Ouch! Glad I don't own any of this stuff.
Posted on 09/11/2008 2:52:43 PM PDT by Rufus2007
The fragility of the U.S. banking system puts the country in a more dire position than many people realize according to CNBC “Mad Money” host Jim Cramer.
Cramer, in his September 11 “Stop Trading” segment on CNBC’s “Street Signs” told host Erin Burnett the situation puts the United States in danger of “Great Depression, No. 2.”
Burnett questioned Cramer’s assertion that banks should be bailed out by the federal government, in turn passing the cost off to the taxpayer. “It’s obvious the bank system is falling apart,” Cramer said. “Let’s save it before it goes to zero.”
Here is the blow by blow:
...more (w/video)...
(Excerpt) Read more at businessandmedia.org ...
What was he right about, specifically?
What is a CDO treatment?
I’ve been a bit perturbed by the decline.
But like you, except for maybe 5% of what I have, all was bought when it was in the 5-7 dollar range and alot of that was in the 3-5 range.
I’m just sittin here waiting for the 33,000 short contracts those two banks sold unwind. Just two or three delivery failures/defaults could send it to the moon!
Too tired to play tonight. Ask him.
He’s afraid of me.
Some other time for a debate — I’ll just say that he called it on the inflated housing prices.
I’m off to bed.
Have prices dropped below their level when he called the top? Where? Everywhere?
Ok, let’s say the whole thing blows - what then?
Yep, it’s going to be interesting.
TP, you going to sell my your physical silver for $12? I’ll pay for shipping. Come on TP, easy money!
You prepared to get a couple molars in the mail?
Won’t amount to much...
;-)
Ouch! Glad I don't own any of this stuff.
I’m glad I bought plenty at $5. My offer still stands to buy any you can find for a dollar over the spot price.
You might find it interesting that actual physical silver is selling for $20/oz and up, if you can find it, as opposed to the make believe land of paper naked shorts.
He hasn’t got any.
http://coins.listings.ebay.com/Bullion_Silver_W0QQfromZR4QQsacatZ39487QQsocmdZListingItemList
Check the Ebay silver coins page above. Now, why do you think that 1 oz silver coins are going for $18 and up? A few years ago when I was buying mine (at under $8) they were selling for spot plus a couple % to the dealer. Why do you think that real physical silver is going for 80+% over the paper make-believe ETF price?
Imagine how much you could buy now if you'd sold at $20.
You might find it interesting that actual physical silver is selling for $20/oz and up, if you can find it
Here's a quick arb play for you, sell all yours at $20 and buy 1000 oz at $11.17.
Lotta stupid people out there.
The crisis was not hard to see but the problem is much larger IMO and reflects the shift in our culture to debt.
Our government is not afraid to borrow money and spends it like crazy.
Our citizens borrow and spend like there is no tomorrow.
Someone tell me why I should be surprised that our banks have done the same thing?
At some point this whole house of cards will fold unless serious change occurs and I believe that point will be within the next 2 decades when entitlement funding runs dry.
We are seeing the same problems already in the private sector.
My children will be left holding the bag.
Sorry to sound so pessimistic about all of this.
More likely, it was a cartel of unemployed mortgage brokers angry at him for single-handedly bringing down their racket by publishing the truth via his website. Ten million hits a week will really get the word out.
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