Posted on 01/18/2008 8:50:14 PM PST by TigerLikesRooster
This happened to Ambac today.
I hate it when the sky falls, again...
Hyperinflation can fix this. These debts can be easliy repaid in Zimbabwe dollars.
It’s terrible. People are throwing USD’s away like confetti of course.
Yes, but a 70’s style “economic stimulus” plan is quite crude. And for congressional Democrats to be in favor, this would seem to portend a bad situation brewing. Surely the Democrats would like to see a marginally poor economy leading into the 2008 election, but a complete meltdown could in fact harm them, given their assumption of full congressional power in 2004. This is the only reason that I can think of whereby the Democrats woule ever be in favor of an economic stimulus plan today.
IMHO, the whole financial house of cards is about to come crashing down. Look for one of the big three auto makers to crash and burn by June. Look for more and more layoffs. Heck, even SPrint is laying off 4 thousand. Citibank is laying off some 24 thousand. It will be a major unwinding and blood letting of a magnitude none of us have ever seen or lived through. I’m not ready and I don’t think may of us here are..
Technology king AMAT (Applied Materials) is shedding thousand of jobs.
First rule of leadership: know your subject
Ben Bernanke, the Chairman of the Federal Reserve, is hardly an obscure figure - indeed, the onset of the credit crunch has made him practically a household name. But not to everyone, it would seem. A congresswoman at a House of Representatives Budget Committee hearing was seeking to pin down which Wall Street firms were responsible for the securitisation of sub-prime mortgages.
She began: “Seeing as how you were the former CEO of Goldman Sachs ...”
A bemused Bernanke interrupted: “No, no, no, you're confusing me with the Treasury Secretary [Hank Paulson, the former Goldman Sachs bigwig] ...”
She continued: “I've got the wrong firm? Paulson, Oh, OK”, before adding: “Sorry, I got you confused with the other one. I'm glad you clarified that for the record. Where were you, sir?”
Maybe it was the hair that did it.
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yitbos
With the bond insurers circling down the drain, the banks will be soon to follow. Already insitutions are forbiding large withdrawals of you own money. Ever try to put 2K in the bank lately--reports to homeland security and the IRS... Its getting really weird out there.
Regarding inflation. Have you noticed that the box of ceral you buy in the store is the same size, but two to three ounces less product for the same price? A ten pound bag of Kingsford Charcoal is now an eight pound bag...things like that.
I'm not financially ready, buy have my own well and five areas and some seed stock saved..we'll see what happens...
Calm down. It isn’t the end of the world. Just a nasty recession.
The reporting of cash transactions has been in place for awhile. It used to be $10,000 and then they dropped it. Nothing new there.
And yes, there is some inflation.
Already insitutions are forbiding large withdrawals of you own money...
I seriously doubt this...
Then go and try to withdraw ten grand of your own money out of the bank.
Aside from the reporting — required by law — that isn’t a problem.
The law, by the way, was originally put into place to thwart money laundering of drug profits.
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