[FlingWingFlyer]

While we were backing away, somebody moved “da brink” around behind us.

[spald]

CIT failure would benefit Goldman, hurt taxpayers. Sources say Goldman Sachs (GS) stands to earn a $1B 'make-whole payment' from CIT Group (CIT) if it files for Chapter 11 or otherwise terminates a $3B financing facility extended by Goldman last June. On the other hand, U.S. taxpayers stand to lose the $2.3B the Treasury paid to purchase preferred shares in CIT. In a statement this morning, Goldman Sachs insisted the $1B was not a 'windfall payment' but rather represents "the present value of the spread to be earned over the life of the facility."

[wbill]

Doomed. Also, Dogs and Cats living together. Total Anarchy.

This guy and I do agree somewhat, though. We're a long way away from getting out of this mess. A lot depends on Gov't not digging the hole deeper with Cap and Tax, Health Care, VAT, etc etc etc etc etc etc etc etc etc etc.

Getting DC to take a break for about 12 months would do more to end the current economic misery than anything else.

[Dr. Thorne]

Naw. Can't be. Happy Days Are Here Again! Fie on the these gloom and doomers.

I hope all the smiley face folks at FR don't have their money deep in equities that no one will be buying when the crash comes.

[qam1]

Investors should think about this because the fourth quarter in the banking industry is going to be a bloodbath," says Whalen, who believes smaller and regional banks like Hudson City Bancorp may come into favor vs. larger peers, which have dramatically outperformed since the March lows.

Interesting, I was wondering about this. I've brought alot of PMs, but I still have money left over. Instead of letting sit with BofA or Chase I was thinking of putting most of it in a simple savings account or even a CD in a small regional (Champlain National) bank near where I grew up figuring if the banks go south again at least I will be somewhat safer with a smaller bank. BofA and Chase I have no trust in.

[mountainlion]

If Obama kills the economy would that be called “econocide”? How abut “finacide”?

[HamiltonJay]

The single worst thing (bar the federal reserve act) that has happened to this nation was the rise of the national NYC and SF banks.

They should have collapsed last year and cleaned the system of the corruption, but instead they limp on on your tax dollars, dragging everything else down with them.

[Neidermeyer]

Christmas season is going to be miserable ,, you can’t sell what you don’t have and imports have been non-existant for seasonal merchandise... I see big layoffs beginning in January rather than the usual late Feb/March timeframe and a LOT of store closings... just in time for the expected commercial real estate problems...

[chuckles]

I think what people are missing is that we have an enemy in the WH. He hates the US and wants us to fail. The legislation he favors will kill the US, not fix it. The numbers involved are such that even a victory by Repubs in 2010 may not be able to stop the American collapse.

Our only chance is to STOP the takeover of medical insurance and STOP Cap and Trade cold. Then we need to rejigger the Stimulus to actually stimulate the economy. Even then, we will suffer many years of depressed economic woes.

Just as an example, we could freeze the Stimulus and take the $500billion left and declare a tax holiday for 6 months. We have lost the money from the tax coffers anyway, but we must use it for job creation instead of paying off union cronies. Try to imagine small business hiring if they knew all the money they made in the next 6 months was theirs. That would create real jobs instead of paybacks to some building union waiting for a bridge contract.

Obviously, if Obama isn't stopped, we will loose our economy and go into Marshall law. People haven't even realized what his plans are for America. We may do better with Hugo Chavez in control. IMHO, these socialistic plans are not an accident. He doesn't want capialism to work. He may accomplish what the Soviet Union, Cuba, North Korea, and Viet Nam couldn't.