Good morning, your money is on fire.

[01WhiteCobra]

Damn, I wish I could blog this well. I'd make some money from ad-sense.

http://gawker.com/5049838/good-morning-your-money-is-on-fire

Bottom line is our financial system has been run by crackheads for quite sometime now and people are just starting to realize this.

[BHAM]

The Funny Thing Is All Those People That Are Just Now Realizing This Are Going To Cast Votes For The Same Shit In November..........

[01WhiteCobra]

The Funny Thing Is All Those People That Are Just Now Realizing This Are Going To Cast Votes For The Same Shit In November..........

News flash, Ron Paul lost in the primaries.

[Yale]

Damn, I hope it slides all week. My 401k contribution goes in on the 22nd, and 35% is indices. I better not miss out on a short position because Wells Fargo waits 3 damn days to show it as a deposit. I mean, my paycheck show up by 2am thursday morning. What's stopping WF from showing a simple deposit?

[black01gt]

News flash, Ron Paul lost in the primaries.
He did? :eek: Shit, now what am I gonna do?

[FreightTrain]

He did? :eek: Shit, now what am I gonna do?



You can always be like the rest of his supporters and refuse to come to terms with reality.

[Stephen]

can i get some cilff notes?!!??

<- drunk master (aka drunk bastard)

[BHAM]

You can always be like the rest of his supporters and refuse to come to terms with reality.
ARE YOU HAPPY WITH THE 2 PEOPLE YOU HAVE TO PICK FROM? THOSE TWO CHOICES ARE LIKE DRIVING UP TO THE GAS PUMP, AND HAVING TO PUMP CAT SHIT OR DOG SHIT INTO YOUR TANK THEN PAYING 15/ GALLON ON TOP OF IT. ITS JUST NOT GOING TO MAKE ANYTHING BETTER. BUT AGAIN IM A RP SUPPORTER.

[Craizie]

The Funny Thing Is All Those People That Are Just Now Realizing This Are Going To Cast Votes For The Same Shit In November..........


Is it hard to type like that? Seems wasteful.

[ceyko]

are You Happy With The 2 People You Have To Pick From? Those Two Choices Are Like Driving Up To The Gas Pump, And Having To Pump Cat Shit Or Dog Shit Into Your Tank Then Paying 15/ Gallon On Top Of It. Its Just Not Going To Make Anything Better. But Again Im A Rp Supporter.

You Know Your Posts Are A Bitch To Read And Ireally Can't Make A Lot Of Sense Of Them Or Something. Dog Shit Cat Shit Boar Shit Shit Shit Yeah. When It Doubt The Flower With Cloud And The Bloom With Rain

[Strychnine]

I have a mortgage that is oversized and no money in the bank. I have maxed out all my credit cards (11 in all). I'm upside down on my car lease but don't know what that means, exactly. I eat at McDonalds and Burger King and shop at Walmart to save a buck, nutrition and workers benefits be damned. My lawn has some sickly overgrowth that I'm trying to manage each weekend. My work commute in my SUV takes twice as long as it did five years ago. I don't know if I should be worried or not. Someone tell me. Financial news is greek to me. I am the American public.

L
O
L

[5.0_CJ]

The Funny Thing Is All Those People That Are Just Now Realizing This Are Going To Cast Votes For The Same Shit In November..........

the financial system is run by private industry you stupid shit. Turn your caps lock off.

[black01gt]

You can always be like the rest of his supporters and refuse to come to terms with reality.
Reality sucks.

[black01gt]

the financial system is run by private industry you stupid shit. Turn your caps lock off.
And what part of the private sector is not overseen and regulated by the goverment?

[flashstang04]

America is broke. People have been living outside their means for years. Now it is time to pop the bubble and collect. Thanks Greenspan......

[92fox]

And what part of the private sector is not overseen and regulated by the goverment?
You sir, should stop the Bush blame game and reading radical left websites. This shitstorm is directly related to Greenspan, not Bush.

[black01gt]

You sir, should stop the Bush blame game and reading radical left websites. This shitstorm is directly related to Greenspan, not Bush.
And you sir should get a clue. Greenspan bailing should have been a headsup notice.

Funny, I mention government. You mention Bush. :D

[AL P]

I got $1 that says AIG will go tits up tomorrow.

[67camino]

I got $1 that says AIG will go tits up tomorrow.
wont happen.

[black01gt]

I got $1 that says AIG will go tits up tomorrow.
Not good. :(

[BHAM]

the financial system is run by private industry you stupid shit. Turn your caps lock off.
HAAAAAAAAA

[AL P]

Someone better write AIG a $40 billion dollar check.

[92fox]

And you sir should get a clue. Greenspan bailing should have been a headsup notice.

Funny, I mention government. You mention Bush. :D
Nah, I've just read enough of your posts to know where you believe the problem started. ;)

[sc281_99-0135]

Someone better write AIG a $40 billion dollar check.

does it have to be good? :cool:

[black01gt]

Nah, I've just read enough of your posts to know where you believe the problem started. ;)
I make no apologies for not trusting or having zero respect for Dubya (et al). And yeah...I don't like him. It's the Patriot in me. :cool:

[67camino]

does it have to be good? :cool:
I thought the state o NY gave them a check
:D

[Hass]

Giving credit to anyone who could fog a mirror is what has screwed things up. Start holding people accountable and things will change. Interest rates up anyone?

[sc281_99-0135]

Giving credit to anyone who could fog a mirror is what has screwed things up. Start holding people accountable and things will change. Interest rates up anyone?


bring back the 10-20% down rule again.

if youre not responsible enough to save for what you want, you dont deserve to have it in the first place.

[01WhiteCobra]

Giving credit to anyone who could fog a mirror is what has screwed things up. Start holding people accountable and things will change. Interest rates up anyone?

You don't have to worry about that now.

In fact you have just the opposite case now. Credit worthy people who have a 100% performance rating in paying back debts are having trouble receiving loans.

[Hass]

You don't have to worry about that now.

In fact you have just the opposite case now. Credit worthy people who have a 100% performance rating in paying back debts are having trouble receiving loans.

I guess the unsecured $53k I just received doesn't count? Or were you talking about home loans?

[01WhiteCobra]

I guess the unsecured $53k I just received doesn't count? Or were you talking about home loans?

Consider yourself lucky.

Yes, the credit markets are shutting down at the moment as banks are building reserves to shore up bad debt.

Anecdotal evidence doesn't suffice.

[Hass]

Consider yourself lucky.

Yes, the credit markets are shutting down at the moment as banks are building reserves to shore up bad debt.

Anecdotal evidence doesn't suffice.

How are they building reserves without lending more out?

[sc281_99-0135]

I guess the unsecured $53k I just received doesn't count? Or were you talking about home loans?



^small business line of credit?

i work for jpmorgan chase

if youve been in business for over 2 years and cash flow lines up , have an average balance in your bus. checking account ytd of 4k or higher. and a score 680 or over.

i can guarantee 50k and most likely get you 100 or 200k with a slightly higher score.

[sc281_99-0135]

How are they building reserves without lending more out?



gaining deposits and not lending them out.

[Hass]

^small business line of credit?

i work for jpmorgan chase

if youve been in business for over 2 years and cash flow lines up , have an average balance in your bus. checking account ytd of 4k or higher. and a score 680 or over.

i can guarantee 50k and most likely get you 100 or 200k with a slightly higher score.

Personal.

PM me your info though.

:cool:

[Hass]

gaining deposits and not lending them out.

But wouldn't they (big banks) need to lend SOMETHING out? I agree that the credit is tightening, but I don't see the big ones shutting off all lending.

[67camino]

They cant shut it off or they will have to shut the doors and turn out the lights. Its hard to pay everyone on ATM fees alone :D

[black01gt]

But wouldn't they (big banks) need to lend SOMETHING out? I agree that the credit is tightening, but I don't see the big ones shutting off all lending.
01WhiteCobra didn't say "shutting off". He said it would be more difficult. As it should be.

[sc281_99-0135]

But wouldn't they (big banks) need to lend SOMETHING out? I agree that the credit is tightening, but I don't see the big ones shutting off all lending.



and they still do, just in very rare circumstances. espcially on the personal side

[Hass]

white cobra didn't say "shutting off".

You're right! He said "shutting down" and that basically means the same thing doesn't it?

{thinking out loud} If I shut down my business... do I still do business? {/end thinking out loud}

[AL P]

Consider yourself lucky.

Yes, the credit markets are shutting down at the moment as banks are building reserves to shore up bad debt.

Anecdotal evidence doesn't suffice.

The consensus seems to be that if AIG goes belly up tomorrow that I won't even be able to get debt anymore, at least not for a while. And we are a private REIT backed by one of the few AAA rated institutions. Right now I've got a $87 million loan from a life insurance company that is supposed to close first week of October and even that could be going to shit.

Fun times!

[black01gt]

You're right! He said "shutting down" and that basically means the same thing doesn't it?

{thinking out loud} If I shut down my business... do I still do business? {/end thinking out loud}
He said "Yes, the credit markets are shutting down at the moment..."

{thinking out loud} This guy's kind of a condescending asshole {end thinking out loud} :D

[Hass]

{thinking out loud} This guy's kind of a condescending asshole {end thinking out loud} :D

Again you are right. :D

[SVT Lurch]

Someone better write AIG a $40 billion dollar check.
I covered $1,029 last night. Y'all's turn.
You don't have to worry about that now.

In fact you have just the opposite case now. Credit worthy people who have a 100% performance rating in paying back debts are having trouble receiving loans.
True story. I've got a guy with an 800 FICO that made over $2 million last year (mostly from capital gains for which he has over a two year history) and he wouldn't be able to get a loan through conventional methods. Fortunately there's a bank willing to service it themselves so they're not concerned about the secondary market.

[5.0_CJ]

And what part of the private sector is not overseen and regulated by the goverment?

Haha, dude I'm a loan officer, finance is my business. What part is not overseen and regulated? Every damn part actually. The only time the government gets involved is when they do a periodical random audit and the ONLY thing they are checking for is adherence to basic federal and state regulations - and they only check a handful out of the portfolio. The finance industry is run by private industry - it is their money, they are responsible for the money, the only thing the government/states care about is if you paid them their taxes, and discrimination if someone files a lawsuit.

This WHOLE situation is because private banks got belligerent with their lending practices and they should pay for their mistakes. My company (triad financial/roadloans.com) tanked because of this - no one bailed us out - and that's the way it should be.

[GT Dan]

I got $1 that says AIG will go tits up tomorrow.

someone pay the man...

[Slowhand]

You don't have to worry about that now.

In fact you have just the opposite case now. Credit worthy people who have a 100% performance rating in paying back debts are having trouble receiving loans.

Yup. My brother works in commercial real estate and while they've got projects that they'd like to do, they simply can't generate the capital to do a lot of them because there's not much credit to be had.

[Slowhand]

This WHOLE situation is because private banks got belligerent with their lending practices and they should pay for their mistakes. My company (triad financial/roadloans.com) tanked because of this - no one bailed us out - and that's the way it should be.

Amen to that. I'm not sure I really want to see what things would have looked like had the government not bailed out Bear Stears and Fannie/Freddie, but I still think it was the wrong move.

If you fuck up, you should be held responsible for your mistakes.

[mikeb]

The consensus seems to be that if AIG goes belly up tomorrow that I won't even be able to get debt anymore, at least not for a while. And we are a private REIT backed by one of the few AAA rated institutions. Right now I've got a $87 million loan from a life insurance company that is supposed to close first week of October and even that could be going to shit.

Fun times!

Looks like AIG got the sugar teet.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aw.hphkcbZ_o&refer=worldwide

Can I have my $1 now? :o

OTOH, all of this is some scary shit. I'm worried :(

[Gripenfelter]

Haha, dude I'm a loan officer, finance is my business. What part is not overseen and regulated? Every damn part actually. The only time the government gets involved is when they do a periodical random audit and the ONLY thing they are checking for is adherence to basic federal and state regulations - and they only check a handful out of the portfolio. The finance industry is run by private industry - it is their money, they are responsible for the money, the only thing the government/states care about is if you paid them their taxes, and discrimination if someone files a lawsuit.

This WHOLE situation is because private banks got belligerent with their lending practices and they should pay for their mistakes. My company (triad financial/roadloans.com) tanked because of this - no one bailed us out - and that's the way it should be.

http://www.bloggingstocks.com/2008/09/15/100-year-crash-mccain-advisor-spurred-62-trillion-derivatives/print/

Gramm's 262-page amendment, dubbed "The Commodity Futures Modernization Act," according to Texas Observer, freed financial institutions from oversight of their CDS transactions. "Prior to its passage, they say, banks underwrote mortgages and were responsible for the risks involved. Now, through the use of [CDSs]-which in theory insure the banks against bad debts-those risks are passed along to insurance companies and other investors," wrote Texas Observer. How does this relate to Lehman's bankruptcy? "[CDSs] were a key factor in encouraging lenders to feel they could make loans without knowing the risks or whether the loan would be paid back. The Commodity Futures Modernization Act freed them of federal oversight," according to Texas Monthly. And it was due to these CDSs that Wall Street held an emergency session yesterday to try to minimize the damage of Lehman's CDSs and other derivatives. Unfortunately, this session did not produce much thanks to the built-in lack of knowledge of the risks in these transactions that Gramm's legislation ensured.

You are going to be reading more and more about CDSs over the months ahead -- it will become as familiar as the phrase subprime mortgage was in 2007. Unfortunately, there were "only" $1.3 trillion worth of subprime mortgages and the CDS market is 48 times bigger than that -- and more than four times bigger than U.S. GDP. And since nobody has ever had to deal with this volume of CDS unwindings, it is impossible to calculate how much they will cost.

[AL P]

Looks like AIG got the sugar teet.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aw.hphkcbZ_o&refer=worldwide

Can I have my $1 now? :o

OTOH, all of this is some scary shit. I'm worried :(

I didn't think the Feds were going to do it.

Now that everyone knows the Feds are running scared and willing to bail out anyone, I got $1 that says Morgan Stanley is next.

[sc281_99-0135]

I didn't think the Feds were going to do it.

Now that everyone knows the Feds are running scared and willing to bail out anyone, I got $1 that says Morgan Stanley is next.


its a very bad precedent they are setting.

now the auto industry is definately going to get bailed out.

so who isnt "too big to fail" nowadays?

i hope the donut shop down the street is too big to fail, they make some goood kolaches!

[Gripenfelter]

Privatize profits, socialize risk and losses.

[Paladin]

News flash, Ron Paul lost in the primaries.

LMAO! It seems like all RP supporters are the same.

[AL P]

Privatize profits, socialize risk and losses.

Granted AIG is a huge company with over 100K employess but still, you have to wonder.

The automakers are pushing for a loan from the government which is a little different than taking an equity stake which is what they are doing with AIG. I guess the feds are now in the insurance business with their 79.9% stake.

[Yale]

If I don't look directly at my 401k balance, will it all go away? :(

[01WhiteCobra]

Granted AIG is a huge company with over 100K employess but still, you have to wonder.

The automakers are pushing for a loan from the government which is a little different than taking an equity stake which is what they are doing with AIG. I guess the feds are now in the insurance business with their 79.9% stake.

Socialism at its best.

At least we weren't like Russia this week and shut down all the exchanges.

[1fastdem]

We will look back on this time as a watershed moment. We will view this expansion of government spending as we do the New Deal. Then there was the WPA, CCC, Social Security and social welfare. I am sure at the time (who here is old enough to actually have lived then) most thought they were great. FDR was elected 4 times, so they must have been popular. The public came to depend on the government to always bail us out. We look at the cost of those programs now, what they have ballooned to, and rail against them.
Now we will have fancy named corporate welfare. Now many tell us how we need them. The markets are now expecting the government to bail them out. What will be the term costs? We don't know. Our kids will.

[ZYouL8R]

I'm waiting for rock bottom to buy more into my IRA.

[AL P]

I bought a few shares today already. When is rock bottom I wonder?