OT: looks like tough times ahead for Stock Market?
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Topic: OT: looks like tough times ahead for Stock Market?
Posted By: gnfin
Subject: OT: looks like tough times ahead for Stock Market?
Date Posted: July 01 2007 at 9:18pm
Things arnt good beware... DOW: 11,313
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Replies:
Posted By: gnfin
Date Posted: July 10 2007 at 4:05pm
| Is the market going to tank? http://news.yahoo.com/s/ap/20070710/ap_on_go_ca_st_pe/summer_terror_threats - http://news.yahoo.com/s/ap/20070710/ap_on_go_ca_st_pe/summer_terror_threats |
Posted By: AZMOM
Date Posted: July 10 2007 at 7:56pm
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Posted By: gnfin
Date Posted: July 10 2007 at 9:12pm
| What are you trying to say with those google eyes? Oh I got it "Your long"?? |
Posted By: gnfin
Date Posted: July 15 2007 at 4:56pm
| Man I sure was wrong? Whats going on? A sucker rally? I just dont get it. Subprime loans,foreclosures,dollar at a all time low,oil prices on the rise ,rumors of war, terriost threats, where do I stop? Arnt safe returns better than risky ones? |
Posted By: Guests
Date Posted: July 15 2007 at 5:07pm
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Just invest in oil and military contracts and you should be fine.
If you are REALLY pro-Iraq-colonialism the right thing would be to bet on the DINAR http://betoniraq.com - http://betoniraq.com/ |
Posted By: Guests
Date Posted: July 15 2007 at 5:58pm
Man, I think a lot of people are tired of your America bashing. I know this is a forum centered around "free speech"...but, your tactics are wearing thin. |
TheRomen wrote:Posted By: Guests
Date Posted: July 15 2007 at 7:02pm
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My tactics are wearing thin? And what tactics are those? The tactics of discussion and debate? Your right this board is focused on freedom of speech and I certainly far from crossing it.
Do you not think investing in oil and defense would be a good investment? And I am an independent who is just projecting reality to the forum. I think the policy of invading Iraq was a sound policy, an immoral one but sound, meaning I can see why we did it. And the "Bet on Iraq" is just a tip for your portfolio if you have one. SOLID INVESTMENT ADVICE. We aint going anywhere for a long time. As Bush said well be their for at least fifty years like we were in Korea, Japan, Germany, etc. So if you want to profit from the war the Iraq Dinar is one way. |
Posted By: gnfin
Date Posted: July 16 2007 at 7:19am
| Colonel Romen you act as though your part of the" Iranian National Guard" Are you an advocate for Iran. Do you have a persecution complex cause you should go home and you know it? If you dont like the USA get out! |
Posted By: Never2late
Date Posted: July 16 2007 at 8:57am
| I don't much like the USA these days, but I'm not about to "get out." I don't know if I'm an "America basher" but I'm disgusted by what I see the government doing. |
Posted By: Guests
Date Posted: July 16 2007 at 9:03am
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Gfin,
How do I act as though I am part of the Iraq national guard? That makes no sense. Its a blind insult. Have I said anything about not liking the USA? No I havent. What's your point man? |
Posted By: Guests
Date Posted: July 16 2007 at 11:10am
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Nevertolate,
Dont you realize you have to blindly accept everything your government does in order to be a true patriot? |
Posted By: gnfin
Date Posted: July 16 2007 at 12:29pm
| Thankyou for the "INFORMATION".. |
Posted By: Guests
Date Posted: July 16 2007 at 2:36pm
Roman's doing considerably better now than he was before. When he first came he and I had some quite nasty debates, now that he's not being insultory I find it hard to argue with him. As long as you're not name calling Roman, more power to you.
I don't know why anyone could possibly debate with Roman on this one. OIL IS GOING TO GET MORE VALUABLE. Regardless of what happens, we're not going to be seeing nice cheap oil ever again, and i a war or hurricane comes, the price of oil will jump. As for the Iraqi Dinar, I bought two million Iraqi Dinar while I was there. It cost me about $500USD per million and I got a bunch of different denominations. If the value of the dinar goes up even one penny, I'll make $10,000! If Iraq tanks, I'll have nifty Iraqi money to give away to friends. When I came back after my first time I easily had ten thousand Dinar in old Saddam funny-money. People snatched that stuff up like hotcakes. It's a little piece of history.
Exactamundo! I couldn't agree more! |
Posted By: coyote
Date Posted: July 18 2007 at 9:26am
With all of this stuff going on, why is the stock market doing so good?? ------------- Long time lurker since day one to Member. |
Posted By: Guests
Date Posted: July 18 2007 at 1:31pm
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I've got a theory on this, but think that it's kind of a crackpot one.
Follow me here: The DJI only shoulders stocks that it wants to. If the stock is doing crappy enough they boot it out in favor of another one. With that in mind there really is no way the stock market could look crappy. If I'm totally off base, let me know, but this seems to be the case as far as I can tell. Either way it's going to be funny when the people see the farce that is Ethanol and run for cover. To make one gallon of Ethanol it takes almost a full gallon of crude oil. That kind of EROEI just isn't workable even under the best of condidions. They're just not factoring in all the various other oil products needed just to make the machine that gathered the corn up cost in oil. |
Posted By: Guests
Date Posted: July 18 2007 at 1:31pm
| WHOA!!! Look at my title! |
Posted By: Albert
Date Posted: July 18 2007 at 1:35pm
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lol ... I fixed it. Thanks. I also "reset" Turbo2 because I wasn't sure if it was working.
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Posted By: Guests
Date Posted: July 18 2007 at 3:19pm
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I'm having a problem...
My first account, "Turboguy" won't let me login. I'd much rather just use that one. If you'd be so kind, could you reset it for me? What happened this time is that I forgot my password and stupidly tried thre times to login to no avail while I was at work. It's why I had to create this one. |
Posted By: 4=laro
Date Posted: July 19 2007 at 6:37am
| Looks like this problem is starting. Sub-loans can be a real problem, especially with some of the funds starting to tank. |
Posted By: coyote
Date Posted: July 19 2007 at 9:16am
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Agree Laro- Every day it seems like everything is getting a little worse. Oil is approaching $80.00 a barrel,Terrorism fears, Ect. ------------- Long time lurker since day one to Member. |
Posted By: gnfin
Date Posted: July 24 2007 at 2:58pm
Bad bad day today?
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Posted By: 4=laro
Date Posted: July 25 2007 at 12:03am
| Well the dollar seems to be becoming less valuable every day and this sub-prime lending thing is kinda being pushed under the rug. It just reminds me of the Savings and Loan fiasco. That was a real mess and i think we're heading for something like that again. This may not be as bad, but it just depends on how many people get caught up in the reposession market. I know during the last one i bought duplex's in houston that were like 12 years old for $5000 each. So we'll see what happens this time, but i do look for things to get worse and i really feel we've only seen the tip of the iceburg when it comes to a real estate crash. |
Posted By: Hotair
Date Posted: July 25 2007 at 2:10pm
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I agree Laro,
They do want to push this thing under the rug as quickly as possible but there is no way that things will be back to normal,as they are predicting by 2009. Too many people fell for the whole subprime thing.My husband and I also take advantage of low real estate prices but we won't even start looking until 2009.
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Posted By: Albert
Date Posted: July 26 2007 at 4:49pm
| Good call gnfin. Was down over 400 at one point today. The housing market is starting to scare everybody off. |
Posted By: coyote
Date Posted: July 27 2007 at 4:01am
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Yes, not good yesterday. It will be interesting to see what happens in the comming days ahead.. ------------- Long time lurker since day one to Member. |
Posted By: coyote
Date Posted: July 27 2007 at 4:03am
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Dow Leads Global Selloff on Credit Woes
Jul 26 02:19 PM US/Eastern By JOE BEL BRUNO AP Business Writer View larger image NEW YORK (AP) - Wall Street suffered its second-biggest plunge of the year Thursday, leading global markets lower as investors fled stocks amid increasing uneasiness about the mortgage and corporate lending markets. The Dow Jones industrials fell more than 350 points, while Treasury yields plunged as investors moved money into bonds. Investors who had been able to shrug off discomfort about subprime mortgage problems and a more difficult environment for corporate borrowing appeared to finally succumb to those concerns. The Dow's drop is the biggest since it plummeted 416 points on Feb. 27 after a nearly 10 percent decline in Chinese stock markets. Feeding the selling were concerns that higher corporate borrowing costs will curb the rapid pace of takeovers that have driven major indexes this year. Investors also feared the sluggish environment for home sales and continued defaults in subprime loans would spur debt defaults and weigh on corporate earnings. "Worries that have been out there for the past couple of years are coming to a head right now," said investment strategist Edward Yardeni, president of Yardeni Research Inc. "It's show time." Thursday's trading was the latest in a series of frenetic sessions over the past month—many accompanied by triple-digit swings in the Dow—as investors sold on worries about the subprime fallout or bought on optimism that there wouldn't be any widespread problems caused by mortgage failures. Many analysts have described the back- and-forth trading as overwrought and based more on gut emotion than careful consideration of market and economic fundamentals. Perhaps the clearest sign that investors had abandoned caution was a July 12 rally that hurtled the Dow up 283 points—without any discernible catalyst and before Wall Street had had a chance to see the bulk of second-quarter earnings. When those earnings reports started flowing in, many turned out to be a sobering influence on the market, including news from Countrywide Financial Corp. So, while the Dow passed 14,000 for the first time last week, investors obviously weren't feeling Thursday that such a lofty level was justified. In mid afternoon trading, the Dow plunged 351.41, or 2.55 percent, to 13,433.66, near its low of the session. The Standard & Poor's 500 index dropped 43.91, or 2.89 percent, to 1,474.18 and the Nasdaq composite index tumbled 72.29, or 2.73 percent, to 2,575.88. The Russell 2000 index of smaller companies fell 28.96, or 3.56 percent, to 783.54. The declines triggered a global selloff in stocks, causing minor losses in Europe to accelerate rapidly along with the Dow's drop. In Europe, Britain's FTSE 100 closed down 3.15 percent, Germany's DAX index dropped 2.39 percent, and France's CAC-40 fell 2.78 percent. Markets were closed in Asia before the rout got under way. Japan's Nikke stock average closed up 0.88 percent and the Shanghai stock market composite added 0.52 percent to an all-time high. Investors' global flight from equities was a boon for U.S. Treasurys as traders shifted cash into safer investments. Bonds rallied, with the yield on the benchmark 10-year Treasury note falling to 4.80 percent from 4.90 percent late Wednesday. Wall Street also found more immediate reasons to sell during the session. Among them was disappointing home sales figures released by the Commerce Department, which further eroded confidence in the housing industry's ability to rebound. The department reported that sales of new homes fell 6.6 percent last month to a seasonally adjusted annual rate of 834,000 units, more than triple what had been expected and the largest percentage drop since sales fell by 12.7 percent in January. This boosted anxiety after quarterly results from home builders including Pulte Homes Inc. and D.R. Horton Inc. were squeezed by a sluggish environment from home sales and continued defaults in subprime loans. "Wall Street continues to walk a wall of worry," said Ryan Larson, a senior equity trader at Voyageur Asset Management. "The housing market continues to be a story, and nobody knows when it will rebound. But, the real concerns are about credit and oil pushing higher." Also stunting stocks was a disappointing durable goods report released by the Commerce Department. Though sales of big-ticket items increased by 1.4 percent last month to a seasonally adjusted $217.07 billion, durable goods excluding transportation equipment had an unexpected drop. The Labor Department reported that jobless claims fell by 2,000 to 301,000 in the week ended July 21, slightly better than analysts' expectations. Investors also reacted negatively as oil prices climbed to almost $77 per barrel during the session, stoking the market's worries about inflation. However, crude pared gains in the afternoon when a barrel of light sweet crude fell 75 cents at $75.13. It all led to a frantic day for stock traders. "It has been pretty volatile as of late, but now fears about a credit crunch are spreading more than they have in the past—and that's causing this drop," said Matt Kelmon, portfolio manager of the Kelmoore Strategy Funds. "That's hurting the financials, and now energy companies are joining the party because oil is so high. They make up a large part of the S&P 500." Wall Street, now at the peak of second-quarter earnings season, has been extremely volatile lately—a signature of typically slower trading that has been heightened by record runs in major market indexes. On Thursday, declining issues beat advancers by a 15 to 1 basis on the New York Stock Exchange, where volume came to almost 1.54 billion shares. Ford Motor rose 22 cents, or 2.9 percent, to $8.20 after it reported cost-cutting and a turnaround in its core automotive operations pushed its second-quarter to a profit. The company had posted seven quarters of losses as it grappled with sluggish sales and a major overhaul of its operations. Dow component Exxon Mobil's disappointing second-quarter results also weighed on the overall market, even as energy prices continued to spike. Shares fell $4.30, or 4.6 percent, to $88.49 after it reported a smaller profit than analysts expected. The Nasdaq's losses weren't as steep as other major indexes during the session due to strength from Apple Inc., which surged $7.82, or 5.7 percent, to $145.08. The iPod and iPhone maker's earnings easily surpassed Wall Street projections late Wednesday due to strong sales from its computer offerings. Home builders sank after several disappointing reports. D.R. Horton fell 48 cents, or 2.8 percent, to $17 after it posted a fiscal third- quarter loss on charges to write down the value of unsold inventory and deposits on land. Pulte fell 99 cents, or 5 percent, to $19.68 after it posted a second- quarter loss amid the struggling housing market. Dow Chemical Co. dropped $2.28, or 5 percent, to $43.39 after second- quarter results missed expectations. The company said profit during the quarter rose 2 percent as strong international growth offset weakness in the North American housing and automotive sectors. ___ On the Net: New York Stock Exchange: http://www.nyse.com ------------- Long time lurker since day one to Member. |
Posted By: Albert
Date Posted: July 27 2007 at 7:01am
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Wait until tax time in December. We could see something close to a recession. It's a good idea to save as much money as possible over the next 6 - 12 months and get ready to pounce on the great deals. After we possibly hit bottom in the stock market (again) and in the housing market, it will probably last around a year before they both go back up. That's the window that I'm personally watching for. It's not greed, just business. Now, a panflu this winter would also probably be the worst time to ever have one. It would possibly set us back several years. Cheered up yet? |
Posted By: gnfin
Date Posted: July 30 2007 at 8:40am
| Albert... I think its going to be a rough ride,housing subprime loans,,credit woes,dollar all time low,oil going to $85.00 by end of October? I think the markets will be crushed?? BEWARE.... |
Posted By: coyote
Date Posted: July 30 2007 at 8:54am
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Seems like we are heading in that direction...All it will take is another disaster of some sort. Terrorist attack, bf, war,ect... ------------- Long time lurker since day one to Member. |
Posted By: 4=laro
Date Posted: July 30 2007 at 9:45am
| Wanting to put your hard earned money in a safe place, this might be the time to look at GOLD coins. They are easily converted from gold to dollars if you need to do that. In the mean time, they will increase in value as the dollar weakens and price of oil increases. |
Posted By: gnfin
Date Posted: July 30 2007 at 4:31pm
| A FIA is a great place for your QUALIFIED PLANS. YOU CAN PARTICIPATE IN MARKET GAINS WITH NO RISK TO PRINCIPLE,AND GET A 10% BONUS CREDITED UPFRONT.yOULL GET 80-90% of gains with no risk. Not a bad deal? |
Posted By: coyote
Date Posted: July 31 2007 at 3:43am
Hi Laro, been there and done that. Wish i had more cash to buy more. Also Silver coins isn't a bad idea. If the dollar ever becomes worthless, these precious metals will be sought after, just like the begining of time. Plus it is a fun hobby owning some of these beautyfull coins! ------------- Long time lurker since day one to Member. |
Posted By: SouthTexas
Date Posted: July 31 2007 at 6:41am
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4=laro and coyote, where one but gold and silver coins? ST ------------- The Lord be magnified. |
Posted By: coyote
Date Posted: August 01 2007 at 8:40am
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AP
Oil Hits New Record on Inventory Report Wednesday August 1, 10:52 am ET By John Wilen, AP Business Writer Oil Prices Rise to New Record After Government Reports Drop in Crude Inventories NEW YORK (AP) -- Oil prices jumped to a new record Wednesday after the government reported a steep drop in crude inventories last week as refinery utilization surged. Light, sweet crude for September delivery rose 55 cents to $78.76 a barrel on the New York Mercantile Exchange. That surpasses the previous record of $78.40, set in July 2006. ADVERTISEMENT September gasoline futures fell a cent to $2.0959 a gallon on the Nymex. Gasoline inventories rose last week. Nymex heating oil futures fell by 1.12 cents to $2.112 a gallon while natural gas futures gained 27.9 cents to $6.47 per 1,000 cubic feet. In London, September Brent crude fell 15 cents to $76.90 a barrel on the ICE Futures exchange. In its weekly report, the Energy Department's Energy Information Administration said oil inventories fell by 6.5 million barrels in the week ended July 27, far more than the 690,000-barrel decline analysts surveyed by Dow Jones Newswires, on average, had expected. Refinery utilization jumped by 1.9 percentage points to 93.6 percent of capacity, more than double the expected increase of 0.7 percentage points. Gasoline inventories rose by 600,000 barrels, the EIA said. Analysts had expected an increase of 1.1 million barrels. Inventories of distillates, which include heating oil and diesel fuel, rose by 2.8 million barrels. Analysts had expected distillate inventories to rise by 1.4 million barrels. ------------- Long time lurker since day one to Member. |
Posted By: Guests
Date Posted: August 01 2007 at 1:15pm
Gnfin...If the market is "crushed"? What happens? I'm not in this field. What are you personally doing to prepare for a crushed market? We don't have money to buy coins, etc. What would you suggest for a family like ours? We do well putting a hot meal on the table and stocking six months of food, toilet paper, medical needs, water, etc. |
Posted By: gnfin
Date Posted: August 01 2007 at 3:07pm
| Do what you can,and pay yourself first. Try to save 10% if you can? |
Posted By: gnfin
Date Posted: August 03 2007 at 10:05pm
| Wow today was bad... |
Posted By: Guests
Date Posted: August 04 2007 at 5:19am
We do try to put away something each month. All of the credit cards are at zero, that is a sense of peace. Tuesday my husband fell off a horse and has been off work, ex-rays show he did NOT break his back. He is very sore and stiff. 
He hadn't seen a doctor since 2004 checkup and hasn't missed work in over twenty years. He now may be off work another week or ??? 
We have food on the shelves and if necessary we do have our bird flu supplies. Emergencies can happen anywhere and anytime. You are so right to have some savings, food, and supplies set aside. Thank-you Gnfin. |
Posted By: Guests
Date Posted: August 04 2007 at 1:44pm
What happened? I was out of the country in an airplane and haven't gotten to see current events. All I saw is that the bridge I cross just about every day fell down and took some people with it, and then the President came and further clogged highway 35 making it so I couldn't get back to my house after I returned. |
Posted By: gnfin
Date Posted: August 04 2007 at 11:05pm
| Bear Stearn says they havent seen it like this in 22 years? Was that "BLACK MONDAY "crash of 87 there referring too? Did they mean 20years ago? |
Posted By: gnfin
Date Posted: August 05 2007 at 9:44am
| If the market closes lower tomorrow beware.. |
Posted By: gnfin
Date Posted: August 06 2007 at 12:17pm
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Dont get suckered in here. This is a sucker rally!
http://www.youtube.com/watch?v=SWksEJQEYVU 
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Posted By: gnfin
Date Posted: August 09 2007 at 9:31am
| ITS HAPPENING...... |
Posted By: gnfin
Date Posted: August 09 2007 at 1:31pm
| Its a bad day! |
Posted By: DANNYKELLEY
Date Posted: August 09 2007 at 2:10pm
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wait till friday!!! ------------- WHAT TO DO???? |
Posted By: coyote
Date Posted: August 10 2007 at 3:20am
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Black, Black, Friday? ------------- Long time lurker since day one to Member. |
Posted By: gnfin
Date Posted: August 10 2007 at 3:44pm
| Temporary save by the "FEDS". |
Posted By: 4=laro
Date Posted: August 10 2007 at 3:45pm
| Didn't the president tell us yesterday all was fine? I suppose it is as long as the Federal Reserve keeps infusing money into the financial market and tries to prop up the dollar. I sure hope the dollar printing presses can take the extra work. Wouldn't you think inflation is going to take off? What about the poor chinese and oil rich arabic countries that took these sub prime bonds for their goods? Do you think they are getting the short end of the stick? Oh well, live for today. All is quiet on the western front. |
Posted By: gnfin
Date Posted: August 10 2007 at 6:03pm
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Someone has to pay for those loans..... China has threatened to sell 900 billion of US bonds. It will throw our economy into an automatic recession... Beware its only the beginning of our problems with the US stockmarket.
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Posted By: 4=laro
Date Posted: August 12 2007 at 7:25am
| Most likely this won't be as bad as it looks right now. The sub prime think is really a drop in the bucket and over the long run, we'll have a little more inflation caused by the Federal Reserve. I don't think the sky is falling. |
Posted By: Bloomberg
Date Posted: August 12 2007 at 9:25am
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unfortunately not as easy as your argumentation seems:
- the whole investment world is using the subprime crisis to find a new level for price of risk - the market realises that through asset backed securities the risk has shifted from known lenders to unknown market participants. so no bank trust actually no other bank about their exposure to highly leveraged credit risk. -> no lending between banks --> last week 94 billion euros from ecb to avoid financial crisis etc. ---> there is a (small) probability that within the next time the financial system gets a real naughty problem ------------- It doesnt mean a thing if it aint got that swing |
Posted By: Bloomberg
Date Posted: August 12 2007 at 9:55am
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just to give you an idea about the effects: here is a statement about a fund which is closed with ONLY 6% exposure to subprime because the reaction creates an illiquidity which makes pricing mark-to-market impossible for a lot of assets:
"Frankfurt-Trust Asset Management, the collateralised loan obligation (CLO) equity investor, has suspended redemptions to its investors in the FT-ABS plus fund. That development is all the more worrying because the Frankfurt-based CLO investor cites the US subprime mortgage crisis as having a negative impact on pricing and investor sentiment. The manager is not the first to suspend redemptions as investors seek exits, with Union Investment Management suspending redemptions on its ABS-Invest fund. The manager had claimed to have less than 6% exposure to US subprime asset-backed securities (ABS), while Frankfurt-Trust also claimed to have minimal exposure to those assets. This comes in the wake of the crisis at IKB Deutsche Industriebank, whose state-backed 40% shareholder KfW recently intervened to provide for IKB’s ABS conduit, Rhineland Funding on July 20. That development prompted the resignation of Stefan Ortseifen, chief executive of IKB." ------------- It doesnt mean a thing if it aint got that swing |
Posted By: Bloomberg
Date Posted: August 12 2007 at 10:27am
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.. one more (coming in just now from financial times):
Economic Outlook: Turbulence ahead as liquidity fears persist By Chris Flood Published: August 10 2007 19:53 | Last updated: August 12 2007 17:58 Investors are braced for a turbulent start to trading on Monday and this week’s data releases will take second place as fears over a liquidity crisis persist. Last week saw a serious liquidity squeeze in money markets and short-term money rates spiked higher as institutions’ willingness to lend evaporated. ADVERTISEMENT “There is certainly a growing risk (that) the credit bubble is finally bursting,” said Tim Drayson at ABN Amro: “Right now, many financial markets are no longer functioning properly. Access to credit lines has been cut aggressively and sub-prime lending and leveraged loan markets appear to have shut down completely.” ------------- It doesnt mean a thing if it aint got that swing |
Posted By: gnfin
Date Posted: August 13 2007 at 6:55am
| Feds shortterm bailout. Thats all this is....A suckers rally! |
Posted By: 4=laro
Date Posted: August 13 2007 at 8:58pm
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gnfin, is the fed flooding the economy with money or are they just doing it temporarily. If they are doing an over load with the money then we're in big trouble with inflation. And as long as they are bailing out the rich guys, why don't they bail out all the rest of us and relieve us of our "sub-rich" mortgages.
What's a couple more trillion dollars anyway, it's just paper and look what it would do to the bonds the chinese are holding. Of course with this present bailout, the chinese will he holding the wrong end of the stick, anyway.
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Posted By: gnfin
Date Posted: August 13 2007 at 9:59pm
| The fed shorted the injections of cash into the system today by 5 billion.They were supposed to inject 7 billion. These injections are a temporary fix. What they need to do is cut rates by .25-.50 of a basis point.This is a bandade too. This credit woes,and subprimes will effect this economy for years. |
Posted By: gnfin
Date Posted: August 14 2007 at 1:08pm
| Down over 200 on the DOW today.... |
Posted By: gnfin
Date Posted: August 15 2007 at 8:22pm
| 167 points down today. |
Posted By: coyote
Date Posted: August 16 2007 at 3:29am
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Nikkei stock index down more than 400 points in morning trading+ Aug 15 09:52 PM US/Eastern TOKYO, Aug. 16 (AP) - (Kyodo)—The key Nikkei 225 stock index fell more than 400 points at one point in the morning session on Thursday. At 10:45 a.m., the Nikkei Stock Average stood at 16,050.22 -- its lowest level since late November -- down 425.39 points from Wednesday's close. ------------- Long time lurker since day one to Member. |
Posted By: gnfin
Date Posted: August 16 2007 at 7:57am
| Stocks down heavy today on subprime,credit,and now YEN worries?? |
Posted By: chuckwks
Date Posted: August 16 2007 at 8:50am
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Hang on for the ride, we have just started down on the roller coaster, a pretty good chance we will see much steeper drops over the next couple of months, the sub-prime mess is starting to infect other areas. ------------- Chuck |
Posted By: gnfin
Date Posted: August 16 2007 at 7:09pm
| Look what happened in London... http://www.telegraph.co.uk/news/main.jhtml;jsessionid=5HZJI550EU51FQFIQMFCFFWAVCBQYIV0?xml=/news/2007/08/17/nmarkets117.xml - http://www.telegraph.co.uk/news/main.jhtml;jsessionid=5HZJI550EU51FQFIQMFCFFWAVCBQYIV0?xml=/news/2007/08/17/nmarkets117.xml |
Posted By: 4=laro
Date Posted: August 16 2007 at 7:48pm
| We have the magic of "Smoke And Mirrors" also know as the Fed. I have a feeling they are secretly buying everything in sight starting about 30 to 40 mins before the market closes. Who else would have the resources to pull off this day after day. One day soon, all will start to unravel. |
Posted By: gnfin
Date Posted: August 17 2007 at 6:59am
| Finally a rate cut by the Fed? Will it help? http://biz.yahoo.com/ap/070817/fed_interest_rates.html?.v=3 - http://biz.yahoo.com/ap/070817/fed_interest_rates.html?.v=3 |
Posted By: setag
Date Posted: August 17 2007 at 8:39am
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Short term - YES Long Term _ NO ------------- "Good fortune is what happens when opportunity meets with planning." - Thomas Alva Edison |
Posted By: Guests
Date Posted: August 19 2007 at 5:57am
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One scientist and also a person from Wall Street has commented concerning evidence of a Pandemic Watch the money flow and the stock markets. When you begin to see some serious activity which does not seem to be responding to any visible threat - that will be one of the first signs of the Pandemic.
It is common knowledge that most who invest heavily keep close tabs on the pulse of the economy and do so silently on laptops watching the numbers closely or having them watched, or having software trigger with sharp changes.
It is very likely those with money, those with the most to lose in addition to their lives, will be the first to know about the spreading Pandemic.
posted by Medclinician
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Posted By: coyote
Date Posted: August 20 2007 at 4:05am
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So true- We always heard this here on the site since day one. " watch the money flow". Will be interesting to see how things go this week. How long do bandaids stick? ------------- Long time lurker since day one to Member. |
Posted By: Evergreen
Date Posted: August 20 2007 at 1:54pm
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Greetings All! Looks like I really missed it. I was in Hawaii for my daughters' wedding and didn't look at a TV or newspaper the whole time. In a way I'm glad I didn't see this one. For me, precious metals and gemstones are the way to go. I particularly like loose gemstones, altho crafted jewelry is also good. It only goes up in value. If you got in on Tanzanite, Spessartite or Chrome Diopside, you know what I mean. Also, these items are easily transportable and trade-able.
My advice is to give all your costume jewelry (except sentimental) to a charity and invest in the real thing. If you are lucky enough to buy shares in a mine, do so. The Tanzanite consortium is rapidly gaining on DeBeers. Real estate may tank, precious metals & gems will live on. D ------------- 235365 - Energy follows thought. As you think, so you are. |
Posted By: gnfin
Date Posted: August 22 2007 at 3:33pm
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More bad news? http://biz.yahoo.com/ap/070822/mortgage_mess_jobs.html?.
v=10
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Posted By: gnfin
Date Posted: September 03 2007 at 3:48pm
| Watch out this week?The market will? |
Posted By: gnfin
Date Posted: September 13 2007 at 8:46am
| Oil hit $80.00 yesterday. Beware... Iran will raise oil to $100.00 before we BOMB them.Fed will cut rates I believe.. Short term bandade. Fed dumping in money for liquidity.. There making it.. Printing it.. Beware Fed cant save this one. Too many signals were headind for resession. |
Posted By: coyote
Date Posted: September 13 2007 at 9:03am
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The bandaids will eventually lose their adhesion and fall off. ------------- Long time lurker since day one to Member. |
Posted By: coyote
Date Posted: September 13 2007 at 9:26am
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AP Hits New Record on Refinery Outages Thursday September 13, 11:08 am ET By John Wilen, AP Business Writer Oil Prices Set New Record, Gasoline Prices Rise As Hurricane Hits Texas Refineries NEW YORK (AP) -- Oil prices briefly hit a record high and gasoline futures jumped Thursday as refiners reported production problems after Hurricane Humberto hit Texas. Oil first traded over $80 a barrel on Wednesday after the Energy Department reported declines in crude and gasoline inventories and refinery activity last week. ADVERTISEMENT But in addition to supply concerns, Humberto and a developing storm in the Atlantic are supporting prices. Valero Energy Corp.'s 325,000 barrel-per-day Port Arthur, Texas, refinery was shut due to a power outage. Exxon Mobil Corp. said its Beaumont, Texas, refinery suffered a minor production outage from Humberto. Dow Jones Newswires reported that Port Arthur refineries owned by Motiva Enterprises LLC and Total SA were also shut down due to the power outage. Traders appear more concerned about an Atlantic storm which the National Hurricane Center is calling Tropical Depression Eight. While the storm's course remains unclear, energy investors get worried any time a tropical storm or hurricane threatens key oil and gas infrastructure in the Gulf of Mexico. Light, sweet crude for October delivery fell 22 cents to $79.69 a barrel on the New York Mercantile Exchange after rising as high as $80.20 earlier, 2 cents above the previous intraday trading record set Wednesday. October gasoline rose 2.72 cents to $2.0432 a gallon in Thursday. The front-month oil contract first surpassed $80 on Wednesday before settling at a record of $79.91 a barrel. Despite its gains, oil is still well below inflation-adjusted highs hit in early 1980. Depending on the adjustment, a $38 barrel of oil in 1980 would be worth $96 to $101 or more today. Oil's runup has come despite OPEC's decision on Tuesday to boost output by 500,000 barrels, a move driven in part by concerns that high oil prices are hurting the global economy. Many analysts are perplexed by the high prices, arguing that they have been driven by a flood of speculative buying. Many believe demand does not support such high prices. "The world economy in the last few years has shown to be quite resilient to strong oil pricing, but this is certainly a new territory for crude oil and if sustained there is bound to be some impact on the economy," said Victor Shum, an energy analyst at Purvin & Gertz in Singapore. James Cordier, president of Liberty Trading Group in Tampa, Fla., notes that oil prices often peak in September, and follow demand lower in the fall. "We're really wondering where demand will come from to support $80 crude oil," Cordier said. In other Nymex trading, heating oil futures lost 0.21 cent to $2.217 a gallon, while natural gas lost 27.3 cents to $6.165 per 1,000 cubic feet after the government reported that inventories grew by 64 billion cubic feet last week, slightly more than the 62 billion cubic feet analysts had expected. In London, October Brent crude fell 25 cents to $77.40 a barrel on the ICE futures exchange. At the pump, meanwhile, gas prices slipped 0.7 cent overnight to a national average of $2.808 a gallon, according to AAA and the Oil Price Information Service. Retail prices, which typically lag the futures market, peaked at $3.227 a gallon in late May. Analysts say much of the recent advance in crude prices has been due to buying by large investment funds. "Most large financial institutions have gone long on crude, and each new high tested equates to substantial profits," wrote Simon Wardell, an energy analyst at Global Insight in London, in a research note. But such jumps in speculative buying often carry their own seeds of destruction, notes Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Ill. "At some point, a saturation level will be achieved as was the case at the end of July when the net long fund position peaked," Ritterbusch wrote. After oil hit then-record trading prices above $78 a barrel on Aug. 1, futures dropped to the $69 level in a few weeks. Despite oil's run, Cordier doesn't believe gas prices will rise substantially. Gasoline demand typically drops in the fall, and beginning Saturday, refiners will be able to sell cheaper winter-grade gasoline. "Gasoline just really has a difficult time staying high this time of year," said Cordier. Associated Press Writers Pablo Gorondi in Budapest and Gillian Wong in Singapore contributed to this report. Email Story Set News Alert Print Story Sponsor Results ------------- Long time lurker since day one to Member. |
Posted By: coyote
Date Posted: September 13 2007 at 9:32am
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AP Dollar Sinks to New Low Against Euro Thursday September 13, 11:28 am ET By Matt Moore, AP Business Writer Dollar Briefly Falls to Record Low Against Euro, but Rises Against Pound and Yen FRANKFURT, Germany (AP) -- The dollar briefly sank to a record low against the euro on Thursday for a second successive day amid speculation that the U.S. central bank will cut interest rates amid turbulence in financial markets. ADVERTISEMENT The euro rose to $1.3927, topping the record $1.3914 reached the previous day. It then settled back to $1.3871 in afternoon European trading, below the $1.3908 it bought late Wednesday in New York. A higher euro makes goods from the 13-nation euro zone more expensive for customers elsewhere, and cuts into manufacturers' profits if they try to keep the dollar price of products constant. While it makes U.S. exports cheaper, it cuts the spending power of Americans visiting Europe. The euro has benefited from healthy economic news in the euro zone and the European Central Bank's campaign of gradual interest rate increases. However, its current strength is widely seen primarily as a result of problems afflicting the dollar. The subprime mortgage crisis in the U.S. and signs of economic frailty, particularly weak August jobs data, have prompted speculation that the Federal Reserve will cut interest rates by as much as half a percentage point next week from the current 5.25 percent. On Thursday, the Labor Department said that new claims for unemployment benefits rose by 4,000 last week to 319,000, the sixth increase in the past seven weeks. But the number was less than the 325,000 claims analysts expected. Howard Archer, the chief UK and European economist at Global Insight, said the record euro is not all bad news for European firms. "Euro zone consumers could benefit from cheaper prices for some imported goods. There is also some good news for euro zone companies," he said. "Given that oil, metals and many raw material prices are typically quoted in dollars, the strength of the euro against the dollar should dampen firms' input costs." The price of oil was near record highs Thursday after a report showed U.S. crude inventories fell in the latest week, driving oil futures above $80 a barrel for the first time. Some, however, point to the potential dangers of a strong euro to the economies of countries that use the currency -- including Germany, the world's largest exporter. "In this situation, everything that has a disadvantageous effect on exports is a problem, and the rising euro is part of that," Peter Bofinger, a member of the German government's independent economic advisory panel, was quoted as telling the daily Berliner Zeitung. "If the rate climbs further, politicians should think about supportive buying in favor of the dollar," he added, according to the report. Along with the euro, the British pound also has been exceptionally strong against the dollar. The pound broke through $2 earlier this year for the first time in nearly 15 years, and has remained around that level. But on Thursday, the pound fell to $2.0274 from $2.0302 on Wednesday. The dollar climbed to 115.17 Japanese yen from 114.26 yen after Japanese Prime Minister Shinzo Abe was hospitalized for exhaustion. Abe announced his resignation on Wednesday. The euro's latest push forward has been helped by impressions that the European Central Bank has another interest rate increase in the pipeline before the end of the year -- an option that the bank left open when it left rates on hold at 4 percent last week. Lower interest rates, used to jump-start the economy, can weaken a currency by giving investors lower returns on investments denominated in the currency. Higher rates, a tool to combat inflation, can strengthen a currency. ECB governing council member Yves Mersch wrote in a report published Thursday that risks to euro zone price stability persist and promised that the bank will act "in a firm and timely manner" to counter these risks. "The orientation of the ECB's monetary policy remains accommodative," said Mersch, the governor of Luxembourg's central bank -- adding that the ECB "may resume tightening," depending on the analysis of new data. Associated Press writer Geir Moulson in Berlin contributed to this report. ------------- Long time lurker since day one to Member. |
Posted By: coyote
Date Posted: September 13 2007 at 9:35am
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Al-Qaida has revived, spread and is capable of a spectacular
· Stark warning from leading think tank · Iran could have its own bomb by 2009 · Islamic countries radicalising at a pace Richard Norton-Taylor Thursday September 13, 2007 The Guardian A man in the Philippines wears a T-shirt with a picture of Osama Bin Laden. Photograph: AP Al-Qaida has revived, extended its influence, and has the capacity to carry out a spectacular strike similar to the September 11 attacks on America, one of the world's leading security thinktanks warned yesterday. There is increasing evidence "that 'core' al-Qaida is proving adaptable and resilient, and has retained an ability to plan and coordinate large-scale attacks in the western world despite the attrition it has suffered", said the London-based International Institute for Strategic Studies (IISS). "The threat from Islamist terrorism remains as high as ever, and looks set to get worse," it added. "The US and its allies have failed to deal a death blow to al-Qaida; the organisation's ideology appears to have taken root to such a degree that it will require decades to eradicate," it continued. The warning came in the latest annual review of world affairs by the IISS. Its strategic survey paints a bleak picture of global security in the future and warned: · Iran could have a nuclear weapon by 2009 or 2010, though this remains the "worst-case prediction"; · the US suffered a loss of authority as a result of the failure to impose order in Iraq. "The strategic hole the US found itself in [in 2007] did not have any obvious escape"; · there are serious doubts about the ability of Nuri al-Maliki, Iraq's prime minister, but any replacement would probably come too late to "halt the draining of American willpower to 'stay the course' ". · that if climate change is allowed to continue unchecked, its affects will be catastrophic "on the level of nuclear war". At a press conference launching the report, senior IISS analysts went further. Asked whether al-Qaida had the capacity now to carry out a 9/11-style attack, and whether it was stronger than in 9/11, Nigel Inkster, the institute's director of transnational threats and political risk, replied: "Both." Mr Inkster, a former director of MI6 who was a candidate for the secret intelligence agency's top job three years ago, said there was much debate within al-Qaida after the September 11 attacks on the US. Many of its supporters believed the operation was a "tactical error", Mr Inkster said, because it led to the removal of a safe base - Taliban-controlled southern Afghanistan. But the recent foiling of an alleged plot in Germany and the alleged airliner plot last year in Britain showed that al-Qaida had the ambition to carry out spectacular attacks while "strengthening" its "position in the badlands of north-west Pakistan", he added. Pakistani groups were "aligning themselves with al-Qaida and the process of radicalisation within Islamic countries was continuing apace", he warned. A number of "regional jihadist groups", notably in Iraq and the Maghreb (north Africa) had not only sworn formal allegiance to al-Qaida, but, more importantly, had begun to demonstrate ambitions beyond their parochial concerns in support of its global objectives, the IISS warned. It said that disrupted plots had pointed to a "continuing and worsening problem of radicalisation within Europe's Islamic diasporas - and the degree to which terrorists were still being directed by al-Qaida". The institute's assessment of the terrorist threat reflects that of MI5 and MI6. There are 2,000 individuals engaged in 30 terrorist plots in 200 networks, according to British security and intelligence officials. They said earlier this year that al-Qaida had begun to regroup and that Britain was a prime target. John Chipman, the IISS director general, said yesterday: "Western governments tend to meet the Muslim 'single narrative' [that the west is by definition anti-Muslim] by way of rebuttal, arguing against its basis in fact." That had to be addressed by encouraging non-violent responses, he said. In contrast to this week's relatively upbeat assessments of the situation in Iraq by General David Petraeus, the US commander, and Ryan Crocker, the US ambassador to Baghdad, the IISS was sceptical about the ability of Iraq's prime minister to forge a national unity government after two key Shia parties and, more importantly, the main Sunni political bloc, quit. "The US government is preciously close to running out of patience with Maliki," said Toby Dodge, a senior fellow at the institute. The US might then back the Shia leaders of the Supreme Iraqi Islamic Council, political arm of the Badr brigade militia and rival of the radical Shia cleric, Moqtada al-Sadr, he suggested. US difficulties in Iraq and loss of authority in the Middle East "provided a perfect setting for Iran to advance its regional and nuclear ambitions", the report said. Climate change was also identified by the institute as a huge threat to global security. "Even if the international community succeeds in adopting comprehensive and effective measures to mitigate climate change, there will still be unavoidable impacts from global warming on the environment, economies and human security," said the report. The report said the effects of the predicted rise in global temperatures due to the burning of fossil fuels would cause a host of problems including rising sea levels, forced migration, freak storms, droughts, floods, extinctions, wildfires, disease epidemics, crop failures and famine. Special reports Al-Qaida Afghanistan Attack on America United States Britain Terrorism threat to UK Timeline ------------- Long time lurker since day one to Member. |
Posted By: merrittjohn
Date Posted: September 18 2007 at 4:18am
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Credit market still seizing up...... bank runs in England...... foreclosures soaring. Yes Chicken Little, this time the sky IS falling. You thought those preps were just for BF...... maybe not. They could also come in really handy if the big machine gets sand thrown into the gears. Don't ya think. As we say here, plan for the worst...pray for the best. And keep a weather eye on those gathering storm clouds. ------------- willtolive |
Posted By: coyote
Date Posted: September 18 2007 at 4:38am
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Right on Buddy! ------------- Long time lurker since day one to Member. |
Posted By: coyote
Date Posted: September 18 2007 at 4:40am
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Spread of banking panic forces ministers to guarantee savings
· Run on Northern Rock escalates · Fears over other banks · Intervention too slow, say critics Larry Elliott and Ashley Seager Tuesday September 18, 2007 The Guardian Customers queue outside a Northern Rock branch in Kingston-upon-Thames, Surrey. Photograph: Johnny Green/PA The government last night issued an emergency pledge to Northern Rock savers that their money is safe, after a third day of queues outside branches threatened to spread across the banking system. Northern Rock's shares shed a third of their value yesterday and the sense of crisis heightened as shares in rival mortgage lenders dropped sharply - Alliance & Leicester by a third and Bradford & Bingley by 15%. The falls raised fears that the contagion from Northern Rock was starting to spread through the financial system. Article continues -------------------------------------------------------------------------------- ------------- Long time lurker since day one to Member. |
Posted By: coyote
Date Posted: September 18 2007 at 4:42am
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Oil hits record near $81 By Richard Valdmanis
Mon Sep 17, 5:19 PM ET NEW YORK (Reuters) - Oil soared to a record near $81 a barrel on Monday on worries that global energy supplies could shrink to critical levels this winter heating season due to strong demand growth. ADVERTISEMENT Expectations that the U.S. Federal Reserve will agree to cut interest rates when it meets on Tuesday also supported oil and other commodities markets, raising the likelihood the economy will weather a U.S. credit crisis. U.S. crude soared $1.78, or more than 2 percent, to a record $80.88 a barrel in electronic trade after having settled at $80.57 during the regular session. London Brent rose 76 cents to $76.98 a barrel. Though oil prices have quadrupled since 2002, when adjusted for inflation the price is still below the $90-a-barrel peaks of the Iranian Revolution in 1979. The Organization of the Petroleum Exporting Countries agreed on a small supply increase last week, but analysts said the decision to raise output by 500,000 barrels per day (bpd) from November 1 was not enough to reverse a rally that has lifted prices around 30 percent this year. "We believe that this will be too little, too late, barring an outright collapse in demand, and now expect inventories to draw to critical levels this winter," said investment bank Goldman Sachs in a research note. Goldman said it expected oil prices to hit $85 a barrel by the end of this year. U.S. crude supplies are running at their lowest level in eight months while gasoline supplies in the top energy consumer were down at their lowest level since Hurricane Katrina knocked out several Gulf Coast refineries in 2005. Analysts expect U.S. oil and gasoline supplies will fall further as recent storms in the Gulf of Mexico crimp imports and refinery operations. Other commodities also shot higher on Monday, with gold reaching a 16-month high, supported by expectations of a U.S. interest rate cut that could increase investment flows. The U.S. central bank will meet on Tuesday and experts expect it to agree to cut its benchmark federal funds rate by at least a quarter percentage point to help markets hobbled by a credit crunch. "If the Fed (Federal Reserve) cuts rates this week the macroeconomic view could be seen as improving for energies, especially if the dollar remains under pressure," said Mike Fitzpatrick of MF Global. Dollar-denominated commodities tend to strengthen when the dollar weakens against other currencies. Oil was also receiving support Monday from fresh concerns over Iran's nuclear program. France's foreign minister, Bernard Kouchner, increased pressure on Tehran on Sunday, saying France had to prepare for the prospect of war with Iran. Iran has called the comments provocative. Oil's gains Monday were limited somewhat as Ingrid, the ninth named storm of the 2007 Atlantic hurricane season, was downgraded to a tropical depression. Three refineries in Texas, shut by the previous Gulf of Mexico storm, Humberto, were working to restore operations. (Additional reporting by Santosh Menon and Peg Mackey in London) Email Story IM Story Printable View RECOMMEND THIS STORY ------------- Long time lurker since day one to Member. |
Posted By: Guests
Date Posted: September 18 2007 at 7:51am
WHOA! I heard about this a week or so ago, but didn't think it was continuing! This exact thing happened before the great depression back in 1919! This could potentially be very bad. 
This picture shows a police officer guarding a bank from looting back during the depression. When the banks have everyone yank their money from them they're going to start collapsing. They don't have enough cash on hand to dole it out to everyone that wants it. Their money is just a number in a computer somewhere. When people saw their savings potentially destroyed during the depression they all ran to the bank and withdrawed everything they had, seemingly exactly like they're doing in England right now. This has officially made me raise my right eyebrow... |
Posted By: endman
Date Posted: September 19 2007 at 12:29pm
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When????? I sold all my stocks and now I wish I didn’t The market will not crush until all the big boys are out |
Posted By: Guests
Date Posted: September 19 2007 at 1:11pm
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Endman, you shouldn't have. The FED's going to keep knocking points off the rate to keep the economy afloat. Every time they do this the stocks get a hefty boost. Once the Fed Rate gets low enough it'll probably kick off a buying frenzy, then a selling frenzy that leads into a recession.
I'm holing on to my options as long as Ipossible can, and even if they end up being worth less than the paper they're written on, they're a hedge against me losing my money if the stock market doesn't crash. I've also got a little money in commodities, gold specifically, and it's making nice gains as inflation goes crazy. If the Fed is forced to cut rates again, it's just going to fuel inflation that much more, making the commodities market all the more lucrative. My read of the situation is that the rate cut and inflation is what's driving the oil price through the roof. Sure there's the ever increasing global demand for oil that's partly at fault for increases in prices, but it's being exasperated by the inflating US dollar. As this continues, the US consumer is being paid less and less value, while the price of energy is skyrocketing. It's a losing situation no matter what way you look at it. |
Posted By: gnfin
Date Posted: September 19 2007 at 3:14pm
| OIL AT $82.00??? Going to $87.00 by end of month. |
Posted By: PrepGirl
Date Posted: September 19 2007 at 4:31pm
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I happen to know alot about this subject. I work in a bank. Any bank that is a co operative bank. Your money is insured in full. What that means is...all the co operative banks work together to protect all the banks that are part of their system meaning co operative banks.
Now if your bank is not a co operative bank....example Winchester co operative bank,,New York co operative bank these are just fake names to show you that your bank should have co operative in it to be insured in full. If your banks not a co operative bank the government insures your money up to 100 thousand dollars and money over 100 thousand in one bank you would loose if the bank crashs. So that is why many people invest their money into more than one bank not over 100 thousand. Old saying not keeping all your eggs in one basket. So if the market crashed you be protected up to 100 thousand. Like the poster above said he has money invested in stocks, and gold. I like the gold and silver market cause you never loose money on them. You can always barter or trade gold or silver precious metals, and diamonds during a depression they dont loose their value. They actually gain in value during hard times. I am not faimlir with stocks, never got into them. They do make high yields when the stock exchange is doing well. But you can see a decline in profit when the market is falling. Now comes the knowledge of being a well seasoned stock market purchaser which i am not. Of knowing weither to ride out the drop . I listen to what the feds are doing daily and it does sound like they are going to pump up the stock market system. So if I had stocks I would not sell at this time. But repeating myself I am not a person with knowledge on stocks. But do following the market carefully. Buying a house right now is good if you got the money in the bank saved to buy one. Selling is bad. Buying a house with down payments can be risky if you not sure if you will be able to have a job, make payments if something big happens. Take all this into stock. PrepGirl |
Posted By: Guests
Date Posted: September 20 2007 at 7:01am
I've always had a question about this PrepGirl: What you're talking about is the FDIC banking insureance system. It basically says that everyone's savings are guaranteed for up to $100,000. Here's my question: If here we have a run on our banking system, like what's brewing in the UK, only on a much larger scale, and banks begin to collapse because everyone is withdrawing their money, would the FDIC be able to bail people's savings out? I'm of the opinion that they would not be able to, because the FDIC is part of the banking system. If more than two banks went Tango Uniform I don't think they'd be able to make up the difference and would end their protection ability, which would push even more people to begin attempting to withdraw their savings. Here's a great example of how bad our inflationary problem is getting: The US and Canadian dollars are at the exact same value (Within five cents) and with the fifty point cut by the fed, which fuels inflation, the Canadian dollar is only going to more valuable, while the US dollar heads for the toilet. We're entering a situation where if this slumping dollar keeps up we're not just going to have inflation, we're going to have a hyperinflative currency, which is far worse than another great depression as then not even the rich people will have anything, and there's absolutely no possibility of anything being able to bail our economy out. This is getting very interesting, very interesting indeed... |
Posted By: coyote
Date Posted: September 20 2007 at 7:52am
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Fears of dollar collapse as Saudis take fright
By Ambrose Evans-Pritchard, International Business Editor Last Updated: 8:39am BST 20/09/2007 Saudi Arabia has refused to cut interest rates in lockstep with the US Federal Reserve for the first time, signalling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East. China threatens 'nuclear option' of dollar sales Ben Bernanke has placed the dollar in a dangerous situation, say analysts "This is a very dangerous situation for the dollar," said Hans Redeker, currency chief at BNP Paribas. "Saudi Arabia has $800bn (£400bn) in their future generation fund, and the entire region has $3,500bn under management. They face an inflationary threat and do not want to import an interest rate policy set for the recessionary conditions in the United States," he said. The Saudi central bank said today that it would take "appropriate measures" to halt huge capital inflows into the country, but analysts say this policy is unsustainable and will inevitably lead to the collapse of the dollar peg. As a close ally of the US, Riyadh has so far tried to stick to the peg, but the link is now destabilising its own economy. advertisementThe Fed's dramatic half point cut to 4.75pc yesterday has already caused a plunge in the world dollar index to a fifteen year low, touching with weakest level ever against the mighty euro at just under $1.40. There is now a growing danger that global investors will start to shun the US bond markets. The latest US government data on foreign holdings released this week show a collapse in purchases of US bonds from $97bn to just $19bn in July, with outright net sales of US Treasuries. The danger is that this could now accelerate as the yield gap between the United States and the rest of the world narrows rapidly, leaving America starved of foreign capital flows needed to cover its current account deficit - expected to reach $850bn this year, or 6.5pc of GDP. Mr Redeker said foreign investors have been gradually pulling out of the long-term US debt markets, leaving the dollar dependent on short-term funding. Foreigners have funded 25pc to 30pc of America's credit and short-term paper markets over the last two years. "They were willing to provide the money when rates were paying nicely, but why bear the risk in these dramatically changed circumstances? We think that a fall in dollar to $1.50 against the euro is not out of the question at all by the first quarter of 2008," he said. "This is nothing like the situation in 1998 when the crisis was in Asia, but the US was booming. This time the US itself is the problem," he said. Mr Redeker said the biggest danger for the dollar is that falling US rates will at some point trigger a reversal yen "carry trade", causing massive flows from the US back to Japan. Jim Rogers, the commodity king and former partner of George Soros, said the Federal Reserve was playing with fire by cutting rates so aggressively at a time when the dollar was already under pressure. The risk is that flight from US bonds could push up the long-term yields that form the base price of credit for most mortgages, the driving the property market into even deeper crisis. "If Ben Bernanke starts running those printing presses even faster than he's already doing, we are going to have a serious recession. The dollar's going to collapse, the bond market's going to collapse. There's going to be a lot of problems," he said. The Federal Reserve, however, clearly calculates the risk of a sudden downturn is now so great that the it outweighs dangers of a dollar slide. Former Fed chief Alan Greenspan said this week that house prices may fall by "double digits" as the subprime crisis bites harder, prompting households to cut back sharply on spending. For Saudi Arabia, the dollar peg has clearly become a liability. Inflation has risen to 4pc and the M3 broad money supply is surging at 22pc. The pressures are even worse in other parts of the Gulf. The United Arab Emirates now faces inflation of 9.3pc, a 20-year high. In Qatar it has reached 13pc. Kuwait became the first of the oil sheikhdoms to break its dollar peg in May, a move that has begun to rein in rampant money supply growth. Post this story to: del.icio.us | Digg | Newsvine | NowPublic | Reddit ------------- Long time lurker since day one to Member. |
Posted By: PrepGirl
Date Posted: September 20 2007 at 11:41am
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Turboguy,
Very good question. I will ask my boss tomorrow at work. Since this has never happen in my time. I too would like to know how far does the FDIC cover the public up to 100 thousand dollars if all the banks are crashing. I know my bank that is a co operative bank insures all money in full over 100 thousand. I will find out. PrepGirl ......................................................... What does it mean if an account is "FDIC Insured"? Today an individual can have up to 100 thousand dollars in any one financial institution and have insurance from an organization that's a subdivision of the United States government that will guarantee the deposit up to 100,000 thousand dollars for an individual. The insurance is from the - the acronym is the "FDIC" which stands for the Federal Deposit Insurance Corporation, and that's for commercial banks and most banks. This coverage is for any monetary deposit where the bank owes you the money. So it would be a savings account, checking account, money market account, certificate of deposit. Where a lot of people are confused however, is that is doesn't cover other products that you might buy from your bank. So for example if you ended up purchasing a mutual fund from your bank, then that would not be covered by any kind of insurance, and so it is important to understand what your buy - if you don't understand it have it explained. ......................................................... Member FDIC. Those rushed syllables at the end of bank commercials stand for the Federal Deposit Insurance Corporation, which in turn stands for a promise that Joe Average's money is safe in the event of bank failure. The FDIC, which insures deposits in member banks and thrifts for up to $100,000, was created in response to the banking crises of the Great Depression. Headquartered in the District of Columbia, the FDIC has regional offices across the country. The FDIC is managed by a five-person board of directors, all of whom are appointed by the US President and confirmed by the Senate. ......................................................... Federal Deposit Insurance Corporation - FDIC The U.S. corporation insuring deposits in the U.S. against bank failure. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices. Investopedia Says: The FDIC will insure deposits of up to US$100,000 per institution as long as the bank is a member firm. Before opening an account with a financial institution, be sure to check that it is FDIC insured. ......................................................... Federal Deposit Insurance Corporation (FDIC) Federal agency established in 1933 that guarantees (within limits) funds on deposit in member banks and thrift institutions and performs other functions such as making loans to or buying assets from member institutions to facilitate mergers or prevent failures. In 1989, Congress passed savings and loan association bailout legislation that reorganized FDIC into two insurance units: the Bank Insurance Fund (BIF) continued the traditional FDIC functions with respect to banking institutions and the Savings Association Insurance Fund (SAIF) insured thrift institution deposits, replacing the Federal Savings and Loan Insurance Corporation (FSLIC), which ceased to exist. In 2005, Congress passed the FDI Reform Act merging the SAIF and BIF into one insurance fund called the Deposit Insurance Fund (DIF). The same law also raised the federal deposit insurance level from $100,000 to $250,000 on retirement accounts and gave the FDIC the option to increase insurance ceilings on regular bank accounts from $100,000 by $10,000 a year, based on inflation, every five years thereafter starting April 1, 2010. See also Office of Thrift Supervision ......................................................... Federal Deposit Insurance Corporation (FDIC) A public corporation, established in 1933; insures up to $100,000 for each depositor in most Commercial Banks and Savings and Loan Associations. Has own reserves and can borrow from the U.S. Treasury. Example: The First National Bank becomes insolvent and cannot pay depositors who want to withdraw their money. The FDIC pays each depositor the full Principal amount, up to $100,000, if a merger with a healthy bank cannot be arranged ......................................................... Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. The corporation was established in 1933 to prevent a repetition of the losses incurred during the Great Depression when bankrupt banks could not return the money deposited in them. It is managed by a five-member board of directors, appointed by the president with the consent of the U.S. Senate. The FDIC provides coverage for deposits in national banks, in state banks that are members of the Federal Reserve System, and in other qualified state banks. (Mutual funds and other securities are not covered.) It may also make loans to insured banks in the interest of protecting the depositors. The corporation derives its income from assessments on insured banks and interest on government securities. Since 1989 the FDIC has supervised the Savings Association Insurance Fund, the agency that was created to provide coverage for savings and loan associations when the Federal Savings and Loan Insurance Corporation became insolvent. A sharp increase in bank failures in the late 1980s and early 1990s led to the insolvency (1991–92) of the FDIC as well, forcing it to seek government loans. The fund recovered by the mid-1990s. -------------------------------------------------------------------------------- Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) was created on June 16, 1933, under the authority of the Federal Reserve Act, section 12B (12 U.S.C.A. § 264(s)). It was signed into law by President Franklin D. Roosevelt to promote and preserve public confidence in banks at the time of the most severe banking crisis in U.S. history. From the stock market crash of 1929 to the beginning of Roosevelt's tenure as president in 1933, nine thousand banks closed their doors, resulting in losses to depositors of $1.3 billion. The FDIC was established to provide insurance coverage for bank deposits, thereby maintaining financial stability throughout the United States. The FDIC is an independent agency of the government. Its management was established by the Banking Act of 1933. It consists of a board of directors numbering three members, one the comptroller of the currency, and two appointed by the president with approval of the Senate. The two appointed members serve six-year terms, and one is elected by the members to serve as chair of the board. The headquarters of the FDIC is located in Washington, D.C., and the corporation has thirteen regional offices. Most employees are bank examiners. The FDIC does not operate on funds from Congress. The capital necessary to start the corporation back in 1933 was provided by the U.S. Treasury and the twelve Federal Reserve banks. Since then, its major sources of income have been assessments on deposits held by insured banks and interest on its portfolio of U.S. Treasury securities. Besides administering the Bank Insurance Fund, the FDIC is also responsible for the Savings Association Insurance Fund (SAIF), which was established on August 9, 1989, under the authority of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. § 1821 (2)). The SAIF insures deposits in savings and loan associations. The FDIC also insures, up to the statutory limitation, deposits in national banks, state banks that are members of the Federal Reserve System, and state banks that apply for federal deposit insurance and meet certain qualifications. If an insured bank fails, the FDIC pays the claim of each depositor, up to $100,000. The FDIC may make loans to or purchase assets from insured depository institutions in order to facilitate mergers or consolidations, when such action for the protection of depositors will reduce risks or avert threatened loss to the agency. It will prevent the closing of an insured bank when it considers the operation of that institution essential to providing adequate banking. The FDIC may, after notice and a hearing, terminate the insured status of a bank that continues to engage in unsafe banking practices. The FDIC will regulate the manner in which the depository institution gives the required notice of such a termination to depositors. From 1980 to 1990, a total of 1,110 banks failed, principally owing to bad loans in a slowly weakening real estate market and risky loans to developing countries. The FDIC found itself in such financial straits that in 1990, Chairman L. William Seidman testified before Congress, "The insurance fund is under considerable stress" and is "at the lowest point at anytime in modern history." The FIRREA and the FDIC Improvement Act of 1991 (codified in scattered sections of 12 U.S.C.A.) came as reactions to the savings and loan crisis and to a banking crisis of the 1980s, which together cost the U.S. taxpayers hundreds of billions of dollars. FIRREA gave the FDIC authority to administer the SAIF, replacing the Federal Savings and Loan Insurance Corporation (FSLIC) as the insurer of deposits in savings and loan associations. The FDIC Improvement Act placed new restrictions on how the corporation repaid lost deposits. Before the act, the FDIC deemed it necessary to repay all deposits, whether or not they were at an insured bank or over $100,000, in order to protect public confidence in the nation's financial institutions. Since the act, it must take a "least-cost" method of case resolution. The act stipulates that the FDIC will not be permitted to cover uninsured depositors unless the president, the secretary of the treasury, and the FDIC jointly determine that not doing so would have serious adverse effects on the economic conditions of the nation or community. ......................................................... Federal Deposit Insurance Corporation The FDIC logoThe Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. The vast number of bank failures in the Great Depression spurred the United States Congress into creating an institution which would guarantee banks, inspired by the Commonwealth of Massachusetts and its Deposit Insurance Fund (DIF). The FDIC provides deposit insurance which currently guarantees checking and savings deposits in member banks up to $100,000 per depositor. In recent years, a new product called "CDARS" Certificate of Deposit Account Registry System, invented by a retired Comptroller of US Currency, allows customers to obtain $30 Million in FDIC insured deposits, by authorizing the customer's bank to make deposits in other FDIC insured banks. The FDIC deals with insolvency/illiquidity in one of two ways: Payoff Method, in which insured deposits are paid by the FDIC, which attempts to recover its payments by liquidating the receivership estate of the failed bank. Purchase and Assumption Method, in which all deposits are assumed by an open bank, which also purchases some or all of the failed bank's assets. History Inception During the Great Depression, Republican Senator Arthur Vandenberg and Democratic Representative Henry Steagall wanted to restore public confidence after a massive series of bank runs in early 1933 caused 4,004 banks to close, with an average of $900,000 in deposits. These banks were merged into stronger banks; many months later the depositors received about 85% of their money. In May, the U.S. House Banking and Currency Committee reported a bill to insure deposits 100 percent to $1,000,000, and after that on a sliding scale; it would be financed by a small assessment on the banks. However the U.S. Senate Banking Committee reported a bill that excluded banks that were not members of the Federal Reserve System. Senator Vandenberg rejected both bills because neither contained a ceiling on the guarantees. He proposed an amendment covering all banks beginning using a temporary fund and a $2,500 ceiling. It was passed as the Glass-Steagall Deposit Insurance Act in June with Steagall's amendment that the program would be managed by the new Federal Deposit Insurance Corporation. Led by Chicago banker Walter J. Cummings, Jr. the FDIC soon included almost all the country's 19,000 banking offices. Insurance started January 1, 1934. President Franklin D. Roosevelt was personally opposed to insurance because it would protect irresponsible bankers, but yielded when he saw Congressional support was overwhelming. As the second head of FDIC in early 1934 he appointed Leo Crowley, a Wisconsin banker who, Roosevelt soon discovered, was using the FDIC to cover his own embezzlements. After some anguish, Roosevelt kept Crowley on and hushed up the episode, which was first revealed in 1996.[1] S&L and bank crisis of the 1980s Federal deposit insurance received its first large-scale test in the late 1980s and early 1990s during the savings and loan crisis (which also affected commercial banks). The brunt of the crisis fell upon a parallel institution to the FDIC, the Federal Savings and Loan Insurance Corporation (FSLIC), created to insure savings and loan institutions (S&Ls, also called thrifts). Due to a confluence of events, much of the S&L industry was insolvent and many large banks were in trouble as well. The FSLIC became insolvent and, along with its insurance function, was merged into the FDIC. Thrifts are now overseen by the Office of Thrift Supervision, an agency that works closely with the FDIC and the Comptroller of the Currency. (Credit unions are insured by the National Credit Union Administration.) The primary legislative response to the crisis were the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and Federal Deposit Insurance Corporation Improvement Act of 1991. The cost to taxpayers of resolving the crisis has been estimated at $150 billion. FDIC funds On February 8, 2006, President George W. Bush signed The Federal Deposit Insurance Reform Act of 2005 (the Reform Act) into law. The Federal Deposit Insurance Reform Conforming Amendments Act of 2005 which the President signed into law on February 15, 2006, contains necessary technical and conforming changes to implement deposit insurance reform, as well as a number of study and survey requirements. Among the highlights of this law was merging the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF) into a new fund, the Deposit Insurance Fund (DIF). This change was made effective March 31, 2006. There were two separate FDIC funds; one was the Bank Insurance Fund (BIF), and the other was the Savings Association Insurance Fund (SAIF). The latter was established after the savings & loans crisis of the 1980s. The existence of two separate funds for the same purpose led to banks attempting to shift from one fund to another, depending on the benefits each could provide. In the 1990s, SAIF premiums were at one point five times higher than BIF premiums; several banks attempted to qualify for the BIF, with some merging with institutions qualified for the BIF in order to avoid the higher premiums of the SAIF. This drove up the BIF premiums as well, resulting in a situation where both funds were charging higher premiums than necessary.[2] Then Chairman of the Federal Reserve Alan Greenspan was a critic of the system, saying that "We are, in effect, attempting to use government to enforce two different prices for the same item — namely, government-mandated deposit insurance. Such price differences only create efforts by market participants to arbitrage the difference." Greenspan proposed "to end this game and merge SAIF and BIF". However, the government was not responsive; the Deposit Insurance Funds Act of 1996 made a provision for merging the two funds, but this was not enacted.[3] Insurance requirements In order to receive this benefit member banks must follow certain liquidity and reserve requirements. Banks are classified in 5 groups according to their risk-based capital ratio: Well capitalized: 10% or higher Adequately capitalized: 8% or higher Undercapitalized: less than 8% Significantly undercapitalized: less than 6% Critically undercapitalized: less than 2% When a bank becomes undercapitalized the FDIC issues a warning to the bank. When the number drops below 6% the FDIC can change management and force the bank to take other corrective action. When the bank becomes critically undercapitalized the FDIC declares the bank insolvent. FDIC insured items FDIC insurance covers the following types of accounts: Checking accounts, Negotiable Order of Withdrawal, also called NOW accounts (checking accounts that earn interest), and money market deposit accounts, also called MMDAs (savings accounts that allow a limited number of checks to be written each month.) Savings accounts that you can add to or withdraw from at any time. "Money market" accounts, essentially high-interest savings accounts (the name is similar to "money market funds" which are not insured). Certificates of deposit (CDs), which generally require you to keep funds in the account for a set period. Outstanding Cashier's Checks, Interest Checks, and other negotiable instruments drawn on the accounts of the bank. Accounts at different banks are insured separately. One person could keep $100,000 in accounts at two separate banks and be insured for a total of $200,000. Also, accounts in different ownerships (such as beneficial ownership, trusts, and joint accounts) can be considered separately for the $100,000 insurance limit. The Federal Deposit Insurance Reform Act raised the amount of insurance for an Individual Retirement Account to $250,000. Non-FDIC insured items Only the above types of accounts are insured. Some types of uninsured products, even if purchased through a covered financial institution, are: Stocks, bonds, mutual funds, and money market funds. Investments backed by the U.S. government, such as US Treasury securities The contents of safe deposit boxes. Even though the word deposit appears in the name, under federal law a safe deposit box is not a deposit account - it's a well-secured storage space rented by an institution to a customer. Losses due to theft or fraud at the institution. These situations are often covered by special insurance policies that banking institutions buy from private insurance companies. Errors made in your accounts. In these situations, there may be remedies for consumers under state contract law, the Uniform Commercial Code, and some federal regulations, depending on the type of transaction. Insurance and annuity products, such as life, auto and homeowner's insurance. Hope there are no errors i did copy and paste the best i could to answer your questions Turboguy... found all of this on the internet. Hope it answers everyones questions. Prepgirl |
Posted By: PrepGirl
Date Posted: September 20 2007 at 12:06pm
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Now lets compare a co operative bank..and see what they do for the consumer over the 100 thousand dollars FDIC covers..
I will do research.. PRepGirl |
Posted By: web ferret
Date Posted: September 20 2007 at 12:08pm
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Here in the UK only the first £2000 is guaranteed 100% then 90% of the next £32,000 so if you had savings of £33000 you could potentially lose 10% - If you have more then this is not guaranteed - Hence the queues. The bank of England has now said that at the bank in question it will secure 100% of ALL savings kept - So actually its is now the safest place to put a large amount of cash! At the monenet £1 = $2
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Posted By: PrepGirl
Date Posted: September 20 2007 at 12:11pm
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Customers of Massachusetts co-operative banks enjoy peace of mind knowing that their deposits are insured in full.
The Federal Deposit Insurance Corporation (FDIC) insures the first $250,000 of "self-directed" retirement accounts and the first $100,000 of deposits in each other ownership category; the Share Insurance Fund (SIF) of The Co-operative Central Bank insures all deposits above that amount. Here are answers to some questions you may have about this unique coverage: Q. What types of deposits are insured? A. Every deposit you make in a Massachusetts co-operative bank is insured in full, dollar-for-dollar, without restriction. This includes deposits and accumulated interest in savings accounts, checking and interest-bearing transaction accounts, money market accounts, and term deposit accounts such as certificates of deposit. This protection is provided by a unique combination of coverage provided by the FDIC and the Share Insurance Fund of The Co-operative Central Bank. Q. What is the FDIC? A. The FDIC is an independent agency of the United States government. It was established by Congress in 1933 to insure bank deposits. Q. What are The Co-operative Central Bank, and the Share Insurance Fund? A. The Co-operative Central Bank is a private special act corporation. It was established in 1932 to provide a source of cash reserves for all co-operative banks in Massachusetts. The Share Insurance Fund was established by the Legislature in 1934 to provide protection for deposits in Massachusetts chartered co-operative banks. Q. How much does the FDIC insure? A. Deposits in "self-directed" retirement accounts are insured up to $250,000 per owner by the FDIC. Deposits in other ownership categories at the same bank are insured separately to at least $100,000 per owner. The most common other ownership categories are single accounts, joint accounts and trust accounts. For more details regarding the FDIC's most current account ownership definitions and coverage, please visit www.fdic.gov/deposit. In all cases, the amounts in excess of FDIC coverage are insured without limit by the Share Insurance Fund. Q. As a depositor, how am I protected against loss? A. Co-operative banks are regularly examined by federal and state banking agencies for compliance with safe and sound banking practices. Should financial difficulties arise, The Co-operative Central Bank is positioned to help facilitate a merger, or restructure a member bank to sound condition. In any event, deposits continue to be insured by the FDIC and the Share Insurance Fund. Q. Does the Share Insurance Fund of The Co-operative Central Bank have a track record of success? A. From its inception, the Share Insurance Fund has preserved the enviable claim of member co-operative banks that "no depositor has ever lost a dollar in any Massachusetts co-operative bank." Q. Are there any additional safety features protecting the depositors of Massachusetts co-operative banks? A. There are a number of additional checks and balances that make the state-chartered co-operative bank system one of the safest and soundest in the country. These include: Legislative controls as provided by Massachusetts laws on banks and banking; Regulatory controls by the supervision, examination, quarterly reporting and administrative rules and regulations of either the FDIC or the the Commissioner of Banks for the Commonwealth of Massachusetts; External audits by independent public accountants; and Periodic member bank reporting to, and monitoring by, The Co-operative Central Bank. Q. Is the Share Insurance Fund guaranteed by the Commonwealth of Massachusetts, or by any agency of the federal government? A. The Share Insurance Fund is a private fund owned by the member co-operative banks. As such, there is no liability on the part of state or federal government to support or guarantee it. Q. Who owns the Share Insurance Fund? A. The Share Insurance Fund is exclusively owned by the Massachusetts co-operative bank industry, solely for the mutual benefit of all their depositors, providing deposit insurance in full under Massachusetts law. Q. Who manages and directs the Share Insurance Fund? A. By law, the Share Insurance Fund is managed by a 19-person board of directors elected by member co-operative banks. Fifteen of those who serve are officers and/or directors of member banks; the remaining four are from the public sector. The board of directors appoints a chief executive officer whose responsibility is to operate the Share Insurance Fund in accordance with federal and state laws, corporate by-laws, and policies and direction established by the board. Q. How are the assets of the Share Insurance Fund invested? A. Share Insurance Fund assets are invested in short-term obligations of the United States government, federal agencies, certificates of deposit, repurchase agreements and certain other secure and conservative investments. Q. How does the combined deposit insurance coverage compare with other deposit insurance? A. The unique combined insurance coverage afforded by the FDIC and the Share Insurance Fund provides the best deposit insurance available, whether deposit balances are held in passbook, statement or certificate type accounts, or in any combination of these accounts. At a Massachusetts co-operative bank, your deposits are always fully protected. For more information, please visit our web site at www.coopcentralbank.com Inquiries and/or requests for further information should be addressed to the headquarters for the Share Insurance Fund. |
Posted By: PrepGirl
Date Posted: September 20 2007 at 12:13pm
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Ok now im taking a break from this. To much like being at work. Hope I helped . If it's to long delete it Albert ok. I just thought everyone would feel comfortable know what and how their money safe.
PrepGirl |
Posted By: Guests
Date Posted: September 20 2007 at 12:37pm
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WEEEEE!!! Even with the FED rate cut the market is down! Also oil is at $83.32! I should have bought oil back when I thought it was high at $60... poop...
I hope it keeps going up. Watch the bedlam the day after Thanksgiving if it keeps going up in the stock markets. There's going to be less activity than ever before. Then again i'm all about laughing at people who are freaking out. Anyone watch the George Bush interview today? Did anyone notice how he wouldn't comment about the Israeli airstrike in preparation for an attack on Iran question? Very interesting. I'm thinking that they're focusing on the OJ crap because they're afraid of what would happen if they started focusing on the imminent Israeli attack. This might be getting very interesting! *EDIT* Thanks PrepGirl! Very informative and it answered some of my other questions. I'm interested in what your boss id going to say as well. Please let us know. |
Posted By: PrepGirl
Date Posted: September 20 2007 at 7:28pm
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Well Turbo I just happen to have to do some banking when my hubsand got home today. And my boss told me that the money is insured for a crash. If you go to a co operative bank. But with the other banks you need to check out who they are insured by besides being insured by the FDIC.
PrepGirl |
Posted By: 4=laro
Date Posted: September 22 2007 at 5:44pm
| http://www.pbs.org/fmc/timeline/estockmktcrash.htm - http://www.pbs.org/fmc/timeline/estockmktcrash.htm Thought everyone needed a reminder of what happens when the financials go belly up. If your money is insured at the bank, and the bank fails, how long does the fed have to pay you back in? Will they inflate the money so your $1 is 1 cent? |
Posted By: Guests
Date Posted: September 22 2007 at 7:38pm
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Haha good call 4=laro! I hadn't even thought of that.
Banks go under and so I can get my money they just print more off and give that to me, thereby inflating the dollar whatever percent my money makes it go up. If enough people do it we might have the problem known as "Hyper-inflation" which is far worse than another depression. |
Posted By: Suzi
Date Posted: September 22 2007 at 8:22pm
| If worst comes to worst with the pandemic or devaluation of the dollar or whatever the banks will close if the public panics and everyone trys to take out their money at the same time. Same thing with the stock market. It's too big for the gov to handle. Remember we are 7 trillon dollars in debt. Money will be worthless anyway. People should, now while they still have time, turn money into something that will help keep them alive. |
Posted By: 4=laro
Date Posted: September 23 2007 at 5:55am
| i've said it before and i'll say it again, the dollar is going down. I suggested a coule months ago that you start buying gold coins to protect your wealth. One or two a month add up. Gold has increased in value around $70 over the last month and is still climbing. Not sure on the math, but i believe that is around 127% increase over a year, that's good interest. A great place to buy is real local http://www.usmint.gov - www.usmint.gov buy a little or buy a lot. They are shut down on gold sales until the end of the month because they are repricing gold coins (higher), but there are plenty of other places to buy that are reasonable. I picked up some good deals in a hock shop, but a place like http://www.monex.com - www.monex.com is a great place also. |
Posted By: johngardner1
Date Posted: September 23 2007 at 9:08am
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gold is a good choice, but barter will rule the land, the most precious assets are going to be food and water. Then think about cigarettes and coffee, alcohol and drugs. Some of us think money will be useless and I think money will be mostly useless too. If you're using gold as barter, you're simply going to be lucky if anyone takes the gold over food and other supplies. ------------- I am not a prophet |
Posted By: Suzi
Date Posted: September 23 2007 at 12:15pm
| I am saving iodized salt and whiskey to barter. If I had any money in the stock market I would get it out now and buy some land out in the countryside and build a cabin and stock it. |