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- dereke55, on 09/17/2008, -10/+4Really puts everything into perspective
- MCA2142, on 09/17/2008, -1/+2Where the hell have you been?
- MachBoy, on 09/17/2008, -3/+36like map of the market - http://www.smartmoney.com/map-of-the-market/
- martinherrera, on 09/17/2008, -0/+1Wow, look at the one's tied to Gold
- Sp0rAdiC, on 09/17/2008, -0/+1That's just today.
- Archeologist, on 09/18/2008, -0/+1Coal is doing well in the energy sector. Very interesting link, thank you!
- dajuggernaut, on 09/17/2008, -0/+2time to start stashing some cash under the mattress
- insanebrain, on 09/17/2008, -0/+1cool link. thanx
- zerton, on 09/17/2008, -0/+1gold's doing fine! i wonder...
- martinherrera, on 09/17/2008, -0/+1Wow, look at the one's tied to Gold
- DonnyW, on 09/17/2008, -4/+7I knew I should have invested my money in a large collection of tin cans scattered throughout my yard.
- OWNAGETIME, on 09/17/2008, -9/+22Ron Paul called it... although I bet not even he imagined the magnitude of the situation.
- Zedizdead, on 09/17/2008, -6/+35So did McCain.
If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
– John McCain, May 25, 2006- chevyorange, on 09/17/2008, -4/+4Said the man of strict deregulation. He flipped in 2006 it looks like.
- kevinmotel, on 09/17/2008, -1/+14I'm gonna give you a digg up for objectivity, zed.
- Zedizdead, on 09/17/2008, -1/+9It won't last. I'm just saying that Ron Paul wasn't the only one who saw it coming and I found it interesting that McCain specifically mentioned Fannie Mae and Freddie Mac back in 2006.
- whoaohh, on 09/17/2008, -0/+6John McCain used to be a different person.
- Jkind, on 09/17/2008, -3/+22Three years ago at Thanksgiving, a few of my older relatives & I called it. If you didn't notice the direction the economy was going, you haven't been paying attention or were in denial. Do you really need a politician to tell you?
- TheSpiv, on 09/17/2008, -2/+1i elect you to office
- Steinr, on 09/17/2008, -1/+2Yeah, Ron Paul called it. So did many others. I think that few realized how bad it would get, but I think Ron Paul fully understands where we are heading and how bad this can get.
Personally I think the worst is not over, just because the Government took over we few companies and gave them some billions does not mean the situation has gone away. It does not help people to pay their mortgages. This is only going to get worse till the system itself changes.- BadseedJR, on 09/17/2008, -0/+4All they did was set the precedent. Now if you make bad loans and go bankrupt, who cares? Big Brother will always be there for you.
- chrisinsocalif, on 09/17/2008, -1/+2Anyone with half a brain knew it would happen eventually.
- Zedizdead, on 09/17/2008, -6/+35So did McCain.
- killerless, on 09/17/2008, -11/+5It's really amazing how bad this has become. Here's a good explanation of what this means.
http://is.gd/2KUp
Good blog that goes beyond what you'll read on msnbc. Everyone, thank your government for allowing this to happen.- shredswithpiks, on 09/17/2008, -0/+6not clicking a link that has no discernible words or meaningful acronyms in the URL (even if it did buried for blogspam)
- hitmikey, on 09/17/2008, -0/+30That looks like a strong economy.
- drmangrum, on 09/17/2008, -0/+14That's what you get with strong fundamentals.
- Mizzike, on 09/17/2008, -9/+7I don't mean to sound radical or alarmist, but these government bailouts/takeovers make me feel like we're moving toward socialism. Perhaps I don't understand things fully, but it seems that the government now owns/controls the largest two lending houses in the country, and now the largest insurer in the country. What's next?
I also agree with OWNAGETIME above; Ron Paul called it. I'm still writing him in as my choice for prez, just out of principle and respect for the man--not to mention because neither of the two current candidates either appeal to me or exhibit true honesty about the issues we're facing today.- Zedizdead, on 09/17/2008, -13/+6You think we are moving towards socialism now? Wait till Obama becomes Prez.
- chevyorange, on 09/17/2008, -3/+12Yeah because the last 8 years of fascism as worked out soooooo well. Why don't you quit spewing *****.
- holzp, on 09/17/2008, -3/+10I wouldn't mind the socialism part if I actually got stuff from it. So far I still pay out the ass for health care, for my future retirement, for my kids college, for a war halfway across the world, and for large companies that make poor and greedy decisions.
Uncle Sam? You wanna take my money? Can you at least give me something useful back for it? and no...roads, high school and the police are all paid for by my property taxes.- jasongbc, on 09/17/2008, -0/+0you just described socialism in canada. i'm forced to pay all that ***** for OTHER people.
- holzp, on 09/17/2008, -0/+1But at least you get some, I get to pay it once for everyone else then again for my family. That is what American Capitalism has become. Give me single payer socialism over double dip socialism any day.
- Zedizdead, on 09/17/2008, -13/+6You think we are moving towards socialism now? Wait till Obama becomes Prez.
- squeee, on 09/17/2008, -0/+14I sure am glad out fundamentals are strong otherwise we'd really be screwed.
- pintomp3, on 09/17/2008, -2/+3stop taking the quote out of context. he meant the fundamentalists are strong. they coming out in droves for palin.
- wojtyk, on 09/18/2008, -0/+0Though you clearly meant that sarcastically, you're exactly right.
We're DAMN lucky the fundamentals are strong. And by fundamentals, I mean practically every other sector outside of financials/real estate.
We're lucky companies are continuing to turn up strong profits, like Oracle today: http://biz.yahoo.com/ap/080918/earns_oracle.html
We're lucky unemployment is still historically low.
We're lucky consumer confidence has been rising for the past 4 months.
We're lucky the dollar has been strengthening and oil declining.
If it weren't for these fundamental strengths, we'd be in a WORLD of hurt.
- phre3k187, on 09/17/2008, -1/+2THEY KNOW NOTHING!
- leerayIG88, on 09/17/2008, -0/+1I hear nothing, I see nothing, I know nothing!
- jonshipman, on 09/17/2008, -1/+3HoooRAY US Bancorp!
- Marshalus, on 09/17/2008, -0/+0I know, I've used them for a while, glad to see they're OK for now. Really would like to see how USAA is doing.
- digitalunit, on 09/17/2008, -2/+244 More Years!
- RMoore08, on 09/17/2008, -1/+15Til the next Summer Olympics!
- SpectreFire, on 09/17/2008, -0/+5Yay!
- zerton, on 09/17/2008, -2/+2that would be such a horror story
- RMoore08, on 09/17/2008, -1/+15Til the next Summer Olympics!
- killerless, on 09/17/2008, -0/+8By bailing out AIG (loading AIG 80 billion in exchange for 80% worth of Warrants in the company) means that we have effectively destroyed the people who own the stock. The people running the company have done quite a bit towards this end, but the nail in the coffin was the fact that the govt drove the shares outstanding through the roof, diluting shareholder value, and killing their investments.
Not to mention that this loan was made at an 11% interest rate. I've got credit card rates that are better than that.- SuperWinner, on 09/18/2008, -0/+14 Trillion lost in 11 Months, and I was pissed when I cashed out and list 3000....
- RMoore08, on 09/17/2008, -4/+1Heavy Losses
http://whatfatpeopledontlike.files.wordpress.com/2 ... - pedepy, on 09/17/2008, -1/+4the banks are just reaping what they're due: years of greedy ass reckless lending coulndt have ended any other way.
Too bad their demise will bring the whole market down with them though.. - TotalDouche, on 09/17/2008, -0/+5"Do you know your 2008 credit score? Find out instantly!"
- holzp, on 09/17/2008, -1/+9Fannie Mae : 0
Freddie Mac : 0
AIG: 0
USA: - 5 trillion
Being screwed for the next five generations piceless.
- holzp, on 09/17/2008, -1/+9Fannie Mae : 0
- MCA2142, on 09/17/2008, -1/+17Great chance for the FED(private corporation) to buy up other companies.
As people suffer, the 6 co-owning banks of the FED which prints our money(NOT our government) gets richer.
They own your money, and now they own your mortgages. - gladius, on 09/17/2008, -0/+0that is scary!
- paulieslim, on 09/17/2008, -0/+3I am reverting back to my piggy-bank...it's much safer
- emland, on 09/17/2008, -0/+6but your cash is losing value by the minute
- drmangrum, on 09/17/2008, -0/+3You would be better off buying things like gold and silver...things little fluctuation in price.
- ryborg, on 09/17/2008, -0/+25The Terrorists have won :)
- freezerburn666, on 09/17/2008, -0/+13that was their intended plan, right? to hit the usa financially... i guess occupying other countries wasn't the right move.
- thescimitar, on 09/17/2008, -1/+1Seems like a devastating plan in hindsight: attack US financial center while reactionary party in office. CEO (the President) asks Americans to aid the fight by consuming more; greater frivolous consumption leads to inability to maintain costs of living, spread fear to right-wingers through the spectre of "terrorists" and fear to left-wingers through the spectre of "fascism".
The whole of America, terrified and in mounting debt, collapses in sheer exhaustion.
Seems like it's going along swimmingly. - poidh, on 09/17/2008, -2/+3Two realities spring to mind:
1. Terrorists need to be fought or they will plot and carry out attacks such as 911.
2. Fighting the terrorists in the current manner (troops on the ground but having hands tied to avoid excessive "civilian" casualties) is costly and does not acheive objectives quickly enough.
Perhaps it might be cheaper and more effective to make an example of terror-sponsoring states using other means. Perhaps the terrorists will have awoken a sleeping tiger.- jasongbc, on 09/17/2008, -1/+0Terror sponsoring states like the USA? Don't forget who trained Osama. (then framed him)
- heystoopid, on 09/17/2008, -0/+8So we have country with a combined national debt of approximately sixty two trillion and a market capital of a mere fifteen trillion !
Man that is one big banana republic South American Style !- Gioleb, on 09/17/2008, -0/+1Actually, it's starting to look more like the GAP...
- web2pointYo, on 09/17/2008, -2/+2So if you go to that page with your iPhone what happens? I'm assuming no chart for you.
- chompapotamus, on 09/17/2008, -5/+1NY times + 'interactive' = too many clicks
- poopsmcgee, on 09/17/2008, -0/+9All of this "money" is just made up out of nothing. There's no assets to back it up, just a bunch of bad credit.
- imakeholesinu, on 09/17/2008, -1/+2Is Citigroup next?
- Crimsoneer, on 09/17/2008, -3/+3No. Now stop scaring the ***** out of people. The real reason we're in the middle of this damn crisis is idiots like you running around like headless chickens and predicting doomsday on a daily basis.
- slug007, on 09/17/2008, -0/+9WaMu is next!
- sdwilly, on 09/17/2008, -0/+3Chase has been in talks to buy WaMu since last year, this will probably be the catalyst they need to close the deal.
- billbugger, on 09/17/2008, -0/+1I agree.
- eigenweasel, on 09/17/2008, -0/+2WaMu has already happened - Goldman Sachs and Morgan Stanley are next, judging by the spread on their Credit Default Swaps.
- whoaohh, on 09/17/2008, -0/+2As bad as the financial sector is, the best of the breed won't go under unless we're looking at a total economic collapse. Even though it sounds crazy, GS and MS might actually pick up some market share due to the total collapse of Lehman and AIG.
- pstroll, on 09/17/2008, -1/+20Americans are so tapped they're now spamming Nigeria with money deposit scams
- smobean4000, on 09/17/2008, -0/+0"that was a good one... I did not see it coming..."
- apersaud, on 09/17/2008, -1/+2And to think, if AIG falls, they would add another $1 TRILLION dollars to that number!
- eatsushi, on 09/17/2008, -0/+3I am seriously scared now not for the next year, but what next month will bring us...
- borez, on 09/17/2008, -1/+2I for one reject the new Fascist Socialist overlords.
/not that it will make one bit of difference - onoitzphil, on 09/17/2008, -0/+3Anybody else scared when they read " Taken over by the government...." and "government backed deal" ?
- aftern9ne, on 09/17/2008, -1/+1Give me a break. You should be more scared that the government has to take these corporations over to prevent a stock crash.
- jasongbc, on 09/17/2008, -0/+1...and the rich get poorer.
- hydroplane, on 09/18/2008, -0/+2Government housing for all! Kool-aid and crack for all!
- aftern9ne, on 09/17/2008, -1/+1Give me a break. You should be more scared that the government has to take these corporations over to prevent a stock crash.
- TheSpiv, on 09/17/2008, -1/+1wamu is auctioning itself already
http://dealbook.blogs.nytimes.com/2008/09/17/washi ...
i was just there saving my money. - bizzywho, on 09/17/2008, -3/+0I'm not a finance whiz, so could someone answer me something? So I have a credit card from Citi. If Citigroup also goes under, what will happen?
Please! Please! Please say that I won't have to pay my credit card bill anymore! LOL! ^^- novask, on 09/17/2008, -0/+3I'm not sure how it works, but I think they sell the debt to someone else. You will still have to pay.
- nydwarf, on 09/17/2008, -1/+1Remember this the next time some politician stands up and starts ranting and raving about how we need to get rid of government regulations on this and that. The regulations were put in for a reason.
- BESTenemy, on 09/17/2008, -0/+5To quote my favorite market advisor, Mike Shedlock:
"Let's have the government run insurance companies, auto companies, banks, mortgage companies, home builders, brokerages, gas stations, and for good measure let's throw in pizza parlors."
Welcome to the Socialist United States where property rights no longer matter and the FED is allowed to purchase anything it wants with the money it prints. AIG got confiscated from its shareholders. Freddie and Fannie were quazi-government, so their rescue was border-line illegal. The purchase of AIG, that wasn't even a bank, is completely illegal.- TsarDusan, on 09/17/2008, -0/+2as someone who is not a resident of the united states, would you mind educating me why it's illegal (genuine curiosity)
- BESTenemy, on 09/17/2008, -0/+2 For starters, the FED has violated its own Federal Reserve Act section 23A that sets the limits on how much money can be injected at any single time.
Second of all - AIG was a shareholder operated company. The so-called "rescue" initiative did not get put to a vote. The shareholders that were expecting an announcement got handed the decision: "Your company now belongs to somebody else. Your stock is now worthless."
AIG is a private insurance company. The FED along with the Treasury are using public funds (taxpayer money along with printed cash) to buy a private organization. They are confiscating property from investors that did not agree to the move, paid by taxpayers that never got to share any of the profits of the company but will now have to foot the bill.
Imagine if I had to use your money, without your consent, to buy and fix somebody else's car, with neither you, nor the owner of the car being aware of the deal until it was done. That is what government and the Fed are doing.
The purchase of AIG is completely illegal. Conservatorship is the new word for confiscation.
Haven't you heard the phrase: "Privatizing the gains while socializing the losses?" That describes US today. It is completely illegal. - TsarDusan, on 09/18/2008, -0/+1sometimes i wonder if your government doesn't understand what illegal is. and even more confusing still is how nobody does anything about it.
thanks for the response btw.
- BESTenemy, on 09/17/2008, -0/+2 For starters, the FED has violated its own Federal Reserve Act section 23A that sets the limits on how much money can be injected at any single time.
- TsarDusan, on 09/17/2008, -0/+2as someone who is not a resident of the united states, would you mind educating me why it's illegal (genuine curiosity)
- rowlodge, on 09/17/2008, -0/+3in ancient times the whole economy just gave back everything that was under a loan after 50 years,completely cleaning the slate off their boards, this was just to keep the world from disintegrating.
- JEWestbrookJR, on 09/17/2008, -0/+1Everything about that overhead shot of the brunnette in glasses is so RIGHT
- MrRoboto, on 09/17/2008, -0/+2Good thing the economy is on good shape right George.
- Chipsandsnacks, on 09/18/2008, -0/+1The Wells is my homeboy
- killerless, on 09/18/2008, -0/+1Not my blog, but worht watching/reading.
http://market-ticker.denninger.net/archives/584-Th ...
Just because it's a blog doesn't mean it's not important.
Stand up. Tell Everyone that's suposed to represent you in office that you don't want to turn into the Wiemar Republic. While we still can. - hydroplane, on 09/18/2008, -0/+1Wonder where all the "free" marketeers went, jumped out of windows?
- killerless, on 09/18/2008, -0/+2Turns out banks aren't free market. They're GSE's all along...
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