Posted on 09/25/2008 5:12:03 PM PDT by GreyWolf
I can tell you I have never been so worried in my life, it is very possible, our country is to leverage, and needs to deleverage, but not over night!! I have been in the Bussiness 15 years never seen anything like it. I am a very conservatve republican from Texas. I believe in a flat Tax, lower spending.. etc. But I am going to tell you by the time the Markets open in Asia Sunday night we must pass a plan. I am not saying the Palson plan is the best.. But we must get the banks free up. I do think if we buy this paper for $.30 on the dollar (Merrill sold theirs for $.22) then I think we will come out with not a lot of taxpayer loss, what we will have is moral hazard.
THings they need to add, increase FDIC to $200,500 per person to protect small business that need to make payrolls from banks that will fail (yes no matter what a lot of banks will still fail. We need a to create a regulated exchange market for credit default swaps!! We are still working thru failed swaps we had with LEH. There are other Ideas for later.
I work for a Midwest, not Wall Street, regional firm.
I see the total lock-up in the credit markets and it is destroying our business here the last week.
The problem though is that my firm that engaged in NONE of these shenanigans and can probably survive this. I’m starting to say to myself that maybe I’d rather my firm take a short-term hit, but have a chance to grow here down the road than see my competition like you Wall Street guys get bailed out.
Yes I understand everything is inter-related and it will hit everyone. It’s killing me now. But tonight I’m actually ready for the pain. Let’s get rid of these firms that are holding this crap. Let em die. Let honest firms like mine come in to fill the void.
I’ve switched 180 degrees on the bailout bill. Let the fields get scorched and the wheat will grow stronger next season.
Please add me to your ping list. Thanks.
Yes. I will be buying ammo.
(You can never have quite enough.)
Just damn.
The goldbug survivorman nutsos really come out on FR at night.
This glee at the thought of another great depression reminds me of the idiots who had a picnic at the first battle of Manassas.
It’s mostly folks too young or too old to have much of a stake in all this.
I’ve got kids to feed and put through school. I could afford to be a principled patriot if it were just me.
I do not have farming or hunting skills. Does that mean my children deserve to starve to death?
To hell with all of you who are cheering on the next depression. TO hell with you.
I hates to tell y’all this...but the “Great Northwest” is infested with Liberals. I know. I live here.
Now...if you can find some property deep in the forests of the Cascade Range...that might help. Otherwise...you’re stuck in Liberal Hell.
Amen. I am in the same boat. The bank I work for played by the rules but we are now paying the price.
It is time to get rid of the bad guys and let the good ones put trust in banking back in the minds of the general public. It is stressful though being in the industry.
Welcome aboard.
Unfortunately there are a significant number maybe even a majority) of Americans who put and keep reelecting politicians who enabled these Wall Street scumbags.
Too many Americans believe actions like lowering qualification standards have no long term consequences. Well they do ! Too many American have a “Scrooge McDuck” knowledge of how the economy works. You know basically rich guys have basements full of cash that they roll around in. (Like Scrooge McDuck!)
Hey Steve, how is this going to affect the guy that pays his mortgage (but still HAS to keep PAYING on his mortgage) and took out a HELOC of 70K to pay medical bills? I’m worried that if things go too far out of whack, I’ll have to drain my cheapened 401k to cover my Heloc while my hours worked my start drying up.
We are in a War. It is clearly Main Street against Wall Street. Everyone is taking sides. You must continue to email and fax and call your Senators and Congressman. We go into a Depression either way. But if Wall Street wins, we come out of this naked, crawling on our hands and knees. If Main Street wins, at least we come out with our dignity, standing tall to fight another day like Americans . . . not slaves to Wall Street pigs.
Steve, Yes I work for a Large Wallstreet Firm, but I am not in New York. I do work daily with Traders on the desk, I can tell you no one outside the industry really understands the crises we are in.
This will also effect the Muni Market. Tommarow look on your Bloomberg Terminal and check the Muni Paer out there and what is going on. Right now Muni deals are on hold to to refund debt that is matture, this will put major pressure on City goverments. Short Term Muni Parper is not trading.
Also people think the Fed is the Govt, the Fed is a Agency of the US Govt, they as of Yesterday have now committed most of the Fed Balance sheet to this crisis. If banks keep going to the window to meet liquidy needs since overnight paper is dry, then they will not have any balance sheet lift to help.
What does that mean they will start really printing paper to meet the needs, or close the Discount window!! If they print Paper, the Dollar could really totally tank. Also forign investers will stop buying our US Govt. Paper.
It is late I am tired and must get in to the office early. So lets pray something breaks in Washington DC, this week.
Cook County, I’m not smart enough to figure out how to get you relief. But I’d sure rather have some of that $700 Billion go to you in some form of earned income tax credit or double mortgage interest tax deduction than to bail out the bad mortgages that Wachovia or JP Morgan hold.
Deep in the forest now were talking.
“Then do it with your money and leave mine alone.”
The problem is, our money isn’t going to be left alone either way.
It's decision time.
Do we want a free market economy where there are losers and winners OR do we want a full-blown communist society?
There are horrors much greater than a stock market crash.
There is the loss of freedom.
There is a surrender to panic which makes us serfs or slaves to government control.
My wife and I will be on our knees planting our own vegetable garden without cash or complaint if this country remains rooted in capitalism and freedom.
Otherwise, all of us will end up on our knees begging our government for morsels.
I am proud to see many of my fellow citizens on this site choosing freedom over slavery, even with the threat of a financial meltdown.
Only fools would choose a false promise of security from tyrants to the sweet breath of freedom paid for in blood by so many of our forefathers.
I was trying to explain this EXACT sentiment to my husband this evening after work. You said in words precisely what was in my heart. Truly, there are things worth fighting (and suffering) for, and capitalism and freedom are two of those things.
I'm much more afraid of screwing up America for my children than I am of losing my 401K or eating rice and beans three times a week.
Also tonight the FDIC took unprecedented actions taking over Washington Mutual (WM) the last US thrift, and closing the bank on a Thursday!! This almost always happens on Friday. They were worried about a run on the bank and rumor on the street was they were running out of Liquidity. Looks like JP Morgan about the assets. The Stock and Bond holders were wiped out
Fine.
Just say no to crony capitalism.
You support the Dem/Paulson/Bush Plan. I don't.
Neither of us is going to change our minds.
The only hope is that the House Republicans come up with a solution based in capitalism rather than socializing loss. I have high hopes that they will do just that.
We'll see what happens but either way I'll be the same man tomorrow as I was yesterday.
Lots of us have kids and grandkids - and we know how bad it can be... I don't think anyone here wants a depression. We also don't want to do a bailout that won't work longer than a year - at which point we'd have to do another bailout - only there won't be any money. I want you and your kids to be OK. I also want the people suckered into these loans to be OK. The people I'm not too concerned about are the multimillionaire who caused this mess.
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