Tuesday, September 16, 2008

Then it was Tuesday.....Still Watching The Markets , and Monitoring Mooselini and McInsane


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Still Watching Everything Closely ( and plenty down below on McCain and Palin in the posts down below). My greatgrandmother Ethel was someone that lost everything in the Depression, and she ended up taking in sewing , and teaching piano and tutoring, while living in a tiny apartment.She was someone I would listen to growing up, she would play the piano and sip Bourbon ( kind of like a piano bar).She used to tell me"Keep your wits, pay attention.Stay Calm, many bad decisions have been made in a panic." I think this week will have alot of ups and downs, but the Reality of this Titannical Regime and what they have done to OUR economy I think is being revealed for one and all. ( Many of us have known how bad things are for years).Yesterday Lehman Brothers declared bankruptcy, effecting many, 25,000 jobs gone, and Banks and Markets around the world effected.At Some point the Reality of the Housing Markets, and Foreclosure Crisis and the State of Joblessness here was to be truly revealed. For years the MSM and the Bush Government have tried to spin it.....That is done.

And at this point we don't have time for Out Of Touch Leaders with False Reassurance and Lies, about How Everything is Fine. Things are not Fine and have not been for a long time. It is also time for us to hold the MSM accountable- they can not Paint this as a "Correction" or a "passing situation", it is a "Financial Crisis". And in the end it will effect many as far as jobs and savings, and retirement funds are effected.

If you need a refresher on what happened yesterday, it is linked to the Title ( with all needed links and articles and videos).
If you want to watch the index you can link here and watch and see what is happening.The real time quote is a static number, so you must refresh/reload the page to get a new real time quote, and click graph/chart to see visual.

UPDATE: If you want to watch the Index online Click here to watch....it is not stable this am. The real time quote is a static number, so you must refresh/reload the page to get a new real time quote, and click graph/chart to see visual.

Today AIG and Washington Mutual others need to be watched as this unravels...( The Eurpean and Asian Analysts were perdicting the number of hours AIG would even survive, and this was sobering as they also revealed how many banks were effected in Asia by Lehman Brothers Collapse).How Our Economy effects the Global Economy can not be underestimated.
Here are some of the LInks that are worth watching:
Huff Post
Bloomberg
Reuters
WSJ
QUESTION: I heard an interview about AIG , and it insures MANY things, including CITIES and COUNTIES ? And people brought up today about how it might effect the IKE Situation in Texas...Can Anyone Answer this question better for me?

I am just a nurse, a mom, I am just trying to track what is going on that effects us, and document the damage. DK of Redheaded Wisdom has a great post that explains alot.

We may be Hoovered Here folks, but if we hang together, and educate ourselves we will get through this...I think we should show up at McCain Events wearing Hoover Pins....just to send a Messege.Song for the Day, Hold On,Hold On, by Neko Case really good song for this week.

"“Get the facts first. You can distort them later. ” - Mark Twain
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12NOON UPDATE:
Obama speaking with force and with energy on CNN, about how serious this situation is....Big Crowd in Colorado. VERY Noisy. ( CNN has not panned the cameras).Now MSNBC is running the speech, the Crowd is loud, stamping and cheering, I will put the video up when I have it. Below 7 Minute clip from the speech this am in Aspen Colorado.

3:00 - 4:00 PM UPDATE::
Should the FEDS bail out AIG, then we should really think about how the FEDS have selectively interevened.
So FEDS are NOT lowering the Interest rate...Barclays is in talks with Lehmans..( I have no idea what that means..supposedly they are buying the Company for 2 Billion ?)....And McInsane offered this solution today a Phil Gramm Idea ? a disasterous idea...sounds like something Bush would offer.
AIG is still struggling and in trouble, FEDS are meeting to decide what to do, should the FEDS put forth 75 Billion to bail them with a Bridge Load ? The FEDS have never bailed out an Insurance company- remember that, and AIG wants ALOT of money...too much.....And they decided to bail out the Bears Stearn and NOT Lehman, makes you wonder WHO they really bailed out. Do read about how the Lehman Situation went down and remember the Employees were also paid with Lehman Stocks....Internet Stocks and Med Stocks leading the way today, except for DELL and HP are having troubles.....And Oil is still at 91/ Barrel..

Lehman Brothers in some ways reminds me of Enron or Global Crossing, employees being paid in Lehman Stocks ( worthless now).....I went and read their stories on Ebay this am....

Here is more :: "Staff had little choice but to follow suit in Lehman’s offices around the globe as they came to terms with the reality of the vertiginous collapse of the 158-year-old institution, leaving workplaces with belongings hastily collected and their savings depleted.The mantra of Lehman Brothers was to pay its staff in stock – some 30 per cent of the bank’s equity was held by employees and many bonuses were paid in shares. Now those holdings are all but worthless.Some staff were also told not to expect a paycheck at the end of the month and that they might even be liable for expenses on their corporate credit cards.In Lehman’s London office, the bridgehead for the Wall Street firm’s international expansion, many were evidently determined to minimise their status as creditors to the firm."

31 comments:

Fran said...
This comment has been removed by the author.
Fran said...

Like so many things in the Bush administration, they have tried to gloss over situations saying it is a random or isolated incident. Remember Abu Ghraib? I think they officially used the term "bad apple", that there was a bad apple in the bunch who had gone astray. I think when the first bank failures started the domino effect, the trend was to say this was a rare & random occurance ~ a bad apple if you will. Now I am thinking Bush just hopes the facade of a stable economy would not fall flat on it's face until he can fade off into the fat retirement sunset.
In either case, I'm sure the Bush family coffers are such that the oil price bonanza has been
wonderful for those with oil tycoon/war profiteer ties. Bush 1 & 2 will still get their pension checks, and have health care, & money in the bank for the rest of their lives.
I would not be surprised if they keep their money in Dubai- United Arab Emerates or somewhere NOT in the unstable US banking systems.
Anyway, in this bad apple analogy, Bush has nothing but rotten apples & a whole lot of them.
Rotten to the core ~ The Bush Legacy

enigma4ever said...

1PM Update::::
AIG still hovering...no banks stepping in, and now the FEDs are in talks- BUT AIG is not a bank- they are an Insurance Comp.....the FEDs don't usually bail out Insurance comps....Metals Down, Oil still hovering at 91....AIG supposedly needs 75 Billion...

Fran:: I am sure you are right..Bush and Cheney I am sure moved their money over shore years ago...I hope that is true- and can be proven at the War Crimes trials.....this is a mess...and we will see what happens...on another note- the Global Markets and Analysts said alot last night...they see the truth of what is going on here....no one is fooled...

an average patriot said...

This Greenspan engineered collapse is just beginning and I have been saying it for years now.
The Fed said no bailout for AGI but are now looking at a $25 billion "temorary" so called loan but no bail out!
This and the race to war is no coincidence that it is all coming to a head for Bush to implement Executive order #51 in time of crises giving him total dictatorial control!

Christopher said...

I just got home and saw some cat on MSNBC named John Harmon -- anchoring their NYTs edition.

Never heard of this program before.

But I am familiar with John Harmon from the primary. The guy is totally in the tank for Hillary and is probably a closet PUMA.

He asked this NYT writer, an Elizabeth Bumiller(sp?) why Obama isn't further ahead. She gave some meaningless reply and then this cat, this Hillbot dude, said:

"Of course things would be different if Hillary Clinton were the nominee."

You can't make this shit up. Now, MSNBC has turned an afternoon slot over to a Hillbot lamenting and whining that Hillary isn't the nominee uttering a subtext that Democrats should've known better and they will pay the price for selecting Obama.

enigma4ever said...

Chris::
Usually in the afternoon it is Shuster or Andrea Mitchell ( greenspan's wife)....I don't know Harmon- it does not ring a bell- I was out for part of the day and watch CNBC this am....I have not watched MSNBC most of the day- I did watch Obama's Speech- that is why I posted it- then I went out...I do know that Meumiller is actually a repug- friend of Judy Miller- a Bushie for years and that she did speak positively for Hillary for monthes last winter- write and call MSNBC and complain...( I will too - I just need to see WHO he is ...I am kind of clueless).

I would not be shocked if they shelve Andrea because her husband gave scathing perdictions and reviews of McInsane and Bush...

The other problem is that McInsane went on CNBC and MSNBC and NBC this am and it did NOT go well AT ALL...I should post the clip of him and His "Commission" idea...

Let's see How many view Obama 's speech and if they rerun this afternoon.....

I would imagine that Harmon is a temp for today- I think they are shuffling slots and staff...at 4PM it should be Shuster- let's see what happens...

Patriot::
slow down...Greenspan did not "engineer" , he did say and has been saying that there are problems- Big Problems...and he has been speaking out for the past few days...and trying to help people understand WHY this is happening.....We need to stay calm and focused, Bush is done- wants out and at this point he is just letting the whole thing go to hell. ( The Foriegn Analysts are distainful and scathing of bush and admit that his greed and inability to lead has effected the Global Market).

As far as the War issue- We are pissing away Billions Every Month on an Occupation, that is a fact...and once that money is decreased and being handled and managed better we will have some money to deal with some of our problems at home.....including Houselessness, and Joblessness...

Take a deep breath and do watch Obama's speech that I have posted...

enigma4ever said...

4:22PM
AIG shares were about 80 year ago...less than 3 now...WAMU is still down less than 2.50 - still junk rated..

enigma4ever said...

4:30 PM: stock market- volatile, bumpy day. up 141 points.Big Banks decided not to bail out AIG...but what will happen has not been decided...FEDS are trying to arrange some sort of assistance- although 24 hours ago they said that was off table....AIG needs atleast 27 Billion, and a Bridge loan of atleast 25 Billion? as of 4:30PM no resolution...

Christopher said...

This Greenspan engineered collapse is just beginning and I have been saying it for years now.

Patriot,

I have to disagree. The current economic mess is complicated and can't be blamed on a single individual. For example:

1. bad mortgage paper
- the mortgage industry engaged in shoddy and unscrupulous practices like selling 3/1 ARMs to unsophisticated borrows.
- the mortgage industry outright lied about their product. Selling borrowers buy-downs that got them qualified at 3.9% only to have the not adjust in six months to 6% or even higher.

2. the assumption the value of residential real estate would appreciate forever.
- in real estate, what goes up, comes down. even in high end markets like Manhattan and San Francisco, prices are coming down from their highs.
- 1-in-4 mortgages today is upside down. meaning the borrower owes more than the value of the property.

3. the decline in the value of the dollar.
- war, debt, deficit spending and borrowing, have all helped to make the dollar nose dive against other world currencies like the Euro, the Pound Sterling and even the Canadian dollar.

4. lack of regulation.
- the Bush junta has maintained an economic policy of "the free market knows best and will do what's right and correct itself." nothing can be further from the truth. regulation is but one role of the government.

5. Greenspan
- in 1996 he warned of "irrational exuberance" and if unchecked, could make the US economy go the way of Japan -- Japan suffered a protracted recession lasting years in part due to lack of oversight and regulation of their markets.
- in 2000, Greenspan warned of "housing bubbles." His comments detailed the risks in the booming real estate market and reflected his concern over the Feds refusal to tighten and regulate the mortgage industry.

No one listened. Greed had set in and the champagne was flowing and people were getting rich -- at least on paper. Now the housing market has collapsed and the piper has to be paid.

enigma4ever said...

Thanks Chris::
I don't think Greenspan engineered any of this ( FOX says so- but sheeeez)...he has been perdicting and warning of problems due to de-regulation and greed and monitoring and checks not instituted....

but thanks- for explaining all of that so carefully...

okay it is 5PM off to find food...be back later..

HelenWheels said...

As always, thanks for all your work Enigma!!

an average patriot said...
This comment has been removed by a blog administrator.
enigma4ever said...

Jim:::
I deleted you for being OFF Subject and creating fearmongering that is NOT needed right now, I am bogging about the Economy...NOT war issues...- I am blogging ALL of this because we are suffering ALL of us- living paycheck to paycheck for years..It is NOT about ANYONE being Right about ANYTHING....it is about critical thinking and problemsolving...and staying Calm and Focused ( like I said in my first paragraph)....

If you want to blog about WWIII crap- fine - do it on your own blog....BUT that is NOT my purpose...and I have enough readers, working people and retired folks that I am trying to provide information..I believe in POWER to the People- that Knowledge is Power...

If you read my posts it is also about HOW what is going on here is effecting the rest of the world....

HELEN::
I meant what I said to Jim,,,,I am kinda like a walking think tank...So I blog what matters so we can process it together- I believe if we think and problem solve together we can get through this....like my granny Ethel said ;-)

Christopher said...

Who is Jim? I missed a whole dialogue.

enigma4ever said...

JIM is Average American Patriot...
he was going offsubject- and I don't allow fear mongering not when people are already so stressed right now...sorry ...But I have limits...( and yes, we all know that I work hard to keep the flow going on this little blog....) but I do view that this blog is about taking care of people...and that we all get through this together...but not in fear....

Christopher said...

The Times of London (yeah, I know they're rightwing) characterized the collapse of AIG Insurance as:

A financial disaster that would dwarf the Lehman Brothers bankruptcy loomed today as one of the world's biggest insurers was shaken to its foundations.

And,

AIG, once the world's largest insurance company, has 116,000 staff — four times more than Lehman Brothers, the US investment bank that filed for bankruptcy yesterday — and its collapse could have a cataclysmic effect on global markets.

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article4767140.ece

Now, this isn't the UK Independent talking but the stodgy Time of London using words like "cataclysmic."

I heard some wag on CNBC say for AIG to survive, they will have to sell off their reinsurance division. So, if this is true, the obvious question becomes, who in their right mind would buy a reinsurance division that is weighed in favor of insuring bad risk?

I'm telling you, this is getting insane.

Jackie said...

Thanks for this video, enigma.

I loved how Obama contrasted himself with McCain in a clear, understandable way. You can tell the crowd "got it", because they got excited in the right places.

He used "risk" and "reform" in a way that might resonate with voters.



Between the hurricane, the train crash and this financial news, the last week has been a hard one for the U.S.

enigma4ever said...

Jackie::
He did a good job today- and this is his messege out on the road now..good...and yes, he is connecting...

Chris::
thanks for the research.... it's true I don't read that paper- but the Brits weighed in last night when I watched CNBC- and they are worried about AIG that I don't understand - I think that they have insured somethings that we are of concern right now....ie Did they Insure Metrolink?
or the Oil Rigs down in Texas ?
or WHAT?

enigma4ever said...

AIG::
could not get any Banks to lend money today..BUT now the FEDS are going to give a Bridge Loan to AIG for 85- 90 Billion ???

WHERE is the Money coming from???
we have NOT even heard WHAT amount is going to be sent to the IKE victims ????

This smells...

HelenWheels said...

At rawstory commenters are saying the fed is printing more money?? So the dollar will tank?

Christopher said...

It's all like Argentina when Juan and Eva Peron were in power.

They printed funny money that had no convertible value in the world markets and cast it to the "little people" to win their hearts and minds.

I bet Bush and Cheney don't own dollars. I bet they're invested in gold and Euros.

enigma4ever said...

Ohhh that must be WHY the Screen is in front of the White House....

Gryphen said...

Mooselini? Oh that is great!

I may have to steal that one dear.

Once again you are bringing passion and intelligence to these complicated issues. Great job.

enigma4ever said...

Gryphen::
thanks..the problem is that so much of this MESS is tied together...IKE, Hurricane Victims, Insurance Company needs bailing....Media Blackout...we have trouble here...Big Trouble....hitting good americans...


Mooselini- yup take it..the more the better...( well she would support the Real One's Terra Stance)

enigma4ever said...

shoot I forgot the Wallstreet Carnage..on that list..

DivaJood said...

Enigma, DK has a great post on this from yesterday - I've been focusing on some other issues because frankly, I've just become an independant travel agent, commission only, at a time when the US Economy is on the edge of a de-regulated depression. It is difficult for me to focus on it without fear.

You've done well on this post.

enigma4ever said...

Diva::
I hear you..I too am scratching the bottem of the barrel...I understand...we all have to cope as best we can...for me, the more I know I don't feel so blindsided or caught off guard...DK's post was great- I linked to it yesterday and today...

I have tried to blog in a way that is not as stressful or fearmongerish...I hope I did not add to your stress...sorry....I know this is awful....

I am rooting for you and your business..you are one brave woman, such courage in these times...

DivaJood said...

I spent time today working in the Culver City Obama office. Made calls to Nevada voters. One guy said he was voting for McCain because he's good for the economy. I swear to god. For me, the only way to stay out of fear is to be in action (hence, working to ensure that Obama be elected.)

At any rate, the policies of the Republicans for the last 30 years - deregulation, trickle down theory, government out of business - have failed drastically. The last 8 years have really accelerated what Reaganomics began. The fallout is going to be huge, but I believe that Obama in office will be a major step toward correcting what the failed policies created.

Anok said...

I also like the Mooselini line. Very clever!

great coverage, yet again. Did you see the news hour with Jim Lehrer tonight? They had some good analysts on, talking about the AIG issue. I only caught a portion of it (thanks Punky) but generally they are worried that because AIG is such a HUGE insurance company that if it goes, too many other industries will go as well. They are like the large insurance company that other insurance companies go to to insure their insurance, only it's other industries as well.

It is worrisome times, but I think we'll pull through it OK. Let's hope to whatever you pray to that Obama gets in, and starts to fix these problems!

Christopher said...

"that must be WHY the Screen is in front of the White House...."

I saw that too.

What the fuck is this junta hiding?

Well, the Feds are bailing out AIG to the tune of $85 billion of our tax money -- or, another way to look at this is, on credit.

enigma4ever said...

Chris::
I have no idea WHAT that screen is about - but it is bugging me..yup....

ANOK::
you are on to something...see tomorrow 's post about Did IKE Storm Wallstreet??? we are actually experiencing disasters on multiple levels...thanks for thinking on it...if we think thing together we can get through this...

Thanks for making calls Diva...I am going tomorrow...I am glad to know you are out there educating and spreading the word....keep up the good work...thank you...

more later...