wall st massacre....

[diamondfan]

Nancy Pelosi is a witch.

Short selling should be banned permanently.

I am not surprised it did not pass, it is not the end all be all answer. They will have to go back to the drawing board.

 

[Dancing Fire]

Date: 9/29/2008 5:56:43 PM
Author: NewEnglandLady

Date: 9/29/2008 5:53:37 PM
Author: Dancing Fire

Date: 9/29/2008 2:50:05 PM
Author: NewEnglandLady
Holy sh*t, I''ve never lost more money in a day in my life. Luckily my husband sold every single one of our shares while the vote was happening, so while we took a huge loss, it could have been worse.

remember....the best time to buy is when everybody wants out.

Agreed, if it collapses, we will buy, buy, buy.

yeah,buttt....when??

 

[Anna0499]

Date: 9/29/2008 6:53:19 PM
Author: diamondfan
Nancy Pelosi is a witch.

Short selling should be banned permanently.

I am not surprised it did not pass, it is not the end all be all answer. They will have to go back to the drawing board.

Yeah, I don''t see the value in bashing Bush (and Republicans who are aligned with him in Congress) at this particular point in time when the last thing we need is more division between the parties. The election has already done a good job of forcing everyone to pick between two extremes and we don''t need it in Congress right now. I wish those who opposed the plan would work together on something, anything, of their own so that it can be passed before the election. I think a lot of them are stalling and playing political games just because they don''t want to lose their treasured seat.

 

[stone_seeker]

First of all, I think this "tradergirl" is full of it. No one should gloat when they make money and if she made enough to last 5 years, she must have a modest lifestyle. I''d love to know what positions she had on.

Today was rough, our fund is net short but this is a sad state of affairs that only was exacerbated by the media creating a panic about what would happen if this bill didnt pass. I heard talks of checks not clearing, ATMs not working, etc. Thats all hogwash. America will still be here and these excesses are necessary. I work in financial services and am not in favor of this bill. There are other methods to accomplish the same goal.

As for the market, wealth is created when there is panic and blood in the streets. I see a bottom in the S&P no lower than 1070 so i think downside limited here. Most bear markets have an average decline of 30% from peak to trough.

 

[shel]

Date: 9/29/2008 9:36:15 PM
Author: stone_seeker
First of all, I think this 'tradergirl' is full of it. No one should gloat when they make money and if she made enough to last 5 years, she must have a modest lifestyle. I'd love to know what positions she had on.


Today was rough, our fund is net short but this is a sad state of affairs that only was exacerbated by the media creating a panic about what would happen if this bill didnt pass. I heard talks of checks not clearing, ATMs not working, etc. Thats all hogwash. America will still be here and these excesses are necessary. I work in financial services and am not in favor of this bill. There are other methods to accomplish the same goal.


As for the market, wealth is created when there is panic and blood in the streets. I see a bottom in the S&P no lower than 1070 so i think downside limited here. Most bear markets have an average decline of 30% from peak to trough.

Agree. Bear markets are great for that reason. And maybe this one will be prolonged by the lack of a bailout. Enjoy the bear market while it lasts.

 

[diamondfan]

it is not unusual for someone to profit when there is a fire sale. Buy low sell high is a maxim for a reason. I just hope our economy can right itself without even more people suffering.

 

[Dancing Fire]

Date: 9/29/2008 2:11:12 PM
Author: tradergirl
Covering all my short positions! Hahahah. I won''t have to work again for the next five years! Thanks Pelosi!

i need a hot stock tip.

 

[AGBF]

Date: 9/29/2008 2:37:18 PM
Author: Cleopatra

I'm not a political genius by any means, so I'm sorry if this is a stupid question - can the President still pass this bill without the support of Congress? Almost like a veto to their opposition? Or is there no way this bill is going to pass?

Sorry to show my lack of knowledge in politics - I'm just curious

Cleopatra,

I am reading this thread backwards at 2:30 am, so if this has already been answered, please forgive me!

The president cannot pass a bill. The Congress, which consists of both houses of Congress, the upper house known as the Senate and the lower house, known as the House of Representatives, has the sole ability to legislate, that is to pass bills.


The Congress is one of the three arms of government in the United States, the legislative branch. Our government was designed so that it made the laws. Once a law has been passed, however, the president must sign it for it to become law. This is one of the "checks and balances" in our constitutional system.

The president has the executive powers in our government; he can carry out the laws. He also has veto power. That means that if he feels strongly that Congress has passed a bad law, that he can refuse to sign it into law. Congress, however, has the ultimate say. It can override his veto...but only with a 2/3 majority. So Congress must agree pretty strongly if the president has used his veto power. The president, as the executive, is commander-in-chief, so he has day-to-day power.

What gets confusing is that recently the United States has granted more power to the executive branch than it used to have. For example, sometimes, now, a president will send troops into war without asking Congress first. Since it is Congress that has the power to declare war, this was never the case in the past. After Pearl Harbor was attacked by Japan, President Franklin Roosevelt went before Congress to ask them to declare war on Japan. He did not do so. It was a momentous occasion. Now many presidents claim that they have privileges that are not spelled out anywhere in the Constitution. They claim privileges to secrecy and privacy and to be above the law. It has grown over the years. The term, "imperial presidency" has come to be used to describe this phenomenon. It is one reason why people like you become confused about which branch of government has which power, although the Constitution spells it out pretty clearly.

I haven't mentioned the third branch of government, the judicial branch, because it really isn't germane to the topic. I hope this has been helpful. I have been working, "without notes" so I hope the facts are straight as well!!!


Deb

 

[Madam Bijoux]

Congress will have to come up with some sort of compromise. They can''t not do it, especially not in an election year. Now that they''ve politicized the whole thing, each side has to grandstand a bit before they actually do something.

 

[Dancing Fire]

woke up early for nothing,looks like the market will open higher. i was hoping to pick up some cheap financial stocks.

 

[NewEnglandLady]

Date: 9/29/2008 8:26:44 PM
Author: Dancing Fire

Date: 9/29/2008 5:56:43 PM
Author: NewEnglandLady

Date: 9/29/2008 5:53:37 PM
Author: Dancing Fire

Date: 9/29/2008 2:50:05 PM
Author: NewEnglandLady
Holy sh*t, I''ve never lost more money in a day in my life. Luckily my husband sold every single one of our shares while the vote was happening, so while we took a huge loss, it could have been worse.

remember....the best time to buy is when everybody wants out.

Agreed, if it collapses, we will buy, buy, buy.

yeah,buttt....when??

Not until know what''s going on with the bailout--investing in the next few days would be insane. Still, I''d rather risk it and lose than not risk it at all! D and I just needed to pull out and restrategize a little before diving back in.

 

[strmrdr]

Date: 9/30/2008 9:30:42 AM
Author: Dancing Fire
woke up early for nothing,looks like the market will open higher. i was hoping to pick up some cheap financial stocks.

There was no reason for it to crash in the first place.
The good companies are still good companies today the bad ones are still bad ones.

 

[Dancing Fire]

Date: 9/29/2008 2:11:12 PM
Author: tradergirl
Covering all my short positions! Hahahah. I won''t have to work again for the next five years! Thanks Pelosi!

i ain''t that gready. i just want to make a $1000 per day.

 

[Anna0499]

http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/30/the-best-temp-gig-in-history.aspx

$19 million for 3 weeks...what a great job!

 

[starsapphire]

Jeez talk about a golden parachute! That one must have been 24K!!!!

 

[Harriet]

Great gig! Speaking of WaMu, I received a credit card application from them yesterday.

 

[AGBF]

Date: 10/1/2008 1:43:38 PM
Author: Harriet

Speaking of WaMu, I received a credit card application from them yesterday.

But, that''s good news, Harriet! You see, I heard that credit has become tight. If WaMu wants to extend you credit, then things can''t be too bad! You obviously just don''t look at these matters from all sides. Don''t worry, I will help you through the financial maze.


Your friend,
Deb

 

[ksinger]

Date: 10/1/2008 10:13:23 PM
Author: AGBF

Date: 10/1/2008 1:43:38 PM
Author: Harriet

Speaking of WaMu, I received a credit card application from them yesterday.

But, that''s good news, Harriet! You see, I heard that credit has become tight. If WaMu wants to extend you credit, then things can''t be too bad! You obviously just don''t look at these matters from all sides. Don''t worry, I will help you through the financial maze.


Your friend,
Deb

Tell me O Great And Glorious Deb, Countrywide just sent me an email begging me to re-finance with an FHA loan. But I think there must be some mistake, because I already HAVE an nice low fixed-rate 30 year FHA loan made 10 years ago. What should I DO???? Are they desperate immoral idiots or am I making a big mistake by not taking them up on their offer??

 

[Dancing Fire]

Dow-348 Naz-93 S&P-47

 

[Harriet]

Date: 10/1/2008 10:13:23 PM
Author: AGBF

Date: 10/1/2008 1:43:38 PM
Author: Harriet

Speaking of WaMu, I received a credit card application from them yesterday.

But, that''s good news, Harriet! You see, I heard that credit has become tight. If WaMu wants to extend you credit, then things can''t be too bad! You obviously just don''t look at these matters from all sides. Don''t worry, I will help you through the financial maze.


Your friend,
Deb

Thank you!

Btw, would you mind asking your hubby if he knew the late analyst, Jonathan Gray? Jonathan covered Freddie, Fannie and Countrywide.

 

[Dancing Fire]

Date: 9/29/2008 9:36:15 PM
Author: stone_seeker
First of all, I think this ''tradergirl'' is full of it. No one should gloat when they make money and if she made enough to last 5 years, she must have a modest lifestyle. I''d love to know what positions she had on.

Today was rough, our fund is net short but this is a sad state of affairs that only was exacerbated by the media creating a panic about what would happen if this bill didnt pass. I heard talks of checks not clearing, ATMs not working, etc. Thats all hogwash. America will still be here and these excesses are necessary. I work in financial services and am not in favor of this bill. There are other methods to accomplish the same goal.

As for the market, wealth is created when there is panic and blood in the streets. I see a bottom in the S&P no lower than 1070 so i think downside limited here. Most bear markets have an average decline of 30% from peak to trough.

we might see 1070 on the S&P after the jobs report # come out.

 

[AGBF]

Citigroup is threatening a suit for tortius interference against Wells Fargo for trying to buy Wachovia (intact without the need for government funds, keeping the heaquarters in Charlotte). Sheila Bair, the FDIC Chairman, "stands behind the previous offer by Citigroup".

What the hell!!!!???


Deborah

 

[Anna0499]

Date: 10/3/2008 11:31:34 AM
Author: AGBF




Citigroup is threatening a suit for tortius interference against Wells Fargo for trying to buy Wachovia (intact without the need for government funds, keeping the heaquarters in Charlotte). Sheila Bair, the FDIC Chairman, ''stands behind the previous offer by Citigroup''.

What the hell!!!!???


Deborah

Wow! I was wondering about that since I read Citigroup had made a bid then today the headlines said that Wells Fargo was going to buy their stock. I wonder what the legalities are; I guess it depends on what was said, done, and signed with Citigroup. "Wachovia shareholders will receive 0.1991 shares of Wells Fargo stock in exchange for each share of Wachovia stock." How''s that for a deal?! Haha

 

[Harriet]

Did Citi and Wachovia actually sign a valid contract or did the former merely make a bid? For there to be tortious interference, Wells Fargo would need to have induced Wachovia to breach its contract with Citi.

 

[Anna0499]

Date: 10/3/2008 12:02:26 PM
Author: Harriet
Did Citi and Wachovia actually sign a valid contract or did the former merely make a bid? For there to be tortious interference, Wells Fargo would need to have induced Wachovia to breach its contract with Citi.

I have no idea, Harriet. http://www.bloomberg.com/apps/news?pid=20601087&sid=ayYMZatnuFp4&refer=home says that Citigroup is claiming an actual breach of an exclusivity agreement. From what I understand, Citigroup had offered to buy only $2.16 billion of stock and Wells Fargo wants the whole enchilada at $15.1 billion without the FDIC, so of course Wachovia jumped at that. If there was a breach, I would think it would be an efficient one on Wachovia''s part.

 

[Harriet]

It doesn''t appear that a sales contract was in place. I like that the Wells Fargo deal does not require tax money.

 

[Beacon]

It's very remarkable.

When the deal was being put together, WFC was the first bidder. They had a handshake agreement to buy WB for something like 20bill. Then over that same weekend they backed out. It was a stunning setback to Wachovia and the Citi deal was very quickly brokered for a much lesser price and with the government making whole any loan losses above a certtain threshold (like 42 bill or thereabouts).

Now WFC is coming back. There has been a change, an IRS ruling, that allows them better deductibility of the losses from WB so they want the deal. N.B. on the WFC deal the government doesn't absorb any losses.

I don't know the contractual status of the Citi deal but the market tells us that WB is going to sell for a better price one way or the other.

 

[Anna0499]

The House just approved the bailout bill.

 

[Tacori E-ring]

Date: 10/3/2008 11:31:34 AM
Author: AGBF





Citigroup is threatening a suit for tortius interference against Wells Fargo for trying to buy Wachovia (intact without the need for government funds, keeping the heaquarters in Charlotte). Sheila Bair, the FDIC Chairman, ''stands behind the previous offer by Citigroup''.


What the hell!!!!???



Deborah

That would be awesome news if they kept the headquarters here. I am worried for our friends and neighbors who work for Wachovia.

 

[Dancing Fire]

will we see Dow 9000 soon? S&P below 1000? Naz below 1700?