The run on the banks has begun

[sammy the sage]

older peolpe have started this week to withdraw their savings in cash...

[Tom]

Rightfully so, the have no confidence in the banks or the government.
I'm pulling my money of of my investments tomorrow.

Essentially, one man is running our economy now. A bottom feeding Bush appointee who is only there to take care of his WS buddies and ensure contributions keep coming in.

[bigmack]

That's what doomed WaMu. Well I shouldn't say that was the only thing but once word spread about their fragility folk yanked out billions within a week. I had a business account with them with a healthy balance and kiboshed the whole Chimichanga toot suite. What would you do, leave it with them and hope for the best?

[lamboguy]

the government is takeing them all over, at least parts of them. the govenments of the world are now in the bank financing busines. if the bank blows up, the govenment comes up with the cash to bail them out. if they haven't got the money to do, they will just print it up. its that easy.

i think they call that socializing the banks.

when they are done with the banks they will go into other business's like computer chips, automobiles, food. sounds like what happened in communist russia. it actually worked for awhile there years ago, it was a bandaid anyway.

our great leaders in this country found the answers, i wonder if they will bail out the horse players of america when they have a bad day.

thank you george bush

and thank you mr. akavano

[jognlope]

I was watching Bush speaking in Virginia and wanted to put my fist through his face when he did that thing with his mouth. THE BLOOD OF OUR YOUNG MEN AND WOMEN SHALL SATURATE HIS SOUL FOREVER AND EVER.

[Tom]

"...that thing with his mouth."

What's that, talk? Me too! :lol::lol::lol:

[HUSKER55]

is the fact that there is nothing us poor f****d civilians can do this side of starting a revolution.

The lessons learned in the past for some reason have slid off into who knows where.

If government would stay out of business and let the market place do its job we would not be having this mess.

I don't think either candidate knows (or wants to know) that simple point. The twenties and thirties should have taught them that.

There are occassions when I think Sarah gets it but I am not holding my breath. I am having a tough time believeing she can getss past Hollywood,SNL, and the newsmedia's bias. Then she would have to confront damn near every jerk in DC.

I don't see that happening. Fact is, I don't think any candidate has a clue. I was reading a newspaper called "The Nation" and the democrats want to pass a law so banks are not legally responsible for selling bank paper when they go bust.

That is where the problem is. And they want to pass a law to make the guilty immune and the sad part is, regardless of who the next president is, you know that legislation is going to pass.

If anyone has a write in candidate, let me know.

husker55

[lamboguy]

george bush does not want to go down as the worst president of all time.

he has protected us from the al-qaeda, and the terrorists, we have not had an attack on our land.

but by balance, i think you can place his administration in a dead heat with herby hoover and jimmy carter.

[sammy the sage]

write in:

Jim Chaulker...staunch Dem...pres.
Barry McEwen...staunch Rep...vp.

need a bi-partisan tix...

by the way...would love to (pay to) see these 2 mix it up!

:lol: :D

[Tom]

Mickey Mouse and Donald Duck would be far better than the dolts we have now.

Porky Pig for VP.

[ddog]

That's what doomed WaMu. Well I shouldn't say that was the only thing but once word spread about their fragility folk yanked out billions within a week. I had a business account with them with a healthy balance and kiboshed the whole Chimichanga toot suite. What would you do, leave it with them and hope for the best?


So what, they are not the only bank.

If they went , tough.

Once the gvt starts "buying banks" then they have to buy them all.
Why would you do business with a bank that wasn't "fully protected"?

So, to build confidence you take over all of them?
When another country buys up all their banks, wouldn't you send your excess funds to their banks?
Why keep it here and risk a failure?

doesn't work, slippery slope.

close em as they fail and or have them bought up by another group.

[lamboguy]

i love the post ddog. you got it right. i hate the fact that bush handed over this whole problem to paulson, and all he did was take care of his buddies.

this no shorting stocks for the last month was the bigest joke i have ever seen. the only ones that could short was paulson's buddies in the bad banks to begin with. they got it all! i got nothing of these rotten apples.

if you don't think i would have loved to short bank of america from 45 down to 19 you are crazy. they wouldn't let me do it.


thank you george bush

and thank you mr. akavano

[Tom]

Wouldn't it have been a no-brainer to put some kind of an administrator into each bailed-out institution to oversee operations and authorize all expenditures. Might fall under due diligence. Instead, we relayed on Bush's lack of intelligence. It is outrageous that no precautions were taken.

Bottom line is Bush and congress are guilty of exactly the same thing they are accusing the banks of - gross incompetence and unabashed greed. The problem is, the government is doing it on a larger scale.

Can we invoke the "lemon law" on Bush?:rolleyes:

[robert99]

george bush does not want to go down as the worst president of all time.

he has protected us from the al-qaeda, and the terrorists, we have not had an attack on our land.

but by balance, i think you can place his administration in a dead heat with herby hoover and jimmy carter.

That's why he is hard at work engineering this pre-election feel good boom.

One attack on Twin towers and the Pentagon is more than enough to make their point - AQ left it Wall St to finish the job.

I quite like the guy.

[Tom]

What a sick MF. The queen must be proud of you.
Go ride a bus.

[pandy]

If your money is in an insured FDIC account you should not withdraw it, you are only hurting the economy more, and if everyone does this, it will devalue the dollar drastically. Also, your money is not safe in your home.

[riskman]

If your money is in an insured FDIC account you should not withdraw it, you are only hurting the economy more, and if everyone does this, it will devalue the dollar drastically. Also, your money is not safe in your home.

http://www.mavromatic.com/archives/000310
I guess this would not help either. There must be some Venture Capitalists out there willing to finance R&D for a "fireproof" mattress. :)

[PaceAdvantage]

Why is everyone acting as if the stock market never went down before, and banks never went out of business before?

[Buckeye]

Why is everyone acting as if the stock market never went down before, and banks never went out of business before?

because they have no other choice in their minds: EVERYTHING is down and that's why they are 'converting' to cash. They will pay that price of doing so true but there is no stopping them. Again, they have no other choices.

For example, if they stood still in Stocks, the Dow lost 600 today. Maybe somebody bought their house today? Didn't think so. Maybe Ecomonic laws do still apply and that's the good news? Tough ride ahead for all of us but these laws will hopefully eventially steer us in the right direction.

[ddog]

Why is everyone acting as if the stock market never went down before, and banks never went out of business before?


I guess that would be the kool-aid drinkers you kept quoting all year that everything was up up and away?
Briefing.com and the like.


Lot's of people bought that it seems.
they didn't realize lots of this run was built on a swamp of debt and the "pimping pump monkey crowd" kept dazzling them with cool looking charts and figures.

Now, they feel like they been sucker punched.


:lol:

[lamboguy]

i think the stock market has gone down over 5000 points in the last year of a presidential administration that has been sub=par to say the least with the economy. peoples retirement funds have been close to wiped out, and the cost to heat your house or refuel your car has tripled in the last 8 years. a few more nice things have happened, and pakistan lurks in the background.

i guess that's no reason for anyone to worry.


thank you george bush

and thank you mr. akavano

[Buckeye]

it ain't his fault.

We are.

He just "kept it going" for awhile.

We control this stuff and are responsible for our mistakes.

[PaceAdvantage]

I guess that would be the kool-aid drinkers you kept quoting all year that everything was up up and away?
Briefing.com and the like.Why are you being so disingenuous? You're starting to sound like our truck driving friend.

When did I ever post that everything was up up and away? What I posted was that, based on past recessions, we aren't in a recession yet.

Still aren't (although mounting job losses are likely to push us into one very shortly).

Recession is defined as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."

Up until very recently, many of these factors were not in play. You guys were saying we were in a recession many MONTHS ago....it simply was not true.

I leave you and our truck driving friend with the following question:

Have any of these economic think-tank institutions that have been relied on to call a recession in the past OFFICIALLY called out that we are in a recession? If so, when did they make the call?

[Buckeye]

well PA, we soon will be in one as of yesterday-- considering people have LOST about everything they own which includes their home or value thereof or their retirement fund.

Let's not pretend the situation is not seriously bad. If I'm wrong, why oh why is everything going that way? It's bad and people are without options because quess what? there aren't any! (other than lose some of the money they thought they had.) They borrowed it and now they can't pay it back? Who ARE the lenders? I think at this point all Bush is trying to do is help us-- forget the Congress-- oh they're the people?

That's the key question. Who are the lenders?

[Buckeye]

Just for laughs remember the quote attributed to Ben Franklin: "neither a borrower nor a lender be." Not making this stuff up.

We won't pay it back and we are "having difficulties" because of it? Thanks Ben.

Sell low buy high? People getting out now will be sorry later as we will get out although I understand why people are panicing now. The smartest people will stay put, work, and SAVE (there's a word you almost never hear) and be responsible.

[PaceAdvantage]

well PA, we soon will be in one as of yesterday-- considering people have LOST about everything they own which includes their home or value thereof or their retirement fund.5% of homeowners are having trouble paying their mortgages. Lets get real here for a moment.

[sammy the sage]

"""Recession is defined as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."

Up until very recently, many of these factors were not in play. You guys were saying we were in a recession many MONTHS ago....it simply was not true"""

What-EVER...

figure's lie and liar's figure.....we've already HAD several thing's posted that PROVE'S the figure's your SO-IN LOVE w/ are BLATANTLY wrong...

and NO..am not gonna WASTE time pulling up OLD threads to prove it!

you're like a dog chasing it's tail... :lol:

[PaceAdvantage]

Right on man. Don't debate on the merits. Resort to the easy way out.

Tell me how all the figs are rigged. Weren't they also rigged in the 2001 recession? Two can play the "figs" game.

Job losses are just STARTING to APPROACH true recessionary levels. You guys have been screaming "in recession" since Lord knows when....

Hey, you might be right!

Congrats!

Now, where does that get you?

[NoDayJob]

Rightfully so, the have no confidence in the banks or the government.
I'm pulling my money of of my investments tomorrow.

Essentially, one man is running our economy now. A bottom feeding Bush appointee who is only there to take care of his WS buddies and ensure contributions keep coming in.

Monkey Man Tom, ;)

I assume you are referring to our Secretary of the Treasury, Henry Paulsen? It's funny that his $700,000,000 of Goldman Sachs stock options hasn't hit the wires yet. That's why he let Lehman Brothers implode. He's in it for himself first and his buds next. Whata country.

[NoDayJob]

Mickey Mouse and Donald Duck would be far better than the dolts we have now.

Porky Pig for VP.

How 'bout Lrr for sexy prexy? :lol:

[sammy the sage]

""Hey, you might be right!

Congrats!

Now, where does that get you?""

I did say...I would LET THE STOCK MARKET DO MY TALKING....hmmmm!!!

Interesting the fact that...that you've been crowing how well you've done in the DOWN market! ;)

[sammy the sage]

^^^^^

that was since last march!!!!!!!!!

so YOU TELL me....which figure's ARE RIGHT?

I also stated...TRUE recessions are NEVER disclosed till 6 month's to a year AFTER the FACT!

AGAIN...tell me...who DO think WAS right here!

[Tom]

5% of homeowners are having trouble paying their mortgages. Lets get real here for a moment.

And thanks to our government, that will by 95% before too long.:eek:

[PaceAdvantage]

Interesting the fact that...that you've been crowing how well you've done in the DOWN market! ;)In fact, Wednesday and Thursday were my best days EVER trading. EVER.

[pandy]

Okay all you wise guys, who can predict the stock market bottom? It's down almost 40% the past year, and that's about normal for bear markets. Although I think the recession will linger for most of 2009, and maybe beyond if Obama wins and raises taxes, I still think we're within 5% of the bottom. The big money pulled out months ago when Gold hit $1,000, but the rich prefer the market and they'll start getting back in soon.

[lamboguy]

i suspect gold is going to $1450 and then to over $1800.

what has been happening is really no surprise to the banks around the world. they were planning for this months ago on how to screw the people around the world.

the people running them banks took out large amounts of money, probably turned the money into gold and now the central banks of the world suspend gold sales to the public.
bottom line here is that the public has been had, and our leaders were in with the program. that is real scary when you can't trust the people in power

thank you george bush

and thank you mr akavano

[ddog]

Right on man. Don't debate on the merits. Resort to the easy way out.

Tell me how all the figs are rigged. Weren't they also rigged in the 2001 recession? Two can play the "figs" game.

Job losses are just STARTING to APPROACH true recessionary levels. You guys have been screaming "in recession" since Lord knows when....

Hey, you might be right!

Congrats!

Now, where does that get you?

I never scream, i will leave that to you.
You seem to think that nothing has changed either with the makeup of the economy or with the figures as you call them.
That is your opinion , but is not mine.

Congrats on your good trades.

When you site headline figures that it seems you do not understand it doesn't add to your arguement.

[ddog]

Why are you being so disingenuous? You're starting to sound like our truck driving friend.

When did I ever post that everything was up up and away? What I posted was that, based on past recessions, we aren't in a recession yet.

Still aren't (although mounting job losses are likely to push us into one very shortly).

Recession is defined as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."

Up until very recently, many of these factors were not in play. You guys were saying we were in a recession many MONTHS ago....it simply was not true.

I leave you and our truck driving friend with the following question:

Have any of these economic think-tank institutions that have been relied on to call a recession in the past OFFICIALLY called out that we are in a recession? If so, when did they make the call?

all the numbers you cited above other than gdp have trended exactly as you would expect in a non production lead recession.
I can't speak for "think tanks", but I can tell you that 9-11 months after onset is not unusual.
We will see.
You can check your own links to see what I was talking about as to the pump dolt links.


So you assign some value to significant and then state that is not significant enough in historical and/or avg terms??? Is that about it???

And that IS not the definition used to confirm recession.

[ddog]

[QUOTE=ddog]I never scream, i will leave that to you.
You seem to think that nothing has changed either with the makeup of the economy or with the figures as you call them.
That is your opinion , but is not mine.

Congrats on your good trades.

[PaceAdvantage]

BTW, I must revise my prior post. Friday was my best trading day ever...on steroids....

[sammy the sage]

^^^^^^^

EXCELLENT...he-man! :cool: