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vinylmartyr
09-15-2008, 01:07 PM
Someone break down whats happening with the stock market.

Quadromarshia
09-15-2008, 01:08 PM
http://money.cnn.com/2008/09/15/news/companies/lehman_brothers/index.htm?cnn=yes

vinylmartyr
09-15-2008, 01:09 PM
I want to hear it from a coachella board members perspective.

ciaoq
09-15-2008, 01:10 PM
i got my happy birthday message today.

my birthday was two months ago!

thank you coachella

Quadromarshia
09-15-2008, 01:13 PM
This reminds me of when all those banks were bought up and consolidated during the depression. Of course there aren't a whole lot of small banks these days.

A couple weeks ago, would anyone even had the passing thought of a big bang like Washington Mutual being bought?

chairmenmeow47
09-15-2008, 01:14 PM
these giant drops are almost becoming normal. people panic, the media buzzes about it for a few days, and then things go back to normal.

Pixiessp
09-15-2008, 01:15 PM
i am as in the dark as you are. I used to have my 401k with Merrill Lynch. I guess it is a good thing I don't anymore. Although their stock is up because of the buyout by BofA.

vinylmartyr
09-15-2008, 01:16 PM
so the stock market being down 500 points is no big deal?

Blinken
09-15-2008, 01:16 PM
Shit it is down 504 today. Basically the banks are falling because of bad debt, and that sector is where the majority of the loss is happening right now. WAMU is plumminating, and everyone is getting out the financial stocks right now, hell Merrill Lynch was bought for 50 Billion this weekend, that is a rediculissly low amount compared to what they worth a year ago. It is going to get alot worse before it starts to get better.

Pixiessp
09-15-2008, 01:20 PM
my company is up for grabs. It's a scary time for me.

chairmenmeow47
09-15-2008, 01:20 PM
so the stock market being down 500 points is no big deal?

well, it's down even further than it was earlier today. earlier today it was at 250, and i can think of a few instances in recent history where that has happened. i'm not an expert though. 500 is a big deal, but i have a feeling the market will correct itself. there is just so much volatility these days, these types of swings are becoming the norm. which isn't "good", it's just becoming more normal. today is definitely getting worse though; didn't realize were down to 500 now. but major changes like lehman's bankruptcy & lynch being bought out tend to trigger a lot of activity. i'll definitely be tuning into marketplace tonight for the full report of what happened :)

downingthief
09-15-2008, 01:20 PM
so the stock market being down 500 points is no big deal?

Yes, and no. It is definitely magnified due to what industry (banking) is being hit the hardest right now. It's a credit driven economy. If banks won't lend money, or even worse...don't have the money to lend, that spells trouble for consumers and businesses alike.

Quadromarshia
09-15-2008, 01:23 PM
Panic is the last thing that the economy needs, and the media doesn't help. If we see widespread panic- people taking all their money out of banks, selling all their stocks, etc, that's going to hurt the economy even more.

Cpt. Funkaho
09-15-2008, 01:23 PM
Basically, the instability of the mortgage lending industry is spreading to the big financial lenders/brokerages... the essential problem is the same as it was in 1929, only with regard to different things: lenders are very poorly regulated, and though we would hope they would act responsibly without the government making them, in practice they don't. They lend money to people who have no hope of paying it back, and do so many times beyond their actual financial reserves. It isn't a problem until you get past the tipping point of not having enough cash to cover the bad bets you made that are coming back to bite you in the ass.

The problem is that once it starts, it runs away with itself- no one wants to be stuck on board a sinking ship, so once word gets out that, say Merrill Lynch is unstable, investors panic and pull their capital, which exacerbates the problem. A lender which might have been able to make it through somehow is suddenly worse than broke. Enter Bank of America, who has purchased Countrywide and Merrill Lynch, as well as other defaulting lenders.

So far there haven't been too many effects on the layperson (at least direct effects, as there have been many derivative effects), but it all trickles back down to us. It's going to get worse before it gets better.

chairmenmeow47
09-15-2008, 01:23 PM
i've got a solution! let's go to war with iran! :p

amyzzz
09-15-2008, 01:26 PM
LET'S START A WAR!! ANY WAR!!! I SAY RUSSIA!

USA!
USA!
USA!

Blinken
09-15-2008, 01:27 PM
to hell with Iran, I say Germany. Got us out of one depression, lets do it again.

chairmenmeow47
09-15-2008, 01:27 PM
LET'S STAR A WAR!! ANY WAR!!! I SAY RUSSIA!


don't worry, palin's got that covered :p

Jon Blazed
09-15-2008, 01:36 PM
It means layoffs.

Pixiessp
09-15-2008, 01:42 PM
don't worry, palin's got that covered :p

http://www.youtube.com/watch?v=HfrEoXWAU5Q

Young blood
09-15-2008, 01:50 PM
death.

The time is upon us. I told ya'lls this was going to happen.

Quadromarshia
09-15-2008, 01:50 PM
don't worry, palin's got that covered :p

She outta know, Alaska is near Russia.

PassiveTheory
09-15-2008, 01:50 PM
I think WAMU will actually be bought, which kinda sucks since they're currently my bank.

Young blood
09-15-2008, 01:52 PM
WAMU is next weeks casualty.

PassiveTheory
09-15-2008, 01:53 PM
WAMU is next weeks casualty.

I blame you... Okay, I don't, but I'll have some sort of illogical attachment to the line of thought that it's somehow your fault.

I figure removing oneself from society's ills is how my generation will cope with everything. "It's not my fault" --> The motto of youth.

bmack86
09-15-2008, 01:56 PM
I'm surprised I found a job as quickly as I did with all the recent economic turmoil.

Cpt. Funkaho
09-15-2008, 01:58 PM
I'm surprised I found a job as quickly as I did with all the recent economic turmoil.

Try to hold onto that job. The job market is probably going to get tighter in the near future.

downingthief
09-15-2008, 02:01 PM
I'm thankful that I have a pretty steady job. Being in Sales does have its advantages. If you hit your numbers, you have solid job security.

Young blood
09-15-2008, 02:03 PM
There are stories floating around that if you go into any WAMU and ask for over $3,000 even if you have it in your account, they wont be able to give it to you because they don't have enough cash on hand.

panic.

PlayaDelWes
09-15-2008, 02:14 PM
#1 is the Top Reason, but also special attention to 3 & 4

1. Fed Funds Rate was kept at historic lows…for too long (Starting in the mid-90s, and again in the early 2000s).

2. Because rates were kept at historic lows for too long, inflation has gone through the roof…and the value of the dollar sank through the floor.

3. With such low interest rates, people who previously could not afford ‘things’ were able to afford them…for too long. People bought homes they couldn’t afford, boats, SUVs, vacations, swimming pools, vacation homes, condos to speculate on, etc…People also for some reason, assumed that rates would stay at historic lows forever and did not plan for scenarios where they could no longer afford such luxury items. Just because housing appreciated at 30% / year for a couple years, people assumed that it would continue forever. Now, Banks, Investment Banks, and other Investors are stuck with bad loans that people just feel it’s OK to walk away from.

4. People migrated from ‘value-added’ jobs to jobs that provided little-to-no value to the overall economy. Instead of learning something valuable to the economy, people ‘flipped houses’, became real-estate agents or loan officers, Vegas boomed, and the entertainment industry grew through the roof—all things that added back no overall value to the economy.

5. Instead of investing in the technological innovation, people spent money and dedicated their time to worthless endeavors.

6. Housing Supply was overbuilt in the last 15 years by over 5 Million units relative to increasing demand (increase in population).

7. Now it’s hard to get a loan and therefore demand on Real Estate, Cars, etc… is lower than ever.

dontfeedthebird
09-15-2008, 02:30 PM
But we had fun, right?

Quadromarshia
09-15-2008, 02:33 PM
Speaking of which, did gas go up a dollar overnight where you all live? This weekend I noticed that gas was up to 4.50-5 dollars around here.

I shat a brick to say the least.

Blinken
09-15-2008, 02:53 PM
Speaking of which, did gas go up a dollar overnight where you all live? This weekend I noticed that gas was up to 4.50-5 dollars around here.

I shat a brick to say the least.

That was Ike's fault, should go back down in a few weeks, once production starts back up.

And it actually went down here on the West Coast.

amyzzz
09-15-2008, 02:55 PM
Gas is still $3.38 here I think.

locachica73
09-15-2008, 02:56 PM
I went out at lunch and it was back up to 3.50, glad I filled up at 3.30 on Saturday.

TomAz
09-15-2008, 02:58 PM
http://home.fnal.gov/~cheung/rtes/RTESWeb/LQCD_site/objects/houseofcards.jpg

amyzzz
09-15-2008, 03:02 PM
I went out at lunch and it was back up to 3.50, glad I filled up at 3.30 on Saturday.Oh dang. I'm happy I filled up both tanks this weekend. I kept telling Jacob he should fill his up, and I went and did it myself because he put it off.

TomAz
09-15-2008, 03:04 PM
http://www.thickets.net/toren/wp-content/uploads/2007/12/1928-great-depression.jpg

Young blood
09-15-2008, 03:29 PM
gold.

Young blood
09-15-2008, 03:29 PM
lots of it.

bmack86
09-15-2008, 03:42 PM
We should just resume with Manifest Destiny. Mexico and Canada have become complacent.

garrett222
09-15-2008, 05:00 PM
should we be loading up on bank of america stock right now? it's down 60% for the year, and will very possibly be back in a year

Quadromarshia
09-15-2008, 05:02 PM
Went to fill up after work, only to find that almost every gas station in Columbia is outta gas. But oh, don't worry they have premium.

Apparently some news station was like "oh boy, gas is going to go up to 7 dollars a gallon, and it's all going to run out!" So everyone went out and done bought up all the gas.

I love living in a red state.

Courtney
09-15-2008, 05:09 PM
Someone break down whats happening with the stock market.

Buy low sell high.

In other words, if you haven't already sold, it's too late to get out now, so just hold tight. Things will turn around sooner or later.

Alternately, wait till the market is at its absolute low and then go bargain shopping. Wooooo yay bargain shopping!

bballarl
09-15-2008, 05:12 PM
I thought this was going to be about the Peter Gabriel album, but I guess the stock market is cool too.

TomAz
09-15-2008, 05:16 PM
Buy low sell high.

In other words, if you haven't already sold, it's too late to get out now, so just hold tight. Things will turn around sooner or later.

Alternately, wait till the market is at its absolute low and then go bargain shopping. Wooooo yay bargain shopping!

wisdom.

TomAz
09-15-2008, 05:16 PM
I thought this was going to be about the Peter Gabriel album, but I guess the stock market is cool too.

you mean the album where he told his old fans "fuck you, I'm gonna make me some pop hits"?

Young blood
09-15-2008, 05:19 PM
Get out now and stay out until the day after the election.
Bet on Bullion.

Wheres the beef?
09-15-2008, 05:23 PM
There are stories floating around that if you go into any WAMU and ask for over $3,000 even if you have it in your account, they wont be able to give it to you because they don't have enough cash on hand.

panic.


So what. What do you need $3000 cash for that you can't buy with your debit card? Very few things.

Blinken
09-15-2008, 05:28 PM
Lots of drugs.

Edit: Oh and whores don't forget them.

JustSteve
09-15-2008, 05:31 PM
many banks are like that. years ago tried to pull $10,000 out of union bank just so i could hold that much cash while i had it and they told me i basically had to place an order for it and wait a few days. they have the money, but just not all for one customer.

Young blood
09-15-2008, 05:32 PM
So what. What do you need $3000 cash for that you can't buy with your debit card? Very few things.



Its my money I shouldnt have to beg to get my cash.

Young blood
09-15-2008, 05:33 PM
many banks are like that. years ago tried to pull $10,000 out of union bank just so i could hold that much cash while i had it and they told me i basically had to place an order for it and wait a few days. they have the money, but just not all for one customer.

$10,000 is because of tax reasons.

Not being able to get $3000 means your bank is fucked.

amyzzz
09-15-2008, 05:34 PM
$10,000 is because of tax reasons.

Not being able to get $3000 means your bank is fucked.
Off-topic: I just saw that on Weeds, only Celia was trying to deposit over $10,000, and the bank wanted her to fill out some forms for tax reasons.

chairmenmeow47
09-15-2008, 05:35 PM
well that's settled. any other facts we'd like to check using television sitcoms? :p

amyzzz
09-15-2008, 05:40 PM
I never have that much money lying around, so how else would I find out?

fiyahhh!
09-15-2008, 10:41 PM
0:40 Sal & Richard Christie from the Howard Stern show infiltrate CNN.

g0PT1oHaqaU

dontfeedthebird
09-16-2008, 12:53 AM
gold.

pUYh-ytmXls

clarky123
09-16-2008, 05:25 AM
I would like to start by saying that having worked in London for this fucking shower of egomaniacs (Lehmans) I can tell you that heads must roll.

Dick Fuld (CEO) is the worse culprit he should have sold the business ages ago when it was trading at $xx a share and he had some outside interest.

Its the admin staff I feel sorry for, their stock options, which they couldnt sell unless they had been held for 5 years, now expire worthless, and these people may have borrowed further against what they thought was a true valuation of these options.

Finally, what I fail to understand is that regulated financial institutions such as Lehmans must provide a daily, monthly, quarterly and annual report on their up-to-the-minute avaliable capital and risk position, so why were they trading at all at that point? The U$ amount, which ultimately tipped them over the edge and into Chapter 11 bancruptcy MUST have been noticed much earlier than the weekend, and someone or a group of them have decided to 'fudge the numbers' to cover up the real position.

If the insurer AIG goes down I think this will make matters much worse.

Mr.Nipples
09-16-2008, 06:09 AM
I love the bank!
Wp_K8prLfso&hl=en&fs=1

fatbastard
09-16-2008, 06:13 AM
Use every cent you have right now to buy.

Jon Blazed
09-16-2008, 06:36 AM
Yeah and what if my job lays me off and I spent my savings investing in the market? No worries or what? Will it all be ok? Will I find another job like cupcakes? I am thinking about getting a line of credit on my house just in case. Maybe I'll do that today. I did my resume and portfolio this weekend. Maybe I'll send it out this week...just to test the waters.

sorry about the ramble

kreutz2112
09-16-2008, 11:00 AM
somethings happening?

Young blood
09-16-2008, 11:27 AM
No rate cut = lulz.

M Sparks
09-16-2008, 11:31 AM
I think WAMU will actually be bought, which kinda sucks since they're currently my bank.

Last week, I was talking to a friend who works for Chase. I was telling him how much I love their new ATM's. (You can deposit checks without a slip or envelope, and you get a printout of the checks.) I told him I was going to miss Chase when I move to Portland.

He said..."Do they have WAMU there."

"I think so..."

(Gives me a look.)

"What does that mean?"

"Eh, take your time, don't rush into switching banks. You can mail your deposits in for a little while."

M Sparks
09-16-2008, 11:33 AM
gold.

Heh...even gold is down today.

M Sparks
09-16-2008, 11:38 AM
Will I find another job like cupcakes?

You work at Cupcakes? I'm jealous.

Young blood
09-16-2008, 11:49 AM
Cupcakes are the future.

psychic friend
09-16-2008, 12:05 PM
Do I seriously need to close my wamu checking and savings? Where to next? Wells Fargo? I hate BofA.

TeamCoachellaHellYeah
09-16-2008, 12:08 PM
I wonder what will have to my mortgage if Wells Fargo goes under?

anti-square
09-16-2008, 12:11 PM
Wells Fargo won't go under anytime soon.

amyzzz
09-16-2008, 12:11 PM
God forbid Wells Fargo goes under. Bite your tongue. (or fingers. heh)

TeamCoachellaHellYeah
09-16-2008, 12:12 PM
no, seriously what happens with my mortgage and credit cards through them?

anti-square
09-16-2008, 12:13 PM
The highest bidder starts collecting those payments.

amyzzz
09-16-2008, 12:14 PM
My mortgage is with Countrywide (whom B of A has bought), and nothing has changed for me the past several months.

TeamCoachellaHellYeah
09-16-2008, 12:15 PM
The highest bidder starts collecting those payments.

fuckers..........

thinnerair
09-16-2008, 12:21 PM
I like WaMu, though there are fewer WaMus in New York than there were in California. However, their whole system is fucked up. I lost my debit card within days of moving back to NY and since their "east coast and west coast database systems aren't linked up," the only way I could get a new card is to go to a CA branch since I opened the acct in CA. If not, I would have to wait 30 days at my new address to report a lost card and order a new one, which has been such a pain in the nutsack.

amyzzz
09-16-2008, 12:23 PM
I found out when I went to NY that there are absolutely NO Wells Fargo branches in the northeastern US AT ALL. I had to choke down the ATM fees all weekend because I was afraid to bring too much ready cash.

sorry, off-topic

Young blood
09-16-2008, 12:23 PM
I would switch my bank just because it maybe a bitch to do so if it goes belly up, and as long as there are no fees when closing out.

The only people that have to worry are the ones with over $100,000 (potvsktl) in an account or if the bank is not backed FDIC.

TeamCoachellaHellYeah
09-16-2008, 12:23 PM
ha! No wonder I couldn't find a ATM!

amyzzz
09-16-2008, 12:25 PM
ha! No wonder I couldn't find a ATM!
I used my friend's computer to do an ATM search online and discovered that after we got there. :(

thinnerair
09-16-2008, 12:26 PM
I would switch my bank just because it maybe a bitch to do so if it goes belly up, and as long as there are no fees when closing out.

The only people that have to worry are the ones with over $100,000 (potvsktl) in an account or if the bank is not backed FDIC.

PvK don't use no stinking bank.

psychic friend
09-16-2008, 12:29 PM
so ..

Do I need to worry and close my wamu checking/savings and switch banks?

Wells fargo?

anti-square
09-16-2008, 12:30 PM
I would move over to Wellsfargo anyway.

PlayaDelWes
09-16-2008, 12:32 PM
so ..

Do I need to worry and close my wamu checking/savings and switch banks?

Wells fargo?

It's probably easier to deal with WAMU today, then it will be tomorrow when the FDIC has taken over.

Besides, you should promote LOCAL banks such as credit unions, regional banks, etc... They are more heavily regulated, owned by employees, typically have better customer service, and at least you know any fees or 'float' they are making off you are staying local.

TeamCoachellaHellYeah
09-16-2008, 12:32 PM
NO!!!! The FDIC insures your desposits up to $100k. Unless you guys are ballers and dropping more then that then your fine!

playawes beat me to it.

anti-square
09-16-2008, 12:33 PM
PvK don't use no stinking bank.

All this shit happened because someone pissed on his mattress. No one like wet dollars. Now the economy is fucked due to no PvK dollars circulating until they dry.

Young blood
09-16-2008, 12:35 PM
Hell yeah! Most credit unions always have snacks and fresh coffee when you go inside.

thinnerair
09-16-2008, 12:36 PM
Monday, September 15, 2008 - 2:23 PM PDT
Chase seen as a likely suitor for Washington Mutual
http://www.bizjournals.com/eastbay/stories/2008/09/15/daily19.html


Chase (NYSE: JPM) could be attracted to Washington Mutual’s large branch network in areas where Chase has none -- specifically, key growth markets such as California and Florida. San Francisco bankers have long said it’s only a matter of time before Chase operates branches in the Bay Area.

A sale is looking increasingly likely for Washington Mutual, possibly in a government-assisted transaction. Should WaMu fail, the government’s already on the hook for the bulk of the bank’s long-term debt that’s owed to the Federal Home Loan Bank in San Francisco.

Young blood
09-16-2008, 12:37 PM
not gunna happen

thinnerair
09-16-2008, 12:38 PM
Hell yeah! Most credit unions always have snacks and fresh coffee when you go inside.
When I was in high school, I played in a band. We would go to the local Kinkos late at night to make fliers for our upcoming shows. More importantly, we would go to Kinkos for the free hot chocolate and Vienna Fingers. Mmmmm.

Young blood
09-16-2008, 12:41 PM
When I was in high school, I played in a band. We would go to the local Kinkos late at night to make fliers for our upcoming shows. More importantly, we would go to Kinkos for the free hot chocolate and Vienna Fingers. Mmmmm.

I hang around churches on Sunday afternoons for this same reason.

mmmmm....orange drink....

PlayaDelWes
09-16-2008, 12:43 PM
NO!!!! The FDIC insures your desposits up to $100k. Unless you guys are ballers and dropping more then that then your fine!.


True. Just saying it's EASIER today to walk into a branch, with little-to-no line, close your account, and walk out vs. wait for WAMU to reopen as an FDIC ran bank, wait in lines, deal with long hold times, etc....

...and when you show up at the credit union, help yourself to coffee and cake.

thinnerair
09-16-2008, 12:45 PM
Yo! Cake is da bomb!

psychic friend
09-16-2008, 12:56 PM
Ok so you're saying that I won't be able to go on saturday to close my stuff?

no i am not a baller.

TeamCoachellaHellYeah
09-16-2008, 01:04 PM
Ok so you're saying that I won't be able to go on saturday to close my stuff?

no i am not a baller.

Saturday yes, not Sunday,.

psychic friend
09-16-2008, 01:05 PM
duh not sunday

TeamCoachellaHellYeah
09-16-2008, 01:08 PM
you can close your stuff if it happens. You just might have to wait in line is all.

Blinken
09-16-2008, 03:28 PM
I have a Wamu account and I am not closing it. People closing their accounts out of fear just makes everything worse.

kreutz2112
09-16-2008, 03:36 PM
I'm overdrafted in my account right now so I'm not worried. If anything I could come out on top.

Young blood
09-16-2008, 03:42 PM
ERtDaAtkvhQ

kreutz2112
09-16-2008, 03:44 PM
LIVE! Fake homos. lul.

amyzzz
09-16-2008, 04:11 PM
I'm overdrafted in my account right now so I'm not worried. If anything I could come out on top.
Kreutz,
http://www.cinematical.com/media/2005/12/high-five.jpg

dontfeedthebird
09-16-2008, 04:19 PM
my bank hands out popcorn, and i feel justified in taking two bags due to paying a hundred dollars in overdraft fees a week. mmm. popcorn.

TeamCoachellaHellYeah
09-16-2008, 04:43 PM
I have a Wamu account and I am not closing it. People closing their accounts out of fear just makes everything worse.


this is very very true.

Courtney
09-16-2008, 04:44 PM
Although technically I know it shouldn't matter because they're just a liaison, I'm still feeling very grateful that I dumped my Merrill Lynch account a few years ago in favor of Fidelity.

psychic friend
09-16-2008, 05:46 PM
this is very very true.

See this is why I am asking..

I like my wamu account. I have had it for years and years and years. I do 99.9 % of my banking online. I don't pay any fees. I don't really want to scramble to change banks this weekend if all this talk is just dumb mass people scrambling for no reason. Is there a legitimate reason I need to be so concerned to go change banks ASAP? I guess I could move my savings out to my fidelity brokerage account.. I just like keeping some at the bank for quick emergency funds though.

Young blood
09-16-2008, 05:50 PM
somebody quote this....

You don't have to worry, its more about the hassle of switching over your funds to another bank if something does happen because everyone will be at the bank at the same time. Its like the malls at christmas time, every single asshole in the same place complaining about the same thing and long lines.

amyzzz
09-16-2008, 05:52 PM
somebody quote this....

You don't have to worry, its more about the hassle of switch over your funds to another bank if something does happen because everyone will be at the bank at the same time. Its like the malls at christmas time, every single asshole in the same place complaining about the same thing and long lines.
oh darn, I'm on ignore too....

TeamCoachellaHellYeah
09-16-2008, 06:12 PM
See this is why I am asking..

I like my wamu account. I have had it for years and years and years. I do 99.9 % of my banking online. I don't pay any fees. I don't really want to scramble to change banks this weekend if all this talk is just dumb mass people scrambling for no reason. Is there a legitimate reason I need to be so concerned to go change banks ASAP? I guess I could move my savings out to my fidelity brokerage account.. I just like keeping some at the bank for quick emergency funds though.

no one here has the answer because no one knows for sure. No here here except WAMU know what is going on. If I had money in WAMU, I would just watch the news very closely. CNN was talking about WAMU being one to watch. If anything you simply have to wait in line when the shit hits the fan. No big deal.

Blinken
09-16-2008, 06:36 PM
See this is why I am asking..

I like my wamu account. I have had it for years and years and years. I do 99.9 % of my banking online. I don't pay any fees. I don't really want to scramble to change banks this weekend if all this talk is just dumb mass people scrambling for no reason. Is there a legitimate reason I need to be so concerned to go change banks ASAP? I guess I could move my savings out to my fidelity brokerage account.. I just like keeping some at the bank for quick emergency funds though.

You really have no need to worry unless you have over $100,000 in Wamu. The bank is insured with the FDIC so if it goes under you will still have all of your money. If it gets bought by Chase then it policies on fees and things might change, but that is no reason to panic. If it does change and you don't like it then it would be time to switch banks. If everyone panics it could create a run on the bank where it doesn't have enough liquidity to cover everyone pulling there money out and will go under. You would still be insured, and have your money though. Personally I don't think it is worth the trouble of switching especially if you like Wamu, I am not switching.

Young blood
09-16-2008, 08:35 PM
I love the bank!
Wp_K8prLfso&hl=en&fs=1

One of the top five movies ever made. Especially the 10 min fight seen.

allyjoy
09-16-2008, 10:06 PM
See this is why I am asking..

I like my wamu account. I have had it for years and years and years. I do 99.9 % of my banking online. I don't pay any fees. I don't really want to scramble to change banks this weekend if all this talk is just dumb mass people scrambling for no reason. Is there a legitimate reason I need to be so concerned to go change banks ASAP? I guess I could move my savings out to my fidelity brokerage account.. I just like keeping some at the bank for quick emergency funds though.

Chase is an excellent financial institution. If they buy Wamu, they aren't going to go changing your account or anything you have in place right now. I highly doubt it will affect any of us. I'm moving my money from Wamu & I've had them for years, but I'm moving my money because they keep dicking me around and have given me awful customer service.

Pulling your money from a bank is silly. It just sends it under that much faster, and it's federally insured. Banks need your money in order to run.

frozen pilgrim
09-16-2008, 10:22 PM
duh not sunday

you could electronically transfer out all but the minimum on your accounts. that way you can keep your wamu accounts active in case this blows over, but keep your money available in case they go under.

I can't even fathom how a country's economy could allow banks to go bankrupt.

I mean, I understand the process, but how any responsible government could let things get to that point is totally beyond me.

whynotsmile99
09-16-2008, 10:35 PM
everyone move to Bank of America. i've had no problems with them, been with em since my first account. good customer service, atms all over the place

Blinken
09-17-2008, 12:50 AM
you could electronically transfer out all but the minimum on your accounts. that way you can keep your wamu accounts active in case this blows over, but keep your money available in case they go under.

I can't even fathom how a country's economy could allow banks to go bankrupt.

I mean, I understand the process, but how any responsible government could let things get to that point is totally beyond me.

Thats not the issue. Everyone that has money in Wamu will have their money unless it is over $100,000. Even then they gave the people at Indymac with over $100,00 at least $100,000 plus 50% of the amount over $100,000. Once Indymac bounces back it will cover more of the loss possibly everything. If you have more than $100,000 at a one bank you are just plain stupid, your money should be in more investments not in regular savings accounts if it is that substantial, or even other high yield savings accounts.

The goverment isn't letting the banks go bankrupt, it is bailing them out and with the FDIC insurance all the customers are fine. It gets into an issue of responsability at this point, where the tax payers are paying for banks bad investments, and the banks are getting all the profits. To keep us out of a depression it needs to be done, because once one bank goes down others are soon to follow. Panic will create runs on banks and a bank can not handle massive amounts of customers pulling out their funds at one time. The smart thing to do is just ride it out.

Basically there was no regulation and a lot of people got loans that should never have had loans. As interest rates grew people couldnit keep up with it, first the foreclosers then the banks are feeling it because the house is not wroth nearly as much as before. As they pawn the houses off cheap to investors they lose more and more money. Companies like Lehman Bros. bought up massive amounts of debt and it went south on them. It is just going to get worse until the foreclosers stop, and I am hearing 1 to 2 years at least for that to happen. So things are going to get worse, and more banks will go under. I don't if any of this made sense I am little drunk, but that is my view on the situatuion.

ivankay
09-17-2008, 02:44 AM
If the government is so kind to use all this "money" to bail out these essential entities, i do hope they do some prosecuting of the people responsible and take all the cash they made. Sure there is plenty of blame to go around, but they should start with the richest.

TomAz
09-17-2008, 07:47 AM
w7CclVneVpw

Young blood
09-17-2008, 07:57 AM
hahahaha

Young blood
09-17-2008, 08:05 AM
http://i50.photobucket.com/albums/f344/grizz8884/goldmember.jpg

TeamCoachellaHellYeah
09-17-2008, 08:14 AM
I like GOLD!

TomAz
09-17-2008, 08:30 AM
oTXFQLH7Cy0

Young blood
09-17-2008, 09:08 AM
even mighty mouse is in a state of panic.

suprefan
09-17-2008, 09:42 AM
no one here has the answer because no one knows for sure. No here here except WAMU know what is going on. If I had money in WAMU, I would just watch the news very closely. CNN was talking about WAMU being one to watch. If anything you simply have to wait in line when the shit hits the fan. No big deal.

Thats so encouraging Marco, cause I have WAMU, but you dont have to wait in line for hours on end right? Maybe I shoudl go by righ tnow and see if theres mile long lines.. Im not closing my account, wamu fo lyfe....

psychic friend
09-17-2008, 09:55 AM
Ok thanks everyone I get it now. There might be a line. and watch cnn. I don't have 100K. lol.


Chase is an excellent financial institution. If they buy Wamu, they aren't going to go changing your account or anything you have in place right now. I highly doubt it will affect any of us. I'm moving my money from Wamu & I've had them for years, but I'm moving my money because they keep dicking me around and have given me awful customer service.


If Chase takes over wamu I will for sure switch. I hate chase. They were my first credit card. I had it nearly 16 years and one day for no reason they decided to raise my 4% rate to 24%. I had never missed a payment, never maxed it out, never on any either of my cards. They couldn't tell me why they raised it so I closed the account and paid of the small balance that was on there at the 4%. They still send me credit card offers in the mail and I like to write F U on there and send back to them in their postage paid envelopes along with whatever other junk mail fits in there.

thinnerair
09-17-2008, 10:02 AM
FcIszzV-WrY

M Sparks
09-17-2008, 11:14 AM
Chase is an excellent financial institution. If they buy Wamu, they aren't going to go changing your account or anything you have in place right now.

Yeah, the reason I'm with Chase is because they bought Bank One. Pretty much nothing changed for the first year or so. When they finally switched over the website to Chase's system, I got locked out somehow. I called up, spent maybe 3 minutes on the phone clearing it up...haven't had a single problem since.

I pay no fees on my checking account (I actually get a few cents in interest every month), and I pay something like $8 a month on my business checking. Their online system is great, and as I mentioned, the ATM deposit feature is genius. (I don't know, maybe everyone has this now.)

Stay put at WAMU. Worst case is the government gives you your money back. If Chase buys it, it'll probably be even better (and certainly more secure.) If you like WAMU so much, the best thing you can do to help them is stay put.

M Sparks
09-17-2008, 11:17 AM
If Chase takes over wamu I will for sure switch. I hate chase. They were my first credit card. I had it nearly 16 years and one day for no reason they decided to raise my 4% rate to 24%.

Funny, WAMU did the same thing to me.

All the credit card divisions are scumbags.

Hopeless Semantic
09-17-2008, 11:19 AM
I have a bittersweet relationship with Chase. While handling my dad's financial situation after he passed, they were at first really difficult to deal with and weren't helpful. But then I got a little out of the norm and relented that I spoke to the higher-ups and then I was able to get some real assistance with the matters. They've been actually really nice since then, so I've remained with them on a limited credit card basis.

TomAz
09-17-2008, 11:20 AM
not usually one for pimping businesses but my experiences with chase are the same as sparky's

M Sparks
09-17-2008, 12:21 PM
not usually one for pimping businesses but my experiences with chase are the same as sparky's

Full disclosure...once, Chase payed me $500 to drive to Phoenix for the afternoon and point a camera and light at somone for several hours. At the end, I handed them the tapes, they gave me a check, and I never had to deal with it again. I TOTALLY need more clients like Chase.

But seriously...no problems.

M Sparks
09-17-2008, 01:27 PM
Update- WAMU is officially for sale. They have "begun the auction process."

Blinken
09-17-2008, 01:29 PM
I guess they should have listened to the old white guys insted of locking them up in cages. Damn young black guy ruining everything . . . . .

Young blood
09-17-2008, 01:32 PM
Edit. will go under by Sunday.

gold. +89. word.

PlayaDelWes
09-17-2008, 02:13 PM
Washington Mutual Begins Efforts to Sell Itself

http://dealbook.blogs.nytimes.com/2008/09/17/washington-mutual-begins-auction-to-sell-itself/?ref=business

I'll start the bidding off at $1.50

CalmerThanYou
09-17-2008, 02:24 PM
http://images.businessweek.com/ss/07/04/0426_dow/image/2_great_depression.jpg

TomAz
09-17-2008, 02:25 PM
Washington Mutual Begins Efforts to Sell Itself

http://dealbook.blogs.nytimes.com/2008/09/17/washington-mutual-begins-auction-to-sell-itself/?ref=business

I'll start the bidding off at $1.50

the feds bailed out JP Morgan this spring in the Bear Stearns deal. you think they'll go under anyway?

Young blood
09-17-2008, 02:32 PM
morgan stanley, my bad.

Young blood
09-17-2008, 04:56 PM
We <3 you china!

http://i438.photobucket.com/albums/qq101/punassump/ChineseFlag.jpg

suprefan
09-17-2008, 04:59 PM
Still keeping my money at Wamu.......

JustSteve
09-17-2008, 05:11 PM
I have a bittersweet relationship with Chase. While handling my dad's financial situation after he passed, they were at first really difficult to deal with and weren't helpful. But then I got a little out of the norm and relented that I spoke to the higher-ups and then I was able to get some real assistance with the matters. They've been actually really nice since then, so I've remained with them on a limited credit card basis.

always ask for a higher up when calling, the numbskulls who first answer the phones are clueless most of the time.

my worst experience was dealing with amex. call up customer service and get some guy named mike with a thick indian accent. i honestly wanted to ask him his real name, not the name he chose for dealing with u.s customers. fuck you india!

well, i had a balance transfer offer from them that stated "same rate that you have for purchases" well, i had a 0% rate for purchases...of course it was an intro rate, but there was no fine print stating that it would be different. so i make the transfer and they end up sticking me with the regualr purchase rate of around 10%. i sent numerous email and made numerous calls, all to no avail. fuck you amex.

TomAz
09-17-2008, 06:04 PM
morgan stanley, my bad.

yeah. they're in merger talks already.

after Morgan stanley its goldman sachs then they're won't be any investment banks left.

fatbastard
09-17-2008, 06:26 PM
Makes sense when you think of how private equity firms have evolved.

sonofhal
09-18-2008, 08:27 AM
My bank (HBOS) increased my overdraft limit by 1,750 yesterday (without me even asking). By the end of the day, they'd been bought by another bank (Lloyds) to stop them going under.

anti-square
09-18-2008, 01:00 PM
Stocks surge on report of entity for bad debt
Thursday September 18, 3:52 pm ET
By Tim Paradis, AP Business Writer
Wall Street soars on report that federal government will create entity to hold banks' debt

NEW YORK (AP) -- Wall Street had a stunning late-session turnaround Thursday, shooting higher and hurtling the Dow Jones industrials up more than 400 points after a report that the federal government may create an entity that will take over banks' bad debt.

ADVERTISEMENT
The report on CNBC said Treasury Secretary Henry Paulson is considering the formation of an entity like the Resolution Trust Corp. that was set up after the failure of savings and loan banks in the 1980s.

Investors were cheered by the notion of a huge federal intervention like the establishment of RTC to acquire the real estate debt that has hobbled financial institutions and led to the intense volatility in the markets this week.

If there's an RTC-like entity, "it's going to take a lot of the bad debt off the balance sheets of these companies," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York. That would alleviate many of the pressures causing the credit crisis, he said, and open up the credit markets again. But Fullman noted, "the devil's in the details."

"Bear markets are very sensitive to news. And on a scale of 1 to 10, this one is a 13," he said.

In late afternoon trading, the Dow soared 411.66, or 3.88 percent, to 11,021.32.

Broader stock indicators also jumped. The Standard & Poor's 500 index rose 48.85, or 4.22 percent, to 1,205.24, and the Nasdaq composite index advanced 95.07, or 4.53 percent, to 2,193.92.

The report of a broader government bailout proved more reassuring to investors than moves before the opening bell Thursday by the Federal Reserve and other major central banks to inject as much as $180 billion into global money markets. The moves were an attempt to keep the credit crisis from worsening; the Fed added another $55 billion in overnight loans Thursday.

Grinding gears in the world's credit markets have driven up the cost of borrowing for businesses; banks have become hesitant to make loans even to other banks for fear of what institutions might be hobbled by soured debt. Investors are also contending with fears that more big-name financial companies could falter.

Worry in the markets had led to speculation about the future of such major players as thrift bank Washington Mutual Inc. and investment bank Morgan Stanley. Media reports have been saying that Wells Fargo & Co. and Citigroup Inc. are interested in a possible takeover of Washington Mutual; and a person familiar with the negotiations said Morgan Stanley and Wachovia Corp. are in talks about a possible combination. He spoke on condition of anonymity because the talks are ongoing.

"We're seeing a tremendous amount of nervousness. That nervousness is leading to volatility," said Anthony Conroy, head trader for BNY ConvergEx Group. He said the markets hadn't seen as much fractiousness since the 1920s.

Advancing issues outnumbered decliners by more than 2 to 1 on the New York Stock Exchange, where volume came to 1.85 billion shares. Trading remained heavy as it has all week amid investors' fears about the well-being of the financial system. But observers said traders were positioning themselves ahead of Friday's "quadruple witching," which marks the simultaneous expiration of four types of options contracts and can exacerbate volatility.

Investors shying from the risks of stocks turned to government-backed debt. On Wednesday, the 3-month Treasury bill -- considered one of the safest short-duration assets -- saw demand surge so high that its yield briefly dipped into negative territory for the first time since 1940. Investors are so focused on parking their money in safe assets that they're willing to take very little return on such investments.

The prices for short-duration Treasurys fell from Wednesday's levels. But the yield on the 3-month T-bill was still extremely low at 0.19 percent -- up from 0.2 percent late Wednesday, but well below its yield of 1.60 percent just a week ago.

Longer-term bond prices fell. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.51 percent from 3.42 percent late Wednesday.

Investors also continued a move into other safe havens. Gold rose again Thursday, up $50.20 to $900.70 an ounce on the New York Mercantile Exchange after posting its largest ever one-day price jump Wednesday.

Oil shot up early in the day, moving back above $100 as investors sought it as another haven. But crude fell back with the market's realization that the financial turmoil will likely exacerbate the drop in demand that has taken oil down sharply from its July record of $147.27 a barrel.

Light, sweet crude on the Nymex rose 72 cents to settle at $97.88 a barrel.

"We are in uncharted territory," said Linda Duessel, the equity market strategist at Federated Investors. "The seriousness and the size of this fallout has been underestimated from the beginning. It's most disconcerting what's going on in the credit market."

Investors remained jittery throughout Thursday's session. The Chicago Board Options Exchange's volatility index, known as the VIX, set a new high for the year in trading Thursday. Often referred to as the "fear index," the VIX at times rose to levels not seen since October 2002. But the VIX retreated after the report a government plan for bad bank debt.

Some market observers say a reading of more than 40 is necessary before the market can begin to excise its fears and carve out a rebound.

Mixed economic readings drew little attention as investors focused on the financials and the credit markets.

The Labor Department reported that initial claims for unemployment benefits rose by 10,000 last week to 455,000, due primarily to Louisiana's job losses from Hurricane Gustav. And the Philadelphia Fed said its regional manufacturing report improved to a 3.8 in September from a negative 12.7 in August. It marks the first positive reading since November.

Among financials, Morgan Stanley rose $2.15, or 10 percent, to $23.90 as the investment bank sought a buyer or cash infusion to shore up its flagging share price. The stock has fallen 38 percent in the past week following Monday's bankruptcy filing at rival Lehman Brothers Holdings Inc. and a forced sale of Merrill Lynch & Co. to Bank of America Corp.

The Russell 2000 index of smaller companies rose 40.38, or 5.97 percent, to 716.76.

Overseas, Japan's Nikkei stock average dropped 2.22 percent to its lowest closing level in over three years. Hong Kong's Hang Seng index lost 0.03 percent.

Britain's FTSE 100 fell 0.66 percent, Germany's DAX index rose 0.04 percent, and France's CAC-40 fell 1.06 percent.

What pisses me off is that many probably made small fortunes knowing about this news before it gets released to the public.

amyzzz
09-18-2008, 01:05 PM
the devil's in the details
I love that BoC song.

TomAz
09-18-2008, 01:09 PM
don't fear the reaper

amyzzz
09-18-2008, 01:10 PM
That's BOC. Capital O.

BROKENDOLL
09-18-2008, 01:22 PM
I'm more concerned with GODZILLA, myself...

TomAz
09-18-2008, 01:23 PM
oh no! there goes Tokyo!

Young blood
09-18-2008, 03:15 PM
Paulson May Propose Plan To Take Over Bad Debts
LEHMAN AIG, MORGAN STANLEY, JPMORGAN, PAULSON
By Charlie Gasparino
On-Air Editor
CNBC staff and wire reports
| 18 Sep 2008 | 06:01 PM ET

Treasury Secretary Henry Paulson is considering setting up a government facility to take on bad debts from financial institutions and prevent the global credit crisis from worsening, CNBC has learned.

http://i51.photobucket.com/albums/f368/trickmirror0/dumpster.jpg
The facility would be similar to the Resolution Trust Corporation, which was set up in 1989 to take on all the failed thrift assets during the savings and loan crisis, sources said.

Paulson will brief House Speaker Nancy Pelosi and other congressional leaders on the proposal tonight at 7 p.m. New York time, CNBC has learned.

A Treasury spokeswoman confirmed that the meeting will include Senate and House leaders from both political parties. Federal Reserve Chairman Ben Bernanke is expected to accompany Paulson.

The Bush administration wants to make sure Congress is behind the idea before it moves ahead on the plan, a source told CNBC.

Such a move, according to its advocates, would allow banks to shovel bad debt off their balance sheets and allow the firms to go back to business as usual. It would also eliminate the need for individual company bailouts.

In turn, that could allow the housing market to recover because it would restore banks willingness to lend.

"This will bring real trust back into the market." Donald Marron, chairman of Lightyear Capital, said on CNBC. "It would free up real, spendable capital in these organizations. They can use that to make loans, to make transactions and to build confidence in the system. This is a confidence crisis."

Charlie Gasparino breaks the story on Paulson's plan. Watch video at left.

The news sparked a big rally in stocks after a day in which investors remained nervous about the spreading effects the global credit crisis.

The Treasury Department and Federal Reserve, which engineered an $85 billion rescue plan for insurer American International Group earlier this week, declined to comment.

The aide also pointed to an opinion piece in Wednesday's Wall Street Journal by former Federal Reserve Chairman Paul Volcker, former Comptroller of the Currency Eugene Ludwig and former Treasury Secretary Nicholas Brady in which they said such a body could buy up troubled real estate debt to get credit markets working again.

For Investors
# Are Stocks Low Enough to Buy Now?
# Is Your Money-Market Fund Safe? Find Out
# Slideshow: Biggest Chapter 11 Cases in US History
# Eight Tips for Investing in Hard Times
# Need Safety? Take a Look at Bonds
# What If You're a Client of Lehman, Merrill or AIG?
# Have an AIG Insurance Policy? Don't Fret
# How You Can Protect Your Money

However, getting Congress to approve such a plan quickly would likely be difficult because lawmakers plan to leave by the end of the month to campaign for the Nov. 4 election.

White House spokeswoman Dana Perino declined to comment on what steps, if any, the Bush administration was considering.

She also questioned whether doing something in the middle of a market correction was wise and acknowledged it could be difficult to approve something quickly.

"I think Democrats themselves, and maybe some Republicans, have questioned whether or not they will be able to get anything done in the next two weeks," Perino said.

"And it probably isn't that smart to try to finalize legislation in the middle of a market correction as we're trying to figure out what other possible necessary steps may or may not need to be taken as we move forward," she said.

Earlier Thursday, Sen. Charles Schumer, D-NY, told reporters he has spoken with officials at the Treasury Department and Federal Reserve about trying to do something more permanent.

"I think both the Federal Reserve and the Treasury are realizing that we need a more comprehensive solution," he said. "You can't just keep...having the government take over one company after another without really solving the problem," Schumer said.

amyzzz
09-18-2008, 03:18 PM
http://www.coachella.com/forum/showthread.php?t=22275&page=5

post 145

Young blood
09-18-2008, 03:19 PM
I added the dumpster......


nevermind.

TomAz
09-18-2008, 03:23 PM
this would be a good time to revisit the stick figures.

TeamCoachellaHellYeah
09-18-2008, 03:47 PM
I want to the government to wipe out my debt....

Courtney
09-19-2008, 07:25 PM
On the bright side, I haven't yet been fired. On the less bright side, the big boss lady at work sent out an e-mail to all employees today saying "staff reductions are inevitable."

Boo economy. I really, really, really don't want to go through another job search.

amyzzz
09-20-2008, 08:01 AM
I don't see any immediate repercussions for my family, but I'm sure we will all be feeling this for a long time afterwards. Just look at the Great Depression.

vinylmartyr
09-29-2008, 10:47 AM
are you guys watching this on tv. markets down 700 points

vinylmartyr
09-29-2008, 10:49 AM
they went back up to 500 points down. sorry to alarm you

vinylmartyr
09-29-2008, 10:50 AM
I think that bailout just failed in the senate

CalmerThanYou
09-29-2008, 10:50 AM
THE PLANE HAS CRASHED INTO THE MOUNTAIN

we are really fucked here.

marooko
09-29-2008, 10:50 AM
On the bright side, I haven't yet been fired. On the less bright side, the big boss lady at work sent out an e-mail to all employees today saying "staff reductions are inevitable."

Boo economy. I really, really, really don't want to go through another job search.

my staff reduces soon after i wake up.

chairmenmeow47
09-29-2008, 10:54 AM
whoa, on the way to work i heard that one of our preferred lenders is going under. it'll be interesting to see how this plays out!

and i <3 working in education. we do well when life sucks because that's when people realize they need degrees. MARKET CRASH PROFITEERING FTW!

Quadromarshia
09-29-2008, 10:54 AM
I think that bailout just failed in the senate

You mean the house?

vinylmartyr
09-29-2008, 10:57 AM
yeah house sorry

RotationSlimWang
09-29-2008, 10:57 AM
Look forward to the Republican spin--supporting Obama and fighting the bailout is destroying America's retirement package.

Quadromarshia
09-29-2008, 11:00 AM
207 out of 218 votes needed. Shit's close!

TomAz
09-29-2008, 11:05 AM
I think it failed 207-226.

back to the drawingboard folks. get it right this time.

Quadromarshia
09-29-2008, 11:05 AM
Hm. On the live feed is says "Time Remaining: 0:00" with 207 votes yay and 226 nay.

chairmenmeow47
09-29-2008, 11:05 AM
I think it failed 207-226.

back to the drawingboard folks. get it right this time.

BUT THERE'S NO TIME TO THINK ABOUT GETTING THINGS RIGHT! ACT NOW, THINK LATER! IT'S THE AMERICAN WAY!!!

menikmati
09-29-2008, 11:06 AM
this whole thing is a fuckin joke

Quadromarshia
09-29-2008, 11:09 AM
And that's all she wrote.

RotationSlimWang
09-29-2008, 11:11 AM
So, folks, let me lay out for you how this is going to play out:

We are the largest economic and military force in the world.

We have only two political parties, both essentially under the thumb of large corporate interests.

They have allowed the oil companies to combine into effectively two or three conglomerates.

They will use this bank failure to pave the way for a series of buyouts that will leave only two or three banking institutions.

Microsoft and Google control more than four fifths of the entire worth of the tech industry.

Anyone else getting unnerved?

menikmati
09-29-2008, 11:14 AM
but i like google

CalmerThanYou
09-29-2008, 11:16 AM
http://www.b24.net/stories/annetteimages/Kamenitsa%20plane%20crash.jpg

marooko
09-29-2008, 11:16 AM
i filed for bankruptcy. life is great. its the best decision ive ever made.

Quadromarshia
09-29-2008, 11:18 AM
United States of America- Representative Democracy ---> Capitalist Police State.

I have a feeling Bank of America will soon be The Bank Of America.

The international consortium of bankers is just finalizing their actions; this is just like the panic of 1909, the crash of '29, scandel of '88...etc.

TomAz
09-29-2008, 11:19 AM
but now they're going to pass the law to allow the treasury to mint coins to commemorate the army.

RotationSlimWang
09-29-2008, 11:21 AM
I saw this without a twinge of irony--this election holds my entire outlook on the future in its hands. If McCain wins I'm bailing on all long-term plans involving this country (which effectively means practically all long-term plans except running the fuck away to Brazil), and if Obama wins it will shock me so thoroughly that I might have to change my entire mechanism for viewing humanity.

Quadromarshia
09-29-2008, 11:24 AM
I saw this without a twinge of irony--this election holds my entire outlook on the future in its hands. If McCain wins I'm bailing on all long-term plans involving this country (which effectively means practically all long-term plans except running the fuck away to Brazil), and if Obama wins it will shock me so thoroughly that I might have to change my entire mechanism for viewing humanity.


Ditto. Except i'll be heading to Uruguay.

RotationSlimWang
09-29-2008, 11:25 AM
You're gonna be shit out of luck when me and Brazil come for your natural resources, pussy.

Quadromarshia
09-29-2008, 11:27 AM
Take what you want, mang. I'll be living it up on some hippy beach colony.

Just leave the gauchos alone. I need that meat.

SoulDischarge
09-29-2008, 11:41 AM
Maybe something like this?

1. No bailouts without conditions and reciprocity in the form of stock warrants.

2. No more lobbying for any company that is bailed out.

3. No golden parachutes and get out of jail free cards for guilty executives.

4. No bailouts without public hearings.

5. Reduce the moral hazard in U.S. mortgage markets by introducing covered bonds for the majority of mortgage products as they do in Western Europe. That gives institutions that finance mortgages an incentive to be prudent, because they cannot just unload them and wipe their hands clean of the liability, but are instead on the hook if the homeowner defaults.

6. Maintain neighborhood stability and housing security by passing a law with a sunset clause allowing below median-value homeowners facing foreclosure the right to rent-to-own their homes at fair market value rates.

7. Avoid future housing bubbles by removing implicit government guarantees for new mortgages that exceed thresholds of greater than 15-20 times the annual fair market rent value of the home.

8. Make the Federal Reserve a Cabinet Position, so it is accountable to Congress, as well as making sure all Federal Reserve Bank presidents are appointed by the President and answerable to congress.

9. Reduce conflicts of interest by taking away power for auditor and rating agency selection from companies and placing it in the hands of the SEC to be administered on random assignment.

10. Implement a securities speculation tax, starting with derivatives to deter casino-style capitalism.

Proposed by the man who predicted this way back in 2000, Ralph Nader.

Of course that'll never happen for all the reasons Randy pointed out and we'll end up permanently fucked one way or another. Get ready to eat yr young America. I'll be in Sweden.

Quadromarshia
09-29-2008, 11:45 AM
Another thing to consider:

Gas shortages: get ready for more
The long lines and closed pumps seen across the South this week are a warning: inventories are way too low.
By Brian O'Keefe, senior editor
Last Updated: September 27, 2008: 10:05 AM ET
NEW YORK (Fortune) -- While Congress and Bush administration officials have been working to complete a bailout plan and stem the financial contagion on Wall Street, a different kind of economic crisis emerged across the South this week: A severe, hurricane-related gasoline shortage has curtailed trucking from Atlanta to Asheville, N.C., and created a wave of panic buying among motorists.

The return of gas lines has largely flown under the radar of politicians who are usually keenly attuned, because their constituents are, to what's going on at the pump. But more of the Capitol gang should be paying attention to this.

That's because nationwide our gasoline inventory is shockingly low. Liquidity must be restored soon to this market, or we could be facing a crippling run on the gasoline bank. And if you think Americans are outraged about Wall Street, wait until their Main Street grocery store doesn't get the bread and milk delivery for a week or two.

Back to the '70s
The scenes over the past several days in places like Nashville, Tenn., Anniston, Ala., and western North Carolina looked like file footage from 1979 - with bags over empty gas pumps and quarter-mile long lines of cars waiting to fill up at stations that hadn't run out. AAA reported that drivers were so desperate that they were following tankers to gas stations to ensure a fill-up.

In Georgia, Gov. Sonny Perdue got a waiver from the Environmental Protection Agency to temporarily allow stations to sell high-sulfur gasoline. (Correction: An earlier version of this story said Louisiana received the waiver and incorrectly named Perdue as that state's governor.) In Alabama, Gov. Bob Riley ordered a state of emergency to prevent price gouging by station owners that do have gas.

What's going on? The immediate answer is that the double whammy of Hurricanes Gustav and Ike, which swept through the Gulf of Mexico earlier this month, caused much of the Gulf's oil drilling and refinery production to be shut down. In particular Ike, which hit refinery-rich Southeastern Texas on Sept. 13, caused massive power outages in the Galveston and Houston areas.

As of this week, more than a dozen refineries around Texas City and Port Arthur were not operating at full capacity and, according to the Department of Energy, six refineries, with a combined capacity of 1.6 million barrels a day, were still not running at all.

A bigger problem
But while the current shortages can be traced directly to the two hurricanes, the severity of the problem points out a bigger issue: The U.S. has been operating for a while with razor-thin spare gasoline capacity.

In its most recent Weekly Oil Data Review, Barclays Capital pointed out that the U.S. gasoline inventory has reached its lowest level since August 1967, when demand was a little more than half its current level of 9.3 million barrels a day. At 178.7 million barrels, inventories are 21.6 million barrels below their five-year average.

None of this surprises industry watchers such as Matt Simmons, the chairman of Houston energy industry investment bank Simmons & Co. and chief spokesman for the Peak Oil movement. I recently wrote a profile of Simmons for Fortune ("The prophet of $500 oil") and I can report that he has been warning about the potential of gasoline shortages in the U.S. for months.

"Our system is so fragile," he told me recently. "All you need is a tiny change to go from 'Oh, we're in fine shape' to an unmitigated disaster."

Simmons points out that the gasoline weekly stock reports have been trending sharply downward since last winter (with a brief upturn in the spring), and that even before Gustav and Ike we were in "just in time" supply mode.

Getting back to a safer level of extra capacity isn't simple, either. Once the refineries get back up and running, they'll drain the already low crude oil inventories. Unless gasoline demand stays low, Simmons believes, we'll have a hard time clawing back to stability.

That's why he worries about a top-up catastrophe that could cripple the trucking industry and disrupt food deliveries.

As he told me the other day: "If we end up having gasoline shortages, the odds are about 90% that Americans will do what we always do: We'll top up our tanks. And in topping up our tanks, within three or four days we'll drain the pool dry and then within seven days we'll run out of food."

That sounds awfully dire. And it probably won't happen. But, then again, a couple of months ago hardly anybody would have predicted that AIG would collapse, Congress would be mulling a Wall Street bailout, and '70s-era gas lines would be back

chairmenmeow47
09-29-2008, 11:48 AM
does anyone have a link for that FAIL bailout pic? i'm trying to show someone at work. thanks :)

psychic friend
09-29-2008, 12:44 PM
http://failblog.files.wordpress.com/2008/09/fail-owned-politeness-billboard-fail.jpg?w=500&h=368

Young blood
09-29-2008, 01:03 PM
JaKkuJVy2YA

Its awesome that they keep kicking the ant hill.

Young blood
09-29-2008, 01:21 PM
Dont panic.


Let the CEO's raid your retirement, after all they were loyal to you and gave you a job in the first place.

TomAz
09-29-2008, 01:24 PM
http://img.photobucket.com/albums/v703/TomAz/2884103514_3897c584b5.jpg

CalmerThanYou
09-29-2008, 01:27 PM
Dow closes down 777 pts.

Worst single day loss in history.

Death.

Although im not religious, the 777 could be a sign from God that hope is on the way...

bmack86
09-29-2008, 01:28 PM
In a way, I'm glad this is happening while I'm still young. I feel like, if I were near retirement age, this sort of crisis could completely negate what I'd worked for all those years. As it now stands, I get to struggle through it, but I've got a long time ahead for this to eventually even itself out.

Naive?

amyzzz
09-29-2008, 01:30 PM
The ladies at my work at freaking out. They're in their 50's and pretty close to retirement.

Young blood
09-29-2008, 01:30 PM
Im scared for only one reason....if the market fails my mother in law will move in with us. Im doing everything in my power to help her move her money around.

miscorrections
09-29-2008, 01:32 PM
This is a great reason for me to go to grad school. Health insurance, tuition waived, stipend.

Young blood
09-29-2008, 01:34 PM
for reals. Its going to be hard to get into grad school by spring if you dont apply now though.....just what ive heard.

miscorrections
09-29-2008, 01:35 PM
I am applying.

chairmenmeow47
09-29-2008, 01:35 PM
Im scared for only one reason....if the market fails my mother in law will move in with us. Im doing everything in my power to help her move her money around.

whoa, whoa, WHOA, you're married!??!?!?

and find me that fail pic! :p

and congrats on grad school, miscorrections!!!

Young blood
09-29-2008, 01:37 PM
see toms post above.

chairmenmeow47
09-29-2008, 01:43 PM
red x :(

TomAz
09-29-2008, 01:48 PM
red x :(

how bout now

menikmati
09-29-2008, 01:49 PM
Im scared for only one reason....if the market fails my mother in law will move in with us. Im doing everything in my power to help her move her money around.

Keep dem inlaws out!!!

chairmenmeow47
09-29-2008, 02:00 PM
TOM RULES, MY VOTE HAS BEEN CAST! THANK YOU!

and young blood, quit being a palin about the marriage question. how long have you been married?!

M Sparks
09-29-2008, 02:02 PM
Usually 777 is good luck.

I just saw a commentator on CNBC quote Airplane regarding people telling their congresspeople to vote no..."Chump don't want no help, chump don't get no help."

Also saw a guy that said "McCain & Palin should be suicidal". Well, maybe some good will come of it.

miscorrections
09-29-2008, 02:08 PM
and congrats on grad school, miscorrections!!!

Appreciate it, but a bit premature. Won't know till April.

Young blood
09-29-2008, 02:12 PM
TOM RULES, MY VOTE HAS BEEN CAST! THANK YOU!

and young blood, quit being a palin about the marriage question. how long have you been married?!

Just over a month. Mother in law is clinically insane. The other night she was doing rakhi on her cat.

Quadromarshia
09-29-2008, 02:25 PM
Remember that anxiety attack I was talking about a couple days ago?

I'm having it right now.

Time to stock up on cigarettes, gasoline, ky yours+mine, water, and ammunition.

CalmerThanYou
09-29-2008, 02:25 PM
Just over a month. Mother in law is clinically insane. The other night she was doing rakhi on her cat.

http://d.yimg.com/us.yimg.com/p/ap/20080929/capt.fda95000201f42d59ab654bfe392c2a3.bush_financi al_meltdown_us_ukraine_dcpm103.jpg?x=400&y=280&q=85&sig=2wogz8xQTtQncoljeJBAbw--

boarderwoozel3
09-29-2008, 02:34 PM
Remember that anxiety attack I was talking about a couple days ago?

I'm having it right now.

Time to stock up on cigarettes, gasoline, ky yours+mine, water, and ammunition.

tee-hee, essentials.

chairmenmeow47
09-29-2008, 02:37 PM
Appreciate it, but a bit premature. Won't know till April.

i was more congradulating the decision. it's a lot of work! good luck getting in :)

and congrats to young blood too!

sorry, everyone can now resume to their country's scheduled economic meltdown.

RotationSlimWang
09-29-2008, 02:38 PM
Just over a month. Mother in law is clinically insane. The other night she was doing rakhi on her cat.

Reiki. And enjoy your eternal misery.

RotationSlimWang
09-29-2008, 02:40 PM
, ky yours+mine

If you're gonna stock up, at least make it Eros.

york707
09-29-2008, 02:50 PM
My brother lives in Charlotte and is currently at a bar. He said it is the most people he has ever see at a bar in Charlotte on a non-weekend.

When he went to lunch at noon, there was a line 10 feet long to get into a downtown bar.

He works for BoA and his wife (for now) at Wachovia.

faxman75
09-29-2008, 02:52 PM
This is all Obama's fautl folks.

"From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was attacked by the Democratic leadership: Sens. Obama and [Senate Majority Leader Harry] Reid, Speaker Pelosi and others.

"Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families," Doug Holtz-Eakin, a senior policy adviser for McCain and his running mate, Alaska Gov. Sarah Palin, said in a statement.

Quadromarshia
09-29-2008, 03:00 PM
My brother lives in Charlotte and is currently at a bar. He said it is the most people he has ever see at a bar in Charlotte on a non-weekend.

When he went to lunch at noon, there was a line 10 feet long to get into a downtown bar.
.

That's not good. I hope a national beer shortage isn't the next thing to come down the pike.

BROKENDOLL
09-29-2008, 03:02 PM
Appreciate it, but a bit premature. Won't know till April. Doesn't hurt to hope for the best...At this point, we all are!

Courtney
09-29-2008, 03:15 PM
My brother lives in Charlotte and is currently at a bar. He said it is the most people he has ever see at a bar in Charlotte on a non-weekend.

When he went to lunch at noon, there was a line 10 feet long to get into a downtown bar.

He works for BoA and his wife (for now) at Wachovia.

Is it sick that the first thing I thought of was that I would probably invest in alcohol and antidepressant companies stock now if I had any money?

frozen pilgrim
09-29-2008, 03:16 PM
not sick at all.

york707
09-29-2008, 03:17 PM
^Not sick, but smart.

Young blood
09-29-2008, 03:19 PM
Reiki. And enjoy your eternal misery.

By the tone of your posts, I see you and your lovely lady had a discussion about relationship status. One of these days she is going to make an honest man out of you even if you both don't believe so.

Young blood
09-29-2008, 03:25 PM
My brother lives in Charlotte and is currently at a bar. He said it is the most people he has ever see at a bar in Charlotte on a non-weekend.

When he went to lunch at noon, there was a line 10 feet long to get into a downtown bar.

He works for BoA and his wife (for now) at Wachovia.

Thats crazy to hear about.


This reads like a death list of financial institutions to fail these # are all negatives.

Wachovia Corp
81.6%

SOV
Sovereign Bancorp Inc
72.2%

NCC
National City Corp
63.3%

FITB
Fifth Third Bancorp
43.6%
RF

Regions Financial Corp
41.1%

GNW
Genworth Financial Inc
38.6%

FHN
First Horizon National Corp
35.7%

KEY
KeyCorp
33.3%

BK
Bank of New York Mellon Corp
27.2%

STT
State Street Corp
27.0%

CIT
CIT Group Inc
25.5%

SLM
SLM Corp
25.1%

ETFC
E TRADE Financial Corp
24.6%

BBT
BB&T Corp
23.4%

MI
Marshall & Ilsley Corp
23.2%

ZION
Zions Bancorp
22.1%

MBI
MBIA Inc
21.0%
AIG

American International Group Inc
20.6%

XL
XL Capital Ltd
20.2%

HBAN
Huntington Bancshares Inc
20.2

RotationSlimWang
09-29-2008, 03:28 PM
By the tone of your posts, I see you and your lovely lady had a discussion about relationship status. One of these days she is going to make an honest man out of you even if you both don't believe so.

Hahahahaha... this would have been a very slick move if the converse weren't true.

chairmenmeow47
09-29-2008, 03:28 PM
By the tone of your posts, I see you and your lovely lady had a discussion about relationship status. One of these days she is going to make an honest man out of you even if you both don't believe so.

yep, that's me! totally rushing to the altar with randy pants! WHY MUST WE WAIT TO UNITE OUR LOVE LEGALLY, WHYYYYYYYYYYY!!?!??!?!

Young blood
09-29-2008, 03:29 PM
nobody said legally.

RotationSlimWang
09-29-2008, 03:30 PM
yep, that's me! totally rushing to the altar with randy pants! WHY MUST WE WAIT TO UNITE OUR LOVE LEGALLY, WHYYYYYYYYYYY!!?!??!?!

See?

Young blood
09-29-2008, 03:31 PM
youve been humping for a month, we will reexamine this at a future date.

RotationSlimWang
09-29-2008, 03:32 PM
Yeah, I'm not dumb, man, I'm TRYING to knock her up. So far no luck.

Young blood
09-29-2008, 03:32 PM
send her my way.

Young blood
09-29-2008, 03:33 PM
fertile.

RotationSlimWang
09-29-2008, 03:34 PM
fertile.

You didn't seem fertile the last dozen times I came inside you.

chairmenmeow47
09-29-2008, 03:35 PM
there will be no knocking up of the ivysaur anytime soon. fact.

RotationSlimWang
09-29-2008, 03:38 PM
Technically that's theory at best. Just sayin'.

Young blood
09-29-2008, 03:47 PM
you guys are so gay.

CalmerThanYou
09-29-2008, 03:49 PM
http://www.techshout.com/images/love-on-the-internet.jpg

OMGZ!

BROKENDOLL
09-29-2008, 03:51 PM
"Randy Pants..." Now that's a term of endearment I've never heard before.

RotationSlimWang
09-29-2008, 03:54 PM
you guys are so gay.

I hope your mother in law agrees with you--it'll give you two something to talk about during the coming half-century of economic downturn.

BROKENDOLL
09-29-2008, 03:55 PM
Yeah, I'm not dumb, man, I'm TRYING to knock her up. So far no luck. Just a shit outa luck...:laughyou

allyjoy
09-29-2008, 03:58 PM
http://d.yimg.com/us.yimg.com/p/umedia/20080922/cp.99da6ef20e4efd480f684b3901d8be04

Young blood
09-29-2008, 04:00 PM
I hope your mother in law agrees with you--it'll give you two something to talk about during the coming half-century of economic downturn.

We are good so far. I've got her diversified. Gold is the bulk if it hits $1200 we both win. If it hits below $550 I will have a crazy woman living in my basement talking about how the greys are milking the men of america for half breeds.

boarderwoozel3
09-29-2008, 04:01 PM
Good political cartoon.

RotationSlimWang
09-29-2008, 04:02 PM
I'm seriously halfway to kicking my mother in the spine for not listening to me four years ago about getting out of the market. She's still refusing. Sighs.

Young blood
09-29-2008, 04:08 PM
I dont understand the logic of not talking your winnings. Make some cash and get the fuck out. Buy again when the suckers panic. Never invest your money in something you don't know 100% about. That's like walking to the craps table and just guessing. You're fucked.

Young blood
09-29-2008, 04:11 PM
8hBg80CZMJ4

CalmerThanYou
09-30-2008, 05:22 PM
Upon thinking about it, amongst all of this economical turmoil, what this country needs is a good old fashioned terrorist attack...

that should set things on the straight and narrow

menikmati
09-30-2008, 05:41 PM
time for a goldrush

CalmerThanYou
09-30-2008, 05:57 PM
time for a goldrush

FTW!!!!!!!!!!!!!!!!!!!!!!
http://www-tc.pbs.org/weta/thewest/resources/archives/images/wimg660/blhlmnr2.gif

twoheadedboy
09-30-2008, 06:06 PM
i should like to be a miner 49-er

vinylmartyr
10-01-2008, 01:28 PM
s5RVRbLgGo0

BROKENDOLL
10-01-2008, 02:29 PM
s5RVRbLgGo0 http://i172.photobucket.com/albums/w18/1BROKENDOLL/scan0005-1.jpg

chairmenmeow47
10-03-2008, 10:39 AM
so the bailout passed in the house now...

Quadromarshia
10-03-2008, 10:51 AM
fucking ridiculous.