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i'm a big fan of Peter Schiff
he's right that people will have the weekend to think about what's been happening
keep an eye on asian markets on sunday night and europe monday morning.
things could indeed get very ugly.
Peter Schiff March 14 2008 Fox Business News
a deal must be done by Monday morning
because no one on the street will trade or lend to Bear Stearns,
which is rated a notch above junk bond levels.
http://www.cnbc.com/id/23651058/site/14081545
for anyone interested
Japan/Nikkei 225 starts about 6:30 pm
http://finance.yahoo.com/intlindices?e=asia
I will be glued to the set.....monday, tuesday, wednesday and especially thursday. It will be exciting for sure.
The FED has already injected 200 billion in August to "aid liquidity" adding 300 billion in "tax rebates" and last week injecting another 200 billion or so....just based on the effort so far is 700 billion! The entire assets of the entire American banking system is the total of only 1 Trillion.
Fanny Mae and Freddie Mac are under water ( bankruptcy close)- their stocks have dropped by more than 50% and they are going to be the lender's/ buyer's of any new bad mortgages coming up in a new "stimulus package" (lender's of last resort )and have yet to begin their Gov't/taxpayer funded backed programs.
The FED is virtually out of bullets and hasn't even scratched the surface-the CEO of Freddie Mac himself said that we are only "1/3 of the way through this crisis" and we have spent almost enough to buy the entire US banking system outright. Home insurance companies are already saying that they have lost almost as much as Katrina based on mortgage asset investments so far!
How bad is it going to get??? very very very! bad!
The efforts so far of almost 1 Trillion dollars have resulted in nothing! The credit market is seized up and as bad or worse than it was than all the leading indicators were in August..don't ask me for a link just keep surfing and reading were are only in the first 2-3 innings of this game...money is disappearing, credit is disappearing and the cost of everything is about to skyrocket in a way that has never been seen in the history of western civilization-(except for Germany, Argentina and Zimbabwe)
Who know how many more bodies are going to float to the surface next week......
me tooQuote:
Originally Posted by BraggSurvivor
FED meeting is on tuesday - rate cut could be tues or wed
next week may be " watching history unfold . . . "
see all i hear is blah blah blah yada yada yada blah blah blah
don't care what happens i'll go to work mon and slepp like a baby when the day is done same as always people should have prepared instead of buying every gosh darn thing in the world should have wooried less about what the neighbor would think if he thru his steak in some foil and then in the coals instead of buying the state of the art outdoor kitchen for 6 grand on his loc or maxed out credit card like i said i'll sllep like usuall don't care what happens
always be prepared=prepare all ways..
I know what you are saying WE, but there is more to it than that.
Uh, where were you guys in the late 70's, early 80's when we were in a recession? It was a lot worse than this. Same crap, more of it.
Exactly. If this slow turning ship doesn't start heading for port soon, you'll probably see some of the same.
I've seen comparisons between dollars then and now that said gas cost $5.50 a gallon in today's dollars when you could find it on the proper day you were allowed to get gas. At least rationing has started......yet.
Why did you say that? You agree things were worse in the last recession and we pulled out of it. Everyone said the same thing about the Fed then, too. Some folks even moved the AK...:rolleyes:
Yep remember buying property in '78 and couldn't decide to finance or use my Master Card. FEDs will make another cut, bail out Bear-Sterns and guarantee their executives their huge bonus for staying out of jail. Interest rate will be -2%, guaranteed to bring out buyers. A friend of mine, a WW2 vet had his "retirement fund" in a quart jar full of gold teeth he "found" mainly in Italy. I thought that was kinda crude. Now I just know I have a pair of linesman pliers around here somewhere..............
Quote:
Originally Posted by hopeak
I hesitate to say this, especially in present company, as most people tend to think I'm some kinda conspiracy theory whacko nut job who's laying in supplies for TEOTWAWKI or some nonsense. That being said, If you look at history, no democracy has lasted more than 200 years. We celebrated our bi-centennial in 1976, which means we're on borrowed time if history is truly doomed to repeat itself. IIRC, when a democracy fails it is 9 times out of 10 followed by an oligarchy, in this case, rule by corporation. Can you not see microsoft running our country if the current establishment collapses.
Oh, oh, here comes the Zombies.....j/k :D
Of course we do, Alpine but we love you anyway...
Here is a quote often attributed to Alexander Fraser Tyler. I don't know if it is his or not but here 'tis.
"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world's greatest civilizations has been 200 years."
To that point, we are not a democracy but a Constitutional Republic. Constructed unlike countries of the past. Legislative supremacy like that found in England and state supremacy like that found in the Netherlands or Germany was replaced with a constitutional supremacy, which at the time was a brand new invention. As long as the people hold the Constitution in high regard and force its rule we should continue on a safe path.
J.P. Morgan Chase to buy Bear Stearns for $2 a share
http://www.marketwatch.com/news/stor...31FD150399F%7D
and traded as high as $159 last year :eek:
http://money.cnn.com/2008/03/16/news...ion=2008031619
Survival of the fittest in action.
What to look for this week....
http://www.marketwatch.com/news/stor...st=SecMostRead
Silver is almost $21.00 and rising, who would of thunk? :eek:
We will all come back to this post and chuckle on how low the price of gold and silver was back in march. :D:D:D