have to live with them.
 
I was thinking, maybe I ought to use all those credit card offers, take all my income and ship it off shore, max out the credit cards, use one to pay the other, then another to pay another, so on and so on, just like wall street did with reselling worthless paper over and over again, then declare bankruptcy and start from scratch.
 
Here is a new, good write up on this the new plan at Fidelity:

http://personal.fidelity.com/misc/f...agename=IW080929govtrescue&fca_id=20084343p01

On the California problem, it is a short term problem. It is normal for a city, county, state government to borrow at this time of year, while waiting for the once a year property tax collections to arrive. By March, these governments (who can not print money like the US) have huge cash buffers that they deposit in Banks and MM funds, thus loaning it back to the market until they spend it later in the year.

What is really going to hurt some of them is declining sales tax revenues, and declining property values, which affects property tax net collections. So much for the flat sales tax idea of the Reagan era.
 
Ecomike said:
The latest on Europe's banking crisis:

https://news.fidelity.com/news/news...00810040448RTRSNEWSCOMBINED_TRE49267J_1&IMG=N
Click to expand...

The news media here is reporting, there is no problem. I don't know if it is wishful thinking, denial, or BS. They actually reported Germany has no problem becuase 60% of the population rents, I guess the German banks didn't buy any American paper.:doh:

I still have my gold reserves and rolls of solid silver coins in the safe, left over from Y2K.
 
8Mud said:
The news media here is reporting, there is no problem. I don't know if it is wishful thinking, denial, or BS. They actually reported Germany has no problem becuase 60% of the population rents, I guess the German banks didn't buy any American paper.:doh:

I still have my gold reserves and rolls of solid silver coins in the safe, left over from Y2K.
Click to expand...

The question(s) is (are) will we have a job next year, and if not how long can we last on the cash on hand?

Me, I'm thinking it's time to go to work for the US government to help them spend 700 billion.party1:

By the way, gold is dropping in value like a rock.
 
Well the DJIA was down 800 points, dropped below 10,000 for the first time in 4 years, today. Came back 400 points in the last hour, before the close.

The Russian Stock exchanged closed early, halted trading after their stock exchange had dropped 20% in less than one day, today. I read something about Iceland having closed the entire banking-financial system nationwide today due to a colapse. To make a long story short, it is obvious today that the current stock - Financial system crash has already moved worldwide.
 
Man, I dont even have to watch the news anymore, I just come on here to Ecomike, reporting live :D
 
"This just in! The Bail out plan does nothing, Bush Administration now has a negative approval rating, and the Obama Regime is gaining ground using Pakistani funds."
 
Talk about watching history in motion, the Fed is moving to buy commercial paper (over night to 3 month maturity), as much as needed to shore up the 1.1 trillion dollar market (it was a 2.2 trillion dollar market a few months ago, and not with the 700 billion dollar bail out fund.

The treasury announced it will start paying interest on bank treasury reserves, bank capital, ( I think this is new, possibly a first?).
 
"[FONT=Arial,Helvetica,Geneva][FONT=Arial,Helvetica,Geneva]Google (GOOG) was trading down more than 3% at $358.98. The stock hit a low of $350.26 earlier - it's lowest level since March of 2006. Google's shares have now lost more than half their value since peaking near the $750 mark in November of last year."[/FONT][/FONT]
 
Well it's time to head for the hills,early this morning the fed droped the interest rate 1/2% hoping to shor up the system,it did not work,the market is still in a nose dive,then yesterday benny b. said things are worse than he expected,oh joy. Yesterday i went to gander mt. to stock up on some ammo and there were alot of peple duing the same and buying hand guns and shot guns. I think people are starting to get ready for the day the s!!t hits the fan.
redeye202
 
redeye202 said:
Well it's time to head for the hills,early this morning the fed droped the interest rate 1/2% hoping to shor up the system,it did not work,the market is still in a nose dive,then yesterday benny b. said things are worse than he expected,oh joy. Yesterday i went to gander mt. to stock up on some ammo and there were a lot of people duing the same and buying hand guns and shot guns. I think people are starting to get ready for the day the s!!t hits the fan.
redeye202
Click to expand...

That kind of panic is really uncalled for here, right now (don't know if you were serious or joking, but I have friends that went so way overboard over Jan 1, 2000, it was nearly laughable, I was hard at work on company computers making money as the clocks turned to Jan 1, 2000.

The DJIA has yet to cross the lows it hit after Sept 11th. It is only rational to expect stocks to drop as the prospects of business profits growth falls off, after all the stock prices are based on dividend yield (if any) and sales growth. I won't be surprised to see the DJIA kit 5000 in the next 9 months before it bottoms and starts to recover, that is not much lower than the 1999 lows for the DJIA. By the way, a real nose dive in the stock market was back in 1987, I watched it drop from 27xx to 17xx in two days, and it still recovered, slowly, but it did recover.

US unemployment may hit 10%, or may stop at 8%, hard to tell right now, but we had way higher unemployment in Texas in the 1980's, hell it was something like 60% in El Paso, 30% in Austin (college students at the universities in Austin, seasonal employment issue) back then and no one packed up for the hills except to move out of state to where there were more jobs at the time.

The good news is the international central banks are no longer letting the markets run amok (stay locked up) during a near collapse. Their efforts look like they will be early enough and bold enough to avoid a total collapse like we had in the 1930's.

The smart thing to do is split any cash you have up between several good local banks, in case any one closes and thus ties up your cash for a few weeks or months while the FDIC refunds any deposits ( a lesson learned in the 1980's in Texas). Also prepay your bills a month or 2 in advance (if you have the cash). Hold some cash, and buy on credit (credit card you pay off monthly) if needed to get to the point where you have a few weeks of cash on hand to buy food. Do like we do in Hurricane prep and stock up on canned and dry food.

You won't find me packing up and running, unless a force 5 hurricane heads dead on for Houston, then I will go visit my sister in Austin for a few days!

Oh, the Russian stock market closed early again, third day in a row after it fell a bunch in just 30 minutes!

http://custom.marketwatch.com/custom/earthlink-net/mw-news.asp?GUID={648BD3E7-9B66-4E79-9413-16530266BC32}
 
I agree, while its going up and down, but down far its not as low as it looks.

I think bailing them out was/is a bad idea, but the stocks have to purge out the bad money and things will pick up again.

I think and I hope at least, lol

I am keeping the little I have in my 401K (at 22 its not much) and keep working my azz off to make more money.

Good news oil has gotten cheaper and gas is following...

3.29 a gal here
 
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