Damned liberals.
Can't trust 'em. Can't kill 'em.
<font size="9">NO!</font>
Damned liberals.
Can't trust 'em. Can't kill 'em.
[img]graemlins/soccer.gif[/img]
<font color="#CC6600" size="1">[ March 21, 2008 09:54 PM: Message edited by: LanDroid ]</font>
I will say this about the GOP that really annoys me. They still try to present themselves as "fiscally responsible". Give me a break. Running the country into the debt they have is any but responsible. The GOP is no longer run by conservative bankers and old school lawyers. To me the question becomes which party is going to screw us over (or sell us out) more than the other one. In the last few years (to me) the Democrats seem to be the worst offenders at selling us out. Bring the country ever closer to a welfare state just so they can remain in office.
<font size="2" face="Verdana, Helvetica, sans-serif">Run for the hills. We're all DOOMED!!!</font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">The fifth largest securities brokerage firm was sold over this past weekend for $250mm dollars. The New York Yankees paid more for Alex Rodriguez.Originally posted by The Big Sexy:
</font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">Originally posted by gae:
Reason is RIGHT!!!
</font><blockquote><font size="1" face="Verdana, Helvetica, sans-serif">quote:</font><hr /><font size="2" face="Verdana, Helvetica, sans-serif">
POSTED: 7:55 am EDT March 18, 2008
UPDATED: 4:25 pm EDT March 18, 2008
Stock investors redoubled their efforts near the end of trading Tuesday after the Federal Reserve cut a key interest rate by three-quarters of a percentage point.
The Dow Jones Industrial Average soared 420 points, its largest one-day point gain since 2003.
What's more wonderful is that the federal government is providing a $30b backstop against losses in order to enable the transaction.
If you understand the significance of what just happened, especially considering Bear Stearns shares dropped from $30 to $2 over the course of a weekend, you wouldn't be posting rebuttals such as the one above.
If you had *any* idea how much of this mortgage mess liability the Federal Government is putting on their books, it would make you cringe.
Don't be fooled by one day gains.
<font color="#CC6600"><font size="1">[ March 19, 2008 10:58 AM: Message edited by: The Big Sexy ]</font></font></font><hr /></blockquote><font size="2" face="Verdana, Helvetica, sans-serif">Bid went up to $10 a share today.
JPMorgan raises offer to buy Bear Stearns
Bid for investment bank raised to equivalent of about $10 a share
March 24: Andrew Ross Sorkin of The New York Times discusses a report that JPMorgan is in talks to increase its Bear Stearns offer to $10 a share.
CNBC
BREAKING NEWS
MSNBC News Services
updated 2 hours, 55 minutes ago
NEW YORK - JPMorgan Chase has raised its offer for Bear Stearns to the equivalent of about $10 per share and says it will buy 39.5 percent of Bear Stearns stock from the company.
Earlier, the New York Times reported JPMorgan Chase & Co. was discussing a deal that would increase fivefold its offer for Bear Stearns Cos. to $10 a share.
The talks Sunday were an attempt to satisfy Bear Stearns stockholders upset over JPMorgan?s offer of $2 a share for the struggling investment bank, the newspaper said on its Web site, citing people involved in the negotiations.
The original price for Bear Stearns was part of a deal struck last week at the urging of the Federal Reserve and Treasury Department.
The Fed, which would need to approve any change in the agreement, was balking at the new price, the Times said. Such opposition could postpone the new agreement or derail it entirely.
In an attempt to speed majority shareholder approval, Bear?s board was trying to authorize the sale of 39.5 percent of the firm to JPMorgan, the Times said.
State law in Delaware, where the companies are incorporated, allows a company to sell up to 40 percent without shareholder approval.
The intention of the stimulus is to help people, not fix everything. If that makes it a "stop gap" then so be it. But I think many will be helped by it, even if it is short term. Sometimes short term help can get things going tword a long term solution.
It's ok to use it to cover a house payment or rent or even a car payment or two if that allows you some financial freedom or gives you the opportunity to use the money you would have used for those things to get ahead elsewhere or do something you want to do. I'll say it again, if you dont want it then just donate it to your favorite cause or (in the case of a paper check) just shred your check and dont cash it. Hey, you could donate it to your favorite candidates fund for the next election. Do whatever you want with it, IT'S YOUR MONEY!
One final equasion.
If you spend $150 a week on groceries and you get a check for $1800 (2 adults and 2 kids) you could put this aside as your "grocery money" and cover that expense for a full three months. leaving you with the freedom to use money that would have gone to groceries for other things.
<font color="#CC6600" size="1">[ March 24, 2008 11:50 AM: Message edited by: cincygreg ]</font>
<font size="2" face="Verdana, Helvetica, sans-serif">They're obviously part of the JEWS who have takne over our economy. Every thinking person knows that Sunday was Easter.The talks Sunday were an attempt to satisfy Bear Stearns stockholders upset over JPMorgan?s offer of $2 a share for the struggling investment bank, the newspaper said on its Web site, citing people involved in the negotiations.
<font face="2">Purim? What's that?</font>
And the news on this topic just keeps coming in....
Mortgage system gets another $100B-plus shot in the arm
Updated 4h 20m ago
WASHINGTON (AP) ? The Federal Home Loan Bank system can increase purchases of Fannie Mae and Freddie Mac securities by more than $100 billion over two years in the latest government effort to stabilize the devastated market for mortgage-backed assets.
The 12 regional banks in the system can boost their purchases of securities issued by the two government-chartered mortgage companies to 600% of capital from 300%, the Federal Housing Finance Board, which oversees the banks, said Monday.
The aim is to inject liquidity into a market that has seized up amid a global credit crunch sparked by rotten U.S. subprime loans.
The move "to enable the Federal Home Loan Banks to assist temporarily in this period of stress, consistent with safe and sound operations, will bring more liquidity to the mortgage market," Treasury Secretary Henry Paulson said Monday.
Created by Congress during the Depression, the self-funded home loan bank system has some 8,100 members around the country: banks, savings and loans, and credit unions. Eight of 10 U.S. financial institutions belongs to the home loan bank system.
Meanwhile, Fannie Mae reported Monday that its serious delinquency rate for home loans jumped in January to 1.06% of the $2.9 trillion in mortgages it holds.
Mortgages are deemed seriously delinquent when the borrower has missed three or more consecutive monthly payments or the loan has been referred for foreclosure.
Last week, the government relaxed capital requirements for Fannie and Freddie as part of a plan to inject an additional $200 billion for financing home loans. The initiative requires the two companies to raise substantial funds, likely through special stock sales.
It was the third step the government has taken in recent weeks to allow Fannie and Freddie to shoulder larger burdens in the mortgage market despite their multibillion-dollar losses last quarter and expectations of further red ink this year.
Evidently our boy B/S is in the throes of a Ravenesque hissy fit and is not going to answer anyone. Tsk, tsk, tsk.
The article posted by TBS was preeeety much on the money in my opinion. I also agree that his analysis of our current financial state as a nation is probably pretty accurate.
Far be it from me to claim financial expert status but you don't have to be a rocket scientist to see our country is circling the drain vis a vis the economy.
The Big Sexy hasn't been on here because 1. The Big Sexy is busy; 2. The Big Sexy is waiting for the rest of you to catch up, and 3. The Big Sexy doesn't feel like responding anymore to gae's purposefully stupid rebuttals.
I will respond to GL's concerns about the Democrat's socialistic plans. It is truly ironic that the Bush administration's open ear to the banking industry's pleas to allow them to determine for themselves the level of risk they should take is now resulting in unprecedented expansion of fed oversight into the financial system. The government is expanding its balance sheet to accomodate the financial sector's mistakes.
We ease the pain for now, but the message is clear. Make more mistakes, banking sector, we're here for you!
I read and listen to financial experts offer their predictions. This morning I sat at the Bankers' Club and listened to one of the experts tell us that "research" literally means RE-SEARCH.
In other words, things are changing so quickly, he can't keep up. So what he told you last quarter may entirely change this quarter.
And after an hour of offering his predictions on the housing crisis, a question from a woman in the audience about the effects of home equity loan problem, he offered an "I don't know".
And this is the reality. He doesn't know. Neither do most of the experts. And that's the scary thing. They are paid TO KNOW.
I'm no expert, but after reading what the learned have to say, I'm convinced they talk because they are forced to. They offer graphs and charts and pages and pages of opinions, followed up by "I don't know".
The Fed's actions have maintained a sense of calm, and they're hoping it buys some time for the markets to correct themselves. But there's still this sense of "WHAT IF" lurking out there.
One prediction is that there's still another $480b of writedowns our financial institutions have to absorb. There are concerns that financial guarantors of debt owned by these financial institutions may go under. Regional banks are under incredible strain. There's concerns that a huge European bank may tank, as they apparently account for their assets in a less stringent way (don't ask me what it is; I just know it may be a problem).
The "experts" don't exactly know how all the pieces fit together. They are trying to figure it out as they go along. As this morning's expert said, "We are in uncharted territory."
<font color="#CC6600" size="1">[ April 01, 2008 05:39 PM: Message edited by: The Big Sexy ]</font>
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