Lehman & Merrill Lynch & the effects on Wall Street

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Charley

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My gosh, this leaves me wondering.....What is going to be next?

It amazes me that things are so bad in areas that effect all of us and can't help but wonder how we got here and if our country can turn things around this time.
 

Neil

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My gosh, this leaves me wondering.....What is going to be next?
It amazes me that things are so bad in areas that effect all of us and can't help but wonder how we got here and if our country can turn things around this time.
Bank of America is buying Merrill Lynch and Barclay Bank is in the process of buying part of Lehman. I think what we need to watch is what happens to AIG. This could have a world wide effect.
 

Buckskin gal

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I believe it was greediness that has taken a toll. What is sooo sad is these companies expect the government [us] to bail them out. We will be paying for many mistakes for a very very long time and it could get worse!
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My gosh, this leaves me wondering.....What is going to be next?
It amazes me that things are so bad in areas that effect all of us and can't help but wonder how we got here and if our country can turn things around this time.
 

nootka

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Yup, greed is definitely at the root of this evil.

I think we can fix it, but it's going to be a long, difficult battle.

Think of how much we are in debt to China...THAT is scary.

L.
 

Neil

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My gosh, this leaves me wondering.....What is going to be next?
It amazes me that things are so bad in areas that effect all of us and can't help but wonder how we got here and if our country can turn things around this time.
Bank of America is buying Merrill Lynch and Barclay Bank is in the process of buying part of Lehman. I think what we need to watch is what happens to AIG. This could have a world wide effect.
The Feds are going to save AIG. Phew, that was close.
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Charley

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...and the next one may be a disaster that the Feds cannot cover....
 

Carriage

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...and the next one may be a disaster that the Feds cannot cover....

As a long time watcher and warner of these and related things.......

I feel that the engineered worst is yet to come. The bubble can only stay inflated for so long. But it would also be VERY gullible to think that there is no control as to achieving the publicly stated goals that the "collapse" will bring about. How is it that the "fed" can use our hard-earned money (taken by threat of force and theft) to bail out thieves and crooks. The answer is short truthful and sweet; they are birds of a feather.

How did we get here?

How much time have you and how far back in history do you want to go? How many empires do you want to cover to get the whole picture. How much into social engineering do you want to go? The signs and warnings have been there for MANY decades. Those with the historical learning and temerity to point out all these things have been treated as crack-pots and kool-aid drinkers and their warnings have been buried, not with counter-fact or true reasoning but with slander and innuendo. Ron Paul among many others are proof on this point. True constitutionalists have been treated as the enemy by govt. for MANY decades.

Division has been and is the primary tool used to bring all of this about. However the dumbing down of our country as to this contract called the Constitution has been of paramount importance as well. Replaced with "counter-culture" and decidedly un-American philosophy belief systems, the stage is all set for this unraveling.

Our form of govt., as intended by our founders, simply cannot and will not survive with an ignorant, self-centered and oblivious "citizenry". Freedom and Liberty has been, thoughout history, a non-stop, knock down, drag out fight for survival proposition, ALWAYS! To stop fighting is to lose it, pure and simple. To allow govt. even the smallest deviation from its Constitutional choke collar, destroys the contract and allows govt. to throw off its contractual constraints. I think Kennedy woke up to this at the very end as he was trying to implement changes that would have returned govt. to the people. One of these things he was trying to accomplish was to pull power away from the "fed" by instituting silver backed certificates. This was a direct challenge to the unconstitutional "fed". Johnson made sure that it was undone shortly after Kenedy's murder.

As to a turn-around? Until we set aside differences and come together with the singular goal of restoring the Constitution as the supreme law of the land and also with the mission of never letting the flippin thing out of our site EVER again it most assuredly will not happen. Course I guess it also depends on what you are refering to when you say "turn-around".....

A better question is "Where have you been?" The inaction of the many force the few to have to go down a VERY ugly road! Kinda like the phrase; "All it takes for evil to prevail is for good men to do NOTHING."

Which brings us full circle to what DeToqville said after touring our newly formed country. " America is great because America is good. If she ever ceases to be good she will also cease to be great."

And here we are,

Bb
 
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Elsa

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The Feds are going to save AIG. Phew, that was close.
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The government shouldn't be bailing out ANY companies. AIG should have been allowed to fail and its components picked off by competitors.

I'm a hardcore classical capitalist, and this disgusts me to no END. It isn't the responsibility of taxpayers to keep businesses aloft. It is also DEEPLY concerning that the Federal Reserve Bank (FRB) now has an 80% stake in AIG.

It's bad for government to bail out companies, and it's bad for government to OWN companies!

Now, to make things even more complicated, the FRB isn't even a full government entity.
 

littlesteppers

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Well make room..here come the carmakers..Now they want a handout too..I am getting more and more disgusted..I blame congress..it looks to me they cannot get enough spending done ..and make sure to vote against drilling ..heaven we need NO income..
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Neil

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Well make room..here come the carmakers..Now they want a handout too..I am getting more and more disgusted..I blame congress..it looks to me they cannot get enough spending done ..
Get ready to see which major candidate blinks first. The auto industry runs across major key states for the candidates. To not favor an auto industry handout is to give up the voters in those states. Neither can afford to give up the voters in those states.

and make sure to vote against drilling ..heaven we need NO income..
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The House voted yesterday to lift a long standing ban on offshore drilling. On a vote of 236 to 189 in favor they proposed that states would have the option to allow drilling between 50 and 100 miles off their shores. Areas more than 100 miles from the coast would be completely open to oil exploration and drilling. Does this mean that we can now drill off the coast of Saudia Arabia and other middle eastern countries?
 

littlesteppers

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Well I cannot talk for everybody..just myself..I do not want handouts..now they talk about second stimulus package..just give us jobs and keep the oil companies drilling..98 percent of oil is in the area that is off limits..geee..democrates allowed us to drill..on land that has NO oil..or should I say water..lol

Reid ( okay not a major candidate) already blinked he came out to support the handout!
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Charley

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Something that really irks me is that the management people that got them into this mess will continue in their jobs and a fancy paycheck to boot.
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I hope someone is going to clean house in there.
 

littlesteppers

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Something that really irks me is that the management people that got them into this mess will continue in their jobs and a fancy paycheck to boot.
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I hope someone is going to clean house in there.
Yup..100 million dollars in 3 years..I believe that was the CIO or Bear Sterns..hard to keep the companies straight..too many..
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Elsa

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"Merrill has been caught, like Lehman, with huge exposures to mortgages and mortgage securities, though it has aggressively moved to unload those from its books in recent weeks"http://www.newsweek.com/id/159010
It's like the old story about the guy in the oil business who ruined a brand new pair of boots while out on an emergency call visiting a drilling rig.

When he submitted his expenses he had put the cost of a replacement pair on the claim sheet. The bean counters at the office told him there was no way he could claim for the boots and to resubmit the claim form without the boots.

In due course he did just that... the amount claimed was exactly the same but there were no boots actually listed on the form.

He attached a little note for the bean counters: "If you can find the darn boots in here now, I'll pay for them"

The end of the story is that you now have whole companies doing the same thing.
 

littlesteppers

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Ain't that the truth..lol

I also think that oil and greed is the root of this whole mess..huge companies was giving loans to people that did not deserve them..than sold the mortgage..they got paid..thats all that counted..they even had Ninja loans..NO Income NO job..unbelievable..I think they than drove the oil price up to make up for their bad judgements..people had to pay to much for gas and stopped driving that much..oil fell but people still devaulted on their mortgages..put their money in the gas tank..this is when the whole house of cards started to crumple..and congress stood by and watched!
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