chops_a_must
Printing My Own Money
- Joined
- 1 November 2006
- Posts
- 4,636
- Reactions
- 3
OK.
So what have I missed?
So what have I missed?
Us, UK & Aus have turned into hybrid soviet socialist states.OK.
So what have I missed?
Cool.Us, UK & Aus have turned into hybrid soviet socialist states.
Joe Schmuck must take on private risk, but if your big enough, risk is socialized.
Welcome back to a brave new world.
Cool.
Sounds like I'm back in my 16 year old communist chops element.
I can't trust you Wayne. I leave you alone and the world economy goes belly up.
This never happens to me when I play Civilization 4.
My first decree is to rename Federation Square, Red Square.
Yes, apparently us evil short sellers have trashed the world economy.
Personally, I blame Adam Smith.Yes, apparently us evil short sellers have trashed the world economy.
LONDON (MarketWatch) -- The U.S. Securities and Exchange Commission early Friday issued an emergency order temporarily banning short selling in the shares of nearly 800 financial institutions.
The regulator said the move was needed "to protect the integrity and quality of the securities market and strengthen investor confidence," and added it was acting in concert with the U.K.'s Financial Services Authority, which announced a similar ban on Thursday.
On a lighter note, bubbling in the back ground is something called the real economy, the one where people have jobs and actually make things. Or perhaps don't have jobs and don't make things & don't buy houses or cars. Speaking of cars, odds for a bail out of General Motors bail out/bancruptcy just blew out with it's CDS rates.Give me your tired derivatives, your poor investement bankers, your huddled masses in tents yearning to breathe free, the wretched refuse of your teeming CDO's. Send these, the homeless, tempest-tossed foreign creditors, to us: I lift my lamp beside the golden one way door.
Which leads to the room of immorality
Next weeks candidates - General Motors, Goldman Sachs, Morgan Stanley, or any other bank or institution NOT too big to fail?
Lookout Above
:
Congressional Leaders Stunned by Warnings
By DAVID M. HERSZENHORN
Published: September 19, 2008
WASHINGTON ”” It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped," said Senator Charles E. Schumer, Democrat of New York.
As Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Banking, Housing and Urban Affairs Committee, put it Friday morning on the ABC program “Good Morning America,” the congressional leaders were told “that we’re literally maybe days away from a complete meltdown of our financial system, with all the implications here at home and globally.”
Mr. Schumer added, “History was sort of hanging over it, like this was a moment.”
When Mr. Schumer described the meeting as “somber,” Mr. Dodd cut in. “Somber doesn’t begin to justify the words,” he said. “We have never heard language like this.”
“What you heard last evening,” he added, “is one of those rare moments, certainly rare in my experience here, is Democrats and Republicans deciding we need to work together quickly.”
Although Mr. Schumer, Mr. Dodd and other participants declined to repeat precisely what they were told by Mr. Bernanke and Mr. Paulson, they said the two men described the financial system as effectively bound in a knot that was being pulled tighter and tighter by the day.
“You have the credit lines in America, which are the lifeblood of the economy, frozen.” Mr. Schumer said. “That hasn’t happened before. It’s a brave new world. You are in uncharted territory, but the one thing you do know is you can’t leave them frozen or the economy will just head south at a rapid rate.”
As he spoke, Mr. Schumer swooped his hand, to make the gesture of a plummeting bird. “You know we’d be lucky ...” he said as his voice trailed off. “Well, I’ll leave it at that.”
As officials at the Treasury Department raced on Friday to draft legislative language for an ambitious plan for the government to buy billions of dollars of illiquid debt from ailing American financial institutions, legislators on Capitol Hill said they planned to work through the weekend reviewing the proposal and making efforts to bring a package of measures to the floor of the House and Senate by the end of next week......
Thoughts and gratitudes be dammed. Thoughts, blame and serve you bloody right would be more like it.Our thoughts & gratitudes go out to the good citizens of the US, who have pledged their hard earned tax's to subsidise the bail out of the world.
Ameribank, Inc., Northfork, WV
On September 19, 2008, Ameribank, Inc., Northfork, WV was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
It is the nonproductive use of money that was never there in the first place by financial institutions in the USA that started this mess.
..... we are well on the way to correcting the correction.
Has someone got a better take?
I think you summed it up perfectly.
Is that correcting the correction up or correcting the correction down.
Meanwhile back in reality, another bank joined the FDIC's failed bank list:
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?