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Old 09-15-08, 08:48 AM   #1
MrCrassic 
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Wall Street is dying.

Bear Sterns is gone. Lehman Brothers is filing for Chapter 11. Merrill Lynch has just been bought out by Bank of America for $50 billion. AIG is tanking as we speak. Consequently, Dow has sunk 300 immediately upon opening.

Discuss.
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Old 09-15-08, 08:49 AM   #2
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1929 again?
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Old 09-15-08, 08:52 AM   #3
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Wall Street is a buyers market for those with funds in hand adn the ability to withstand a bit of risk. When the market recovers, BA is going to be a global power. The weak will go under or be acquired.

The government took enough heat over the Bear Stearns/Fannie Mae bailouts, that they have seen the light that the market is going to have to depend on itself, not on government assistance.

It will hurt a bit right now, but long term, the market will recover and we will all be better for it.
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Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 09-15-08, 08:55 AM   #4
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Wall Street is a buyers market for those with funds in hand adn the ability to withstand a bit of risk. When the market recovers, BA is going to be a global power. The weak will go under or be acquired.

The government took enough heat over the Bear Stearns/Fannie Mae bailouts, that they have seen the light that the market is going to have to depend on itself, not on government assistance.

It will hurt a bit right now, but long term, the market will recover and we will all be better for it.
True dat. I have some Wells Fargo, and it is doing VERY well.
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Old 09-15-08, 08:56 AM   #5
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Greed, arrogance and stupidity have consequences. Unfortunately, the pain inflicted on the innocent parties are part of the affected.
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Old 09-15-08, 09:07 AM   #6
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I've been slowly drawing down my WAMU account over the last month. I think I'm going to go close it this afternoon. They won't last the week.
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Old 09-15-08, 09:08 AM   #7
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Your account will be fine, just don't own any stock.
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Old 09-15-08, 09:25 AM   #8
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Before people start jumping off buildings:

If you have money in a bank it's fine as long as it's FDIC insured and under $100k. FDIC started after the Great Depression to make sure that banks couldn't just fold to protect the financial well being of everyone. Granted we'll probably owe China more money for it but you'll be protected. Stocks - ride 'em out.

I'm thinking of buying some stock right now actually, have a little bit in my Roth and some stocks are looking mighty tempting to throw $100 at and see if they recover.
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Old 09-15-08, 09:39 AM   #9
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1929 again?
it's weird to see firms that were around well before the depression going bankrupt and\or getting bought out this time around.
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Old 09-15-08, 09:40 AM   #10
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I didn't know streets where alive to begin with.
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Old 09-15-08, 09:40 AM   #11
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I didn't know streets where alive to begin with.
They are alive with the sounds of music.
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Old 09-15-08, 09:51 AM   #12
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They are alive with the sounds of music.
In that case, they need to die.
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Old 09-15-08, 10:03 AM   #13
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Your account will be fine, just don't own any stock.
I'm not worried about getting my money eventually, but having access to it when I want it is a different problem altogether.
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Old 09-15-08, 10:08 AM   #14
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it's weird to see firms that were around well before the depression going bankrupt and\or getting bought out this time around.
If J.P. Morgan goes under, then I'll be very concerned.
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Old 09-15-08, 10:11 AM   #15
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If J.P. Morgan goes under, then I'll be very concerned.
I'm already concerned...Lehman and AIG both being in huge trouble. This aint small frye. Even if it doesn't get much worse, the good old congress of the US will start meddling and make a whole lot of legislation that won't do much good.
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Old 09-15-08, 10:13 AM   #16
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Laboratory diagnostic biotechnology stocks, and pharmaceutical companies.

They're a reasonably safe bet, as long as people keep getting sick. I don't see a "cure for everything" in the near future, so I'm pretty sure putting your money on disease and death is a winning ticket.

(I'm biased because I work in laboratory diagnostic biotech)
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Old 09-15-08, 10:14 AM   #17
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It died two years ago.
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Old 09-15-08, 10:14 AM   #18
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I'm already concerned right now, but J.P. Morgan is VERY old. If they start showing issues, then that clearly shows our economy is definitely tanking (and bike prices WILL go up).
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Old 09-15-08, 10:16 AM   #19
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30 years from now everything will be okay...Maybe I'll get to retire on time.
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Old 09-15-08, 10:30 AM   #20
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I'm already concerned right now, but J.P. Morgan is VERY old. If they start showing issues, then that clearly shows our economy is definitely tanking (and bike prices WILL go up).
All it shows is that JP Morgan/Chase made some bad decisions and is now paying for it.
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Old 09-15-08, 10:32 AM   #21
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This too shall pass, in the mean time hide under the table.
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Old 09-15-08, 10:35 AM   #22
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it's weird to see firms that were around well before the depression going bankrupt and\or getting bought out this time around.
Why is that weird? It's not as if things today are the same as they were. It used to be that firms were run by financially-insightful geniuses who knew how the world worked.

Today, they are run by young professionals who got their MBAs last year at Harvard and got a posh high-ranking job working for Dad. The only financial insight they have is "Gee, if I don't make this week's numbers, I won't be able to afford that new Ferrari I want." Their myopic view does not extend beyond the glass outer wall of their ivory tower overlooking downtown Manhattan, and their financial foresight doesn't extend beyond the Friday Bonus numbers they have to meet.
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Old 09-15-08, 10:48 AM   #23
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Old 09-15-08, 10:59 AM   #24
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Why is that weird? It's not as if things today are the same as they were. It used to be that firms were run by financially-insightful geniuses who knew how the world worked.

Today, they are run by young professionals who got their MBAs last year at Harvard and got a posh high-ranking job working for Dad. The only financial insight they have is "Gee, if I don't make this week's numbers, I won't be able to afford that new Ferrari I want." Their myopic view does not extend beyond the glass outer wall of their ivory tower overlooking downtown Manhattan, and their financial foresight doesn't extend beyond the Friday Bonus numbers they have to meet.
I think you nailed it here.

Plus many large corporations use "bankruptcy" to shed certain financial promises that have become unmanageable, such as union negotiated health care packages, retirement packages, etc. They often morph into a "new" company, or merge with another, like many of the car companies have in the past.
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Old 09-15-08, 11:06 AM   #25
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Why is that weird? It's not as if things today are the same as they were. It used to be that firms were run by financially-insightful geniuses who knew how the world worked.

Today, they are run by young professionals who got their MBAs last year at Harvard and got a posh high-ranking job working for Dad. The only financial insight they have is "Gee, if I don't make this week's numbers, I won't be able to afford that new Ferrari I want." Their myopic view does not extend beyond the glass outer wall of their ivory tower overlooking downtown Manhattan, and their financial foresight doesn't extend beyond the Friday Bonus numbers they have to meet.
Amen!

As far as I can tell, the single biggest problem with Wall Street is the structure of executive compensation.

Use some creative accounting to report magical fantasy earnings from the future, raise share prices, get paid, get out of dodge before the whole thing comes crumbling down around you.

Cook the books, buy worthless loans because everybody else is doing it, do whatever you want as long as the little green arrow points up. And then once the little red arrow starts pointing down, **** the little guy and his pension fund, you already got your bonus.

One of the scariest things is that the federal government has been doing pretty much the same thing for the last 25 years. That bill is going to come due before too long as well. It's cool though, Dancing with the Stars is on soon.
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