Larry Kudlow of CNBC Reporting of Emergency Federal Reserve Meeting Tonight

CNBC television | 7/23/2002 | Larry Kudlow

[rumrunner]

Larry Kudlow mentioned that the Federal Reserve may be meeting tonight to discuss the exposure of Citibank and JP Morgan Chase to derivatives and the stock market collapse.

Possible that both banks have billions of derivatives that need to be unwound. Would collapse the banking industry.

[Travis McGee]

Where did the money all go? Here's one area to check:

This little gem is not for charter at this time, it was just launched in 2000. It's German, 244 feet long, goes 38 knots max (that's REAL fast) and has a 2500 nautical mile range. There are hundreds more megayachts like her and even better out on the world's oceans today.

During the 1990s there has been an incredible unprecedented boom in the construction of megayachts. One hundred footers no longer even qualify: "megayachts" now start at 150 feet and go WAY up. These yachts make the yachts of the 1920s and 1930s seem like bathtub toys. The interiors are literally gold and marble and silk and exotic woods.

During the 1990s entrepreneurs and funny money men went on a yacht building binge orders of magnitude beyond anything ever seen in history. It's as if they saw the bubble stretching and getting ready to burst and wanted not only to move assets overseas, but to get ready for a life of luxury on the lam.

Folks in this strata don't worry about the fallout of the 1990s affecting them, and they have been able to pull powerful politicos into their orbits by arranging "vacations" and junkets on their little toys in exotic ports.

[#3Fan]

They might not deserve it, but WE do.

True. The lying media is our biggest nemesis. They're the one's that make all this possible by not doing their job for 8 years and even contributing to the crimes by covering for them.

[Scott from the Left Coast]

What about Pacific, Wahkiakum, or Gray's Harbor Counties, primarily logger or Native American dominated? Any of those three would provide an excellent harbor location for a base.

Better stick to the river, only two types of folks in Pacific and Grays Harbor: Those who work in Indian Casinos and former loggers who are on government support (for the 20th year or so) because it keeps coming and they haven't been able to log for a generation (ever since the hippies came and started worshipping trees and spotted owls).

[#3Fan]

Sadder still, I doubt they even want them punished. It wouldn't surprise me at all to see the sheeple put them right back in power.

True, people love lies.

[steveegg]

Sadder still, I doubt they even want them punished. It wouldn't surprise me at all to see the sheeple put them right back in power.

That's exactly what they're counting on. Only this time, the sheeple are in for a nasty surprise as Operation Full Socialism kicks into high gear.

[steveegg]

Bad, as in -500/-60/-50 bad? I hope you took your Dramamine; you're going to need it tomorrow.

[d4now]

If the fed's doing an emergency meeting there's sure to be intervention. In this case on perhaps a global scale.

I was out of the puts today - thinking the news was the worst. Perhaps I was early. Tomorrow will tell.

Next time - if there is one....don't jinx me, please.

[Nam Vet]

"Cold hard cash. "

Please expand on your opinion. Did ya check the chart, etc?

Nam Vet

[Diddle E. Squat]

Hmmm, then what's your take on British Columbia and Bellingham? I've kinda assumed that BC leaned left, but occassionally hear hints of otherwise.

[steveegg]

That was my gut reaction based on current market conditions, especially in the banking sector. If Citigroup and JP Morgan Chase go down, they're going to drag the rest of the industry, even those banks that are healthy, with them.

It does appear that First Community is rather healthy (they have a decent EPS, and they do pay a dividend). The history of their price spikes and subsequent crashes worries me some. It seems each time it climbs to a peak (which is done quite quickly), it bottoms out just as quickly and sits there a while.

If you can wait, I'd wait until the effects of Citigroup/JP Morgan are known. If they're not too bad, and you've double-checked their books, then the stocks seem to be a good option. If you can't wait, or the entire banking industry really gets shaken, or the books don't smell quite right, take the money and run.

[Red Jones]

gosh elisabeth, I'm not as expert as some, but I will try, sorry no one has helped sooner.

You know stock market has declined rapidly in last few weeks. Everyone knew that stock market was tremendously over-valued as price/earnings ratios were and still are far far higher than historical norms. So, a correction was expected. But if stock market goes back to historical ratios of stock price to earnings (company's income), then it will still decline another 30-40%. It is unlikely that decline will go that deep because people have a lot of money nowadays to invest and they have to put it somewhere. But still, we don't know where it will stop declining. This is compounded by the fact that the average company listed on the stock market is heavily in debt. I read that their average debt is 75% of their value, whereas historically the big companies listed had only 40% of their total value in debt. So, when their stock prices decline, then it looks like for many their total company value will be less than their debt. I would think that this could spell bankruptcy for a significant number of companies. Today AT&T reported that they lost 12 billion dollars in only 3 months time. Evidently, AT&T has been lying for a long time about their financial condition, their executives are coming clean now because of new legislation that may be passed that will throw them in jail if they continue to lie. So, a number of companies are now under pressure to come clean.

But what has apparently triggered the meeting tonight is that CitiGroup? and JP Morgan, 2 very very big banks, have made a lot of very bad loans to enron and other companies that are going under. It seems that without government intervention these huge banks will go bust. If they go bust, and all of this drama is allowed to unfold, like dominoes company after company and bank after bank will fold, then we will certainly have a depression similar to 1930's.

Alan Greenspan and his friends at the federal reserve have some plan for heading this off, that's what the meeting is about. The federal reserve has the power to create money. Most likely they will simply create a lot of money and give it to these big banks. Printing money out of thin air and giving it to some people means that everybody else's money becomes less valuable in real terms. Corruption is simply being normalized on a grand scale and even further institutionalized, that's what's going on tonight at the big meeting ElisabethInCincy.

[Vets_Husband_and_Wife]

Agree, do you have any Dramamine I can borrow? And if it doesn't hit tomorrow, it will hit. Greenspans "irrational exuberance" comment is becoming a reality, in more ways than one.

President Bush is in our prayers. He needs our support more than any President in our Nations history. What the media will try to do.. is going to be even more sickening than it already is. They honestly don't realize that Americans are getting it.

I said he inherited a mess right after he took office, and I never realized how prophetic those words would be, or how much I wish I had been wrong.

There truly are evil things at work in our country. From 9/11 to what is happening economically. But they all happened under a certain someones watch. And I can't forget it..nor do I think we should.

We WILL get through this, and we will be stronger for it,.. and we have no choice but to be strong as it happens. Thats America, Americans.

We MUST realize what took place that allowed it to happen. (I disagree with this mamby pamby stuff of not saying WHY it happened, ie; Clinton and the Democraps). How can we learn from our mistakes if we never admit them?

It won't be the end of the World, but it will hurt. We will get through this,.. but we must realize "collectively" our past mistakes. Character, DOES MATTER.....

[nopardons]

Oh please. There are Conservatives in ALL of the places you tarred and there are damned Liberals, in ALL of the places, which are supposedly oh so sublime.

Absolutely NO ONE banded together, to form their own country / overthrow this one, during the Clinto years, and they won't do so now . This kind of talk, makes FFR look far worse, than our enemies claim that it and we are. Not only is it KOOK and tinfoil gibberish , it is patently juvenile, purile, and bordering on the insane.

[DoughtyOne]

One word... banks! Look out below...

Tsunami warning...

[Nam Vet]

I've got until 12 August to elect cash, stock or a mix. They demand at least a 45% stock, 55 % cash election overall. I have the thought of taking all stock because the big insider (Eggemeyer?)has been buying heavily for the last few months.

Nam Vet

[monkeyshine]

LOL. Ok, sorry :-(

[#3Fan]

Oh please. There are Conservatives in ALL of the places you tarred and there are damned Liberals, in ALL of the places, which are supposedly oh so sublime.

Well, you're taking my post a little too serious, but yes there are conservatives and liberals scattered everywhere but in some areas of the country one outnumbers the other, causing states to be won or lost. Every election, I get to go out and vote for a Republican only to come home and see the damned state has already been called for the Democrat because they count just a few districts in labor union Chicago and can tell that our Republican counties down south here have already been outnumbered, and they haven't even counted any county from down here yet. It's always one of the first states to be called.

Absolutely NO ONE banded together, to form their own country / overthrow this one, during the Clinto years, and they won't do so now .

I didn't say they did. It was just a fun mental excercise between a few of us.

This kind of talk, makes FFR look far worse, than our enemies claim that it and we are. Not only is it KOOK and tinfoil gibberish , it is patently juvenile, purile, and bordering on the insane.

I wonder if the royalists said the same to Paine and the others when they got all bent out of shape over a 4 cent tax. My views haven't been represented in Washington since the 1920s. We had one president (Reagan) that may have tried to cut government but government ended up growing even more during his term because of the 24-7 lies and propaganda against him from the media and the politicians based in the areas I pointed out. Every year since FDR taught people how easy it is to vote oneself other people's money, we've been having to pay for the livelihood of more and more parasites every year. By parasites, I don't mean the handicapped, I mean liberal art students, lawyers, welfare queens, drug addicts, prison inmates (they should work while they're being punished), bureaucrats, permanent students, etc. And now Clinton and his gang lost trillions of the taxpayers money (because we're going to cover the losses) to make billions for themselves. That's trillions with a "tr"! How much more of this propaganda-driven crap is going to go on before something radical happens? I won't start it, but I know where I'll go if it starts. Look at a Rand-McNally road atlas book. Look at the western states. Look at how much land the federal government now owns. Every year a higher percentage of the population works for the government living off fewer and fewer of us in the private sector. That is a slide toward socialism. Do you think this can go on forever? At what percentage do the producers say "Enough!"? Every day I have to listen to lies from TV, the Networks, Hollywood and the media about conservative principles. These liars are based in a small geographical area...LA, New York, and Washington DC.

Do you ever get tired of financing the enemy?

[Nam Vet]

Ive got to agree to a large extent, Here in Portland, on the radio, it was pointed out that a vote for a certain tax increase has 20% of the voters directly benefitting from the increase. How can ya win starting in that big of a hole?

Nam Vet

[nopardons]

Blah, blah, blah, blah ! It's the dead voting, even more than the Unions, in Chicago. It's also the paid minorities and the limosine liberals. Don't attempt to lecture me, on this; I lived in Chicago, for 17 years and knew all about it, long before I even moved there. I probably was more tired of paying for social parasites, before you were even born / out of diapers, than you are now. I know all about everything you've decided to enumerate upon, and so do most FREEPERS. This is NOT the place to assume that you know it all / everything / have to " educate " the masses.

You and the rest of the tinfoil crowd, who pop up every so often, claiming that there's going to be an " insurrection ", or every Conservative should / will move someplace else, just gives our enemies reason to ridicule us. It's baseless , banal, juvenile, purile, totally meritless, and if you think it's fun, then don't wait, go out and do it. Otherwise, all you are doing, is making a fool of yourself and doing harm to this site. Is this what you REALLY want to do ? Think about it. :-)

[#3Fan]

Ive got to agree to a large extent, Here in Portland, on the radio, it was pointed out that a vote for a certain tax increase has 20% of the voters directly benefitting from the increase. How can ya win starting in that big of a hole?

I know what you mean. My mom had a government worker come to her house to look it over to see if he could give her a check for house repairs. Some kind of beautification fund or something. My mom's a Democrat but even she thought that was a waste of taxpayer money.