Major Trouble on Wall Street

[Epinephrine]

Today was one of the worst days in the history of Wall Street. It appears that Meryll Lynch will be bought out by Bank of America for $50 billion, Lehman Brothers is teetering on the brink of bankruptcy. Meanwhile there are rumours of AIG and Washington Mutual on the brink as well... I wonder what will happen on the markets tomorrow.

If the USA wasn't officially at a recession yet it will be very soon...

http://www.nytimes.com/2008/09/15/bu...lehman.html?hp

[Fit of Rage]

Makes me sad since it seems WaMu is overall a much better banking system than Bank of America (which I have).

Bottom line: start stuffing your mattresses.

[Mr. 420]

Decent info here: http://ml-implode.com/

[Xog]

Wow, I don't know how this is going to effect my employment. I work for Oce at Bingham in NY and our contract's up next month, they had Merrill recruiters come in (cuz they were taking over after Oce's contract is up) and I'm supposed to be hired by Merrill by next month. Jeez.

What will happen to Merrill’s 60,000 employees or Lehman’s 25,000 employees remains unclear.

[Pressure Drop]

i'm not really sure about any of what is going on...

house prices here have gone through the roof in the last 10 years more than trebling. i dunno but i just did a calculation based on 4% inflation per year and it would take about 18 years to double (been ages since i've done any maths that could be wrong)

basically from what i've seen the estate agents and mortgage banks have been pushing these up, allowing people to borrow more and get themselves into bigger debt just to try to get onto the property ladder.

now the banks have overstretched as well and went whoops we shouldn't have given out all those mortgages people can't afford. Since we aren’t going to see that money I guess we aren’t worth the billions we where gambling on. BAIL US OUT GOVERNMENT


i dunno i haven't been following the economy or this credit crunch in too much detail but the gist of it to me seems to be that the investment banks and mortgage brokers are now paying the price for years of greed and following an unsustainable model.

[Pressure Drop]

http://www.guardian.co.uk/business/2...ers.wallstreet

quite an interesting link i thought

[Vihta]

Found this pretty interesting. Stuff about money, economy, energy etc.

Crash Course

(no, it doesn't have any conspiracy theories about 9/11 or such stuff )

[Nycle]

-

[stark]

I made this for you

[Veloce]

LOL at turmio in your sig...

[Vehicle]

DOW down 231 points as of 1 o'clock EST. I choose to blame my government for bailing out two similar firms in less than two months and then effectively washing their hands of the situation.

Edit: Make that -370 at 3 PM

Edit 2: Make that -502 at 4 PM, Bush is gonna be hardpressed to deny that we're in a recession now.

[Jerome Scuggs]

i told my dad to get his stuff out of merrill-lynch 4 months ago.

god, i love being right.

[Squeezer]

le sigh.

My money's in WAMU and they're an awesome bank.

Luckily I have so little money that I'm not afraid of losing it. FDIC should pay me out.

But there are a lot of WAMU customers in this area. We're fucked (and we're on of the last areas of the country who isn't struggling.)

[404 Not Found]

DOW down 231 points as of 1 o'clock EST. I choose to blame my government for bailing out two similar firms in less than two months and then effectively washing their hands of the situation.

Edit: Make that -370 at 3 PM

Edit 2: Make that -502 at 4 PM, Bush is gonna be hardpressed to deny that we're in a recession now.

Blame McCain's economic advisor. Phil Graham, after he left politics, became a lobbyist and spearheaded his economic advice to the ears of McCain, Lindsey Graham, Boehner & Dickhead Lieberman of which has had consequences through de-regulation that directly relate to everything we see from Enron to today on Wall Street.

McCain thinks the economy is fine and this is not a problem. In some ways I hope he does get elected and more ppl that vote for him lose everything they ever had! But it will be ok...Mccain is a MAVERICK...and that is all that is important to the idiots of the USA. Anyone else tired of that slogan? The definition of Maverick is: a lone dissenter, as an intellectual, an artist, or a politician, who takes an independent stand apart from his or her associates. Yet McCain barely votes and when he does it's 90% party line and with Bush? Unless they meant Maverick like the shit car Chevy made in the 70's? That would make more sense.

[Vehicle]

I think by maverick they mean he was a POW, because that's whats really important.