Major Trouble on Wall Street

[SEAL]

This is a buy-stock moment.
They might go down a little bit more, but hey.. buying at the lowest point is nearly impossible. But in a year (ok, let's be safe...3 years) it will defeniatly be alottta more than now.

[Squeezer]

This is a buy-stock moment.
They might go down a little bit more, but hey.. buying at the lowest point is nearly impossible. But in a year (ok, let's be safe...3 years) it will defeniatly be alottta more than now.

Actually if Obama wins, now would be a bad time to buy stock in Insurance agencies.

[Jeenyuss]

i was thinking of going as green man for halloween.

[Ayano]

AIG was bailed out by the feds.


oh fuck.

[Vihta]

fed's money printing machine going on overdrive atm

[Jerome Scuggs]

http://www.iht.com/articles/2008/09/...s/17insure.php

ahahahahahahahahhahahahahahahaha

[Doc Flabby]

They had to rescure AIG or you have seen a large number of European banks fall like dominos. They all used AIG to insure their large numbers of loans. If the loans are no longer insured they become alot more riskier. Which means the banks can then not get credit and go bust :fear:

[DoTheFandango]

thank god my money's in BoA.

i think?

[Vihta]

thank god my money's in BoA.

i think?

Saw this on another forum... (half joke but might be closer than is funny)

1)BoA gets angry/nervous because Lehman is not saved
2)BoA and Merrill know they will go bankrupt sooner or later
3)BoA+Merrill = Too Big To Fail (tm)
4)...
5)Prof...Bailout!

[PaulOakenfold]

Good thing I only stuck with buying AAA rated mortgage packages from hedges. Stupid firms buying any and every mortgage and loan from banks that give them out to people that can't afford it (or refuse to). Greed. Greed. Greed.

[Jerome Scuggs]

http://www.lewrockwell.com/rozeff/rozeff220.html

http://www.lewrockwell.com/north/north653.html

http://www.lewrockwell.com/grigg/grigg-w45.html

a trio of articles from lewrockwell, i know they are "biased" but considering the circumstances it would be wise to see what they have to say... considering alot of the writers there have been calling this for months, if not years.

[Vehicle]

Hurray for another 450 point dip after the DOW bounced back 150 points yesterday. Whose gonna file for bankruptcy tomorrow?

[Jerome Scuggs]

imo though i am looking forward to this becoming a serious economic catastrophe. seriously, it's because the contraction of capital will begin the long-long-long overdue market recovery process.

The events on Wall Street, the collapse of Lehman and the selling off of Merrill are magnificent and inspiring events. What we see here are examples of sweeping and fundamental change taking place, a huge upheaval that affects the whole of society, and toward the better, since what we have going on here is a massive reallocation of resources away from failing uses toward more productive uses.

Hundreds and hundreds of billions of dollars are on the move, sweeping all before them. And yet take note: it is not war accomplishing this. It is not violence. It is not the result of a planning committee. No election is necessary. No terrorist act took place. There was no government edict.

The agent of change here is that composite of all the world's exchanges that relentlessly shove resources this way and that way, so that they will find their most economically valued uses in society.

No one person is in charge. Layers upon layers of decisions by millions and billions of people are the essential mechanism that makes the process move forward. All these decisions and choices and guesses come to be aggregated in a single number called the price, and that price can then be used in that simple calculation that indicates success or failure. Every instant of time all around the world that calculation is made, and it results in shifts and movement and progress.

But as wonderful as the daily shifts and movements are, what really inspires are the massive acts of creative destruction such as when old-line firms like Lehman and Merrill melt before our eyes, their good assets transferred to more competent hands and their bad liabilities banished from the face of the earth.

This is the kind of shock and awe we should all celebrate. It is contrary to the wish of all the principal players and it accords with the will of society as a whole and the dictate of the market that waste not last and last. No matter how large, how entrenched, how exalted the institution, it is always vulnerable to being blown away by market forces – no more or less so than the lemonade stand down the street.

The need for dramatic shifts is essential for progress. But adapting to changing conditions and becoming an agent of that change, staying with the curve and jumping out in front of it – this is the real challenge. Enacting change – any kind of change but especially big and fundamental change – sometimes seems impossible in this world. We all desire it and know it is necessary. Seeking the reality of rebirth has an appeal. But finding the mechanism to make it happen is hugely difficult.

[Vehicle]

All that's well and good Jerome but the fact of the matter is this "magnificant shift" results in bending the average person over and fucking them in ass for extended periods of time.

[Jerome Scuggs]

All that's well and good Jerome but the fact of the matter is this "magnificant shift" results in bending the average person over and fucking them in ass for extended periods of time.

Yeah, well, that's what I've been saying: fractional-reserve banking and keynesian fiscal policy will one day fuck everyone over, really hard, harder than any true free market recession ever could.

Don't blame the free market, blame the people who thought the free market could be controlled.

edit: i read this while reading a Hayek book, but one time Hayek was arguing with a famous Keynesian and was trying to get him to understand the long-run impacts of the system and how one day it would collapse. The Keynesian replied "in the long-run, we are all dead." Hayek told the story in order to demonstrate exactly what sort of people were "running" the economy.