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Malakai
 
Lehman Bros no more after 158 years, 25k+ employees

Other interesting market news. Merril Lynch was bought by Bank of America for like 29c on the dollar.
Considering BAC stock has been getting pummeled, I was pretty surprised by this. Our money is in BB&T who are doing relatively well compared to BAC (BAC down over 25% to BBT's 5%).

Also AIG, banking investment and insurance firm, huge but relatively low profile, has all but declared insolvency.

Lehman = no taxpayer bailout. Appreicate that FED, but AIG may receive 80 billion plus.

DOW is down over 500 for the day, bank stocks continue to do extremely poorly. Good times.

Shitty seeing all the Lehman Bros employees walking out with their boxes of stuff. Most were completely shocked and some looked on the verge of tears. A buddy of mine went to school for 6 years and was so happy when he got hired by them last year.

The fed may stupidly cut rates again tomorrow. They also declared they will allow the investment banks to borrow money at the overnight rates that depository institutions can borrow from to prevent bank runs.
Old 09-15-2008, 02:18 PM Malakai is offline  
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EigerVue
 
wow i didnt know this was www.cnn.com i thiought this was the pit.


Maybe you shoudl add some opinion rather than just the fucking news
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Old 09-15-2008, 02:19 PM EigerVue is offline  
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Gibonius
 
Kind of wondering why Bear Stearns got a bailout and Lehman didn't. Maybe it was a first come, first served special.
Old 09-15-2008, 02:26 PM Gibonius is offline  
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ElectribeCyanide
 
What are the most obvious ripple effects of Lehman closing and if AIG is not bailed out. (Or if you find it more interesting AIG is bailed out out by fed)

How long will this be going on, I've heard 18 months awhile back but was this really expected?
Old 09-15-2008, 02:27 PM ElectribeCyanide is offline  
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FM 2347
I am offended by the world isajeep.
 
AIG is gone too? What?
Old 09-15-2008, 02:34 PM FM 2347 is offline  
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joemama
Watch Toomer burn those cowboys. How bout them cowboys?
 
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Thanks, I didn't see the headlines on my MSN homepage....or in the paper this morning...or any tv news at all. Without you I wouldn't know anything.
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Old 09-15-2008, 02:56 PM joemama is offline  
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Malakai
 
Sorry. It was a pretty big deal maybe some discussion?

Dow down over 500 worst day since 9/12/01 I'm told.

I don't really know what implications this stuff has on the greater economy, still learning, so feel free to talk about it.

No work today I was bored, so shoot me!

Talked to my friend who lost his job, he's pretty depressed. Going to be a lot of competition to get jobs with the other financials with many thousands of new applicants hitting the market. He tells me inside the company, till a few weeks ago no one there ever believed this could happen. A merger/buyout with layoffs sure but not outright bankruptcy.
Old 09-15-2008, 03:12 PM Malakai is offline  
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coolxboxgamer
 
Quote:
Originally Posted by ElectribeCyanide View Post
What are the most obvious ripple effects of Lehman closing and if AIG is not bailed out. (Or if you find it more interesting AIG is bailed out out by fed)

How long will this be going on, I've heard 18 months awhile back but was this really expected?

2-4 decades

I am serious.
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Old 09-15-2008, 04:41 PM coolxboxgamer is offline  
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This is one more step away from wealth equality.
The traders are making a fortune at the expense of the retirement fundies...
Capitalism will tell you that a company operating with bad practices went under and that all the remaining firms are better off.

In our case, we should examine just what allowed the issue to snowball and snap like it did. I contend that government intervention and here-and-there favorable legislations over the years coupled with a silly spending-spree populace is a large part of what caused this.

Always keep in mind that recession is the natural following of inflation. In order to cut inflation, we're going to need to endure recession.
Problem now is whether or not the government will have the guts to cut spending and encourage saving.... I'm guessing not.
Any politician who tries to tell people that they should be responsible and save their money will never get elected.

I eagerly await the Fed's next move here. They may be running short of options with congress fucking up almost every opportunity to push for self-reliance and personal responsibility.


EDIT: I don't think I'd worry about the market as a whole though. There is enough wealth concentration that people are able to buy back in when they see actual efficiency and "good deals" returning to investment.
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Old 09-15-2008, 04:44 PM Zangmonkey is offline  
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Straw Man
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yeah because recessions and bankrupcies really are something unique and special. This has only happened in your lifetime like Y2K did, and you're really on the ball

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Old 09-15-2008, 04:45 PM Straw Man is offline  
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Zangmonkey
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Quote:
Originally Posted by RuHo View Post
yeah because recessions and bankrupcies really are something unique and special. This has only happened in your lifetime like Y2K did, and you're really on the ball


the fuck are you responding to?
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Old 09-15-2008, 04:47 PM Zangmonkey is offline  
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Straw Man
RuHo
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Quote:
Originally Posted by Zangmonkey View Post
the fuck are you responding to?

the guy before you
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Old 09-15-2008, 05:02 PM Straw Man is offline  
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Zangmonkey
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Quote:
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the guy before you

He has his PhD in economics.
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Old 09-15-2008, 05:04 PM Zangmonkey is offline  
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LegendKiller
 
Quote:
Originally Posted by coolxboxgamer View Post
2-4 decades

I am serious.

No, you are full of shit.
Old 09-15-2008, 06:12 PM LegendKiller is offline  
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Corbin
 
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I thought only the parent company was bankrupt and a lot of the business units were still operating

edit: meaning not everyone lost their jobs
Old 09-15-2008, 06:21 PM Corbin is offline  
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