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Meltdown in US finance system pummels stock market |
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09-15-2008, 07:04 PM
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Meltdown in US finance system pummels stock market
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It was by far the most stomach-churning single day since a financial crisis began to bubble up from billions of dollars in rotten mortgage loans that have crippled the balance sheets of one bank after another and landed mortgage giants Fannie Mae and Freddie Mac under the control of the federal government.
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MeltDown in US finance system pummels stock market - Yahoo! News
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09-15-2008, 07:05 PM
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Well now we all know who to blame: Xtreme CPU - View Profile: MeltDown
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09-15-2008, 07:07 PM
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Depression is coming... maybe a significant recession if the Fed props up the economy.
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09-15-2008, 08:25 PM
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Quote:
Originally Posted by SuperFly03
Depression is coming... maybe a significant recession if the Fed props up the economy.
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You think the Fed has the choice not to?
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09-15-2008, 08:37 PM
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Quote:
Originally Posted by Clue69Less
You think the Fed has the choice not to?
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They've tried to... but it just isn't working
The US was too leveraged and it's going to take alot more losses to unwind this mess. Alot more.
I don't know where the bottom is, I have no idea how close we are to it... but technically by economic terms we still aren't in a recession. A severe recession is looming... a Lehman asset liquidation may set it off or an AIG failure.
Personally, I think we are tip toeing around recession territory taking the losses fairly well by being propped up by exports. When this sh*t spreads, even more than it has, and exports fall... it's over.
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09-15-2008, 11:34 PM
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Quote:
Originally Posted by SuperFly03
They've tried to... but it just isn't working
The US was too leveraged and it's going to take alot more losses to unwind this mess. Alot more.
I don't know where the bottom is, I have no idea how close we are to it... but technically by economic terms we still aren't in a recession. A severe recession is looming... a Lehman asset liquidation may set it off or an AIG failure.
Personally, I think we are tip toeing around recession territory taking the losses fairly well by being propped up by exports. When this sh*t spreads, even more than it has, and exports fall... it's over.
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Nobody knows if we are in a recession or not. There are cases where the initial numbers look really bad, but usually they look good and are revised downward when the economy is trending downward. As a result, it usually takes 2-3 revisions of the quarterly GNP to find out what really happened. We could technically be in a recession right now. We don't know.
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09-16-2008, 04:58 AM
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Quote:
Originally Posted by SuperFly03
Depression is coming... maybe a significant recession if the Fed props up the economy.
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I got so depressed I pulled all my money out of the market so does that count. 
In seriousness though there are a lot of failures and some really big names to go before the whole thing unwinds. AIG is taking on water so fast it's incredible, WM has been struggling for a long time and is now in junk bond territory, WB looks to be in trouble with some aquired California mortgages now too. The only winner in this game appears to be Bank of America who is systematically taking over the business of finance in America.
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09-16-2008, 05:16 AM
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On the bright side mortgage rates are down!
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Originally Posted by Randomizer
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Not just fail... MULTIFAIL!!!!!!
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09-16-2008, 05:18 AM
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Quote:
Originally Posted by BaldEagle
The only winner in this game appears to be Bank of America who is systematically taking over the business of finance in America.
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Well... They are the bank of opportunity....
I hate LaSalle bank. LaSalle was bought out by BofA, therefore, I hate BofA. HSBC online accounts are the shizzle.
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Quote:
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Originally Posted by Randomizer
Triple-cores are three-quarter fails, one-quarter epic fails.
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Quote:
Originally Posted by Dean
Not just fail... MULTIFAIL!!!!!!
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09-16-2008, 05:23 AM
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Quote:
Originally Posted by fidgewinkle
Nobody knows if we are in a recession or not. There are cases where the initial numbers look really bad, but usually they look good and are revised downward when the economy is trending downward. As a result, it usually takes 2-3 revisions of the quarterly GNP to find out what really happened. We could technically be in a recession right now. We don't know.
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So far GDP, which I believe is the metric not GNP, remains in positive territory but only by the width of a human hair.
You are right GDP gets revised and we may be in a recession now (very possible) but I'm just not seeing it go negative yet but I think it will.
Time will tell, not a great answer but really the only one we have.
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09-16-2008, 09:35 AM
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Quote:
Originally Posted by SuperFly03
So far GDP, which I believe is the metric not GNP, remains in positive territory but only by the width of a human hair.
You are right GDP gets revised and we may be in a recession now (very possible) but I'm just not seeing it go negative yet but I think it will.
Time will tell, not a great answer but really the only one we have.
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Crude-oil futures drop as much as 5% as demand concerns grow - MarketWatch
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Meanwhile, "OPEC is now projecting decreased world demand due to economic problems."
World oil demand growth in 2008 has been revised down by 100,000 barrels a day and expected to grow by 900,000 barrels to average 86.8 million barrels a day, the Organization of the Petroleum Exporting Countries said in a monthly report issued Tuesday.
OPEC cited "an unexpectedly strong decline in oil demand in North America."
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Going with the popular concept that energy fuels the economy then according to OPEC we already have a recession.
BTW SF: Oil was almost into the 80's today. 
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Crude oil for October delivery dropped to a low of $90.55 per barrel in electronic trading on Globex
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09-16-2008, 09:57 AM
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Last edited by UncleRuthless; 09-16-2008 at 10:03 AM.
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09-16-2008, 10:08 AM
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I live in the fastest growing city in my state. Recession isn't hitting me too hard.
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09-16-2008, 10:23 AM
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Quote:
Originally Posted by BaldEagle
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And down goes the Canadian Economy as our stupid conservatives led by Stephen Harper banked our entire economy on the oil fields of Alberta..  |
09-16-2008, 10:45 AM
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Quote:
Originally Posted by ElMoIsEviL
And down goes the Canadian Economy as our stupid conservatives led by Stephen Harper banked our entire economy on the oil fields of Alberta.. |
Somebody has to be first...
Don't worry if we ever do build houses again we'll need a couple trees too. 
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09-16-2008, 10:48 AM
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