the mother effin market yesterday and today...

[thesightless]

Re: the mother effin market yesterday and today...

money was way too cheap under greenspan. plain and simple.

[runningman]

Re: the mother effin market yesterday and today...

ya I know that is the NBC version of what is going on but it must be much bigger then what you are implying. I have heard stories about people working at McDonalds getting a $350,000 house but those loose cannons can't alone be the downfall of the financial system. I have heard that unemployment is really at 14% in the US. It sure as hell isn't 6.1%. Unemployment might have something to do with the predicament we are all in.

Here is a good article.

http://www.informationclearinghouse.info/article20771.htm

[nsite]

Re: the mother effin market yesterday and today...

yeah NPRs this american life did an entire show on the mortgage crisis and how it was connected to wall street and the banking industry awhile back. it was put into layman's terms which made it possible for me to somewhat grasp. might be floating around somewhere...

[day_for_night]

Re: the mother effin market yesterday and today...

All I keep hearing about is the "housing bubble" causing this financial meltdown. But why aren't we talking about the real problem? Where are the good paying jobs?? That is the real problem here. If people had good paying jobs then they would be able to keep their homes therefore banks wouldn't be going belly up.

AIG is the real wake up call here IMO. I mean people aren't paying their insurance bills? That is a red flag right there that the Jobs are gone. So now that people son't have insurance what will be the ripple effect from that?

Any takers?

Would that hurt the medical industry or will they (hurt/sick people) just be turned away at the door for not having health insurance. What about car insurance? who will this hurt?

no, thats not really the case. it was that financial instruments were created to try and lend money to people to buy a house when they had absolutely no business owning one. banks amassed huge amounts of this kind of debt, and all had inter-dependant relationships with each other. when the wind finally was "let out of the sail" as it were, the collapse caused a cascade of problems for all involved. financial institutions with less exposure to the asset-backed and mortgage-backed collateral came out much better off than those with heavier exposure. but the after effects are still going to be huge, and its messing with market psyche big time.


here is a good article that sums it up nicely.

http://edition.cnn.com/2008/BUSINESS/09/18/credit.crisis.quest/index.html

[runningman]

Re: the mother effin market yesterday and today...

All I keep hearing about is the "housing bubble" causing this financial meltdown. But why aren't we talking about the real problem? Where are the good paying jobs?? That is the real problem here. If people had good paying jobs then they would be able to keep their homes therefore banks wouldn't be going belly up.

AIG is the real wake up call here IMO. I mean people aren't paying their insurance bills? That is a red flag right there that the Jobs are gone. So now that people son't have insurance what will be the ripple effect from that?

Any takers?

Would that hurt the medical industry or will they (hurt/sick people) just be turned away at the door for not having health insurance. What about car insurance? who will this hurt?

[day_for_night]

Re: the mother effin market yesterday and today...

i have friends in investment banking. not the happiest group of people, at the moment. talk about walking around waiting for bad news...

[thesightless]

Re: the mother effin market yesterday and today...

this stock market is bullshit. Down 449 yesterday and then goes up 300 points in 1 hour. Now it is up 406. WTF is going on here??

like i said before. its just so weird. stocks overall are fine. its just these banks that are dying, and oh yeah, Nortel is dead man walking. the banks arent defaulting on massive loan payments, nor are their investments... its just stock devaluation that is killing thier operating cash and leverage..... kinda similar to what would happen to bill gates if MS stock dropped to .01 cents... he'd be in big fucking trouble. hell, buffet lost 20% of his value since february on stack devaluation alone. none of his assests had any operational change at all.. their revenues are still following trend...

i called my family's investment manager, and we are fine, as the only bank i have money ties to UBS....

but i think, and im sure progessive will attest to this, the bank panic is being force fed to the general public, who are usually stupid, and the public is calling thier brokers and fucking things up further. i had to go to manhatten yesterday to the WFC and all i kept hearing was we're ok, their not. the oddest week and a half of market activity in a decade.

perplexing even..

[FM]

Re: the mother effin market yesterday and today...

great. This is turning into the S&L crisis all over again.

Guess no one learned from the last time.

Whatever happened to the Resolution Trust Corporation anyway...

http://en.wikipedia.org/wiki/Resolution_Trust_Corporation

[runningman]

Re: the mother effin market yesterday and today...

this stock market is bullshit. Down 449 yesterday and then goes up 300 points in 1 hour. Now it is up 406. WTF is going on here??

[progressive420]

Re: the mother effin market yesterday and today...

Im a financial advisor and i am calm and manic at the same time. Most of my clients are in protected investments(ie. the principal is intact), but this is just not a good week for the US economy. I am actually pleased though that most of my clients see this as a buying opportunity instead of losing their shit over the "losses".

[thesightless]

Re: the mother effin market yesterday and today...

the wierdest thing about this whole mess is..... overall, stocks are good. these fucking banks are killing the industry though.

no one can make sense of this.

[i!!ustrious]

Re: the mother effin market yesterday and today...

http://www.bloomberg.com/apps/news?p...y3E&refer=home

[asdf_admin]

Re: the mother effin market yesterday and today...

damn it. I have lost 10% of my investments in two days. fucking killing me.

[Kamal]

Re: the mother effin market yesterday and today...

anyone know where I can find forecasts for scrap prices?

[88Mariner]

Re: the mother effin market yesterday and today...

shit shit shit. just heard there might be a run on WaMu right now. fuck. people lined up outside oregon. not good.