Bank failure(s) - Page 6

SheepOfBlue · 10-06-2008, 05:31 PM

Quote:

Originally Posted by JohnnyDiablo

Any of you thought of pulling the 3/4s of whats left of your 401k and sinking the 60% of what you will actually get and socking it into gold for next year when it doubles?

Chasing the gold bubble .... sounds like a great idea

JohnnyDiablo · 10-06-2008, 05:40 PM

Quote:

Originally Posted by SheepOfBlue

Chasing the gold bubble .... sounds like a great idea

Isn't Europe in a difficult situation with the Euro? They cant get their consolidated heads together to perform a US style bail out thus forcing the dollar higher. The dollar seems like a bad investment right now with the more dollars we print.

Sheep I am wrong. I should invest a little in some lead, brass and gun powder.

SheepOfBlue · 10-06-2008, 06:05 PM

Quote:

Originally Posted by JohnnyDiablo

Isn't Europe in a difficult situation with the Euro? They cant get their consolidated heads together to perform a US style bail out thus forcing the dollar higher. The dollar seems like a bad investment right now with the more dollars we print.

Sheep I am wrong. I should invest a little in some lead, brass and gun powder.

You could be right but gold is a commodity and has the risks of one. Further I believe it is near an inflation adjusted high currently which makes it even scarier. How would you like to have bought oil at $140? I am not a market timer in the least just diversify and wait. That said the best thing to do now is reduce debt and pile up reserve cash...oh wait that was true 5 years ago also

phobe · 10-06-2008, 07:20 PM

Quote:

Originally Posted by jose_jimenez

Hordes of Americans with their shit packed in their trucks trying to cross into your borders for permanent residency.

Did you get your shit packed?

SheepOfBlue · 10-06-2008, 07:30 PM

Quote:

Originally Posted by phobiaphobe

Did you get your shit packed?

OK you two take it offline no one wants to hear about that

seamus · 10-06-2008, 07:31 PM

Quote:

Originally Posted by SheepOfBlue

now admit it the Ovine Party is looking smarter all the time.

100% wool, globe is already warm

Even if the DJIA went to zero...

Quote:

Originally Posted by JohnnyDiablo

Any of you thought of pulling the 3/4s of whats left of your 401k and sinking the 60% of what you will actually get and socking it into gold for next year when it doubles?

You missed that jump by approximately 9 months.

oldfogey · 10-07-2008, 04:12 AM

Iceland's Prime Minister as wide-ranging legislation to control their financial sector was passed: "We were faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," Mr Haarde said. "The legislation is necessary to avoid that fate." The Icelandic kronor fell 30% yesterday.
Edit: http://news.bbc.co.uk/1/hi/business/7656387.stm

Korea's currency fell 10% against the yen yesterday. Australia became the first country to drop official interest rates in the panic, reducing the discount rate by 1% to 6%. The UK government talked with its banks about providing equity to the survivors. The Japanese market falls 5% but recovers to just 2% down. Moscow's two main stock exchanges remain closed on Tuesday morning, having closed amidst heavy losses on Monday.

The Fed moved quickly to implement the ability to pay interest on banks' reserves, allowing them to act as go-between and expand their balance sheet.

seamus · 10-07-2008, 08:31 AM

I was thinking a bit about this last night.

With Americans inability to save money, what is really the effect on "Main St" for America if some of these banks go down?

Compare that with the Euro Zone citizen's average savings and their socialist-type governments investment requirements to maintain standard of living.

Now look at the amount of foreign banks over the years that dumped billions into buying up these bad loans to feed off the American economy (including China).

Conspiracy theorists unite...Form of...Bilderberg Group
(This summer's book theme was conspiracy theory. I just read a book a month or so ago about the Bilderberg Group and it's got some similarities as to how power will be consolidated within the West)

ND4SPD · 10-07-2008, 10:56 AM

Jim Cramer throws in the towel - Top Stocks Blog - MSN Money

oldfogey · 10-08-2008, 04:15 AM

Markets continue to fall. UK announces £50bn package to support banks, including buying up to 50% of the equity of the top eight banks. Hong Kong lowers its interest rates by 1%.

Several emerging market currencies fall 5%. Indonesia and Russia close stock markets.

Edit: noon UK time, US, UK, Canada, Sweden cut interest rates 0.5%, Euro 0.25% in coordinated move.

SheepOfBlue · 10-08-2008, 07:32 AM

Getting brutal even a buy and hold guy like me is considering cash

seamus · 10-08-2008, 08:31 AM

I'm keeping my eye on those interest rates. I might be able to refinance my mortgage with a sweetheart rate

And I'm steadily buying...

phobe · 10-08-2008, 11:08 AM

Well my mortgage payment just got cheaper... for now.

luvtolean · 10-08-2008, 11:11 AM

Quote:

Originally Posted by seamus

I'm keeping my eye on those interest rates. I might be able to refinance my mortgage with a sweetheart rate

And I'm steadily buying...

I was just talking interest rates with a colleague this morning.

Still buying too, glutton for punishment I suppose.

seamus · 10-08-2008, 01:11 PM

I'm thinking somewhere in the midst of this, I should be able to get into the 3.5-3.25% range.

As a financial advisor told me a couple years ago, I can make decent inroads for anything I lose up until I'm closing in on 40. And that doesn't take into account a retirement check that starts at age 42

Long term, I'm winning this thing.

oldfogey · 10-08-2008, 01:18 PM

Anyone with a government guaranteed pension is winning "in this thing". The rest of us have to hope markets recover, because without that virtually no pension scheme has sufficient assets to pay out its promises.

jose_jimenez · 10-08-2008, 01:46 PM

Rock Out With Your Bailout - October 7, 2008

Edit: fucking wow!

Quote:

The CEO at AIG took a 5 million dollar bonus-last week. The number two guy took a 1 million dollar bonus-last week.

luvtolean · 10-08-2008, 07:43 PM

Quote:

Originally Posted by jose_jimenez

Rock Out With Your Bailout - October 7, 2008

Edit: fucking wow!

I'd be fucking amazed if that is an actual invoice. That looks like a really lousy excel job, not the professional itemized deal you typically get from a resort.

Here's a far more balanced article:

http://biz.yahoo.com/ap/081007/meltdown_aig.html

More on the banking:

Fed slashes interest rates, but stocks lose again - Yahoo! News

jose_jimenez · 10-09-2008, 01:52 AM

Does it matter at this point man? They went on retreat and spent the $. Sad.

JohnnyDiablo · 10-09-2008, 02:00 AM

Quote:

Originally Posted by jose_jimenez

Does it matter at this point man? They went on retreat and spent the $. Sad.

Ya dont see it as stimulating the economy? Glad my policys are not with AIG. Based on the news my AIG stock I bought at $2.. I will be selling when they rise tomorrow.

oldfogey · 10-09-2008, 06:28 AM

European markets recovering on hope the UK-style rescue can work, other European countries considering using a similar process. Paulson points out the new bill gives him authority to invest in bank equity as part of the funding process and the Fed underwrites corporate cash issuance in the commercial paper market. Japan joins in the provision of liquidity to their system. Rays of hope among the gloom.

AIG requires another $38bn from the Treasury. Iceland has now taken into administration the top three banks, admits it doesn't have sufficient funds to compensate UK depositors in sterling. UK local governments have up to £200m in cash with Icelandic banks. Economic forecasts are being revised sharply downward everywhere, European discretionary corporate spending fell of a cliff in the last two weeks. Consumers retrenching in US (first fall in debt outstanding for ages) and UK (house prices are down 13% year-on-year, compared to up 11% year-on-year one year ago).

SheepOfBlue · 10-09-2008, 08:10 AM

Quote:

Originally Posted by luvtolean

I'd be fucking amazed if that is an actual invoice. That looks like a really lousy excel job, not the professional itemized deal you typically get from a resort.

Here's a far more balanced article:

AIG execs' retreat after bailout angers lawmakers: Financial News - Yahoo! Finance

More on the banking:

Fed slashes interest rates, but stocks lose again - Yahoo! News

"But Eric Dinallo, superintendent of the New York State Insurance Department, said he could see the value of such a retreat under the circumstances."

THAT is the whole problem is the government and huge conglomerates have to many people that think like that. The concept of frugality is lost on way to many people.

BizJetGuy · 10-09-2008, 08:58 AM

Quote:

Originally Posted by SheepOfBlue

The concept of frugality is lost on way to many people.

We're talking corporate mentality here so frugality is, typically, not in the vocabulary.

Budget, however, is. If there was a budget that was approved at the beginning of the FY and the budget had not yet been reached, the spending is justified in the eyes of management.

Whether we like it or not, we all know that the policy of budgets is that if you don't spend it this year, it gets cut next year. Government budgets or corporate budgets - no difference. Just an example: my travel budget was not increased this FY but my territory was expanded (in large order). I was told that if I wanted my travel/entertainment budget to be increased for next year, I had to spend like a drunk sailor and blow it this year to justify any future increase.

I'm not defending the actions by any means. I've just been in the business world long enough to not be surprised by it.

SheepOfBlue · 10-09-2008, 09:50 AM

Quote:

Originally Posted by BizJetGuy

We're talking corporate mentality here so frugality is, typically, not in the vocabulary.

Budget, however, is. If there was a budget that was approved at the beginning of the FY and the budget had not yet been reached, the spending is justified in the eyes of management.

Whether we like it or not, we all know that the policy of budgets is that if you don't spend it this year, it gets cut next year. Government budgets or corporate budgets - no difference. Just an example: my travel budget was not increased this FY but my territory was expanded (in large order). I was told that if I wanted my travel/entertainment budget to be increased for next year, I had to spend like a drunk sailor and blow it this year to justify any future increase.

I'm not defending the actions by any means. I've just been in the business world long enough to not be surprised by it.

If instead upper management gave a bonus for being within 90-95 of budget. Or anyone at 100% got an audit especially on the end spending. I here you but THIS is the problem and needs to change. If folks are not creative enough they need to be FIRED. We need to quit punishing the responsible manager that comes in under budget and start punishing the ones that do as you describe or things will get far worse.

Oh and I just saw on the news that AIG got its gov loan (handout) UPPED by a few billion

10-07-2008, 04:12 AM	#157
oldfogey Senior member Join Date: 12-14-2006 Location: St Albans, UK Age: 56 Bike(s): Honda VFR800i, BSA Posts: 1,250	Iceland's Prime Minister as wide-ranging legislation to control their financial sector was passed: "We were faced with the real possibility that the national economy would be sucked into the global banking swell and end in national bankruptcy," Mr Haarde said. "The legislation is necessary to avoid that fate." The Icelandic kronor fell 30% yesterday. Edit: http://news.bbc.co.uk/1/hi/business/7656387.stm Korea's currency fell 10% against the yen yesterday. Australia became the first country to drop official interest rates in the panic, reducing the discount rate by 1% to 6%. The UK government talked with its banks about providing equity to the survivors. The Japanese market falls 5% but recovers to just 2% down. Moscow's two main stock exchanges remain closed on Tuesday morning, having closed amidst heavy losses on Monday. The Fed moved quickly to implement the ability to pay interest on banks' reserves, allowing them to act as go-between and expand their balance sheet. __________________ Blessed are the young for they shall inherit the national debt - Herbert Hoover Last edited by oldfogey; 10-07-2008 at 05:38 AM..

10-07-2008, 08:31 AM	#158
seamus is feelin alright Join Date: 12-13-2006 Location: Rocket City Age: 34 Bike(s): 1KRR; VFR; FMX650 Posts: 5,741	I was thinking a bit about this last night. With Americans inability to save money, what is really the effect on "Main St" for America if some of these banks go down? Compare that with the Euro Zone citizen's average savings and their socialist-type governments investment requirements to maintain standard of living. Now look at the amount of foreign banks over the years that dumped billions into buying up these bad loans to feed off the American economy (including China). Conspiracy theorists unite...Form of...Bilderberg Group (This summer's book theme was conspiracy theory. I just read a book a month or so ago about the Bilderberg Group and it's got some similarities as to how power will be consolidated within the West) __________________ Ducit Amor Patriae Richard Herald, The Gentle Giant The nation that makes a great distinction between its scholars and its warriors will have its thinking done by cowards and its fighting done by fools. --- Thucydides

10-07-2008, 10:56 AM	#159
ND4SPD I'm BATMAN!!! Join Date: 12-12-2006 Bike(s): Trek Posts: 8,416 Images: 25	Jim Cramer throws in the towel - Top Stocks Blog - MSN Money __________________ "This is your life - are you who you want to be?" Learn all you need to know about Mac OS X "Chuck Norris can slam a revolving door"

10-08-2008, 04:15 AM	#160
oldfogey Senior member Join Date: 12-14-2006 Location: St Albans, UK Age: 56 Bike(s): Honda VFR800i, BSA Posts: 1,250	Markets continue to fall. UK announces £50bn package to support banks, including buying up to 50% of the equity of the top eight banks. Hong Kong lowers its interest rates by 1%. Several emerging market currencies fall 5%. Indonesia and Russia close stock markets. Edit: noon UK time, US, UK, Canada, Sweden cut interest rates 0.5%, Euro 0.25% in coordinated move. __________________ Blessed are the young for they shall inherit the national debt - Herbert Hoover Last edited by oldfogey; 10-08-2008 at 07:03 AM..

10-08-2008, 07:32 AM	#161
SheepOfBlue Your tax dollars at work Join Date: 12-18-2006 Location: Huntsville, AL Age: 46 Bike(s): CBR1000RR, RC51, VT500FT Posts: 6,867	Getting brutal even a buy and hold guy like me is considering cash __________________ When the past is allowed to fade to nothing then only chaos is left.

10-08-2008, 08:31 AM	#162
seamus is feelin alright Join Date: 12-13-2006 Location: Rocket City Age: 34 Bike(s): 1KRR; VFR; FMX650 Posts: 5,741	I'm keeping my eye on those interest rates. I might be able to refinance my mortgage with a sweetheart rate And I'm steadily buying... __________________ Ducit Amor Patriae Richard Herald, The Gentle Giant The nation that makes a great distinction between its scholars and its warriors will have its thinking done by cowards and its fighting done by fools. --- Thucydides

10-08-2008, 11:08 AM	#163
phobe circa 1970 Join Date: 12-17-2006 Age: 26 Bike(s): 600RR, 125R Posts: 4,740	Well my mortgage payment just got cheaper... for now. __________________ Cum hoc, ergo propter hoc

10-08-2008, 01:11 PM	#165
seamus is feelin alright Join Date: 12-13-2006 Location: Rocket City Age: 34 Bike(s): 1KRR; VFR; FMX650 Posts: 5,741	I'm thinking somewhere in the midst of this, I should be able to get into the 3.5-3.25% range. As a financial advisor told me a couple years ago, I can make decent inroads for anything I lose up until I'm closing in on 40. And that doesn't take into account a retirement check that starts at age 42 Long term, I'm winning this thing. __________________ Ducit Amor Patriae Richard Herald, The Gentle Giant The nation that makes a great distinction between its scholars and its warriors will have its thinking done by cowards and its fighting done by fools. --- Thucydides

10-08-2008, 01:18 PM	#166
oldfogey Senior member Join Date: 12-14-2006 Location: St Albans, UK Age: 56 Bike(s): Honda VFR800i, BSA Posts: 1,250	Anyone with a government guaranteed pension is winning "in this thing". The rest of us have to hope markets recover, because without that virtually no pension scheme has sufficient assets to pay out its promises. __________________ Blessed are the young for they shall inherit the national debt - Herbert Hoover

10-09-2008, 01:52 AM	#169
jose_jimenez Jonah for prez! Join Date: 01-05-2007 Bike(s): Hurricane Posts: 2,101	Does it matter at this point man? They went on retreat and spent the $. Sad. __________________ http://www.bushslastday.com/

10-09-2008, 06:28 AM	#171
oldfogey Senior member Join Date: 12-14-2006 Location: St Albans, UK Age: 56 Bike(s): Honda VFR800i, BSA Posts: 1,250	European markets recovering on hope the UK-style rescue can work, other European countries considering using a similar process. Paulson points out the new bill gives him authority to invest in bank equity as part of the funding process and the Fed underwrites corporate cash issuance in the commercial paper market. Japan joins in the provision of liquidity to their system. Rays of hope among the gloom. AIG requires another $38bn from the Treasury. Iceland has now taken into administration the top three banks, admits it doesn't have sufficient funds to compensate UK depositors in sterling. UK local governments have up to £200m in cash with Icelandic banks. Economic forecasts are being revised sharply downward everywhere, European discretionary corporate spending fell of a cliff in the last two weeks. Consumers retrenching in US (first fall in debt outstanding for ages) and UK (house prices are down 13% year-on-year, compared to up 11% year-on-year one year ago). __________________ Blessed are the young for they shall inherit the national debt - Herbert Hoover