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As far as gambling. Maybe this can be our time? I’m so confused right now I can’t think straight, but since we need revenue. This is a good thing and the US Cizitens will have a voice this time around, but I’ll see what others think will happen.
I’ve been watching the global stock markets for the past three days and it’s kind of scary to see so much of our money disappearing.
This only reinforces my belief that the bail out was a huge mistake. No one knows how far this will go and we almost have NO CHOICE but to let it all play out on it’s own or the government will own everything. Now they want to buy up banks!
We can’t bailout everyone and that $850 billion that they gave up made a lot of people mad and now to see that AIG is getting another $37 billion TODAY after spending $400,000 (at a resort) of our first $85 billion ONE week after they got it tells me that we ALL are in some very deep doo doo.
OH and I forgot they had another one scheduled for next week for 150 more to go and waste more of our money, BUT that just got cancelled a couple hours ago.
This is 7th straight sell off. Like I said before, might be wise to keep some cash on hand.
When the market hits bottom buy an index fund. A few years from now you may be glad you did.@slotplayer 180201 wrote:
This is 7th straight sell off. Like I said before, might be wise to keep some cash on hand.
When the market hits bottom buy an index fund. A few years from now you may be glad you did.Maybe we need a stock market section. I really need to know how to invest my money other than keeping a fire-proof safe at home.
We can’t do a run on the banks and insurance agencies right or should we get our money?
Historically, in times of recession and financial strife, people turn to gambling in the hope they will make a quick buck. It’s not pretty; it’s not really morally comfortable; but gambling is a sector that does well in these type of economic conditions historically.
@GamTrak 180204 wrote:
Maybe we need a stock market section. I really need to know how to invest my money other than keeping a fire-proof safe at home.
We can’t do a run on the banks and insurance agencies right or should we get our money?
Well nows the perfect time to start reading up on investing.
When I asked the bank yesterday if the credit crisis was effecting them they replied “not at all”
However, I deposited 1 money order for an affiliate commission and 1 business check from my retail site, both out of state and they cleared in 2 days. Normally there’s a 5 days hold on them. 2 days was surprisngly fast.
Banks and most credit unions are insured to $250k now. FDIC for banks and NCUIF for credit unions. It was 100k but they changed it last week to $250k. My credit union is insured up to $600k as the state covers the rest.
I’m keeping some cash on hand just in case I need it immeadiately and there’s none left to fill the ATM’s.
My hubby did deposits today and one of the checks was in Pounds and my bank (Chase) told me that it will cost $45 to convert it as well as take two weeks to clear and deposit so I”m wondering what is going on.
I do have another account at a local bank that should do it so I’ll just try there tomorrow.
@slotplayer 180207 wrote:
Banks and most credit unions are insured to $250k now. FDIC for banks and NCUIF for credit unions. It was 100k but they changed it last week to $250k. My credit union is insured up to $600k as the state covers the rest.
At this point, after seeing how they porked up that $700 billion bailout I’m sorry, but I don’t have faith in thier so called “insurance”.
I can’t help it. I do not trust to much of anything I hear other than what I see or know for sure.one of the checks was in Pounds and my bank (Chase) told me that it will cost $45 to convert
Jeez, that’s ridiculous. I get upset when my bank (I’m in the UK) charges me £8 (around $14) to convert a dollar check into pounds. I’d change banks instantly if they tried to charge me the equivalent of $45.
And two weeks to get it cleared. My UK bank clear US dollar and foreign currency checks in two days, which, strangely, is faster than they clear UK pound cheques. Go figure.
@tryme1 180211 wrote:
Jeez, that’s ridiculous. I get upset when my bank (I’m in the UK) charges me £8 (around $14) to convert a dollar check into pounds. I’d change banks instantly if they tried to charge me the equivalent of $45.
Not to be funny, but at this rate there may only be ONE global bank and we will all save on the fees. hehe
@tryme1 180211 wrote:
And two weeks to get it cleared. My UK bank clear US dollar and foreign currency checks in two days, which, strangely, is faster than they clear UK pound cheques. Go figure.
Chase is to busy buying up other banks to worry about their customers I guess.
Dow plunges more than 678 to fall below 9,000 By TIM PARADIS, AP
posted: 20 MINUTES AGOcomments: 55PrintShare
Text SizeAAANEW YORK -Stocks plunged in the final hour of trading Thursday, sending the Dow Jones industrial average down more than 675 points, or more than 7 percent, to its lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors Corp.
The Standard & Poor’s 500 index also fell more than 7 percent.
The declines came on the anniversary of the closing highs of the Dow and the S&P. The Dow has lost 5,585 points, or 39 percent, since closing at 14,198 a year ago. The S&P 500, meanwhile, is off 655 points, or 42 percent, since recording its high of 1,565.15.
Thursday’s sell-off came as Standard & Poor’s Ratings Services put GM and its finance affiliate GMAC LLC under review to see if its rating should be cut. GM has been struggling with weak car sales in North America.
The action means there is a 50 percent chance that S&P will lower GM’s and GMAC’s ratings in the next three months.
S&P also put Ford Motor Co. on credit watch negative. The ratings agency said that GM and Ford have adequate liquidity now, but that could change in 2009.
GM led the Dow lower, falling $2.15, or 31 percent, to $4.76, while Ford fell 58 cents, or 22 percent, to $2.08.
“The story is getting to be like that movie Groundhog Day,” said Arthur Hogan, chief market analyst at Jefferies & Co. He pointed to the still-frozen credit markets, and Libor, the bank-to-bank lending rate that remains stubbornly high despite the Fed’s recent rate cut.
“Until that starts coming down, you’ll be hard-pressed to find anyone getting excited about stocks,” Hogan said. “Everything we’re seeing his historic. The problem is historic, the solutions are historic, and unfortunately, the sell-off is historic. It’s not the kind of history you want to be making.”
According to preliminary calculations, the Dow fell 678.91, or 7.3 percent, to 8,579.19. The blue chips hadn’t closed below the 9,000 level since the June 30, 2003.
Broader stock indicators also tumbled. The Standard & Poor’s 500 index fell 75.02, or 7.6 percent, to 909.92, while the Nasdaq composite index fell 95.21, or 5.47 percent, to 1,645.12.
The Russell 2000 index of smaller companies fell 47.37, or 8.67 percent, to 499.20.
A wave of fear about the economy sent stocks lower late in the final two hours of trading after a volatile start to a day in which major indicators like the Dow and the S&P 500 index bobbed up and down. The Nasdaq, with a bevy of tech stocks, spent much of the session higher but eventually as the sell-off intensified. Still, its losses were less severe because of the relatively modest drops in names like Intel Corp. and Microsoft Corp.
On the New York Stock Exchange, declining issues came to nearly 3,000, while fewer than 250 advanced.
The sluggishness in the credit markets that triggered much of the heavy selling in markets around the world since mid-September appeared little changed Thursday following days of efforts by the Federal Reserve and other central banks to resuscitate lending.
Libor, the bank lending benchmark, for three-month dollar loans rose to 4.75 percent from 4.52 percent on Wednesday. That signals that banks remain hesitant to make loans for fear they won’t be paid back.
The Fed and other leading central banks this week lowered key interest rates to help unclog the credit markets and promote lending to help the global economy. While a rate cut can take up to a year to work its way through the economy, the move was aimed as a boost to investor sentiment.
“We’re stuck in a morass and I think it’s going to take quite some time to come out of it,” said Stephen Carl, principal and head of equity trading at The Williams Capital Group.
Demand remained high for short-term Treasurys, a refuge for investors willing to trade modest returns to protect their money. The yield on the three-month Treasury bill, which moves opposite its price, fell to 0.51 percent from 0.63 percent late Wednesday. Longer-term debt prices fell, with the yield on the 10-year note rising to 3.77 percent from 3.65 percent late Wednesday.
Investors across markets were mulling a plan being considered by the Bush administration to invest in hobbled U.S. banks as a way to stabilize the financial sector. The $700 billion rescue package signed into law last week allows the Treasury Department to inject fresh capital into financial institutions and obtain ownership shares in return.
Britain rolled out a similar plan, though no U.K. bank has received any investments. In Iceland, the government now has control of the country’s three major banks as it struggles to contain the troubles there.
Wall Street is also looking for any effects of short selling now that a three-week ban imposed by regulators has expired. Short selling is a technique in which investors borrow shares in a company from a broker and sell them, hoping to buy them back later at a lower price. Essentially, it’s a bet that a stock’s price will fall. Short sellers can lose money if they have to repurchase the stock after it has risen.
Some analysts believe the unprecedented ban on short selling — an effort to bolster investor confidence — did more harm than good at a time of historic market volatility. They contend that short sellers help the market rally by covering their bets and creating demand for stocks.
“I think the market’s way oversold. But I can’t stand in the way of this falling knife — I’d get sliced open,” said Phil Orlando, chief equity market strategist at Federated Investors . “Investors are just saying, get me out at any price.”
He also said that with the short-selling rule back in play, hedge funds might be shorting again to make up for their forced liquidations.
Volume on the NYSE came to 2.04 billion shares.
In Asia, Japan’s Nikkei 225 closed down 0.50 percent while the Hang Seng added 3.31 percent. In Europe, Britain’s FTSE-100 fell 1.21 percent, Germany’s DAX fell 2.53 percent, and France’s CAC-40 declined 1.55 percent.GM already borrowed their last if I remember correctly 3.5 billion. Once that’s gone they have to rely on car sales to continue operations.
The bailout hasn’t started, that’s one big problem, they haven’t set up organization to buy up crap from banks, but hope to start in december of january. The rest of the world has jumped onto this bailout the UK, Benelux, Italy, etc. have bailed out their markets. The reason the announcement of the bailout hasn’t helped, is that people are too scared to risk their money on corporate debt, so everyone is paying (giving up interest) to get into US government paper. So despite all the debt the US gov. has taken on, people still rather have their debt than a private corporation.
so is this crisis is what was needed to create one currency, one government, one corporation? Last time I checked monopolies won’t be saving us money. Ironic how the US gov seems to be doing everything wrong. First allowing this housing market to crash then handing over billions to the same corporations? Sounds like fraud to me.
Libor interest rates are really high and no banks want to lend to other banks.
The 700 billion was supposed to calm gitters and restore trust in bank to bank lending but apparently that hasn’t happened so far.@AmCan 180229 wrote:
The reason the announcement of the bailout hasn’t helped, is that people are too scared to risk their money on corporate debt, so everyone is paying (giving up interest) to get into US government paper. So despite all the debt the US gov. has taken on, people still rather have their debt than a private corporation.
Exactly. No one has confidence today and not many had confidence when they did the bail out. I guess we could throw another trillion or two at the problem, but IMO it will still not give anyone with money any more confidence.
I no longer trust Paulson/Bush. They did not have a clue what would happen and still don’t today.
