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Old 09-15-2008, 12:29 AM   #21
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For real 'do.

Plus AIG, plus the ad hoc "plunge protection team" pooling 70 billion to keep the market running, and M. Lynch....I'm not looking at my account balances for six months.
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Old 09-15-2008, 05:54 AM   #22
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It happens on the weekends because the fed and major banks don't want the knee-jerk panic reaction during the week.
They want to give people a little time to absorb and process the info before the markets are open.
I just hope I have enough popcorn on hand for the show
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Old 09-15-2008, 06:17 AM   #23
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Because Yahweh is displeased. Where do you see that they have already filed? CNBC says they plan to file. Same story at WSJ and NYT, at least until a few minutes ago.

It may matter too:

Bank of America sent a note to derivatives traders Sunday saying "Banks, brokers started netting Lehman trades from 2 p.m. today … trades netted are contingent on Lehman bankruptcy by midnight." The note continued "If no Lehman bankruptcy, netting of trades to be cancelled," meaning Bank of America's assumption of Lehman’s side of trades would end.

Ha
Lehman is filing for bankruptcy: CNNMoney.com Pre-Market Report - Sep. 15, 2008

Dow down 406 as of now in premarket:
Pre-Market: Stock Trading Before the Markets Open from CNNMoney.com

Hang on to your hats everyone
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Old 09-15-2008, 06:44 AM   #24
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Lehman is filing for bankruptcy: CNNMoney.com Pre-Market Report - Sep. 15, 2008

Dow down 406 as of now in premarket:
Pre-Market: Stock Trading Before the Markets Open from CNNMoney.com

Hang on to your hats everyone
Should be an interesting day, in some sense of the word.

This morning I just bought another substantial chunk of VTSAX (Vanguard Total Stock Market Index) and VFWIX (Vanguard FTSE All-World Ex-US Index), as I have been doing once a month. These choices and the timing were just according to my plan and not selected specifically for the market events we will be observing today. With any luck, maybe what we will have is a blue-light special by closing this afternoon, when I expect this purchase to go through.

On the other hand, if this is just the beginning of our market difficulties, I might wish that I had waited! I generally do better if I don't try to time the market, though.
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Old 09-15-2008, 06:54 AM   #25
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One of those days:

Those in the accumulation phase lick their chops while those in the 'decumulation' phase lick their wounds.
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Old 09-15-2008, 06:55 AM   #26
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Should be an interesting day, in some sense of the word.

This morning I just bought another substantial chunk of VTSAX (Vanguard Total Stock Market Index) and VFWIX (Vanguard FTSE All-World Ex-US Index), as I have been doing once a month. These choices and the timing were just according to my plan and not selected specifically for the market events we will be observing today. With any luck, maybe what we will have is a blue-light special by closing this afternoon, when I expect this purchase to go through.

On the other hand, if this is just the beginning of our market difficulties, I might wish that I had waited! I generally do better if I don't try to time the market, though.
W2R - if more people had your sense we would see much less volatility in the markets. Sure, individual stocks and sectors (think banking) would still have dramatic ups and downs, but the overall market wouldn't be as turbulent. There's a tendency to throw the "baby out with the bathwater" and dump solid performers when the news is bad.
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Old 09-15-2008, 07:54 AM   #27
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Keep those cubbers over your head Dawg52 and repeat to yourself "a down market is not the time to sell" as often as necessary.
I'm still in bed. Let me know when everything is ok.
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Old 09-15-2008, 09:19 AM   #28
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I'm loading up on all the consumer products stocks I can, like PG, KFT, ADM, etc. I bought some TGT and WMT, BUD, etc. Whenever the news look dire, folks eat and drink more, and shop at discount stores......
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Old 09-15-2008, 09:23 AM   #29
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I'm loading up on all the consumer products stocks I can, like PG, KFT, ADM, etc. I bought some TGT and WMT, BUD, etc. Whenever the news look dire, folks eat and drink more, and shop at discount stores......
Certainly drink more. I'm buying BUD products. I'm heavily invested. Burp......
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Old 09-15-2008, 09:31 AM   #30
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Certainly drink more. I'm buying BUD products. I'm heavily invested. Burp......
I might buy their stock, but I'm not drinking their products.

I'll stick with Diageo products.
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Old 09-15-2008, 09:35 AM   #31
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Hmmm...after checking on their imported product list, maybe BUD isn't so bad. My favorite ale (Bass) is in there, along with some other stellar products. I think I'll add that to my watch list.
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Old 09-15-2008, 09:39 AM   #32
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Hurricane Ike doing so much damage.
Really? I had the impression that the damage to the refineries and related energy infrastructure was quite modest. :confused:

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IMO, we will have a big drop right off the bat then some fluctuations when cooler heads prevail later in the day.
Could be.

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a Senior VP at Lehman.... Hope he lands on his feet. I think the upper level guys usually do.
It's my understanding (could be wrong?) that "Senior VPs" at investment banks are not nearly as high ranking as the title would imply.
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Old 09-15-2008, 09:40 AM   #33
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Certainly drink more. I'm buying BUD products. I'm heavily invested. Burp......
Just don't drink your profits. Then again, buying BUD stock and buying BUD products is an interesting way of getting paid to drink beer.
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Old 09-15-2008, 09:44 AM   #34
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It's my understanding (could be wrong?) that "Senior VPs" at investment banks are not nearly as high ranking as the title would imply.
Not sure how high up he is, but I was doing pretty well, and the Senior VP types were quite a few levels higher. But you're right, there were 3-4 levels above that at Megacorp, at least. And I know this isn't necessarily the best way to tell, but he's got a huge house and a really nice boat.
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Old 09-15-2008, 09:52 AM   #35
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It's my understanding (could be wrong?) that "Senior VPs" at investment banks are not nearly as high ranking as the title would imply.

Yep. VP in a manufacturing firm usually means you run a division or a department.

In a bank it means you've been there a few years.

Typical pyramid (with some variation)

Managing Director
Director
Vice President
Associate Vice President
Staff


Some VPs don't even have people reporting to them. Even when they do, its often less than 10.
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Old 09-15-2008, 09:58 AM   #36
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Yeah, but this is an investment bank, not a regular bank. I think he runs the bond funds for the military pension funds, or something like that. I try not to be too nosy. But my impression is that he's fairly high up the ladder. And as I said, a decent guy. But I'll still be p*ssed if he gets a golden parachute out of all of this. Just won't seem fair.
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Old 09-15-2008, 10:02 AM   #37
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One of those days:
Those in the accumulation phase lick their chops while those in the 'decumulation' phase lick their wounds.
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....I'm not looking at my account balances for six months.
10 years from now, when the Dow finally crawls above 11,000 again, you'll look back on this as the moment that all your dividend reinvesting kicked in and started buying the really cheap shares that fueled your ER...

Especially the rocket-fueled performance of that fine megacap multiconglomerate stock, Bank-of-America-Merrill-Lynch-Lehman-Bear-Stearns-Goldman-General-Electric-Chrysler.
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Old 09-15-2008, 10:03 AM   #38
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Harley - I should have been more specific, I was referring to investment banks. I don't know much about retail banks, I've spent most of my career on Wall Street.
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Old 09-15-2008, 10:10 AM   #39
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Really? I had the impression that the damage to the refineries and related energy infrastructure was quite modest. :confused:
From everything I've coming out of the area, the refineries weren't damaged much, but there isn't any power to operate. Considering the importance of the refining capabilities I would expect the electric companies to get power to the refineries quickly, like within a few days.

At the DW's bank she works for a Vice President. In her department the VP is the second level supervisor. In the whole hierarchy of the bank the VP is about 10-15 slots above entry level, depending on how you figure it.
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Old 09-15-2008, 10:15 AM   #40
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A VP at a retail bank is usually relatively high up the hierarchy, whereas a VP at an investment bank typically ranks somewhere between partners / managing directors and associates / analysts.

Anyway, it doesn't matter much now, as his job is probably gone. Let's hope the "huge house and really nice boat" are paid for.

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Certainly drink more. I'm buying BUD products. I'm heavily invested. Burp......
See Beer vs. Stock.
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