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September 29, 2008
The end of the America's Banking system.
Fed Pumps Further $630 Billion Into Financial System.
http://tinyurl.com/4lq55c
"Sept. 29 (Bloomberg) -- The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression."
Since the Great Depression. Do we need any more proof?
Comments
Well.. For some reason I can't post is the topic section of the blog so if you want to cuss and discuss with me, here I am.
The What
Someday this war is gonna end...
Posted by: what at September 29, 2008 12:07 PM
In the words that you posted with your Bloomberg cut and paste..."flooding banks with cash to alleviate the worst banking crisis since the Great Depression"
The key word is alleviate. They are in the process of cleaning up the banking system so that there is no repeat of anything like the Great Depression. There will be more collateral damage but the large players have all largely been cleaned up. Even Citicorp stock rose today despite the 50% cut in the dividend.
Posted by: daveinbedstuy at September 29, 2008 12:14 PM
What--now that a great variety of things that you have been harping about have happened, what are you going to write about? This is, as you know, a real estate blog so maybe you can start participating. I got the keys to my new house on Friday! We are spending the next month getting it ready for habitation (floors and painting, some minor carpentry and demo) and then moving in November 1st. Despite all of the economic insanity I am very excited.
What, can you wish me well?
Posted by: wasder at September 29, 2008 12:25 PM
Congratulations wasder. We going to see some reno blogs from you??
Posted by: daveinbedstuy at September 29, 2008 12:34 PM
"The key word is alleviate."
Nope the key word here is save.
Oh BTW Here Dave! You cam to my mind when I saw this story. I hope you bought you Brownstone all cash and don't have to worry about mortgage payments.
Hedge Funds Are Bracing for Investors to Cash Out
"Even as Washington reached a tentative agreement on Sunday over what may become the largest financial bailout in American history, new worries were building inside the nearly $2 trillion world of hedge funds. After years of explosive growth, losses are mounting — and so are concerns that some investors will head for the exits."
When the nuclear melt up happens, hedge funds are done!
"No one expects a wholesale flight from hedge funds. But even a modest outflow could reverberate through the financial markets. To pay back investors, some funds may be forced to dump investments at a time when the markets are already shaky."
Oh Doggie! you mean no KY? Yep Dave keep it up? LMMFAO!
"What, can you wish me well?"
Oh hell naw!!!!!! Underwasder The What will not endorse any nonsense associated with the Mutant Asset Bubble. We are in melt down mode with the crash just days away..
The What (Tickk.. Tick.. Tick..)
Someday this war is gonna end...
Posted by: what at September 29, 2008 12:36 PM
Thanks Dave. Yeah, I might do a little before and after blog for the reading pleasure of those who still care about such things around here.
What, are you suggesting that by purchasing a house I was somehow responsible for the MAB? Also, in your estimation what will the "crash" mean for me and my mortgage payments?
Posted by: wasder at September 29, 2008 12:41 PM
Typical What...you don't address the point that I made and throw in more crap about something completely different. There's a pill for ADD you know.
Biff et al, please note that the What is now predicing "the crash just days away"
I'd love to see the cathartic selloff in the market in the next few days...DOW off 500-800 points.
Posted by: daveinbedstuy at September 29, 2008 12:44 PM
Congrats again Wasder. Can't believe you have time for this site right now. I was making multiple trips to suppliers before and after work (HD was 24/7 back then and Lowe's is 5-12) when we were in the throes it our reno, but ours was far more extensive. And that was with a contractor supplying all the mill product.
If the floors are old, remember to sample your finish (yes, I do still care about this stuff, so I will gladly look at the before/aft pics).
DIBS, you make a decision about the mini ducts?
Posted by: slopefarm at September 29, 2008 12:52 PM
"They are in the process of cleaning up the banking system so that there is no repeat of anything like the Great Depression."
What happens when the US Treasury and The FED run out of money Dave? These are the only institutions that is providing liquidity to the system! Dave it's not a "liquidity ' problem, it's trust problem! People don't know what to these Banks balance sheets because they are hiding toxic waste in level 3 assets. We don't know these price of this crap and it's damn sure not at par. Keep dreaming Dave....
"I'd love to see the cathartic selloff in the market in the next few days...DOW off 500-800 points."
Here ya go Dave.
Stocks Worldwide Tumble Most Since 1997, Bonds Rise on Bailouts
"``People are wondering if $700 billion will be enough,'' said Diane Garnick, who helps oversee $500 billion as an investment strategist at Invesco Plc in New York. ``If you're not comfortable being in this type of market, then you shouldn't be making investment decisions now.''
Oh Dave where are they going to roll over that "Commercial Paper"? There is no trust in the credit markets now. Please don't make decisions based on this crap...
The What (Tick.. Tick.. Tick..)
Someday this war is gonna end...
Posted by: what at September 29, 2008 1:05 PM
10400 is a major tech level. If the Dow breaks that level we may be in for a big one. If not we go up from there for a couple of weeks and maybe if lucky months but at one point we will need more and I mean alot more money put into these banks. We will need worldwide reflation and that means gold and preicious metals will go up. But in the short term this bill if passed will help the market go up some. We need a huge amount of money put into our banks, preferrably the community banks so they can start lending again.. We need at least 1 trillion more baby. My dollars are losing value as I write against gold but good against all other assets. That Brooklyn Heights townhouse I want may be in my sights. 400 K will go a long way if the credit markets freeze
Posted by: HOBOKENROCKS at September 29, 2008 1:06 PM
Easy , the level three assets will be gobbed up by the Fed. The goverment can't run out of money unless we run out of paper and ink. The fact that we are the main economy and if we collapse so does everyone else means they the rest of the world will by our paper no matter what. At least for the next 5 yrs.
Posted by: HOBOKENROCKS at September 29, 2008 1:13 PM
Here Dave chew on this. As of 1:114PM.
VALUE CHANGE % CHANGE
S&P 500 1,163.9 -49.32 -4.07
NASDAQ 2,080.51 -102.83 -4.71
Russell 2000 679.33 -25.46 -3.61
The What
Someday Dave is gonna end...
Posted by: what at September 29, 2008 1:15 PM
That's no big deal What.
As the world runs away from risk it pours its money into US Treasuries. That's why they are so strong today. And as they drive the price up, the yield goes down and the government can issue more and more at lower borrowing cost.
3 MOS @ <1%, 6 MOS @ 1.5% and 5 YR <3% These are extremely low rates that the government can borrow money and redirect it to the financial markets.
Posted by: daveinbedstuy at September 29, 2008 1:20 PM
question for all
Will worldwide reflation work to slow down deflation or will deflation start to take hold and bring all assets down? When Japan was faced with similar problems they were too slow to write down bad loans, while they tried to reflate by using low interest rates they still deflated. But they were not the center of the financial world. So they didn't get help from other countries in reflating. I believe China will start reflating cuz they are tied to us, and already have started, Europe will have to as well as they too had a housing bubble.
Posted by: HOBOKENROCKS at September 29, 2008 1:27 PM
"As the world runs away from risk it pours its money into US Treasuries. That's why they are so strong today. And as they drive the price up, the yield goes down and the government can issue more and more at lower borrowing cost."
Oh my God Dave! Most to the heavy hitter that buy treasuries are OPEC cronies, Foreign Central Banks and Covert Money Laundering operations. When these players get tired or want to "crash the system", we are going to see rates of 14%+. Look at the good ole days of Paul Volker. He had to rates rates because of the inflation monster and Obama may appoint him again. May GOD have mercy of the souls of Asshats. Now Dave I'm tired to engaging you because of this quote: It's difficult to get a man to understand something, when his salary depends on him not understanding it." Upton Sinclair...
Dave you fail.....
The What
Someday this war is gonna end..
Posted by: what at September 29, 2008 1:29 PM
daveinbedstuy makes a good point, the USA can keep printing. Assets will deflate but maybe for only about 1-2 years more. After that watch the prime properties fly higher. The regular properties will stabalize but not go much higher. That really stinks for me cuz I truly want a heights townhouse...
Posted by: HOBOKENROCKS at September 29, 2008 1:32 PM
The What's conspiracy theory on Central Banks!!!! Now I really know that you've got no clue about what you cut and paste!!!
This thread has been useless from the get go but we probably knew that in the back of our minds. Thanks What for starting a conversation and then getting too tired to engage. I'm sure your head must really hurt by now.
Posted by: daveinbedstuy at September 29, 2008 1:38 PM
"daveinbedstuy makes a good point, the USA can keep printing. "
Dave is a (OK Brownstoner) idiot!!!!!!!
The Fed has been draining money out of the system! The FED will not print! If that happens the bond market will implode.
Here is the Slosh report! This where you can find information on FED operations!
http://www.gmtfo.com/reporeader/OMOps.aspx
They are adding now but will have to drain at some point.
The What
Someday this war is gonna end...
Posted by: what at September 29, 2008 1:41 PM
This might be it guys!!! DOW -701 and falling. Your Houserepresentative is to blame.
Posted by: daveinbedstuy at September 29, 2008 1:47 PM
*Alert* *Alert* *Alert* *Alert* *Alert* *Alert* *Alert*
The Markets are fucking Tanking!!!! Something when down!! This is not a test!!!
The What (OH SHIT)
Someday this war is gonna end..
Is that Napalm??!!!
Posted by: what at September 29, 2008 1:51 PM
man i am good, 10400 and the dow goes back up...
Posted by: HOBOKENROCKS at September 29, 2008 1:57 PM
man i am good, 10400 and the dow goes back up...
Posted by: HOBOKENROCKS at September 29, 2008 1:58 PM
"This might be it guys!!! DOW -701 and falling. Your Houserepresentative is to blame."
No dumbass, this is about taxpayer money! Let the free markets be free.
BTW I want to say goodbye to all of the Asshats, nice knowing ya. LMMFAO!
The What (I smell Napalm)
Someday this war is gonna end..
Posted by: what at September 29, 2008 1:59 PM
that is the technical level , if we break than we as a country is in deep caca... Not me though since I have been shorting this market for a while. Though still not rich enough for my heights townhouse...
Posted by: HOBOKENROCKS at September 29, 2008 2:01 PM
What-I will ask my sincere question again, though anybody else feel free to answer as well. What are the implications of a crash on my mortgage payments? As I already own, what is the worst case scenario for me and my house?
Posted by: wasder at September 29, 2008 2:12 PM
Cover 50% HOBOKEN...VIX is @ 46
Posted by: daveinbedstuy at September 29, 2008 2:12 PM
wasder nothing will ever happen to your mortgage payments unless you have an ARM. Your insurance may go up and Bloomberg will raise your taxes but nothing will happen to your mortgage...ever.
Posted by: daveinbedstuy at September 29, 2008 2:15 PM
Dave--then what is the doom that What expects to befall me? I don't have an ARM. My mortgage is locked in and the house is affordable to me on a month to month basis. What is he thinking is going to happen to me?
What--I am teeing this up for you.
Posted by: wasder at September 29, 2008 2:18 PM
I'm waiting for that response too. No doubt it'll be clear, concise, coherent and logical.
Posted by: daveinbedstuy at September 29, 2008 2:21 PM
Dave- you sound like McCain three weeks ago. I like your optimism but things are pretty bad. This has long lasting effects....
What- keep preaching.
Posted by: 7andfive at September 29, 2008 2:22 PM
BTW I want to say goodbye to all of the Asshats, nice knowing ya. LMMFAO!
Where are you going What?
Posted by: wasder at September 29, 2008 2:24 PM
The movement in the DOW over any short period of time will not have an effect. Its just the price of lots of stocks. It will have an effect on a corporations ability to raise capital but there's already been a ton of that. The fact that the House is not passing this bill will have a severe effect on credit markets!!!!
Posted by: daveinbedstuy at September 29, 2008 2:25 PM
"What-I will ask my sincere question again, though anybody else feel free to answer as well. What are the implications of a crash on my mortgage payments? As I already own, what is the worst case scenario for me and my house?"
Ok Wasder, here is the short version. If you paid 700,00 for your "investment" and now it's worth 350,00 will you continue to service the debt obligation? Will you continue to pay for a falling asset or realize that the "investment" is not worth it or default on your house and buy one cheaper. There are son many thing that can go wrong now. Today was a historic event. There will be no more crack to fuel the Mutant Asset Bubble...
The What (I smell Napalm)
Someday this war is gonna end..
BTW This bill WILL NOT PASS!!!!!!!!!!
Posted by: what at September 29, 2008 2:26 PM
"What- keep preaching."
Please put money in the basket. I those Lexus payments and love affairs to pay for. LMMFAO! Hallelluah!!!!
The Reverend What
Someday this war is gonna end...
Posted by: what at September 29, 2008 2:28 PM
I covered as soon as the Dow hit 10500, though i was using the SDS to short the sp 500.
Posted by: HOBOKENROCKS at September 29, 2008 2:31 PM
I covered as soon as the Dow hit 10500, though i was using the SDS to short the sp 500.
Posted by: HOBOKENROCKS at September 29, 2008 2:31 PM
"The fact that the House is not passing this bill will have a severe effect on credit markets!!!!"
Ding Ding Ding!!!!!!! I nominate Dave for the Cognitive award!!! Dave is the previous winner on the Clueless Award but he's getting better...
The What
Someday this war is gonna end...
Posted by: what at September 29, 2008 2:31 PM
I covered as soon as the Dow hit 10500, though i was using the SDS to short the sp 500.
Posted by: HOBOKENROCKS at September 29, 2008 2:31 PM
Yeah What...unless someone is forced into bankruptcy, no one with any sense defaults just because they are under water. It'll ruin their credit rating and then they probably won't even be able to rent anywhere!!! I'm sure wasder put more than 10% down.
SO STUPID.
Posted by: daveinbedstuy at September 29, 2008 2:32 PM
Did you make any money on all of this What?? Or were you too afraid or too stupid to put your money where your mouth was???
Posted by: daveinbedstuy at September 29, 2008 2:34 PM
"Did you make any money on all of this What?? Or were you too afraid or too stupid to put your money where your mouth was???"
I have a friend who is a multi millionaire (NO BS)! There is one thing we agree on: The Stock Market is for suckers Re: NASDAQ. I'm waiting for assets to be in line with reality, not this Barzarro Wold crap! I see Dave a flagpole sticking out for your ass..
The What (You smell what The What's cooking)
Someday this war is gonna end...
Posted by: what at September 29, 2008 2:39 PM
I just took a walk down Broad Street, past the NYSE and down Wall Street. I saw one guy in a suit heading to the subway who had clearly been crying. Maybe he has to go home and tell his family some bad news. I could see so much stress on the faces of anyone in a suit. The tourists have no idea what is going on.
I will repeat what I have said many times. The stock market is relatively unimportant. What really matters are the credit markets. And as of this moment, there are no credit markets. It's not that they are down. They just don't exist.
Posted by: lechacal at September 29, 2008 2:42 PM
Reverting back to the ass obsession again!!!! Who's this multi millionaire friend (no BS)???!! Your sugardaddy???
Posted by: daveinbedstuy at September 29, 2008 2:43 PM
"flagpole sticking out for your ass.." Can you keep it clean and stop references to ass.
Posted by: 7andfive at September 29, 2008 2:46 PM
The FED can keep printing but only if the Congress allows. At one point they will change their minds and approve some bill. Though the bill in my opinion should be bigger to address the liquidity of the banks. As of now, I believe that if they don't act we will have a bad situation on our hands. Sure these asshats on Wall street shouldn't get bailed out but not acting is worse than acting.. As for the comment that people won't buy our treasuries is bull they are being bought like crazy right now. The Congress not allowing the Treasury to Print really is the cause of this credit freeze. Remember if we go everyone goes. Though I too would love a great drop in our stock market cuz there is much money to be made.
Posted by: HOBOKENROCKS at September 29, 2008 2:48 PM
and it would be "of" not "for" Where, What; Were you educated???
Posted by: daveinbedstuy at September 29, 2008 2:49 PM
lethacal you are right , if the credit markets go than ouch. Cuz as they go everything goes.. Than you will have a dominoe effect of dropping assets. Yummy....
Posted by: HOBOKENROCKS at September 29, 2008 2:50 PM
But won't all this printing eventually cause the dollar to crash?
Posted by: bridges at September 29, 2008 2:52 PM
""flagpole sticking out for your ass.." Can you keep it clean and stop references to ass."
Oh noooo. You see when you stick something in your ass, you don't forget that moment, ask Biff.
"I just took a walk down Broad Street, past the NYSE and down Wall Street. I saw one guy in a suit heading to the subway who had clearly been crying. Maybe he has to go home and tell his family some bad news. I could see so much stress on the faces of anyone in a suit. The tourists have no idea what is going on."
That's called reality lechacal. That's coming to grips of the implosion of the Mutant Asset Bubble. This Leviathan called the Mutant Asset Bubble has made people lives very rough (Inflation, Asset prices, Greed and Delusion). Main street send a big FUCK YOU to Wall Street. I'm so proud that ordinary Americans put the representatives on blast and kill this bill. This a great day for the citizens of America!
BTW We are going to get our city back, yes sir! I have watched the Asshats invasion for 7 years so I would like to say good bye now....
The What
Someday this war is gonna end...
Posted by: what at September 29, 2008 2:56 PM
bridges , if it were only the USA in need of printing it would be ok. Sure our deficit is bad but at this moment the world depends on the USA. Becuase of this we still will be able to print. China has cut rates, europe will too and Uk is also printing by nationalizing alot of banks.. If we all are doing this at the same time than the dollar will not be hurt. Though since all currencies are being prined , gold will go up vs all currencies. If we print and nobody buys than the world economy shuts down... Because we are all connected. At one point in the future the rest of the world will look to disconnect themselves from the USA. When that happens and it will the WHAT will be right. The problem right now is that THE CONGRESS DOES NOT WANT TO PRINT... OOH
Posted by: HOBOKENROCKS at September 29, 2008 3:01 PM
From What..."BTW We are going to get our city back, yes sir! I have watched the Asshats invasion for 7 years so I would like to say good bye now...."
Who are We???
Posted by: daveinbedstuy at September 29, 2008 3:05 PM
That's called reality lechacal. That's coming to grips of the implosion of the Mutant Asset Bubble. This Leviathan called the Mutant Asset Bubble has made people lives very rough (Inflation, Asset prices, Greed and Delusion). Main street send a big FUCK YOU to Wall Street. I'm so proud that ordinary Americans put the representatives on blast and kill this bill. This a great day for the citizens of America!
BTW We are going to get our city back, yes sir! I have watched the Asshats invasion for 7 years so I would like to say good bye now....
The What
"""" I too have the views of the What and many others. Inflation , assset bubbles and greed by the big wigs in wall street have hurt many regular hard working americans. And the Representatives saying no to this bill will hurt in the short term but maybe they can come back with something better.
If they don't pass something we will have deflation which is worse than inflation becuase while asset prices fall and the credit market freezes the rich will still have cash and the regular guy who works week in and week out living pay check to check will probably lose his job because of the very thing that was suppose to help him. Deflation usually becomes a death spiral. Many jobs will be lost and the guys who will hurt will be the guys who are worst off already. I do believe that a bill that helps new homebuyers get huge tax credit will be the best. Reward the guys who stood on the sidelines with incentives to help stabablize asset prices.
Posted by: HOBOKENROCKS at September 29, 2008 3:13 PM
Could anyone use a good laugh?!?!?
http://www.nbc.com/Saturday_Night_Live/video/clips/reliable-investments/698621/
Posted by: TownhouseLady at September 29, 2008 3:18 PM
Thanks Hobokenrocks...you wrote:
"At one point in the future the rest of the world will look to disconnect themselves from the USA."
By that do you mean that the dollar will no longer be the reserve currency? But if all the countries concerned are also printing like mad why would they do that, and what would they change to, the Euro?
(As you can see I'm a rank newbie)
Posted by: bridges at September 29, 2008 3:25 PM
bridges , I am not sure, the reserve currency may become Gold. But by disconnecting from the USA other countries will not be susceptible to our greed. The greed of these companies has really undermined the whole economy, not just here but worldwide. They should all be tried and thrown in jail
Posted by: HOBOKENROCKS at September 29, 2008 3:28 PM
Theory: Bush and the central banking cartel are purposely letting the DJIA and S&P 500 hemmhorage as a scare tactic to get the house to change their mind.
Posted by: DOW8000SP800 at September 29, 2008 3:39 PM
that 10400 is holding baby. If this holds today and tomorrow, with 10300 a possibility, and the bailout passes this week. We have hit a short term low and its time to buy. If it breaks big time we are in trouble, if the bill passes and it doesn't a short term low has been hit.. Make money baby
Posted by: HOBOKENROCKS at September 29, 2008 3:42 PM
DOW ... Bush and the "Central banking cartel," whoever that might be; have nothing to do with the selloff.
The problem with the selloff is that its not a lot of volume...we nee 4B shares to trade on the NYSE to make it a real selloff. Today we'll be lucky to do 2B shares
Posted by: daveinbedstuy at September 29, 2008 3:44 PM
"If they don't pass something we will have deflation which is worse than inflation becuase while asset prices fall and the credit market freezes the rich will still have cash and the regular guy who works week in and week out living pay check to check will probably lose his job because of the very thing that was suppose to help him."
The Asshats thought that they was Donald Trumps and they was so "smart" but they was marks in the big scam. The bag has dog shit in it
That slope is very slippery. The BIG BOYS don't "share" cash with main street! Where do you get that from?. You are watching the implosion of the Mutant Asset Bubble!!!! Fictions wealth is being evaporated in seconds, like over priced condo's. Wake up, this is what happens in all bubbles, they POP. 1907, 1929, 1987, NASDAQ and The Mutant Asset Bubble. Game over.................
The What (Gas up the choppers)
Someday this war is gonna end<-- This will change very soon...
Posted by: what at September 29, 2008 3:44 PM
"If they don't pass something we will have deflation which is worse than inflation becuase while asset prices fall and the credit market freezes the rich will still have cash and the regular guy who works week in and week out living pay check to check will probably lose his job because of the very thing that was suppose to help him."
The Asshats thought that they was Donald Trumps and they was so "smart" but they was marks in the big scam. The bag has dog shit in it
That slope is very slippery. The BIG BOYS don't "share" cash with main street! Where do you get that from?. You are watching the implosion of the Mutant Asset Bubble!!!! Fictions wealth is being evaporated in seconds, like over priced condo's. Wake up, this is what happens in all bubbles, they POP. 1907, 1929, 1987, NASDAQ and The Mutant Asset Bubble. Game over.................
The What (Gas up the choppers)
Someday this war is gonna end<-- This will change very soon...
Posted by: what at September 29, 2008 3:44 PM
its not bush, its the republican house party . But I truly understand why they have voted against this bill. I don't think this bill helps all that much. The banks will still need more money. THE GOV will than have to give the banks more money to lend. Or like i believe huge tax credits to homebuyers who have great credit.
Posted by: HOBOKENROCKS at September 29, 2008 3:46 PM
What, I am going to put myself out there and let you know where I am at. As I have said many times, I have never been under any delusions about the possible "worth" of my house in your doomsday scenario. It is clearly going to "lose" value, although that is strictly theoretical as I will not have to test it for a good few years. And no I am not going to default on my house or foreclose. Why would I do this? I structured this purchase so that I had a cushion against an economic downturn and I am well positioned to ride it out. So again, you and I will be neighbors. Congratulations (sincerely) on being "right" about the state of the banking and credit systems. But the other end of your equation leaves me scratching my head. Why am I doomed? And who is the "we" that is going to take the city back?
Posted by: wasder at September 29, 2008 3:53 PM
wasder, unlike in the 1930's we no longer have a issue with gold backstopping the dollar. We will print and we will print but if deflation takes hold watch out for your house will get cheaper but moving in next door too you may become even more difficult because no one will lend the money to buy that home up. Of course I am almost all cash so I can buy that brooklyn heights home i have always wanted.
Posted by: HOBOKENROCKS at September 29, 2008 4:00 PM
ANY BODY WANT TO SELL ME THEIR BROOKLYN TOWN HOME FOR 500 K
Posted by: HOBOKENROCKS at September 29, 2008 4:02 PM
Here you go HOBOKEN...move in with the What
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=901281
Posted by: daveinbedstuy at September 29, 2008 4:07 PM
MAN I AM GOOD 10400. Now from here is up to CONGRESS.
Posted by: HOBOKENROCKS at September 29, 2008 4:10 PM
But all that printing and printing lowers the purchasing power of the dollar, while inflating prices. Wouldn't that in itself eventually contribute to deflation? Especially since wages aren't likely to keep pace with inflation?
Posted by: bridges at September 29, 2008 4:11 PM
DAVE THAT WAS FUNNY. LOL. I wish houses in Brookly town heights would go down but even if they do they are not coming down to my level. But I do believe those houses in the 2 million dollar mark may hit 1.2
Posted by: HOBOKENROCKS at September 29, 2008 4:13 PM
wasder stop trying to use me as a lighthouse. You made you decision of faulty premises, learn to live with it. I have laid out the foundation of the collapse of our economic system.
Stocks, Oil Plunge After Congress Rejects Bailout; Bonds Rise
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0PeALhiaraY&refer=home
``The banking system is moving very close to a complete state of gridlock,'' said Frederic Dickson, who helps oversee $25 billion as chief market strategist at D.A. Davidson & Co. in Lake Oswego, Oregon. ``It doesn't appear that Congress really appreciates how serious this situation really is. The market's telling us that it's extremely serious -- and it is.''
Again Asshats. You are seeing a Depression unfold in real time. The gravity is collapsing around the wormhole and will start to suck anything in it's path. All asset classes is going to get crushed!
Gas is down 10% Asset Classes will get crushed!
The What
Someday this is gonna end...
Posted by: what at September 29, 2008 4:17 PM
what, I have asked you to explain to me what you see happening that would cause me to leave my home in Brooklyn so that the mysterious "we" can reclaim the city. You have failed to explain what the process will be. I am not using you as anything but I am trying to engage with you about this. I am happy with the way my home purchase worked out no matter what happens this week. In my little economic world things are laid out in a way that makes sense. If you have some other info about why I am going to pack it in, by all means please let me know. Otherwise, I'll see you around Asshat Hill.
Posted by: wasder at September 29, 2008 4:20 PM
dollar being able to purchase less is inflation, asset prices going down in prices is deflation. Wages will go down in a deflationary environment and jobs will be lost.
Posted by: HOBOKENROCKS at September 29, 2008 4:25 PM
HOBOKEN & others: Safest place for cash right now?
Posted by: kingston at September 29, 2008 4:26 PM
NO DEPRESSION COMING, RECESSION YES. The depression was only a result of the dollar being linked to the gold standard and the fact that the FED didn't print. Sure we can have a nice long recession. But I doubt a depression is in hand. Bernanke will let dollars fly before we see that. So will all the other countries banks. If this bill is not passed than Depression is a certainty. I doubt that happens though, I would not be surprised to see a bigger bailout package come from this. I see money flying down from BENS HELICOPTER. Being tax credits for homebuyers is a way out of this.
Posted by: HOBOKENROCKS at September 29, 2008 4:31 PM
Got about 400 grand in the bank, you think I can finally get me that BROOLYN HEIGHTS TOWNHOUSE?
Posted by: HOBOKENROCKS at September 15, 2008 9:32 AM in response to Wall Street Reorg: Impact on Real Estate?
If all the crazies that have leveraged up on Wall Street get hit and their assets sold off us who have had the smarts to not over leverage our own balance sheets will be rewarded with that great broolyn heights townhouse we have always coveted...
Posted by: HOBOKENROCKS at September 15, 2008 10:01 AM
Do you think I will be able to get that brooklyn heights townhouse now with about 400k in cash?
Posted by: HOBOKENROCKS at September 15, 2008 3:35 PM in response to The end of the Mutant Asset Bubble...
stop messing up my dreams of buying that Brooklyn Heights townhouse for half a million.
Posted by: HOBOKENROCKS at September 15, 2008 8:23 PM in response to The end of the Mutant Asset Bubble...
ANY BODY WANT TO SELL ME THEIR BROOKLYN TOWN HOME FOR 500 K
Posted by: HOBOKENROCKS at September 29, 2008 4:02 PM
I'm sorry I need to ask again "CUZ" I didn't hear you...You said you wanted to buy a what? Where?
Posted by: TownhouseLady at September 29, 2008 4:31 PM
In a locked up CD. Treasury Bills will be very volatile now with no principal protection if rates do start to rise. You lock in a rate and guarantee your principal in a CD.
Posted by: daveinbedstuy at September 29, 2008 4:32 PM
Hoboken--thanks for translating for our language challenged friend. Obviously I get the general concept of inflation and falling asset prices. My particular situation is a little different than a lot of people's in that I am self employed and work in entertainment. How this is going to be effected by the current crash is anyone's guess, though sometimes visual entertainment manages to be something that squeaks through economic crises (people need entertainment during bad times). So my situation is not quite as tied to the job market as some but of course my clients could lose their jobs which would have a similar effect to me losing mine.
Who the hell knows. I am mystified however by the cackling of those who seem gladdened by recent events.
Posted by: wasder at September 29, 2008 4:33 PM
Everyone is going to be fine. Wasder, you in particular are going to be fine, because you clearly understand your position very well and don't lie to yourself to feel better. Brooklyn real estate will take a big fat bath, which is bad for anyone who wants to sell in the next few years but will be good for anyone who wants to buy in the next few years.
Posted by: lechacal at September 29, 2008 4:34 PM
KINGSTON , SEND IT OVER TO ME, JUST KIDDING. I think this WEEK WILL BE the low for the market. But this will play out during this week. If nothing is passed the market is toast, I am pretty much cash and silver. I like silver cuz its gone down more than Gold though Gold would be the reserve currency if we left paper....
Posted by: HOBOKENROCKS at September 29, 2008 4:34 PM
What's my name?
Posted by: DOW8000SP800 at September 29, 2008 4:34 PM
Hoboken, thanks. And I think we're heading for both.
Posted by: bridges at September 29, 2008 4:34 PM
Who's your daddy???
Posted by: daveinbedstuy at September 29, 2008 4:36 PM
TOWNHOUSE, NOT FAIR THOSE ARE MY COMMENTS THRUOUT THE MONTH OF SEPTEMBER. Let me make something clear, I don't believe that those townhomes will go down like that. Matter of facT with the country throwing money and money at this problem I would not be surprised that the better locations will get even pricier. Too bad for me..
Posted by: HOBOKENROCKS at September 29, 2008 4:38 PM
You can be sure that Ben & Hank are going to throw a lot more money soon.
Posted by: daveinbedstuy at September 29, 2008 4:41 PM
"The problem with the selloff is that its not a lot of volume..." - DIB
Hence my theory @ 3:39, Davey Boy!
Posted by: DOW8000SP800 at September 29, 2008 4:41 PM
DOW8000 SP 800 THOSE ARE THE LOWS OF 2002, THOSE WOULD BE THE HUGE TECHNICAL BARRIERS.
Posted by: HOBOKENROCKS at September 29, 2008 4:42 PM
DOW8000 SP 800 THOSE ARE THE LOWS OF 2002, THOSE WOULD BE THE HUGE TECHNICAL BARRIERS.
Posted by: HOBOKENROCKS at September 29, 2008 4:42 PM
Re: Photo above
C'mon, Hanky. Smile!!! Every little thing's gonna be alright.
Posted by: DOW8000SP800 at September 29, 2008 4:43 PM
Lechacal--thanks. This is exactly the point. Those people who are positioned to ride it out are going to live their lives and make the best of it. There are so many things more important to me than the value of my house. I have another baby on the way in December and a gorgeous two year old girl and that is what keeps me getting up in the morning with something other than the economy on my mind. Those people that have to sell in the next few years are likely in for a rude shock, but I will not cackle at their misfortune.
Posted by: wasder at September 29, 2008 4:44 PM
BAILOUT FAILS; STOCKS PLUNGE
Dow Loses 777 Points After Vote
http://www.nytimes.com/2008/09/30/business/30bailout.html?hp
WASHINGTON — In a moment of historic import in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry. The vote came in stunning defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse.
777 point huh.. You want to have any asset classes? Here is something to help you out.
www.preparationh.com/
Preparation H®: Prompt Relief from Hemorrhoid Symptoms -
Preparation H provides a line of hemorrhoid products to relieve the rectal itch and anal pain caused by hemorrhoids and provides information on hemorrhoid ...
The What
Someday this war is gonna end...
Posted by: what at September 29, 2008 4:46 PM
Get ready to buy stocks if this bill is passed cuz it will be nice rally. AT least short term... Make money in ups and downs. Not easy though.
Posted by: HOBOKENROCKS at September 29, 2008 4:46 PM
Tech Barriers? You mean circuit breakers? Yeah, you got a point. They'll probably shut it down and call it a crash before it reaches that level. That's what happened in Feb '07, 2000, 1987 and 1929. A halt of redemptions if you will.
Posted by: DOW8000SP800 at September 29, 2008 4:47 PM
more obsession with the rectum What. Is this something left over from your time in prison??
Posted by: daveinbedstuy at September 29, 2008 4:48 PM
Check out the credit markets overnight, if they freeze the market will tank and than the biggest drop in the history of the stock market will be reality. I will buy on this drop. You must understand what is happening everybody. HISTORY IN THE MAKING. Don't get scared get smart. Vote Democrat.
Posted by: HOBOKENROCKS at September 29, 2008 4:55 PM
How 'bout those Phillies? That was some game on Saturday!!!
Posted by: daveinbedstuy at September 29, 2008 4:56 PM
no dow 8000 will be a main technical barrier. Technical analysis is what you can trust in this type of market. Better learn how to read the charts.
Posted by: HOBOKENROCKS at September 29, 2008 4:56 PM
mets suck
Posted by: HOBOKENROCKS at September 29, 2008 4:58 PM
Hoboken..its your geographic misfortune to be in NJ but so close to NYC...where you become a Mets fan. Everbody in South Jersey is a Phillies fan!!!
Posted by: daveinbedstuy at September 29, 2008 5:00 PM
Mets really do suck. What the hell is wrong with that team?
Posted by: wasder at September 29, 2008 5:02 PM
actually i am a yankee fan but they too played horrible
Posted by: HOBOKENROCKS at September 29, 2008 5:04 PM
Yankees kinda suck too. Perhaps there was a Mutant Pay Too Much Money For Players Bubble.
Posted by: daveinbedstuy at September 29, 2008 5:05 PM
they yankee bubble just burst. lol
Posted by: HOBOKENROCKS at September 29, 2008 5:08 PM
Yeah, no post season baseball for NYC is a big bummer. But Dave, I am with you on the Phillies bandwagon. I went to Swarthmore and lived in Philly for many years so I will root for them this year.
Posted by: wasder at September 29, 2008 5:09 PM
I've been a Phillies fan since I left Chicago and was a Cubs fan. So I know what its like to wait a long time for anything!!! Been a part-time Philly resident since 1998. Screw the Mets, Yankees, Giants & Jets. I still like da Bears too!!!
Posted by: daveinbedstuy at September 29, 2008 5:11 PM
the bill will pass and the market will roar back everyone, though I would say if we can't get by 11400 on the Dow we will be headed back down. Remember if you love your home and your mortgage is fixed than you guys are ok.
Posted by: HOBOKENROCKS at September 29, 2008 5:13 PM
Hey goto ESPN to talk about the METS (Ugg)!
Lookie here I got the first 100+ forum post on Brownstoner! Yippie!!!
The What
Someday this war is gonna end...
Posted by: what at September 29, 2008 5:13 PM
The Eagles only real bad moment was that asshole T.O. Andy Reid's a stand-up guy and I always liked Ditka for the same reason.
Posted by: daveinbedstuy at September 29, 2008 5:13 PM
What, our baseball comments are bumping up your post count so don't complain. Its more fun than talking about preparation h anyway.
Dave, the mid 80's 76ers were my favorite Philly sports teams.
Posted by: wasder at September 29, 2008 5:15 PM
What...you are here for our entertainmant. We will do as we please on this thread.
wasder....I've had many people tell me I look like Larry Brown. Not as popular up here as he was down there with the 76ers!!!!
Posted by: daveinbedstuy at September 29, 2008 5:21 PM
Having seen you from afar the other day at the street fair I would agree with that assessment. Its a shame Larry Brown didn't work out up here as he is a Brooklyn boy through and through. Would have been a great story.
For me though, the Charles Barkley era in Philly basketball will always hold a special place in my heart.
Posted by: wasder at September 29, 2008 5:24 PM
Hoboken said: "Remember if you love your home and your mortgage is fixed than you guys are ok."
I guess the variable there is people holding on to their jobs...
Posted by: wasder at September 29, 2008 5:26 PM
Yeah...I lived in Chicago through the Michael Jordan era and was working on LaSalle street when da Bears won the Superbowl
Posted by: daveinbedstuy at September 29, 2008 5:26 PM
Uhm, yeah, wasder, that would be me praying to keep my freelance job at an iBank. Did I fail to mention that I work freelance at an iBank. RIght. Ok. I'm screwed.
Posted by: cobblehiller at September 29, 2008 5:54 PM
Hijacking a thread is not cool.
Posted by: supergirl at September 30, 2008 1:05 AM
posting on brownstoner at 1:05 AM is not cool
Posted by: daveinbedstuy at September 30, 2008 8:08 AM
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