Forums of Filth

Some financial news:
http://www.youtube.com/watch?v=g0PT1oHaqaU

Learn to swim!

Fucking hilarious!

But on the down side, if AIG goes down tomorrow then y'all better start thinking about stocking up on guns and farm implements. Good luck!

PnDsCm wrote:
But on the down side, if AIG goes down tomorrow then y'all better start thinking about stocking up on guns and farm implements. Good luck!

Man. I'm glad my 401K moved out of Merril Lynch a few years back!

I take it only one of you actually watched the video.

I watched it. Yes, I saw those guys behind the reporter.

LIVE FO RETSINIM wrote:I take it only one of you actually watched the video.

watched.

I watched it, too, but I'd already seen the news and man titties.

Adremelech wrote:I watched it. Yes, I saw those guys behind the reporter.

Haha, fags!!!


I drank myself to sleep Monday night. We finally realized what we wanted to do with our lives this spring. Move to the California sunshine and work at creative companies. Then the housing crisis, the economy, the stock market, the union strike (WTF are they thinking????). Trying to stay positive, but it's not easy. I wanted to get the hell out of here before the rainy winter starts, but it doesn't look like it's gonna happen. It seems like all the forces are working against us.

I have a couple life insurance policies with AIG. I also have $.02 left from a previous 401(k) at AIG after rolling it over. I shit you not, they send me a fucking statement every quarter. How much does that cost them to process and mail???? Administrative waste!!! No wonder they're going under! I'm not cashing it, because they'll charge me!!!

FUCKING REPUBLICAN BASTARDS!!!! FUCKING CORRUPT WASHINGTON!!! Can you believe they lifted the financial regulatory controls????

Adremelech wrote:I watched it. Yes, I saw those guys behind the reporter.

He goes from playing drums for the mighty Chuck Schuldiner to making out for a paycheck from Howard Stern. O how the mighty have fallen...

Blake NWR wrote:He goes from playing drums for the mighty Chuck Schuldiner to making out for a paycheck from Howard Stern. O how the mighty have fallen...

Amen.

Blake NWR wrote:He goes from playing drums for the mighty Chuck Schuldiner to making out for a paycheck from Howard Stern. O how the mighty have fallen...

dude, being on Stern is WAY bigger than being in Death or Iced earth...it's bigger than anything.

NO BID for WaMu and tomorrow is FDIC Friday! Time to get your cash out of that pile of dogshit today!

http://www.ft.com/cms/s/0/8324772c-85af ... ck_check=1

http://www.ft.com/cms/s/0/dd9592fa-8450-....

Queuing to withdraw cash

By Matthew Garrahan

Published: September 17 2008 03:00 | Last updated: September 17 2008 03:00

The queue to get into Washington Mutual's large Santa Monica branch on Wilshire Boulevard started forming half an hour before the bank opened yesterday, writes Matthew Garrahan in Los Angeles. The anxious faces of those in the line highlighted the uncertainty now surrounding its future.

Washington Mutual has been beset by rumours it would be the next retail bank to fail following the collapse of California-based IndyMac earlier in the summer.

But Monday night's cut of its credit rating to "junk" status was enough to persuade many of those queuing yesterday to get their money out of the bank.

"As soon as they downgraded it I decided to come and was here at 7am," said Lewanne Elwes, an artist manager. "I can't go on waking up in the middle of the night all worried after watching the news . . . I'm tired of this."

Fritzie Leao, who has had an account with WaMu for 15 years, said: "Last night was the clincher for me." Although US law protects account holders with deposits of less than $100,000 (€70,680, £56,000), she said she did not want to take chances.

Others waiting for the bank to open had other concerns.

"I've been thinking about getting my money out for weeks," said Steve Baker, another WaMu customer. "Then today I got an email from a friend who works in a bank downtown . . . apparently there's a rumour on the internet that they're going to close this afternoon."

As the line grew, some of those at the front began arguing about who was responsible for the banking crisis. "This is all because of deregulation," said Ms Elwes.

Looks like we're back in business: http://money.cnn.com/2008/09/19/markets ... tm?cnn=yes

Congratulations on your new acquisition of a few trillion dollars of shitty debt... Enjoy the new U.S.S.A. Comrade!

This stock pump is amusing but you can bet with the no-short rule and a half-baked bailout that the taxpayers have to fund this is only speeding the shit towards the fan. Keep a rainjacket handy.

Fuck WaMu and their shitty venue, shitty employees, shitty charges and shittier politics. Fuck them in their stupid shitty ass.

Me, I'm bringing marshmellos as I watch 'em burn.

So... I have a question for you who know your economics better than I do. The $700,000,000,000 bailout sounds like a good idea for the short term in that it could possibly avert a complete financial meltdown. BUT- For proletariat peons like me and most people here, The bailout is a shitty idea. I am now thinking that we would truly recover faster if we just let the financial institutions fall. They got themselves into it. Fuck em. There's no guarantee that the bailout would even work, so I say suck it up and get ready to take a big bite out of a very large shit sandwich.

So my question for you economics geeks: Am I right in thinking that if there is no bailout, that we would fall harder and faster, but get back up quicker? I really don't give two shits if those greedy cocks lose their mansions.

EDIT: I ran across this article after I posted the above... It reinforces what I was thinking (Although I DO NOT claim to be an economic expert...it was merely an quasi-educated guess!). What do you guys think?

Joe, I think you are exactly right.

There's a number of things about the bailout that the news isn't telling you as well. Actually after watching NBC news last night I was amazed that they aren't telling you ANYTHING about the particulars.

Two of the most evil provisions of the proposed legislation are first that the 700 billion is not a firm number, but rather the maximum amount that Paulson can hold at any one time. The securities can then be sold back into the market, more money can be appropriated and they can continually launder whatever is needed. Second the actions of Paulson are supposedly uncontestable in any court of law, a provision that I would assume is clearly unconstitutional. We'll see how this pans out.

For a good run down of the proposal and rebuttal on all points, check out Denninger's blog from Sunday: (warning, you will have to think!) http://market-ticker.denninger.net/arch ... rauds.html

It's not likely that the bailout is going to fix a damn thing, but one thing it will do is fork over a shitload of your money to wall street. It's not even a partisan problem. It's only us against the pigmen. Do yourselves a favor and call your senators and representatives today and tell them that you will work as hard as possible to deny them re-election if they decide to vote for this transfer of cash to the people who need it least.

You can argue that this money is needed to prevent the credit markets from locking up , halting business activity, and that this will further hurt the working people. I don't believe it for a second as the credit markets are already locked, and 700 billion will do nothing to create liquidity that isn't there currently. The problem has gone too far. I'd advise everyone to get ready for the shitstorm.

Write and call your senators:

http://murray.senate.gov/email/index.cfm

http://cantwell.senate.gov/contact/

Visit an organization that is trying to stop it:

http://www.fedupusa.org

http://www.stopthehousingbailout.com/

and good luck. We'll need it.

I'm wondering where Ophidian is to give us the Austrian perspective. He's probably deep in his bunker oiling an AR-15 though...

PnDsCm wrote:I'm wondering where Ophidian is to give us the Austrian perspective. He's probably deep in his bunker oiling an AR-15 though...

Yeah... Where the hell is he?

Really interesting post I just read on an investing forum I read:

I take the Metro (subway) home from my job in Wash DC every day. Today, I was coming in from Baltimore where I tried a case for most of the day. I sat down next to a guy on the train and I struck up a conversation with him. I didn’t know what was happening today in the financial marketplace, so I turned to this guy and asked him how the markets did today. He responded by telling me "t's funny that you ask, my life has been dealing with the markets 24/7 for weeks." He looked drained, but he wanted to talk. Talking to me as openly as he did signaled that he must be sleep deprived. His drained and distraught look made me think that he was a brother-in-arms in a sense.

It turns out he's an attorney with a law firm in DC that represents big financial institutions - no names, of course. I didn’t even ask. Does it matter who he represents? Well, he must be one of a couple of a hundred or a thousand that are working the deal. Anyway, we talked about the severity of the problem and this proposed 700 Billion “fix.” Knowing that I had limited time with him I wanted to make sure that he understood Americans’ resistance against supporting this 700 billion plus money laundering operation. He knew. He didn’t disagree about anything that I said. He stated that calls to Congress were 97% against the bill – and that’s from his friends on the Hill.

I learned the following:

• Financial Institution solvency problems are more than real.
• Potential for credit freeze up CONFIRMED
• Foreign Banks – Must have substantial US presence and US employees otherwise no political support to allow them to cash in.
• House and Senate leadership SCRAMBLING to have people in “safe seats” sign for bill. We’re talking both parties. Implication is that those in seats that are up-for-grabs are being pressured less.
• Help for those facing foreclosure.
• Goal to get this hammered out by Sunday or more market turmoil expected. A completely impossible task is how he characterized the task of getting a good bill together. The clear implication was that we lose either way. Moreover, this guy couldn’t even feel comfortable about supporting his own client’s bill - and maybe that’s why he was talking to me.
* He didn't look at me as if I were a nut case when I raised the spectre of Great Depression 2.
* Based on the conversation, it seems like the financial firms' lawyers don't even know what to do. If they can't figure out a way out then we're really screwed.

I told him that helping out Wall Street (his clients) and those going into foreclosure on the backs of the rest of us is just not fucking fair. He agreed. We parted ways after the train pulled in. No names. No need. The discussion drove it all home like interfacing through the Internet cannot.

BTW, I called Senator Webb’s office last Friday. I’ll be making more calls.