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post #21 of 69 (permalink) Old 03-03-2008, 11:08 PM
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It's not just that I'm positive about my country, I actually pay attention to facts and data and do not let myself panic. People lose a lot more than their shirts when they panic. And you are absolutely right that recessions come and go and are a bonus time for the right type of investor! I've lived through many many recessions and know from vast experience that the very best time to buy equities is in the middle of a recession and when everyone else is convinced that the world is coming to an end--financially speaking that is.
J. Very true.

I am, as we speak pissing off my broker in 3/4 time. There is going to be a good time to get back into this market, now is just not it. I am still trying to figure out when the sweet spot is going to be. Between foreclosures and their impacts on the financial sector and some of the other flags, my internationals are the only green flags that I am seeing. And I don't like/want to play all in international.

Trying to figure out the bottom of this thing is proving to be the hardest one in decades. Finally everyone is on-board that there is a recession [either technical or "just" in reality] either here of a few steps away. The issue is how long.

With the ADD laden stock market kiddies I can't imagine them setting hunkered down too long which means that, unless the bottom goes to 8K which scares half of them out of the business it will last over 6 months.

In 1987 the market lost 40% of its value in a week. But that hit did not have the housing market collapsed along with it. And we didn't have our manufacturing base parked in China, India and Mexico so we worked out of it quicker. This will be interesting.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #22 of 69 (permalink) Old 03-03-2008, 11:15 PM
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J. Very true.


Trying to figure out the bottom of this thing is proving to be the hardest one in decades. Finally everyone is on-board that there is a recession [either technical or "just" in reality] either here of a few steps away. The issue is how long.
.
Bottom picking carries a high risk of getting shitty fingers.
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post #23 of 69 (permalink) Old 03-03-2008, 11:17 PM
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Why has the American taxpayer to carry the burden of bailing out short sighted US banks, who created the mess, while the responsible managers fall back on their golden parachute deals?
I heard through the grapevine, that the FDIC has very quietly brought back from retirement, and rehired 25 of their bank closure specialists.

US Bank Closures.....funny I have been hearing tis rumour for the last 5 days, no names yet but there is some very serious talk that has made it's way to certain circles over here. Should know more as of 2 weeks from now when I hit Singapore and lubricate a good source of info.........
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post #24 of 69 (permalink) Old 03-03-2008, 11:57 PM
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Originally Posted by mcbear View Post
J. Very true.

I am, as we speak pissing off my broker in 3/4 time. There is going to be a good time to get back into this market, now is just not it. I am still trying to figure out when the sweet spot is going to be. Between foreclosures and their impacts on the financial sector and some of the other flags, my internationals are the only green flags that I am seeing. And I don't like/want to play all in international.

Trying to figure out the bottom of this thing is proving to be the hardest one in decades. Finally everyone is on-board that there is a recession [either technical or "just" in reality] either here of a few steps away. The issue is how long.

With the ADD laden stock market kiddies I can't imagine them setting hunkered down too long which means that, unless the bottom goes to 8K which scares half of them out of the business it will last over 6 months.

In 1987 the market lost 40% of its value in a week. But that hit did not have the housing market collapsed along with it. And we didn't have our manufacturing base parked in China, India and Mexico so we worked out of it quicker. This will be interesting.
One can only hope it remains a recession, and doesn't turn into something far worse.
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post #25 of 69 (permalink) Old 03-04-2008, 06:33 AM
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WOLF........WOLF.........

Citigroup's Job Cuts Could Total Over 30,000

Citigroup's Job Cuts Could Total Over 30,000 - Financials * US * News * Story - MSNBC.com

Housing bust means at least 12 more months of pain

Feed Article | Business |
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post #26 of 69 (permalink) Old 03-04-2008, 07:28 AM
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That scumbag Saudi prince Al-Waleed bin Talal, has been pushing for massive lay off at Citigroup for over two years in a draconian measures to cut costs. Robert Druskin was tasked to streamline operations and this is an on going affair, nothing new!. Todd Thomson, was sacked abruptly in 2007 amid criticism over his style, which reputedly did not fit Citigroup's shift towards austerity. And do remember it's not just the American Taxpayer thats being hit by the American Banks poor handling of the subprime.
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post #27 of 69 (permalink) Old 03-04-2008, 07:52 AM
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Bernanke Urges Banks to Forgive Portion of Mortgages

Bernanke Urges Banks to Forgive Portion of Mortgages

March 4 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke, battling the worst housing recession in a quarter century, urged lenders to forgive portions of mortgages for more borrowers whose home values have declined.

``Efforts by both government and private-sector entities to reduce unnecessary foreclosures are helping, but more can, and should, be done,'' Bernanke said in a speech in Orlando, Florida today. ``Principal reductions that restore some equity for the homeowner may be a relatively more effective means of avoiding delinquency and foreclosure.''

Bernanke's call goes beyond the stance of the Bush administration and previous Fed comments. By comparison, the central bank's Feb. 27 report to Congress called for lenders to ``pursue prudent loan workouts'' through means such as modifying mortgage terms and deferring payments.

``Delinquencies and foreclosures likely will continue to rise for a while longer,'' Bernanke said in the comments to the Independent Community Bankers of America. ``Supply-demand imbalances in many housing markets suggest that some further declines in house prices are likely.''

Subprime borrowers are about to see their mortgage rates increase more than 1 percentage point, he said. ``Declines in short-term interest rates and initiatives involving rate freezes will reduce the impact somewhat, but interest-rate resets will nevertheless impose stress on many households.''

`Vigorous Response'

In the past, homeowners could refinance, though that option is now ``largely'' gone because sales of bonds backed by subprime mortgages ``have virtually halted,'' Bernanke said. ``This situation calls for a vigorous response.''

Bernanke didn't comment in his speech text on the outlook for the economy or interest rates. Traders expect the Federal Open Market Committee to lower the benchmark rate by 0.75 percentage point by or at the panel's next meeting on March 18, based on futures prices.

Bernanke signaled in congressional testimony last week that the Fed is prepared to lower rates again even amid signs of accelerating inflation.

Yesterday, the Fed and other regulators sent letters to institutions they supervise, encouraging the banks to report on their efforts to modify mortgages at risk of default.

``This will make it easier for regulators, the mortgage industry, lawmakers and homeowners to assess the effectiveness of these efforts,'' Fed Governor Randall Kroszner said in a statement yesterday.

Foreclosures Climb

The number of U.S. homeowners entering foreclosure rose 75 percent in 2007, with more than 1 percent in some stage of foreclosure during the year, according to RealtyTrac Inc. of Irvine, California. For the year, more than 2.2 million default notices, auction notices and bank repossessions were reported on about 1.3 million properties.

``Lenders tell us that they are reluctant to write down principal,'' Bernanke said. ``They say that if they were to write down the principal and house prices were to fall further, they could feel pressured to write down principal again.''

The Fed chairman countered that by reducing the amount of the loan, this ``may increase the expected payoff by reducing the risk of default and foreclosure.''

Bernanke spoke in a state that's among the worst affected by the housing collapse. Miami home prices have dropped 17.5 percent in the past year, the most of 20 large U.S. cities, according to the S&P/Case-Shiller index. Foreclosures in Florida jumped at more than double the nationwide pace, rising 158 percent in the past year, according to RealtyTrac.

Call to Investors

The Fed chief also urged investors in mortgage bonds to accept ``short payoffs'' of loans by allowing borrowers to refinance at a lower principal.

For investors, a reduction in principal that's ``sufficient to make borrowers eligible for a new loan would remove the downside risk to investors of additional writedowns or a re- default,'' Bernanke said. Original investors may be able to share in future gains in home prices under some plans, he said, citing a proposal by the Office of Thrift Supervision.

Last week, the Bush administration and congressional leaders sharpened their rhetoric over Democratic proposals to help stem foreclosures.

Representative Barney Frank of Massachusetts on Feb. 28 outlined a $15 billion plan to buy distressed mortgages from lenders, saying the ``cascade of foreclosures will continue'' without government action. Treasury Secretary Henry Paulson said such proposals ``do more harm than good.''

The administration is advocating a voluntary, industry- driven approach that urges the loan-servicing companies to modify mortgages for struggling borrowers.

Bloomberg.com: Worldwide
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post #28 of 69 (permalink) Old 03-04-2008, 08:41 AM
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I really am getting pissed off at all of these fucking election year "solutions" dipshit congress people and bleeding heart douchebags keep proposing. I've never in my life put myself in a position where some type of government bail-out program would help me out.

99% of the problems in this country boil down to this - we're such a bunch of pussies, that we refuse to let anyone feel bad or live in so much as a moment of discomfort. We cannot fathom letting someone pay the consequences for their actions. We cannot fathom holding someone to account for their behavior or decisions.

It's only going to get worse, because nobody who has helped create this mess is going to learn anything other than this - "chase whatever fairy tale you want; Big Brother will make sure it's alright in the end".
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post #29 of 69 (permalink) Old 03-04-2008, 08:49 AM
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Fucking greedy douchebag fuckers fucked my fucking HSBC shares.
and there is a wee farm being auctioned next Monday locally here
So I maybe gotta sell them low.
As long as no banking bonus getting scumbag is bidding agin me
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post #30 of 69 (permalink) Old 03-04-2008, 09:01 AM Thread Starter
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Originally Posted by Teutone View Post
Why is the American taxpayer being forced to carry the burden of bailing out short sighted US banks, who created the mortgage mess, while the managers responsible can fall back on their golden parachute deals?

BTW, I heard through the grapevine, that the FDIC has very quietly brought back from retirement, and rehired 25 of their bank closure specialists.
I don't see it that way: A few banks--VERY FEW--made some serious mistakes, but the majority did what they were supposed to do and just got caught-up in a perfect storm of problems (the housing bubble bursting, loose credit policies by a few banks, greedy speculators, a weakening economy, etc.). If the Fed and other government agencies had not stepped in, and the economy came crashing down, we would have had far greater problems which would have cost the US taxpayer much much more than if they hadn't stepped-up and stepped-in.

Don't believe everything you think
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