paulson said no to more fed rescues like bear stearns.
Going to be a tough day tomorrow. DOW futes -315, S&P -42.
The Democrats are responsible. It’s their fault.
I wonder what impact a Stock Market Crash will have on the election?
I forget. Who was Chairman of the Fed from 1987 to 2006?
Probably need to let a few of these crumble..it will be better in the long-run for the American economy.
Sad they were trying to sell off Lehman to a foreign company...no US company would touch Lehman...I guess more globalist wealth-redistribution planned.
Wall Street probably gonna run to the govt like a welfare queen three days before the check comes in
| Symbol | Name | Last Trade | Change | Related Info |
|---|---|---|---|---|
| ^AORD | All Ordinaries | 4,847.00 |
 110.10 (2.22%) |
Components, Chart, More |
| ^SSEC | Shanghai Composite | 2,079.67 |
 0.69 (0.03%) |
Chart, More |
| ^HSI | Hang Seng | 19,352.90 |
35.82 (0.18%) |
Components, Chart, More |
| ^BSESN | BSE 30 | 14,000.81 |
0.00 (0.00%) | Chart, More |
| ^JKSE | Jakarta Composite | 1,783.27 |
20.80 (1.15%) |
Components, Chart, More |
| ^KLSE | KLSE Composite | 1,044.03 |
2.96 (0.28%) |
Components, Chart, More |
| ^N225 | Nikkei 225 | 12,214.76 |
112.26 (0.93%) |
Chart, More |
| ^NZ50 | NZSE 50 | 3,320.83 |
40.86 (1.22%) |
Components, Chart, More |
| ^STI | Straits Times | 2,502.97 |
67.70 (2.63%) |
Components, Chart, More |
| ^KS11 | Seoul Composite | 1,477.92 |
34.68 (2.40%) |
Components, Chart, More |
| ^TWII | Taiwan Weighted | 6,068.45 |
242.23 (3.84%) |
Chart, More |
Times like these are why I moved to all cash in late 2006. My sleep won’t be disturbed. It can’t feel to good to be in the market and wonder what is going to happen tomorrow...
And it's happening now.
Let them all fail. Let capitalism work. Bear Stearns never should have been “rescued” with corporate welfare for JP Morgan.
Dunno if you saw this:
http://www.federalreserve.gov/newsevents/press/monetary/20080914a.htm
The Fed will now accept equities for their PDCF loans.
To my knowledge, the Fed has never taken equities as collateral for short-term loans.
The TSLF will now take all investment-grade debt securities - ie, corporate debt other than asset-backed paper is now eligible for lending of Treasuries.
What this signals, IMO, is that the Fed is no longer “the lender of last resort.”
The Fed is now the only lender in town.
People really need to WAKE UP to the debt destruction in this economy and not pretend everything is just peachy and it is just the MSM talking down the economy to get Hitlery elected.
None, I suspect. Though this may be a cathartic moment for finance, the pain will likely be quite severe for us "little people".
From the BBC:
Lehman Bros files for bankruptcy
The fourth-largest investment bank in the US, Lehman Brothers, has filed for bankruptcy protection, amid a growing global financial crisis.
Lehman had incurred losses of billions of dollars in the US mortgage market.
The chance that the 158-year-old institution could collapse increased sharply after the strongest potential buyers pulled out at the weekend.
The move threatens to deal a further blow to the global financial system, as banks unwind their deals with Lehman.
If Bank of America acts like some other banks have with brokerage firm buyouts and doesn’t know what to do with its new division then there potentially is big trouble. Suppose they lay off all of the Merrill stockbrokers. Then the clients would be without brokers. Those that remain invested in stocks and mutual funds now without stockbrokers might decide to sell. This would potentially lead to more of a selloff. Are there terms in the “buyout” to prevent the “laying off” of the Merrill brokers?
Otherwise what happens when Bank of America decides to lay all of the brokers off?