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Sublime Peach





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  posted on 9/29/2008 at 10:26 PM
....

[Edited on 10/23/2008 by jerryphilbob]

 
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Zen Peach



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  posted on 9/29/2008 at 10:31 PM
Maybe Warren B. will step in again and try to save our ass.

 

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Zen Peach



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  posted on 9/29/2008 at 10:48 PM
Johnny had a thought.....why doesn't the government open a bank with the 700 billion, renegotiate the home loans that are supposedly at the root of all this and start loaning money to the businesses that need it to get things moving again and then they money will be paid back direct. Makes more sense than throwing it at the top and letting it trickle down.

 

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Zen Peach



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  posted on 9/29/2008 at 10:50 PM
When Black Friday comes
I'll stand down by the door
And catch the grey men when they
Dive from the fourteenth floor

 

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Zen Peach



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  posted on 9/29/2008 at 10:55 PM
quote:
Johnny had a thought.....why doesn't the government open a bank with the 700 billion, renegotiate the home loans that are supposedly at the root of all this and start loaning money to the businesses that need it to get things moving again and then they money will be paid back direct. Makes more sense than throwing it at the top and letting it trickle down.


Honest to God. And I've thought this to myself a hundred times - there's more combined wisdom, knowledge, common "horse sense" on this site than exists in Washington right now. Oh, the problems that could be solved!

 

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Zen Peach



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  posted on 9/29/2008 at 11:00 PM
you can't have the gov't regulating banks whilst trying to be one, It's creates a conflict of interests.

pesky things, ethics

 

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Zen Peach



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  posted on 9/29/2008 at 11:04 PM
I see a serious conflict of a number of interests for a 700 billion dollar bail out....no sense to worry about a conflict of interest now. I think alloak41 is right...we could solve a number of the country's problems in here even on a slow night.

 

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Zen Peach



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  posted on 9/29/2008 at 11:07 PM
quote:
I see a serious conflict of a number of interests for a 700 billion dollar bail out....no sense to worry about a conflict of interest now. I think alloak41 is right...we could solve a number of the country's problems in here even on a slow night.



Re: Conflicts of Interest

I was thinking the same thing as Ann...WTF does it matter now?

 

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Zen Peach



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  posted on 9/29/2008 at 11:15 PM
quote:
At least my 401k didn't take as bad a hit as most people. Down about 1.5%.


I got smoked!

Down 7.8% on the day.

 

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Zen Peach



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  posted on 9/29/2008 at 11:25 PM
My Mom has a substantial portfolio that will one day filter down to me but for now our money has been invested primarily in instruments.....of course I don't know how long we'll have to live before people can start buying those again after the dust settles.

 

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Zen Peach



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  posted on 9/29/2008 at 11:26 PM
lack of regulation got us in this mess, how is creating more conflicts of interest gonna solve that?

 

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World Class Peach



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  posted on 9/29/2008 at 11:27 PM
Black Sunday was a pretty good movie. Robert Shaw, he's good in most of his parts.

 

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Zen Peach



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  posted on 9/29/2008 at 11:30 PM
quote:
lack of regulation got us in this mess, how is creating more conflicts of interest gonna solve that?


How is the bailout going to solve it if there aren't some regulations built in?

 

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Zen Peach



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  posted on 9/29/2008 at 11:31 PM
quote:
quote:
quote:
At least my 401k didn't take as bad a hit as most people. Down about 1.5%.


I got smoked!

Down 7.8% on the day.


I'm lucky. I moved 78% of my 401K into Stable Value Fund in January. Until this pat week, I had made a little money this year.



You're too modest. Luck is betting on the right pony. If you don't mind me asking, what caused you to make that move back in Jan?

Is there some trigger point that would cause you to move back into equities? Like Dow 9,000 or 8,000?

 

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Zen Peach



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  posted on 9/29/2008 at 11:32 PM
quote:
quote:
lack of regulation got us in this mess, how is creating more conflicts of interest gonna solve that?


How is the bailout going to solve it if there aren't some regulations built in?


why are you asking me that .

I am not for this approach

 

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Zen Peach



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  posted on 9/29/2008 at 11:33 PM
quote:
quote:
quote:
lack of regulation got us in this mess, how is creating more conflicts of interest gonna solve that?


How is the bailout going to solve it if there aren't some regulations built in?


why are you asking me that .

I am not for this approach


I was just responding to your posts. thought you might have some insight, nothing meant by it.

 

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Zen Peach



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  posted on 9/29/2008 at 11:35 PM
my point is the gov't is supposed to regulate business, not run them.

and not roll over like a corporate lap dog.



[Edited on 9/30/2008 by spacemonkey]

 

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Zen Peach



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  posted on 9/29/2008 at 11:46 PM
I agree with what you wrote....unfortunatly government doesn't seem to have done the first and has gotten adept at the second part of your statement.

 

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Zen Peach



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  posted on 9/30/2008 at 12:35 AM
I expect the US markets to close sometime tomorrow until a bill is passed .

 

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Zen Peach



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  posted on 9/30/2008 at 01:37 AM
quote:
Market's fall was nothing like that of Black Monday

By VIKAS BAJAJ and MICHAEL M. GRYNBAUM

New York Times

Sept. 29, 2008, 11:14PM

Even before the opening bell, Monday looked ugly.

But by the time that bell sounded again on the New York Stock Exchange, seven and a half frantic hours later, $1.2 trillion had vanished from the U.S. stock market.
What had started 24 hours earlier, with a modest sell-off in stock markets in Asia, had turned into one of Wall Street's darkest days. The Dow Jones industrial average tumbled 777.68 points, just shy of 7 percent, to 10,365.45, its lowest close in nearly three years. The decline also surpasses the record for the biggest decline during a trading day 721.56 at one point on Sept. 17, 2001, when the market reopened after 9/11.

But in percentage terms, it was only the 17th-biggest decline for the Dow, far less severe than the 20-plus percent drops seen on Black Monday in 1987 and before the Great Depression.

A huge drop in oil prices was another sign of the economic chaos that investors fear. Light, sweet crude fell $10.52 to settle at $96.36 on the New York Mercantile Exchange as investors feared energy demand would continue to slide amid further economic weakness. And gold, where investors flock in search of a relatively secure investment, rose $23.20 to $911.70.

Across Wall Street, no one could quite believe what was happening on the floor the floor of the House of Representatives, not the stock exchange.

As lawmakers began to vote on a $700 billion rescue for financial institutions, the trading desk at Voyageur Asset Management in Chicago went silent. Money managers gaped at a television screen carrying news that seemed unthinkable: The bill was not going to pass.
Frustration, and then panic, coursed through the markets. Investors feared the decision in Washington would imperil the financial industry, as well as the broader economy.
'World was unraveling'

"You just felt like the world was unraveling," Ryan Larson, the firm's senior equity trader, said. "People started to sell and they sold hard. It didn't matter what you had you sold."

At the Federal Reserve and other central banks, policymakers were also anxious. Even before the vote on Capitol Hill, central bankers tried to jump-start the credit markets by offering hundreds of billions of dollars in loans to banks around the world.

But the neither the stock nor the credit markets appeared to respond. Just 24 hours earlier, few imagined Monday would play out this way.

On Sunday afternoon, Treasury Secretary Henry Paulson and the House Speaker Nancy Pelosi announced that they had agreed on the terms of a bailout.

While congressional aides and lawmakers worked on the details, however, the credit crisis that began more than a year ago in the American mortgage market was setting off new alarms around the globe.

Trouble in Europe and Asia

Late Sunday, Belgium, the Netherlands and Luxembourg agreed to invest $16.2 billion to rescue a big bank, Fortis. A few hours later, the German government and a group of banks pledged $43 billion to save Hypo Real Estate, a commercial property lender. Then the British treasury seized lender Bradford & Bingley and sold the bulk of it to a Spanish bank.

In Tokyo, where stocks had opened higher in early trading on Monday, worries quickly set in. Markets across Asia began to sell off.

As the drama unfolded in Asia, a major American bank was in trouble. Regulators in Washington were rushing to broker the sale of Wachovia Corp., the nation's fourth-largest commercial bank. At about 4 a.m., Citigroup learned that Wachovia was theirs.
As investors in New York were getting up, the credit markets were again flashing red as banks reported higher borrowing costs.

When trading opened Monday morning on the New York Stock Exchange, stocks immediately fell 1 percent.

Noting the stress in the money markets, the Fed announced that it would increase to $620 billion its program to lend money through foreign central banks, up from $290 billion. The central bank also said it would double the amount it lends domestically through an auction program to $300 billion.

But when it became clear that the bailout legislation was in trouble, the selling picked up in the stock market.

At his home office in Great Neck, N.Y., investment strategist Edward Yardeni received a series of terse e-mail messages from clients and friends. "Is this the end of the world?" one asked. Another sent a simple plea: "Stop the world, I want to get off."

Yardeni and other analysts said the action in Washington left many investors discouraged and feeling powerless.

"You can come into the office and spend a lot of time researching companies, trying to understand them. You've got a portfolio that you think should do well," he said. "And none of that matters."

Broader stock indicators also plummeted. The Standard & Poor's 500 index declined 106.85, or nearly 9 percent, to 1,106.42. It was the S&P's largest-ever point drop and its biggest percentage loss since the week after the October 1987 crash.

The Nasdaq composite index fell 199.61, more than 9 percent, to 1,983.73, its third-worst percentage decline.

'Much work to do'

"How could this have happened? Is there such a disconnect on Capitol Hill? This becomes a problem because Wall Street is very uncomfortable with uncertainty," said Gordon Charlop, managing director with Rosenblatt Securities.

Paulson, looking exhausted, spoke at the White House.

He lamented the vote, but vowed to keep pressing Congress for a broad rescue plan to help alleviate stress in the credit markets, which he said was impairing the ability of businesses to "meet payroll and to purchase inventories" and making it harder for consumers to get car and student loans. "We've got much work to do," Paulson said.


 

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Maximum Peach



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  posted on 9/30/2008 at 07:27 AM
quote:
I expect the US markets to close sometime tomorrow until a bill is passed .
With all due respect, that could possibly be the worst thing that could happen. If the markets close because of this, what little confidence is left in our economy and market system would evaporate.

 

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This one goes to eleven...

 

Universal Peach



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  posted on 9/30/2008 at 07:34 AM
quote:
Johnny had a thought.....why doesn't the government open a bank with the 700 billion, renegotiate the home loans that are supposedly at the root of all this and start loaning money to the businesses that need it to get things moving again and then they money will be paid back direct. Makes more sense than throwing it at the top and letting it trickle down.


Because Paulson wouldn't have quite as much control that way and your idea (one which, as you noted, has been advocated by others) makes too much sense.

 

Zen Peach



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  posted on 9/30/2008 at 10:52 AM
Amazing......I just checked the activity at the market and at least our stocks are up at the moment.......big drop yesterday and today the world didn't come to an end. I think we'll be better off in the long run to forget the bailout and let the market make its own corrections.

 

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Zen Peach



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  posted on 9/30/2008 at 10:54 AM
quote:
quote:
I expect the US markets to close sometime tomorrow until a bill is passed .
With all due respect, that could possibly be the worst thing that could happen. If the markets close because of this, what little confidence is left in our economy and market system would evaporate.


So I'm wrong...again.

 

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If we practice and eye for an eye and a tooth for a tooth, soon the whole world will be blind and toothless. -Mahatma Gandhi.

 

Zen Peach



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  posted on 9/30/2008 at 10:55 AM
quote:
Amazing......I just checked the activity at the market and at least our stocks are up at the moment.......big drop yesterday and today the world didn't come to an end. I think we'll be better off in the long run to forget the bailout and let the market make its own corrections
.


and have rich people lose money ? not in america !!!!!

 

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