Rolling US Economy Into The Shitbin Thread

http://i2.cdn.turner.com/cnn/2008/images/08/01/t1home.unemplt.02.fri.gi.jpg

William Greider offers a provocative history of how we got into this mess, with plenty of blame to go around for Democrats and Republicans:

http://www.thenation.com/doc/20080818/greider

<a href=http://money.cnn.com/2008/08/01/news/economy/jobs_july/index.htm?cnn=yes>;Working Men are Pissed! The Non-Working ones, too, actually.</a>

lol trolling realtor.com for sub-$1000 properties in your area is fucked up

http://www.realtor.com/search/listingdetail.aspx?ctid=72&mnp=2&mxp=2&typ=7&sid=c9a92f5e448d4fee801a0d089567be80&lid=1098352596&lsn=3&srcnt=15#Detail

commenters on bigpicture were talking about how for some properties, after paying tax debts associated w/ and fees etc. you're essentially purchasing a negative in real terms, nevermind fucking condominiums moving at "take my house... please" prices

I mean at least with a shithole SFH in a detroit suburb you get the deed to the land

the dollar's at 1.86 against the pound today although i think that's more down to the british economy tanking

Foresight!

BIN LADEN DETERMINED TO ATTACK INSIDE US MORTGAGE INDUSTRY

http://www.youtube.com/watch?v=712kRqri2No

http://online.wsj.com/article/SB122109238502221651.html?mod=hps_us_my_companies

haha oh dear

http://www.rgemonitor.com/roubini-monitor/253567/if_lehman_collapses_expect_a_run_on_all_of_the_other_broker_dealers_and_the_collapse_of_the_shadow_banking_system

It is now clear that we are again – as we were in mid- March at the time of the Bear Stearns collapse – an epsilon away from a generalized run on most of the shadow banking system, especially the other major independent broker dealers (Lehman, Merrill Lynch, Morgan Stanley, Goldman Sachs). If Lehman does not find a buyer over the weekend and the counterparties of Lehman withdraw their credit lines on Monday (as they all will in the absence of a deal) you will have not only a collapse of Lehman but also the beginning of a run on the other independent broker dealers (Merrill Lynch first but also in sequence Goldman Sachs and Morgan Stanley and possibly even those broker dealers that are part of a larger commercial bank, I.e. JP Morgan and Citigroup). Then this run would lead to a massive systemic meltdown of the financial system. That is the reason why the Fed has convened in emergency meetings the heads of all major Wall Street firms on Friday and again today to convince them not to pull the plug on Lehman and maintain their exposure to this distressed broker dealer.

haha oh dear

Meanwhile, gas prices have jumped like $1.00 overnight in places like Knoxville. No idea what it is in portland, around the detroit suburbs it's 4.19/gal

Goldman and Morgan Stanley aren't nearly as compromised as Lehman is.

If the Fed was that worried about a run on commercial banks like JPM or Citi, they would have been writing a check this weekend like they did for Bear. Or maybe Paulson's just playing for a really slow liquidation.

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

Oh, and Lehman is filing for bankruptcy tonight:

NYT:

"According to people briefed on the matter, Lehman Brothers will file for bankruptcy protection on Sunday night, in the largest failure of an investment bank since the collapse of Drexel Burnham Lambert 18 years ago."

I know at least ten people who work for Lehman in NY. Time to check their Facebook.

yes tell us of their 'status' updates

yippee ki yay motherfuckers

yes, a lot of my oxford contemporaries went to lehman. having played football with this people, it's impossible not to enjoy this aspect of the shitbin scenario.

these people

Then this run would lead to a massive systemic meltdown of the financial system. That is the reason why the Fed has convened in emergency meetings the heads of all major Wall Street firms on Friday and again today to convince them not to pull the plug on Lehman and maintain their exposure to this distressed broker dealer.
Yeh, so, oops.

The Times is also talking about Merrill Lynch & AIG... are they all gonna collapse?

Merrill is already gone: merger with BoA

oh, it's a sale not a merger
http://online.wsj.com/article/SB122142278543033525.html

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!