Imminent and severe market correction

[Uncle Festivus]

I tell ya what uncle, I'll half agree with ya... gold in 4 figures by 2009.

But unc, I'm starting to worry about you.



You wouldn't be suffering from some sort of manic disorder eh!

Why no, but what are they saying about me he he (looks nervously over shoulder!)

Lehman down 30% tonight - toast again (invest in financial toasters perhaps?); I have my investment grade Dow short happening - a good nights sleep, wake up with some lunch money .

 

[Whiskers]

I have my investment grade Dow short happening - a good nights sleep, wake up with some lunch money .

Oh dear, that bad is it! Hope ya don't have to go too hungry.

 

[Kauri]

the price of Leeming shares implodes after South Korean bidding interest dissolved, raising the specter of potentially another Bear Sterns-type of bailout being rumored. Moreover, the government takeover of Fannie and Freddie this week is being seen more for what it is now that the initial euphoria has passed. What it is, is more US debt and no clear indication moronic lending practices which have created the current credit crisis will be reversed in the longer term.
Cheers
..........Kauri

 

[dhukka]

the price of Leeming shares implodes after South Korean bidding interest dissolved, raising the specter of potentially another Bear Sterns-type of bailout being rumored. Moreover, the government takeover of Fannie and Freddie this week is being seen more for what it is now that the initial euphoria has passed. What it is, is more US debt and no clear indication moronic lending practices which have created the current credit crisis will be reversed in the longer term.
Cheers
..........Kauri

Well that has to be the shortest post bailout rally. Lehman got smashed and Washington Mutual lost -20% and Wachovia [B]-14.5%[/B]. Which one of these is going to go under first? looks like the market thinks it will be Leemings.

S&P: Lehman on CreditWatch with Negative Implications

Standard & Poor's Ratings Services said today that it placed ... Lehman Brothers ... on CreditWatch with negative implications.

"The CreditWatch listing stems from heightened uncertainty about Lehman's ability to raise additional capital, based on the precipitous decline in its share price in recent days," said Standard & Poor's credit analyst Scott Sprinzen. "Although the ratings ultimately could be affirmed, we do not currently rule out the possibility of lowering the ratings by more than one notch."

 

[Onethong]

By the way, it would be hard to see the Fannie and Freddie nationalisation as anything other than a massive official back-pedal from the free market. Maybe we are entering a new era of less free trade, higher taxes, and more nationalisations. The government backlash against globalisation could last for awhile. Capitalism is in retreat. Hmmmn.

 

[Kauri]

News that Lehman Brothers will announce their Q3 results tomorrow
morning US time has pushed the USD/JPY, EUR/JPY and AUD/JPY higher. The move by
Lehman to push forward their results announcement is hoped to remove the
uncertainty surrounding the troubled investment bank that sent their shares
plummeting 45% on Tuesday.
The AUD/JPY in particular collapsed late in the US session due to the deepening concerns aroused by the fall in Lehman shares and it is the AUD/JPY that is benefiting from the hope that Lehman will reassure the street with their announcement and conference call to outline their strategies.

Cheers
...........Kauri

 

[dhukka]

Lemmings just said that they will announce results tomorrow, a week earlier than scheduled.

Lehman to report expected results Wednesday 7:30 am ET

SAN FRANCISCO (MarketWatch) -- Lehman Brothers Holdings Inc. (LEH) said late Tuesday it will report its expected third-quarter results a week earlier than originally scheduled after shares of the firm fell about 45% in one day. Lehman said it will report at 7:30 am ET Wednesday and announce "key strategic initiatives."

"key strategic initiatives" sounds interesting.

 

[Bushman]

Which one of these is going to go under first? looks like the market thinks it will be Leemings.

Maybe we should gets some odds happening here:
1. Lehmann @ evens
2. Washington Mutual 3/1
3. Wachovia 5/1
4. US Fed smoky @ 20/1. Odds if they re-elect the 'Warpublicans' 10/1.

 

[dhukka]

Maybe we should gets some odds happening here:
1. Lehmann @ evens
2. Washington Mutual 3/1
3. Wachovia 5/1
4. US Fed smoky @ 20/1. Odds if they re-elect the 'Warpublicans' 10/1.

If you give me 4/1 on WM I'll take it.

 

[Aussiejeff]

Maybe we should gets some odds happening here:
1. Lehmann @ evens
2. Washington Mutual 3/1
3. Wachovia 5/1
4. US Fed smoky @ 20/1. Odds if they re-elect the 'Warpublicans' 10/1.

Oooh! Goody! Tinny Bank Races!!!

Look at 'em bail down the back straight!!!!

I'll have a buck on "Beetlebomb"....

Chiz,


aj

 

[Kauri]

Maybe we should gets some odds happening here:
1. Lehmann @ evens
2. Washington Mutual 3/1
3. Wachovia 5/1
4. US Fed smoky @ 20/1. Odds if they re-elect the 'Warpublicans' 10/1.

5/1 on a "shot-gun" marriage that might be arranged between Goldman and Lemmings ..

Cheers
............Kauri

 

[sassa]

Hank,spare me the ......Get another band aid out of the box,broker a deal for Lehman,let the market bounce and then let it settle into the routine.

 

[dhukka]

Leman loss of -$3.9 billion or -$5.92 per share, mark to market losses of -$7.8 billion. Trying to sell a majority stake in investment management business. Also trying to spin off Commercial real estate assets into some dodgy SIV structure.

Morons still paying a dividend of $0.05.

 

[CAB SAV]

Just watched Negus interview Dr Doom( Peter Schiff) & Prof. Steve Keen on Dateline.
Confirms what most feel, USA in financial strife. Sell,Sell,Sell

 

[nomore4s]

Leman loss of -$3.9 billion or -$5.92 per share, mark to market losses of -$7.8 billion. Trying to sell a majority stake in investment management business. Also trying to spin off Commercial real estate assets into some dodgy SIV structure.

Morons still paying a dividend of $0.05.

Doesn't this mean we'll get a rally now?:

 

[sassa]

Jesse is direct to the point in his opinion of 3 banks in America.

Washington Mutual continues to get hammered as doubts about its solvency increase, and its core businesses decline almost as fast as its capital structure.

However, Lehman's announcement this morning was... a non-event at best, and a pathetic play for time at worst. The only real news was the potential sale of some British real estate to Black Rock for an undisclosed discount and the slashing of the dividend. Oh yeah, and Dick Fuld is still firmly in charge.

As we could not find any balance sheet associated with this release, we are still wondering what's really there behind the name and the facade. And even more so, what still lurks off balance sheet in uncharted waters.

The problem is not liquidity even at cheap levels. The problem is that the business model that supported these financial mutants has changed. They are standing their holding their buggy whips waiting for the horses to come back.

Time to adjust to the global economy guys and the new faces moving in. You no longer have the exclusive turf for Mulberry Street.

So, we still see Lehman as the leader in the dead-man-walking marathon, but Washington Mutual is not far behind, and possible pulling even. National City is within sight.

The finish line is a cliff.

http://www.jessescrossroadscafe.blogspot.com/

 

[dhukka]

Hi davo8. I'm looking to stock up on Xmas cheer. I've got one carton com'n when oil stays below 100 for more than a week. I'll wager ya another one this is the bottom.

August 5th XAO close 4882

I'll take that bet, only let's make it 10 cartons?

Gosh, dhukka... what do ya think I am... a regular p!ss pot!

It'll take me two or three years to drink 10 cartons.

But are you sure you're good for 10.

September 11th XAO close 4871.5

So I'm thinking I'll take 5 cartons of Crown and a couple of VB and since I'm not much of a drinker I'll donate the other 3 to ASF, so put in your orders boys, Whiskers is buying!:alcohol:

 

[wayneL]

August 5th XAO close 4882





September 11th XAO close 4871.5

So I'm thinking I'll take 5 cartons of Crown and a couple of VB and since I'm not much of a drinker I'll donate the other 3 to ASF, so put in your orders boys, Whiskers is buying!:alcohol:

Can I have Kronenburg?

 

[dhukka]

Allright wayne's in for a kronenburg, only two left fellas, get your oder in.

On a side note, Lehman down -40% in the first five minutes of trade.

 

[Awesomandy]

I've always liked my Heineken.

And the xjo futures are trading down at the moment too...