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.
― Convert your pencil into a large pole (caek), Monday, 15 September 2008 13:51 (fifteen years ago) link
Not gettin a real answer to mah questionsz :\
― Every Day Jimmy Mod Is Hustlin' (Jimmy The Mod Awaits The Return Of His Beloved), Monday, 15 September 2008 13:58 (fifteen years ago) link
burn, Wall Street, burn
― Dr Morbius, Monday, 15 September 2008 15:35 (fifteen years ago) link
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
― TOMBOT, Monday, 15 September 2008 16:51 (fifteen years ago) link
that's what I thought.
― Every Day Jimmy Mod Is Hustlin' (Jimmy The Mod Awaits The Return Of His Beloved), Monday, 15 September 2008 16:53 (fifteen years ago) link
ZIRP
― TOMBOT, Monday, 15 September 2008 16:57 (fifteen years ago) link
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!
― bell_labs, Monday, 15 September 2008 17:09 (fifteen years ago) link
no money = no problems
― bell_labs, Monday, 15 September 2008 17:10 (fifteen years ago) link
me too. I have problems, but having money is certainly not one of them! good times.
― Convert your pencil into a large pole (caek), Monday, 15 September 2008 17:17 (fifteen years ago) link
my response to all this has been to get me a civil service position. soon I'll be double recession proof.
― TOMBOT, Monday, 15 September 2008 17:21 (fifteen years ago) link
so where do we go after we're done shovelling the ashes of wall st
― 100 percent HOOS test (BIG HOOS aka the steendriver), Monday, 15 September 2008 17:27 (fifteen years ago) link
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.
― Convert your pencil into a large pole (caek), Monday, 15 September 2008 17:32 (fifteen years ago) link
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.
― Vichitravirya_XI, Monday, 15 September 2008 17:39 (fifteen years ago) link
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!
― 100 percent HOOS test (BIG HOOS aka the steendriver), Monday, 15 September 2008 17:57 (fifteen years ago) link
BUT WAHT R TEH PROFITABLE BANX?>!!
― Every Day Jimmy Mod Is Hustlin' (Jimmy The Mod Awaits The Return Of His Beloved), Monday, 15 September 2008 17:58 (fifteen years ago) link
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.
― bell_labs, Monday, 15 September 2008 18:04 (fifteen years ago) link
xp, retail banks like BoA, etc.
― Convert your pencil into a large pole (caek), Monday, 15 September 2008 18:04 (fifteen years ago) link
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)
― html tsar (Catsupppppppppppppp dude 茄蕃), Monday, 15 September 2008 18:07 (fifteen years ago) link
no it's 100k
― bell_labs, Monday, 15 September 2008 18:08 (fifteen years ago) link
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.
― bell_labs, Monday, 15 September 2008 18:11 (fifteen years ago) link
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 ^_^
― html tsar (Catsupppppppppppppp dude 茄蕃), Monday, 15 September 2008 18:17 (fifteen years ago) link
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.
― Adam Bruneau, Monday, 15 September 2008 18:21 (fifteen years ago) link
Thank God I've saved about 8 months of salary for my retirement.
― Dr Morbius, Monday, 15 September 2008 18:51 (fifteen years ago) link
so, i should, like, get my money out of wamu quick, huh
― gr8080 (max), Monday, 15 September 2008 19:11 (fifteen years ago) link
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.
― bell_labs, Monday, 15 September 2008 19:18 (fifteen years ago) link
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.
― 100 percent HOOS test (BIG HOOS aka the steendriver), Monday, 15 September 2008 19:20 (fifteen years ago) link
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
― Aimless, Monday, 15 September 2008 19:22 (fifteen years ago) link
everybody should take their money out of whatever bank it's in, so we can really have a Black Monday
― El Tomboto, Monday, 15 September 2008 19:58 (fifteen years ago) link
these fools think they're undercapitalized now, wait until gr8080 and J-Mod liquidate them checkin' accounts
― El Tomboto, Monday, 15 September 2008 19:59 (fifteen years ago) link
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.
― bell_labs, Monday, 15 September 2008 20:06 (fifteen years ago) link
i dont have a lot of money there and i was going to close the account anyway
― gr8080 (max), Monday, 15 September 2008 20:14 (fifteen years ago) link
so much for free checking for life ;-)
i'm gonna need a bigger mattress
― gabbneb, Monday, 15 September 2008 20:14 (fifteen years ago) link
does the FDIC even have very much capital these days?
― Tracer Hand, Monday, 15 September 2008 20:29 (fifteen years ago) link
About $50 billion, apparently:
That "run" could accelerate as people realize the FDIC fund has about $50 billion to "insure" about $1 trillion in assets at the nation's financial institutions, says Roubini. "They're going to run out of money" unless Congress acts soon to recapitalize the FDIC.
http://finance.yahoo.com/tech-ticker/article/56994/Top-Economist-Americans-Should-Worry-About-Bank-Deposits-if-Congress-Doesn%27t-Act?tickers=LEH,MER,BAC,AIG,WM,%5EDJI,%5EGSPC
― o. nate, Monday, 15 September 2008 20:30 (fifteen years ago) link
Maybe it's time to move to Chase lol
― html tsar (Catsupppppppppppppp dude 茄蕃), Monday, 15 September 2008 20:33 (fifteen years ago) link
I'm investing all my money in the Committee To Re-Elect
― El Tomboto, Monday, 15 September 2008 20:36 (fifteen years ago) link
Holy crap.
AIG down 62%.
― felicity, Monday, 15 September 2008 20:37 (fifteen years ago) link
Fun times:
Many employees toyed with their résumés in full view of colleagues. Others perused job-listing Web sites – Wharton’s alumni page was popular – and compared notes about headhunters.“What have you heard?” was a common question, mostly met with shrugs and silence. No one seemed to know their specific fate. No staff meetings had been announced, and cries went up whenever media outlets posted a new tidbit about the firm’s liquidation.Some desks had already been cleaned out, a hive of screens gone dark above tabletops bereft of personal items. The foreign exchange trading floor, on the third floor of Lehman’s all-glass Seventh Avenue skyscraper, was only about two-thirds full. Empty pizza boxes sat stacked in one corner; suit jackets hung on hangers at the end of cubicles.Pairs of traders, their brows furrowed, whispered to one another at the ends of aisles. Some perused the bankruptcy papers that their superiors had filed just hours earlier. One trader examined the Wikipedia entry for “conservatorship.”
“What have you heard?” was a common question, mostly met with shrugs and silence. No one seemed to know their specific fate. No staff meetings had been announced, and cries went up whenever media outlets posted a new tidbit about the firm’s liquidation.
Some desks had already been cleaned out, a hive of screens gone dark above tabletops bereft of personal items. The foreign exchange trading floor, on the third floor of Lehman’s all-glass Seventh Avenue skyscraper, was only about two-thirds full. Empty pizza boxes sat stacked in one corner; suit jackets hung on hangers at the end of cubicles.
Pairs of traders, their brows furrowed, whispered to one another at the ends of aisles. Some perused the bankruptcy papers that their superiors had filed just hours earlier. One trader examined the Wikipedia entry for “conservatorship.”
― Ned Raggett, Monday, 15 September 2008 20:39 (fifteen years ago) link
“I’ll have to figure something out before I run into money problems. What about you?” one man asked a colleague, who sat slumped in his chair, sneakers kicked up on a table. Packets of potato chips and a 12-pack of Aquafina water bottles sat untouched next to him.“What will you do then?” one woman asked another. “I guess, go back to school … ?” came the uncertain reply.
“What will you do then?” one woman asked another. “I guess, go back to school … ?” came the uncertain reply.
― Ned Raggett, Monday, 15 September 2008 20:40 (fifteen years ago) link
yeah, getting into b school this year will be fun.
― gabbneb, Monday, 15 September 2008 20:58 (fifteen years ago) link
naw, they will all decide to become lawyers
― bell_labs, Monday, 15 September 2008 21:01 (fifteen years ago) link
that would give them another year, i guess
― gabbneb, Monday, 15 September 2008 21:03 (fifteen years ago) link
i wonder if the fallout of this is actually going to be the thing to bring down housing costs in nyc. i read that they are estimating 100,000 jobs cut on wall street this year. empty condo town usa.
― bell_labs, Monday, 15 September 2008 21:12 (fifteen years ago) link
I can haz plan
http://www.cockeyed.com/citizen/check_cashing/check_cashing01.jpg
― Every Day Jimmy Mod Is Hustlin' (Jimmy The Mod Awaits The Return Of His Beloved), Monday, 15 September 2008 21:37 (fifteen years ago) link
lol
― gabbneb, Monday, 15 September 2008 21:43 (fifteen years ago) link
I just deposited a check written on a WaMu account and my credit union warned me that it could take a couple extra days for it to clear.
― Elvis Telecom, Monday, 15 September 2008 21:47 (fifteen years ago) link
Reminder to self: do not check IRA Roth accountReminder to self: do not check IRA Roth accountReminder to self: do not check IRA Roth account
― Everything is Highlighted (Hurting 2), Monday, 15 September 2008 22:05 (fifteen years ago) link
― bell_labs, Monday, September 15, 2008 5:12 PM (52 minutes ago) Bookmark Suggest Ban Permalink
who is going to live in the MYNT and other such ugly ass locations now?????
― gr8080 (max), Monday, 15 September 2008 22:06 (fifteen years ago) link