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Old 01-25-2009, 07:35 AM   #21
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Guess I failed to post the Smile after my comment. I don't believe the banks will fail Monday. In fact if you read most of my post on the economy, I think it is brought on by a press that manipulated stories to further their own agenda. In fact I also think politicians are doing the same thing. I also believe that the recovery of the US economy is based largely on the consumer spending, and a consumer that has been convinced that his job is in jeopardy is not going to spend!

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Old 01-25-2009, 07:41 AM   #22
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Originally Posted by bbbamI View Post
Thanks Nords...I'm going to have nightmares with that image!

Helen, I agree with Yakers. How credible is the poster?

The poster is a stranger to me, but I don't think he was lying. It wasn't a financial message board. I think he is honestly worried, but I don't know how reliable his information is.

I read a post maybe in August from someone who worked at Bear Stearns who was saying things were really bad and people had no idea how bad. He was telling people to bail from the stock market, some people actually took his advice.

At this point, I'm just hanging on for the ride. I'm putting all new 401k contributions into the stock market, other than that I haven't changed anything.

I'm still putting after tax savings in MM accounts and stock piling savings.

I certainly don't know what the solution is, but it seems like the problem was too much liquidity in the economy. I hope the Government doesn't go over board with pumping too much liquidity back into the market. Just my uneducated perspective.


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Old 01-25-2009, 07:54 AM   #23
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"....would those of you in the doom&gloom and Chicken Little camps be able to suspend your rumor-mongering for a few minutes to see if you can produce some links tied to a credible reporting source?"

I don't know about the others, but my source is credible.

If you like to read some links about the second round of mortgage defaults, here are a few references:

"...the next round of mortgage defaults is coming from two classes of mortgage lending that are slightly (but barely) more financially responsible than sub-primes. There were nearly $1 trillion in sub-prime mortages, but these new (to most Americans) forms of mortgages, the Alt-A and Option ARM mortgages, total roughly another $1.5 trillion. Given the fact that the banking industry has already sustained some devastating shocks, there is increasing doubt about the continued viability of many of the largest banks still left standing."
The Next Round of Mortgage Shocks

"Subprime was the tip of the iceberg," said Thomas Atteberry, president of First Pacific Advisors, a investment firm in Los Angeles that trades mortgage securities. "Prime will be far bigger in its impact."
A second, far larger wave of U.S. mortgage defaults is building - International Herald Tribune

My banking friend actually suggested that there were more problems in the works than this alone.

It would be nice if some "credible" source would actually tell us in advance of all of these financial crisis. Seems like we would just wake up one day and another big finanacial institue was in dire staits. My Fidelity advisor was telling me to buy more stocks through much of the early stages of our recent meltdowns. Nor did I see articles in the WSJ advising people to get into allr cash positions. I think hearsay, a little common sense and some prudent apprehension are about the best we're going to have if there is indeed a new crisis in the works.
"Id like to live as a poor man with lots of money." Pablo Picasso
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Old 01-25-2009, 01:43 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
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See, now that was the good thing about Y2K - still have my stockpile of candles, kerosene lamps, MREs, 22 shells, water purification devices, betcha there's even a 100 $1 bills in my bug out bucket. And i doubt any of it is any worse (or better) than it was back then.
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Old 01-25-2009, 02:12 PM   #25
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Here's another scare story. His premise is that the CDS will sink our economy when all the loans they are designed to protect against start to fail.

Saving The US Economy
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
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Old 01-25-2009, 05:40 PM   #26
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Originally Posted by Bikerdude View Post
Now that you mention this, I was listening to the "News hour" and they had two people commenting on the banking crisis on Thursday night, I think. I don't remember who they were but I do recall the woman saying at the end that "something big was going to be done" and (in her opinion) would be done soon. Don't know what that means but thought as long as we are speculating I'd join in.
Here's the link to the NewsHour discussion about possible nationalization of the Banks. Scroll down to the section titled "Obama team needs a 'holistic' plan"

Banking Sector, Bailout Reform May Top Obama Economic Agenda | Online NewsHour | January 21, 2009 | PBS

I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said Alan Greenspan
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