Wall Street Disaster
It was a historical weekend on Wall Street - in a really bad way!
Washington pretty much forced the money men to work all weekend long to try and avoid even more of a downward spiral in the markets stemming from a 'crisis of confidence'.
One-time Wall Street giant Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to (hopefully) avert a mayjah crisis.
AND another once formidable Wall Street player, Lehman Brothers, announced that it would seek bankruptcy protection after it failed to find a buyer to bail them out.
Wall Street giants have lost hundreds of billions of dollars because of bad mortgage financing and real estate investments, according to reports.
We regular folks know what the real reason is, right?
Greed!
Don't you love how the suits' greed will basically eff us all over?!
[Image via WENN.]
George "Sulu" Takei Weds Longtime Boyfriend!
This Is Not A Joke
…some scarey sh*t. I need a hit. I think I need to be on a "Boat To Sail" instead of worrying about my investments…
Buy War Bonds.
Yeah, my husband is a stock broker. Needless to say, I didn't see him at all this weekend.
Re: Nurse Allison – But, my fall wardrobe is coming along marvelously…
You know those at the top are leaving with tons of money even though they're filing for bankruptcy.
This is where the real discussion should be "The faith of our economy" but as soon as a post shows up about of gov. Sarah Palin the uneducated idiots show up in protest. its too funny
Re: Nurse Allison – *winter
I bet you think that Obama is somehow going to make people less greedy and fix this whole mess? good luck with that…
BLAME BUSH/McCAIN!
You morons! NOW you see!
Says the man who's made millions stealing photographers images as his own.
Hilarity.
it really goes both ways…we got greedy (taking out loans we knew we'd never be able to pay back ) and so did the banks (NINA loan anyone?).
either way it's not looking good
good source of basic info: www.thislife.org/extras/radio/355_transcript.pdf
Re: EDUCATE URSELF – LOL, everybody is too worried about abortion and taxes to care. Duh…
Re: Intellect_Rules – they don't see. That is what is so f*cking scarey. They are donning Sarah Palin glasses and wearing their hair in her fashion, like sheeple. If anyone wants to pray for a 'cure' pray that the Republicans to not get the White House this election…
Re: The Warden –
IT IS The Repulicant's fault! Where the FUCK have you been for the last 8 years?! Still in your mama's womb? In an institution for the completely fucktarded?! If Bush hadn't kept giving these HUGE tax cuts to these corporations, they wouldn't have eaten themselves alive!
NOW the rich are scared. I say - GOOD! McCain will give you more of the same.
Perez, this shit is really bad. These are major financial institutions. Not just one, but at least four now. Not to mention all the regular banks that are failing. This is affecting the entire global economic system. The Dow just dropped 400 points this morning. Don't you realize? People are watching teir pensions and retirement savings getting wiped out. This is a disastter. And we owe it all to Bush, and people like McCain. McCain who claims in public that he "doesn't understand the economy!" He said that four months ago! He is also for the kind of policies and practices that got us into this mess. WallStreet is greedy, but they couldn't do this if the government said no. McCain was one of the Keating Five. That savings and loan scandal in the 1980's when people lost their savings and their homes. This is a million times worse. BTW. Do you realize McCain wants to privatize Social Security? That means Wall Street will get asnother short term infusion of your money to play with until they mess up again.
Re: The Warden – : Those are aggregations of the donations made by middle management employees…the people being screwed over when stuff fails. At the top, it's mostly Republicans, all hollering for less regulation to bind their greed. Why is that so hard to understand?
Here's what Obama has to say:
I certainly don’t fault Senator McCain for these problems, but I do fault the economic philosophy he subscribes to. It’s a philosophy we’ve had for the last eight years – one that says we should give more and more to those with the most and hope that prosperity trickles down to everyone else. It’s a philosophy that says even common-sense regulations are unnecessary and unwise, and one that says we should just stick our heads in the sand and ignore economic problems until they spiral into crises.
Well now, instead of prosperity trickling down, the pain has trickled up – from the struggles of hardworking Americans on Main Street to the largest firms of Wall Street.
This country can’t afford another four years of this failed philosophy. For years, I have consistently called for modernizing the rules of the road to suit a 21st century market – rules that would protect American investors and consumers. And I’ve called for policies that grow our economy and our middle-class together. That is the change I am calling for in this campaign, and that is the change I will bring as President.
The last time the USA did NOT have a DEFICIT was during the Democratic Clinton Administration!
Then came the Republicans and Bushes and they in cooperation with their banker "friends" at the stock exchange ruined it all and US citizens do not eben seem to have NOTICED! I can t comprehend this! Everything in the US economy has been going down the drain for YEARS already! We outside the USA watched it….all YOU cared was religious bigottry a la McCain or what clothes a political candidate wears or similar ridiculous things!
oh, I forgot to mention….by "bankers friends" of the Republicans I of course meant "CARLYLE", "ENRON", a.s.o…..The Republican Administration passed the corresponding LAWS so that the business conglomerates and banks in the US cound ACT like that!
I can hardly BELIEVE it that it seems as if - despite all THIS - your people could possibly stiull be as DUMB to AGAIN vote for Republican!
God that man is so fucking sexy!
@KarenCarpenter:
Yes, that s why the rest of the world hopes you will NOT vote Republican again: Cause these Rep Idiots would manage to ruin the ENTIRE WORLD ECONOMY! It heavily affects the European stock markets if the Dow Jones crashed like that.
We here in Europe suffer TOO from the egoistic manipulative and greedy irresponsible Government and Banking IDIOTS in the U.S.!
The US economy has been crashing for many years now, still no one in the US seems TO CARE! That s what it says in German newspapers…
Oh and BTW, McCain has clearly said the economy isn't his thing. And ALAN freaking GREENSPAN, economic visionary and McCain buddy and no bleeding heart liberal, has pretty much called McCain's proposed tax plan a disaster waiting to happen. DO SOME READING before you VOTE please!
So enjoy the moral/racial issues they are baiting you with and the lies about saving you money (untrue unless you make over $250k annually), because there will be no country or government left to care or legislate about that stuff any way, if you get your way with electing McCain/Palin.
The only thing I'll thank Republicans for is keeping 2nd Amendment rights protected, because if McCain wins, I'm buying a bunch of guns to protect myself. This place is going to become the Wild West.
The holiday season is coming. Buy stock from Coca-Cola $$$$.
Re: moonbeams –
QUOTE: "… moonbeams says – reply to this 16Perez, this shit is really bad. These are major financial institutions. Not just one, but at least four now. Not to mention all the regular banks that are failing. This is affecting the entire global economic system. The Dow just dropped 400 points this morning. Don't you realize? People are watching teir pensions and retirement savings getting wiped out. This is a disastter. And we owe it all to Bush, and people like McCain. McCain who claims in public that he "doesn't understand the economy!" He said that four months ago! He is also for the kind of policies and practices that got us into this mess. WallStreet is greedy, but they couldn't do this if the government said no. McCain was one of the Keating Five. That savings and loan scandal in the 1980's when people lost their savings and their homes. This is a million times worse. BTW. Do you realize McCain wants to privatize Social Security? That means Wall Street will get asnother short term infusion of your money to play with until they mess up again.
…"
———
@Moonbeams, you re right! A FURTHER reason why the rest of the world meantime HATES the US and it s incompetent and "maf" Administration! Bush and his Republicans destroyed everything……only the rich got richer. I cannot understnd how anyone NOT RICH can vote Republican!
I feel bad for the 99% or ordinary working stiffs on Wall Street and those of us who trusted the guys at the top to run things smartly. BUT I have no fucking sorrow for some of the FAT CATS propped up by the Bushies and his cronies that caused this fucking disaster. Trust me, not one of them will be affected by all this.
I'm happy I have B of A. Even if it folds, I feel it will be 1 of the last
Re: Moimeme –
Unfortunately, it s not only "not Mc Cain s thing" but also NOT Ms. Palin s thing…..America is DOOMED! China and India and Europe will take over economy-wise……..oh, I guess they HAVE already! *g* The US Dollar will lose its importance and a lot of investors have already left it. If you really wish to ACCELLERATE your downfall, then vote REPUBLICAN°! *G*
this is so scary! im a freshman in college and my student loan for this year is funded by lehman brothers bank! i should be fine this year but next year its going to be so hard to find a lender with decent rates!!
Holy Shit…even Europe s tax payers' money is being used to lessen the impact of this idiots in the U.S…."…Europe's big central banks pumped liquidity into the financial system to calm investors as markets plummeted on Monday after Lehman Brothers, the fourth-largest investment bank in the US, filed for bankruptcy protection.
The European Central Bank conducted a one-day tender for €30 billion and declared in a statement that it "stands ready to contribute to orderly conditions in the euro money market." The Bank of England and Swiss National Bank also provided liquidity as Asian and European stock markets tumbled.
The FTSEurofirst 300 index of leading European shares fell 5 percent, led by falling bank stocks such as UBS, down 10 percent. The Dax index of leading German fell as much as 4.7 percent to its lowest level in two years.
Fears of a global crash swept through markets on Monday after a rescue of Lehman failed over the weekend when Britain's Barclays Bank and Bank of America reportedly lost interest in taking over the bank after the US government refused state support for Lehman. The bank had incurred losses of billions of dollars on the US mortage market….
While watching TV and seeing the stock exchange crashing downward worldwide just because of the USA's bank criminals and Republican Government, there s a perfectly matching tune on Youtube, just type in "Green Day" and "American Idiot" …Love it!
"….The German finance ministry, the Bundesbank central bank and the Bafin financial supervisory authority all tried to restore calm in German markets with a joint statement saying the exposure of German banks to Lehman was manageable.
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The US Federal Reserve said for the first time it would accept stocks in exchange for cash loans and 10 of the world's top banks agreed to set up a $70 billion emergency fund, with any one of them able to tap up to a third of that.
"It's just shockingly fast how it happened," an employee for Merrill in Asia said. "It's hard to believe there will be no more Merrill Lynch," he said of his firm, Reuters reported.
The euro jumped to as high as $1.4479, up 1.7 percent from Friday. Gold prices rose and the Swiss franc also appreciated, on safe haven buying.
…"
I say give them any 4 years because people never learn.
"How many times do you have to be hit over the head until you figure out who's hitting you?" - Harry Truman
This is really scary I mean if you come up even on a few couple thousand dollars you have to deal with the fucken banks and the big bosses People dont leave their money in safety boxes at home no more. Thats what we should all do pull our money out of big bosses hands and unto our own. Too bad you're right and greed will keep us all down.
AIG is next!
But McCain says: "Our economy is strong"
Re: The Warden – Have you ever heard of oversight!? That's what our legislators are supposed to provide! It isn't happening under the current administration.
Re: The Warden – Politicians don't run the banks but the vast majority of people who do are Republican.
Money is the root of all evil!
Re: The Warden – Oh I forgot to mention all the oversight laws that should have prevented this type of disaster were weakened or eliminated by the Republicans.
WAKE UP AMERICA!
4 MORE OF THE SAME IS NOT THE ANSWER!
OBAMA/BIDEN ALL THE WAY!
Re: Intellect_Rules:
I've never said this to anyone here, but you are really really UNEDUCATED. I'm guessing you're still in high school. So, get out some books and start learning about government and business. You have a long way to go, but if you put your mind to it you can do it.
Re: moonbeams – 16 EXACTLY! AND MCCAIN WANTS TO PRIVATIZE SOCIAL SECURITY? WE WILL ALL BE ON THE STREETS!
I was reading an article about the crisis in the paper this morning and thought to my self that those greedy bastards that coused this mess are probably somewhere on a private island laughing!
Re: Intellect_Rules – Ignorance is bliss….And it's a damn shame.
Re: sweetpiece – LOL, I almost want McCain to win. Maybe after another 4 years of this crap people will wake up. Well, maybe not….
Perez, if you had any idea about the stock market and mortgage companies at all you'd know that it's fucking idiot Americans who buy houses and take out mortgages that they know they can't afford to pay back that's causing all of this shit to go down. People were borrowing money left and right and all of a sudden they stop paying it back and boom. Chapter 11.
Sad little sheep. Blaming the Republicans for the irresponsible idiots that borrow more than they can pay back. Obviously you don't see the trend of 20-somethings building new houses on small paychecks, barely able to stay afloat because they are spending more than they earn. They have the entitlement factor. It's not the Republicans fault. It's not the Liberals fault. It is personal responsibility. If people wouldn't be so careless with their money and borrow more than they can possibly pay, they wouldn't have this issue.
Re: _Alice_ – I don't think we'll make it if we do…
OBAMA/BIDEN 2008!!!
Perez,
You are the greedy one. It's not like you earn 10k a year for writing things that seriously have become moronic with time. I used to like you but the more I read you the more nauseated I have become. The reason why I signed up today is because of this post, but mark my words I am never going on this site again.
How can you criticize the thousands of people that have lost their jobs and homes due to greed?
Bankers work extremely long hours and take a horrible beating at that. My husband just lost his job like many thousand of other people. You are such a MORON!!!!
perez, you are a guy that barely knows how to write and is extremely braindead. I really hope your celebrity blogging blows up due to greed as well and you learn to think before you write.
Re: Oh Resist Her – Which was a movement engineered by greedy bankers and allowed by a Republican government within the last 8 years. Thanks for proving our point.
Raise your hand if you're middle class, and want to stay that way? Vote for Obama/Biden if you want to be protected from despicable leeches at the top AND the bottom of society.
and this is what will continue to happen with another 4 years of the GOP in power. I am not trying to be a jerk about it, but it makes sense. The Bush Administration has bloated their corporate "friends" so much, that it was no sustainable and now it's crashing down. Thank you Bush.
Re: Moimeme – LOL, we will…we'll just be WAY more pissed off.
NO fatty no. This had nothing to do with Bush/McCain, greed or anything like that. This is due to the liberals in congress forcing mortgage companies to give mortgages to dead beats and people would could never pay this back. Please stop putting out such stupid information fatso.
Re: Moimeme – Your absolutely right this will become the wild west but not because McCain wins. It will be because the blacks in this country have already called for mass confusion if Hussein Obama does not win. How's that for racism.
Re: _Alice_ – 42 I know what you mean! Problem is, I thought that same thing 4 years ago but alas, look at where we are. Deeper up the ass of the Republican administration!
I strongly feel a Democrat in the office really will change things with a Democratic congress. Sad thing is however, which party that takes office in January will inherit such a convoluted mess, no matter who it is will end up the fall guy.
Right now, I just want to know how Citibank is sitting. I have this awful empty feeling in the pit of my stomach. (same feeling I get when I see pictures of Bush, Cheney, McCain and Palin…funny…hmmm)
You liberals on this blog are so dumb. The republicans for years have been call for all types of reforms to prevent this type of stuff and they have been beaten back by liberal democrats for years. Do not blame this on Bush-McCain or any Republican. they have been pushing for change. The democrats have stopped them at every turn.
Re: Plinkie9 – Please! People thought they had jobs and income coming in or they wouldn't have taken the risk.
Our economy has TANKED! History will be calling this the "closeted" depression caused by 8 years of government waste, spending and misdirecting funds to allies of the Bush machine!
Re: sweetpiece – Wow the "Bush Machine!!" Wow. for a guy you liberals call dumb all the time he has certainly outsmarted all of you damn democrats. So who's the dummy here you or him? hmmmm..
Re: njpaul0129 – never called him dumb myself but I have called Bush , Cheney and Rove….EVIL!!!
Please check your facts. The big guns behind this economy downfall are some of the same people advising McCain right now! Phil Gramm ring a bell? Remember he called us "a bunch of whinners" The Republican mantra of "deregulation!"
MORE OF THE SAME>>>>MCCAIN!
As Reverend Wright would say…the chickens have come home to roost. You don't give mortgages/loans to people who are bad prospects. You don't buy a 600,000 dollar house that's really only worth 400,000 (after the housing bubble pops). You don't take out a home equity loan to buy cars or take trips, etc. You don't take out adjustable rate mortgages that double your payment in X months/years. You risked, now you lose. Now everyone loses. If our economy is in the tank, the world's economy is in the tank. I feel very sad for those people who work at Lehman. I honestly thought I would wake up this morning to see a stock market crash.
Re: sweetpiece – You're right. I've been saying for a while now that we won't see any real change for at least a few years. We are in a big pile of poo and it will take a long time to dig out. I just hope we can, regardless of who's in office. Well, maybe if my Mr. Paul was in office, we'd see change right away;)
Re: njpaul0129 – You're a fucking TWAT. Let's see GOPalin pull a solution for this one out of her snatch since she's such a fucking miracle worker. Asshole!
Re: njpaul0129 – LOL…that is hilariously ignorant.
Keep lining the pockets of the Bushies (and their oil/banker cronies) by believing that stuff and voting for them…because that is precisely how they are keeping you down - no matter what color or faith you are. With ugly lies about other Americans and uglier falsehoods about what they represent.
I hope for your sake you're one of the rich Republicans just pretending you believe all that in order to stay wealthy…because the alternative is depressing.
Re: Moimeme – I don't know what your talking about keeping me down. I have more money now under 8 years of Bush/Cheney then I've ever had. You need a lesson in economics. This economy is thriving under Mr. Bush and if you knew anything about economics you would see that. Your a Bush hater and that is clear but the guy has/is doing some fine things for this country. You are being misled by a liberal media bias.
Re: sweetpiece – Ah honey Phil Graham is a smart guy but has been removed by the McCain team about 2 months ago. Go check your facts sista.
Re: HOT4COOK – Wow nice way to hold an intellectual mature conversation. Nice language there Hot4. Go back to school moron.
Re: _Alice_ – Ron Paul is an idiot. Go to youtube and pull up Ron Paul on the Morton Downey show in the 1980's and you will see what a radical knucklehead really looks like.
Re: njpaul0129 – Suck my dick on the way to the soup line, fucker.
Re: njpaul0129 – Chill out. He's the one that I support and your opinion won't change that. Just like I can't change your opinion. And if you want people to switch sides and vote McCain, you're doing it the wrong way. You're rude, so why should I listen to you? Just move on and be rude and immature to someone else. I'm not interested in listening to you.
Tchüs.
Individuals who have not made a mortgage payment in a while are responsible too! Defaulting on payments damages the economy, nobody was forced to get a mortgage they knew they couldn't manage.
Re: njpaul0129 – post 61- ps-After reading this post, now I know you're a waste of time. Our economy is thriving???? You are truly delusional and blind to reality. Very sad. Even people in your own party admit that our country is suffering. LMAO….wow….
Dear PeReZ:
Bankers have families who buy your crappy clothes and listen to your SHizzz Perez! So don't go hating on a profession I am quite sure YOU know NOTHING about! Your pea sized brain could never comprehend the ramifications of a global financial meltdown. Most of us would probably consider you to be a lazy FAT overpaid douchebag! Think before you open your ugly gob FATSO! - Madge
So you are now a finance and banking expert, beyond your new "political" expertise! wow! it seems only yesterday that you were commenting on Paris' panties or lack of them! in your celebrity gossip little website and now you are a political / financial expert!!! HHAA HAAA HAAAA HAAAAA, bitch pleeeease! stop the preaching and write about something you actually know something about!
my uncle lost his job, my dad worked their for 28 years and lost a ton of money
i can no longer go to my school, it's horrible
too crazy
Perez, you are so sexy when you talk about complicated stuff like wall street and use big words like formidable.