Wall st. buys lots of Knick tix?
Loss of sponsers, loss of boxes, loss of revenue.
Merrill has a parent of all things is domiciled in Charlotte, NC!!!!!
This morning the financial world changed.
This morning, fortunes have been realized down.
Sad stuff...AIG and WaMu on deck...UBS keeps taking write downs...Something has to give...Stock mkt has to take a hit at some point...With all the the bad news out the last year, the market has been holding well considering...It needs a good flushing out..Lehman and Merrill is a start...Fed has to cut..ECB might be going...This can get really ugly and be wide-ranging outside of the Financial sector...
I was at work last night and had to pass the Lehman building on 7th Ave..Sad to see many employees outside behind barricades at midnight just waiting to get their stuff inside..Cops outside and News trucks all over the place..Sad Stuff...Fortunes were lost over the last year at Lehman...
Bear and Lehman are just the tip of the iceberg...
Posted by OasisBU:
Bear and Lehman are just the tip of the iceberg...
Yea it appears that this is just the beginning of the end.
After pulling so much easy money out of the air somebody need to pay.
And this will be a bunch of folks at the bottom of the pyramid.
I mean us...
Savings and salaries are inflated. 401K going into the drain.
Home prices down and the borrowing rates up. Jobs are hard to get by and more and more layoffs coming.
Buckle up for tuff ride America!!!
It is wild. I hope the US economy can recover from all of this. US Govt debt keeps skyrocketing. Bailouts of banks; the war alone will cost us over $1 trillion which is all debt that someone, at sometime will have to pay back. Meanwhile interest payments on the US debt are huge. Dollar has to fall in value. Gold and silver should rise. I can't understand why they haven't gone throught the roof yet?
[Edited by - markji on 09-15-2008 09:45 AM]
All that happened here was death. They will be reborn with different names and everyone including all of the big foreign countries will pay up.
I think this is not the beginning of the end but the final chapter is being written.
Not today, but finally after a year or more of pending writedowns your seeing what has been feared, and that is the start of healing. Actualizing the disease is the first step to healing.
Some banks will go down the fire sale route, but this is better than the Japanese methoed that took them 15 years of sideways to down movement becasue they cuturally did not want to lose face and admit the system we broken. We tend to go to the other extreme of the scope and over do it. Which is healthier at least.
Firms come and go. Drexel, shearson, soloman, DLJ, Bache, Paine Weber, EF hutton, etc etc are a long list of names gone by. Merril married to a bank is a trip to think of.
Born from disaster are opportunities........To regulate, legislate, and fix the system.
Until the next disaster hits..........
so what happens if you have a negative ballance in washington mutual accounts and the bank goes under LOL are you off the hook????
I work at SunTrust and we're trying our best to keep JP Morgan at bay!!!
Posted by Elite:
so what happens if you have a negative ballance in washington mutual accounts and the bank goes under LOL are you off the hook????
Nope. But you might could renegotiate the terms.
Posted by arkrud:
After pulling so much easy money out of the air somebody need to pay.
And this will be a bunch of folks at the bottom of the pyramid.
I mean us...
Savings and salaries are inflated. 401K going into the drain.
Home prices down and the borrowing rates up. Jobs are hard to get by and more and more layoffs coming.
Buckle up for tuff ride America!!!
Others are paying too, Lehman CEO lost Six Hundred Million of his networth that was in comany stock.
Posted by Nalod:
Posted by Elite:
so what happens if you have a negative ballance in washington mutual accounts and the bank goes under LOL are you off the hook????
Nope. But you might could renegotiate the terms.
Hell, forget about bank accounts or credit card debt.. My mortgage (fixed, not variable) is being held by WaMu.
Time to read the fine print.
[Edited by - Paladin55 on 09-15-2008 1:22 PM]
Meanwhile, our fossil-fuel based economy hurtles headlong into the abyss as Peak Oil hits. We will be LONGING for the days of $4 a gallon in a few years.
Posted by kam77:
Meanwhile, our fossil-fuel based economy hurtles headlong into the abyss as Peak Oil hits. We will be LONGING for the days of $4 a gallon in a few years.
Gosh, haven't you heard that John "Integrity" McCain and Sarah "Mavericka" Palin have the answer to your energy fears?
Drill baby drill!
9/11 lead to their downfall. Seriously.
Posted by Paladin55:
Posted by Nalod:
Posted by Elite:
so what happens if you have a negative ballance in washington mutual accounts and the bank goes under LOL are you off the hook????
Nope. But you might could renegotiate the terms.
Hell, forget about bank accounts or credit card debt.. My mortgage (fixed, not variable) is being held by WaMu.
Time to read the fine print.
[Edited by - Paladin55 on 09-15-2008 1:22 PM]
Wamu or whom ever takes over can sell the paper (your mortgage) and you will still owe it. If they go out, you still owe somebody.
The Gov't may provide a fund to HELP those by PERHAPS a way to refinance at a subsidized rate for time specific. This helps forclosure rates for both the homeowner and the banks that end up with homes they need to sell.
This remains to be seen.
Posted by loweyecue:
Posted by arkrud:
After pulling so much easy money out of the air somebody need to pay.
And this will be a bunch of folks at the bottom of the pyramid.
I mean us...
Savings and salaries are inflated. 401K going into the drain.
Home prices down and the borrowing rates up. Jobs are hard to get by and more and more layoffs coming.
Buckle up for tuff ride America!!!
Others are paying too, Lehman CEO lost Six Hundred Million of his networth that was in comany stock.
So sorry for him... he went from billionere to multi-millionere. He may shot himself... Pure guy... 
Hire my jazz band for rent parties!
Posted by BRIGGS:
All that happened here was death. They will be reborn with different names and everyone including all of the big foreign countries will pay up.
Briggs, you are not concerned? This is pretty bad isnt it?
