Rolling US Economy Into The Shitbin Thread

bad move by BoA. This is the same bunch that bought Countrywide!

AIG hasn't looked good for a long time.

There won't be a run or systemic collapse.

cocksuckers at AIG are asking for MY money via a bridge loan.

Caption this photo:

http://graphics8.nytimes.com/images/2008/09/15/business/15lehman.xlarge3.jpg

I guess if you figure you can't even get back IN the building on Monday...

and for those who really wanna shit their pants -- is the head of lehman brothers whistling past a graveyard?

― Eisbaer, Monday, March 17, 2008 12:59 AM (5 months ago) Bookmark

um, brown trouser days ahead?!?

the other night at my job where i telemarket for my school, this woman decided to give me a pledge so the i asked if she or her husband worked for a matching gift company, and she said "yes, lehman, but you better get it in quick" and then she laughed and i laughed back because i had no idea what she was talking about

now i do :[

Bad finger analogies

i wonder if lehman will sell off their awesome led screens.

http://www.untwist.com/images_projects/lehman_bros_anim.gif

better than badfinger analogies, one assumes

nyt commenters <3 <3

September 14th,
2008
8:03 pm
The football analogy really doesn’t work. Lehman has just been knocked out of the playoffs, and actually knocked out of the league. The executives of Lehman and many Wall Street firms, unlike Ronnie Lott, did not play to help the team win, but instead exhibited extreme greed and foolishness.
— Posted by James

no SIR-- no credibility

Jimmy Mod askin the real questions.

Remember when your friends would tell you "now if a major bank or the U.S. Government writes you a check that bounces, then you probably have more to worry about than if you're getting paid!" and you would have a corny laugh over it?

Everyone is lookin all sad on the PATH train right now

"pound it bra, one last time..."

Louise Story reports that Ken Lewis of Bank of America, on a conference call this morning, said he believed Merrill Lynch was “more likely than not” to survive the current turmoil. Now there’s an endorsement.

Not gettin a real answer to mah questionsz :\

burn, Wall Street, burn

so do I put my money in my mattress or not?

if your mattress ends with FCU or is otherwise a big consumer bank that doesn't buy securities/back investments in golf courses (USAA word) put money in that mattress.

Otherwise that money will just be worth less and less every day while it sits in your mattress

that's what I thought.

ZIRP

i am enjoying being in school and having no money and learning about how all this stuff works without having a personal stake in it right now!

no money = no problems

me too. I have problems, but having money is certainly not one of them! good times.

my response to all this has been to get me a civil service position. soon I'll be double recession proof.

so where do we go after we're done shovelling the ashes of wall st

http://newsimg.bbc.co.uk/media/images/45019000/jpg/_45019745_bankerfrench226.jpg

The caption for this on the BBC website is:

Edouard d'Archimbaud arrived at work to be told everyone had been fired

Difficult to feel sorry for a guy with a smirk that says he knows he's got six months off before they all start again and a name like that.

http://www.bloggingstocks.com/2008/09/15/100-year-crash-110-banks-to-fail-regulators-flail-70-billion/

The Wall Street Journal reports that the Fed is expanding its lending facility for Wall Street banks. In addition to getting money from the Fed after posting collateral such as bonds, mortgage-backed securities (MBSs), collateralized debt obligations (CDSs) -- the banks can now get money for posting equities as collateral. To translate into English, after permitting two of Wall Street's biggest names to go under, the government is realizing that it may have made a mistake. It is now back in the business of bailing out Wall Street.

But this means that the Fed is becoming Wall Street's garbage collector. So when it takes MBSs, CDSs, and stocks as collateral, it is risking taxpayer money because in all likelihood, this collateral could be worth much less than its face value. But wait, there's more. The Fed is being joined by a $70 billion lending facility created by some banks to help bailout their brethren. And one analyst expects 110 banks (out of 8,400) to fail by July -- that would account for $850 billion in assets out of $13 trillion total.
...
What to do? If you need your money in the next 10 years, take it out of everything else and deposit it in sub-$100,000 accounts with profitable banks.

Edouard d'Archimbaud arrived at work to be told everyone had been fired

This guy's name is like the premise for an Eddie Izzard bit.

Lehman will not hire me because of my low-class family name! I must become...Edouard...d'...archim...BAUD!

BUT WAHT R TEH PROFITABLE BANX?>!!

uhm, hm. i think for big banks bank of america and chase are doing fine?

i just set up to do my checking through schwab instead of wamu.

xp, retail banks like BoA, etc.

The ones that give checking accounts to the kind of person who posts on ILX.

The FDIC limit for personal accounts is $10,000, yes? Time to open more high interest internet savings accounts and move shit into cds (thanks remy)

no it's 100k

i don't think very many people are stupid enough to have $100k sitting in a wamu account or are going to lose their money. i'm just worried about interruption of service.

Yea, internet savings accounts may not be the best choice in that case… In that case I'll be drinking at bars that take credit cards only ^_^

My own personal perspective on the US economy has been being fired from a food service job i held down for a solid 2 1/2 years without any notice. Its a 24-hour diner that makes its bread and butter from the late-night hipster/drunkard/crackhead crowd and I was working 2nd shift, which has always operated in near-ghost town conditions. Anyways at the beginning of summer when everyone started freaking out about corn and food costs, etc. the owner went through two price hikes, some dramatic changes to the daily workings of the restaurant, and gave up a planned refurbishing. When I was let go - 2 hours before I was supposed to come in for a shift - I was told that he had been "looking at my sales". I actually felt like we were doing ok for a slow summer..

Anyways its been hell trying to find a fucking job since then. If I hadn't been in a very lucky and fortunate position I would definitely be homeless right now.

Thank God I've saved about 8 months of salary for my retirement.

so, i should, like, get my money out of wamu quick, huh

only if you are worried about the administrative hassles of getting it back from the FDIC or not having access for a couple of weeks

your money is technically safe.

I had about 3 months saved w/ING and it all got eaten up this summer with stupid car shit. Now I ain't got shit in savings and I'm worried.

When a bank goes into receivership, individual accounts are guaranteed up to $100,000. The problem then becomes how soon the affected funds will become available. In the past there have been delays, but that may (or may not) be less of a worry nowadays.

xpost - like bell labs said

everybody should take their money out of whatever bank it's in, so we can really have a Black Monday

these fools think they're undercapitalized now, wait until gr8080 and J-Mod liquidate them checkin' accounts

tombot i would agree with you to not pile out of wamu, but. it is pretty inevitable they are going down at this point and it is not seeming as certain that they will be bought out, though i still think there is a good chance chase will pick them up.

i am not actually transferring money out, just no longer depositing anything more there.

i dont have a lot of money there and i was going to close the account anyway

so much for free checking for life ;-)