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Old 03-16-2008, 11:51 PM   #1
MikeCee
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Default Holy ****! The economy is going in the dumper RIGHT NOW

I just turned on the TV and saw the Fed and JP Morgan had to move to save Bear Stearns. JP Morgan bought Bear Stearns in an emergency move for $2/share. $2!!!!!!!!!!!!! It was trading at $30 on Friday.

Dow, NASDAQ and S&P 500 futures are all down substantially. The Dollar is plummeting vs. the yen. It is being reported that somewhere between 10-25% of mortgages in major banks involved with sub-prime lending are in a repo status (pre-foreclosure/foreclosure).

The Bear Stearns loss is a multi billion dollar loss for it's investors, and is the second major bank the Fed has had to save in the last two months.

Drop your socks and grab your cocks because ****'s about to be all effed up.
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Old 03-16-2008, 11:52 PM   #2
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recession for the next 6 months or so till this **** blows over.






and of course it has to happen when I finally have a bunch of cash sitting in ING becoming worth less and less
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Old 03-16-2008, 11:53 PM   #3
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I am tempted to horde my cash, but it is declining in value by the day and also only worsens the overall economy. I guess I'll go blow it on strippers, which would probably yield a more rewarding return than the other standard options.
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Old 03-16-2008, 11:54 PM   #4
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Old 03-16-2008, 11:54 PM   #5
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well, when we get our Dubbya checks, I suppose we can use all of it to buy a case of beer to drown our sorrows
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Old 03-16-2008, 11:56 PM   #6
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it's okay. they'll just print some more money and fix everything.
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Old 03-16-2008, 11:57 PM   #7
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The End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!
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Old 03-16-2008, 11:57 PM   #8
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Quote:
Originally Posted by Protege Menace View Post
recession for the next 6 months or so till this **** blows over.






and of course it has to happen when I finally have a bunch of cash sitting in ING becoming worth less and less
6 months? Dude, the public got fleeced by a bunch of rich, (and now or soon to be) ex-bankers. This mortgage business was smoke and mirrors; no fundamentals supported real estate pricing and lending.

Say what you want about individuals being idiots signing ARMS or not, we're all going down which is exactly why this bull**** needs to be stopped.

So, everyone go ahead and pull the Republican lever again. it can only get better
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Old 03-16-2008, 11:57 PM   #9
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Quote:
Originally Posted by Protege Menace View Post
well, when we get our Dubbya checks, I suppose we can use all of it to buy a case of beer to drown our sorrows
Ya, great time for rebate checks

Rebate checks are for when there is a budget SURPLUS, not a giant mess like we have now...
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Old 03-16-2008, 11:58 PM   #10
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and why is this different from my thread?

http://forums.nasioc.com/forums/show....php?t=1470941
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Old 03-16-2008, 11:58 PM   #11
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Quote:
Originally Posted by HighWayDrifter View Post
The End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!the End Times Are Nigh!!
Are you retarted??
Are you retarted??
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Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
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Are you retarted??
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Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??

This is some bad ****. When a bank that big goes down there's a real problem.
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Old 03-16-2008, 11:59 PM   #12
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Quote:
Originally Posted by parkerpaxton5 View Post
it's okay. they'll just print some more money and fix everything.
Here's your case of beer pretty soon.

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Old 03-16-2008, 11:59 PM   #13
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Quote:
Originally Posted by parkerpaxton5 View Post
it's okay. they'll just print some more money and fix everything.
I think they may start to target inflation and wait out the recession; if there really is one, or when it comes. A market adjustment would be nice anyway. The Fed isn't stupid...
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Old 03-16-2008, 11:59 PM   #14
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Originally Posted by owace View Post
and why is this different from my thread?

http://forums.nasioc.com/forums/show....php?t=1470941
Go back there, please.
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Old 03-16-2008, 11:59 PM   #15
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Quote:
Originally Posted by MikeCee View Post

The Bear Stearns loss is a multi billion dollar loss for it's investors, and is the second major bank the Fed has had to save in the last two months.
what was the first one?
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Old 03-16-2008, 11:59 PM   #16
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Yea, I saw how JP bought up Stearns, but I totally didn't get how they could buy them for only $2/share when just this past week it was going for more than 10x that amount. How the hell does that work????

(in 5 years time when this mortgage mess is finally cleared up, this buy-out of Stearns is gonna be seen is a massively profitable deal)
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Old 03-17-2008, 12:00 AM   #17
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we need a war that might work, quick.

they got oil in tibet?
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Old 03-17-2008, 12:00 AM   #18
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Quote:
Originally Posted by MikeCee View Post
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??
Are you retarted??

This is some bad ****. When a bank that big goes down there's a real problem.
Anything but...

This thread is pointless plse /urself
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Old 03-17-2008, 12:00 AM   #19
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Quote:
Originally Posted by Hazdaz View Post
Yea, I saw how JP bought up Stearns, but I totally didn't get how they could buy them for only $2/share when just this past week it was going for more than 10x that amount. How the hell does that work????

(in 5 years time when this mortgage mess is finally cleared up, this buy-out of Stearns is gonna be seen is a massively profitable deal)
go read my thread. its far more informative. this is tabloid like.
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Old 03-17-2008, 12:00 AM   #20
MikeCee
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Quote:
Originally Posted by Roy Dietsch View Post
I think they may start to target inflation and wait out the recession; if there really is one, or when it comes. A market adjustment would be nice anyway. The Fed isn't stupid...
Untrue. The Fed is stupid and lowered the discount rate tonight in an emergency move part of the Bear Stearns buy up.
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Old 03-17-2008, 12:01 AM   #21
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Ouch - the Asian markets are down ~5%
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Old 03-17-2008, 12:01 AM   #22
MikeCee
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Originally Posted by owace View Post
what was the first one?
Countrywide, the largest mortgage lender in the U.S. which wasn't even in the sub-prime market, iirc.
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Old 03-17-2008, 12:01 AM   #23
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Untrue. The Fed is stupid and lowered the discount rate tonight in an emergency move part of the Bear Stearns buy up.
its needed. that last thing you want right now is lack of liquidity. its a smart move.
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Old 03-17-2008, 12:02 AM   #24
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Quote:
Originally Posted by Kostamojen View Post
Ya, great time for rebate checks

Rebate checks are for when there is a budget SURPLUS, not a giant mess like we have now...
Que?

That makes for good accounting but bad economics, times of growth; which typically implies govt surplus, should be used to reel in the dollar and pay off debt...Think of the government and the economy as a teeter-totter; the government can "help" balance the good times and the bad times.

Roy
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Old 03-17-2008, 12:02 AM   #25
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Quote:
Originally Posted by Skell View Post
we need a war that might work, quick.

they got oil in tibet?



Which reminds me....

WhAT??? How much for a tank of petrol???

*Push ENTER to print receipt*
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