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JohninCebu

In Categories: Capital markets

Posted at 05:49 by Gwen Robinson

 

Britain

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MattFromGA

Back in the 29-32 crash the US feds had not learned how to manipulate markets by buying stocks on the exchange through intermediaries. They do that now and this is why the stock market hasnt collapsed as much as it could have by now. It is also the reason why the market didnt crash worse than it did back in 2001 or so when the "dot com bubble burst" and the dow went from 12 thousand down to about 7 thousand (forget the exact numbers, so im rounding off the figures).

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Alan S

John, I believe that the UK Govt's action re a bail-out plan is totally wrong.

 

They made a complete hash of the Northern Rock fiasco, and since then have only shown that they know little about banking, markets, finance or indeed, much else.

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Perhaps this could be a prime example of just what happens when pure greed mixes with total indifference to cook the present world wide financial foul tasting soup that we are all forced to eat:

 

Pigs at the trough

 

It was a showdown to cherish for critics of Wall Street's culture of enrichment. The grim-faced boss of the bankrupt bank Lehman Brothers was left squirming with discomfort today as a veteran Democrat roasted him over his multi-million dollar pay.

 

With the startled look of a man unaccustomed to sharp examination, Lehman's chief executive, Richard Fuld, clashed bluntly with the chairman of the House oversight committee, Henry Waxman, on Capitol Hill.

 

Called upon to explain why Lehman collapsed last month, Fuld began with a note of humility, saying he felt "horrible" over the demise of the 158-year-old institution. "I want to be very clear," said Fuld. "I take full responsibility for the decisions I made and for the actions I took."

 

In a brief speech that was heard in silence, Fuld told lawmakers that if he could turn back the clock, he would do many things differently. As soon as he finished speaking, sparks began to fly. The chairman of the committee held up a chart suggesting that Fuld's personal remuneration totalled $480m over eight years

Edited by rico
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True Stuff

 

 

Whats startling is .. this isn't front page...

 

Sincerely.. this is looting and fraud. Worse still we're rewarding the looters with the bailout... It still comes to housing speculation and pure greed. The EU banks are worse off than the North American right now...

 

To add a bit of perspective

 

a youtube by Rep Mary Kaptur...

 

http://ca.youtube.com/watch?v=HSIXzrm-Yok

 

and USA housing inflation.. This was not a suprise...The people who bought at these values should suffer.. it gets complicated when the banks have more leverage than value... Ultimately... I see a depression and possible hyperinflation....

 

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Stuff

 

From a personal perspective... Housing is already falling dramatically even in Canada... Some areas are still "buffered" but it cant last. The real model I see is the the DTW area and for me the Canadian side here in Windsor..Houses that 2 years ago were $450,000 (2500 sq ft, good schools blah blah) are listing for $290,000 and NOT moving. Why no one has the cash, those with the cash are patiently sitting and waiting...

 

My "lifestory", info; and where my perspective unravels....

 

I am fully liquid right now and not sure if its a good move or not. As a former banker when I came back from my tour of the phils Aug 20th I had 4 Banks offer me jobs in my old upper middle income wage and bracket.. I passed on them not because of any foresight, but I hated banking as a career... I checked the want ads, On Monday there were 42 listed....... today and there were 37.... in excess of 400 mid management bank jobs two weeks ago on workopolis here...

There are normally in the mid hundred mid level bank jobs posted.....

 

My friends in the Alberta Oilpatch, where johnny junior greenhorns could haul in $40/hr as a camp cook well this past week, a few are getting notices.. no more work (just slang Mr Rainey).

 

If hyperinflation hits, my little bit of cash is worthless; if deflation hits a bit more and the idiots at the fed drop rates/ hold rates my bit of cash will go a long way. I'm taking a "stable" job for about 60% of my prior earnings, as income is better than none. For those living in the phils... I think you're about to see hard assets get a lot cheaper... and belts get a lot tighter, as the foreigner money isnt going to be flowing out.. and hungry poor people in North American are a bit too close to those nice rich folks noted in rico's post...

 

I'm not sure I'll want to be in Fuente as a "kano" three months from now....but I also see a near $6,000 "average american" new tax burden just to pay the "people" who created this mess....

 

I just shudder at your comment though rico... Shooting them.. really...???? I have seen firsthand people physically come apart, death and destruction seems to be the first reaction by so many... and it's not even bad yet... It's not Hati and you're not literally looking at the last bundle of bananas, in front of a choleric pool with 40 others.... Or the last moldy turnip/potatoes....Good lord.

 

No far better to seize the assets entirely. I mean be nice though leave the man One good set of clothes.

 

Time will tell, my crystal ball definitely did not see this coming......

 

Edit: to clarify comment regards Banking want ads.

Edited by parksb2
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parksb2 - the global media are IN ON IT & have been from the very beginning.

 

Look at who owns the mainstream media & who they are linked with.

 

It is a multi headed hydra with no values, no morals, no justice & certainly no fear of being held truly accountable.

 

It is time for a global shift of the management & operation of the banking "system" and those who have been & still are responsible for all this-

to be publicly put on trial, found guilty and locked up in the worst prisons available (hard labour preferable) for a minimum of 20 years each.

 

Don't even get me started on the politicians in just about all affected countries who allowed it all to occur & knew full well what was about to happen

even years prior...

 

I want to throw a brick through the TV every time a talking head politician gets on and states "these are extraordinary times" "we need to do something now or it will get worse" "no one could have foreseen this" (just like a certain secretary of state said about 9-11) blah blah blah.

 

This is the START of it all, not the end.

 

PS I wouldn't even give them a set of old mouldy clothes, nothing - after stripping every one of them of everything they and their families own or possess.

 

I have to deal with & experienced many critical & life threatening incidents and know what people ("normal" or otherwise) are capable of if push comes to shove. It isn't pretty, it isn't the movies and it has long lasting effects on those who experience it. Yes I know of that first hand and that's one reason why I feel I have earned the right to tell it as I see it.

Edited by rico
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parksb2 - the global media are IN ON IT & have been from the very beginning.

 

Look at who owns the mainstream media & who they are linked with.

 

It is a multi headed hydra with no values, no morals, no justice & certainly no fear of being held truly accountable.

 

It is time for a global shift of the management & operation of the banking "system" and those who have been & still are responsible for all this-

to be publicly put on trial, found guilty and locked up in the worst prisons available (hard labour preferable) for a minimum of 20 years each.

 

Don't even get me started on the politicians in just about all affected countries who allowed it all to occur & knew full well what was about to happen

even years prior...

 

I want to throw a brick through the TV every time a talking head politician gets on and states "these are extraordinary times" "we need to do something now or it will get worse" "no one could have foreseen this" (just like a certain secretary of state said about 9-11) blah blah blah.

 

This is the START of it all, not the end.

 

Yep yep, but getting angry and tossing bricks... Better to use the net constructively. Prophets are mad, until they are right. Who gets listened.. The guy throwing bricks through his TV ? or the guy who calmly says thats not happening... The politicians probably didn't see this nor do the media a lot... Most people just don't care and aren't that bright, they're well fed, comfortable ...

 

How many Germans said "but we didnt know".. "we are just simple people". I seriously wonder how different Iraq is from Poland..... ???? Ah dear... Its the old look after my problems not the worlds syndrome.

 

This is the start of it, I agree... It's enough to make one a bit biblical.....

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MattFromGA

There is too much complaining in this thread. There is too much blaming these problems on the politicians. Hell, I knew when I was 6 years old how bad and corrupted politicians were, yet most Americans act like they are voting for "the guy that will make a difference". What a bunch of hog wash. As long as the voting system isnt rigged, its all the voters fault. The voters kept voting in these kind of idiot politicians and look, they are all hopped up to do it again. Like Barak Bin Ladin or John McSleep Burger is going to change the world.

 

Freedom isnt free. Westerners are too busy watching boob tube and thinking about their next McMansion to worry about robbery in the highest degree. Watch, things will keep going as usual. The crooks clean up again. Some idiots get elected to various posts and... round 5000 starts it all over again for the next "crisis". They told me "if you dont like the way things are done here, get the hell out". Ok. Keep your bloody tax bill too! Whats the alternative, McVah style justice? Dem Dear Days are over.

Edited by MattFromGA
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parksb2 - fortunately or regretfully I did see this coming. It has been forecast for 4 years or more but it's not news until it happens. As most of us I just ride with it but as you say the future is very bleak.

 

This last 24 hours has seen another crash, or should I say slide, in global markers. Credit lines are not easing, they are getting worse. Goldman Sacks and Morgan Stanley scheduled to be nationalised today some are saying.

 

My fear is also inflation because in many cases it will be hyper inflation - bang goes my pension, savings and sweeping the street and packing shelves I guess at my age. The worst will be having to go back to the UK as living here may be hell for kano's.

 

Depression has a lot going for it as far as I'm concerned but the Philippines will not be a good place in either scenario - as it won't be for expats anywhere - we will be a target. However, we just dont know, neither does anyone else on the planet, which at least gives us a chance over the next 5 years or so.

 

Must get a hard hat and gasmask, just in case.

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GM, looking at Chapter 11, and what do they do, announce the ALL NEW FAKE hummer H3T SUV TRUCK! $36,000 nicely equipped,

 

What in the hell are these American execs, thinking?????? NOTTTTTTTTTTTT

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A cheap hummer always makes me feel better in times of turmoil!

 

Brian posted this under my name!!!

Edited by Bob Ward
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