A House of Cards

drjeff · Oct 2, 2008

ctenidae said:
Timothy Murphy (R-Penn) said this morning that the bill didn't pass last time because they did a poor job of selling it to the public. They focused on liquidity, "which the average American thinks is what you mop up off the floor."

Sadly, true.

I noticed, as did my wife and parents last night that atleast on the NBC nightly news, they were WAYYY more positive about the bailout proposal and trying to sell it to Joe Q. Public than they were just a few days ago. Coincidence or not, I'm not sure

Moe Ghoul · Oct 2, 2008

Next week could be even uglier. I would suggest if you have some extra cash in the bank to yank it and keep some at home if you don't keep a stash at home. It wouldn't surprise me if there's a "bank holiday" freezing up access to accounts on its way. Worst case scenario, you re-deposit if it doesn't come to pass. Rumor has it BOA is in trouble. A major insurance carrier is on the ropes. Nothing that I can substantiate at this point. This "bailout", "rescue" or whatever label you want to paste on it ain't gonna work.

RootDKJ · Oct 2, 2008

Moe Ghoul said:
Next week could be even uglier. I would suggest if you have some extra cash in the bank to yank it and keep some at home if you don't keep a stash at home. It wouldn't surprise me if there's a "bank holiday" freezing up access to accounts on its way. Worst case scenario, you re-deposit if it doesn't come to pass. Rumor has it BOA is in trouble. A major insurance carrier is on the ropes. Nothing that I can substantiate at this point. This "bailout", "rescue" or whatever label you want to paste on it ain't gonna work.

Can you site your source on BOA?

Moe Ghoul · Oct 2, 2008

RootDKJ said:
Can you site your source on BOA?

No. Like I said, it's a "rumor". Could be complete BS.

tjf67 · Oct 2, 2008

Moe Ghoul said:
Next week could be even uglier. I would suggest if you have some extra cash in the bank to yank it and keep some at home if you don't keep a stash at home. It wouldn't surprise me if there's a "bank holiday" freezing up access to accounts on its way. Worst case scenario, you re-deposit if it doesn't come to pass. Rumor has it BOA is in trouble. A major insurance carrier is on the ropes. Nothing that I can substantiate at this point. This "bailout", "rescue" or whatever label you want to paste on it ain't gonna work.

Are you that irresponsible to spead fear like this. Come on grow up.

tjf67 · Oct 2, 2008

GrilledSteezeSandwich said:
This guy at the bar was telling me that in a year it will be impossible for even someone with good credit to get a mortgage....any truth to that??? Banks make money lending money so why would they stop????

If deposits drop enough they dont have the reserves to make loans. Tell the guy at bar to have another drink and come talk to you in a year

Moe Ghoul · Oct 2, 2008

tjf67 said:
Are you that irresponsible to spead fear like this. Come on grow up.

Grow up? Spreading fear? It's a cautionary suggestion. When every commentary ends in "......not since the depression", I'm not trying to spread fear, that's already rampant.

GrilledSteezeSandwich · Oct 2, 2008

tjf67 said:
Are you that irresponsible to spead fear like this. Come on grow up.

Believe what you want to believe..but a guy at the bar said the same thing as Moe..

Moe Ghoul · Oct 2, 2008

GrilledSteezeSandwich said:
Believe what you want to believe..but a guy at the bar said the same thing as Moe..

GSS, wasn't I talking about this 9 months ago on PASR?

GrilledSteezeSandwich · Oct 2, 2008

Moe Ghoul said:
GSS, wasn't I talking about this 9 months ago on PASR?

I don't remember..I think I was stoned that day :spread:

Moe Ghoul · Oct 2, 2008

GrilledSteezeSandwich said:
I don't remember..I think I was stoned that day

AHAHA!! I shoulda guessed that reply.

Moe Ghoul · Oct 2, 2008

RootDKJ said:
Can you site your source on BOA?

If you happen to be watching FBN, they were discussing the possibility of "bank holidays" around 2:21PM today. I don't make this stuff up.

GrilledSteezeSandwich · Oct 2, 2008

Moe Ghoul said:
If you happen to be watching FBN, they were discussing the possibility of "bank holidays" around 2:21PM today. I don't make this stuff up.

What exactly is a bank holiday? My next CD is up October 18th...I don't want to pull it out early and be penalized...are you suggesting we keep our money under the mattress??? At my bank they offer a 103% loan..does that mean I can take out $206,000 on a $200,000 house?

Moe Ghoul · Oct 2, 2008

GrilledSteezeSandwich said:
What exactly is a bank holiday? My next CD is up October 18th...I don't want to pull it out early and be penalized...are you suggesting we keep our money under the mattress??? At my bank they offer a 103% loan..does that mean I can take out $206,000 on a $200,000 house?

ROFL. No, its just a suggestion to keep some cash at home, not sell everything you own. A bank holiday is a polite way to say the bank is closed til further notice.
I bumped that thread up from last March on PASR.

hammer · Oct 2, 2008

Moe Ghoul said:
A major insurance carrier is on the ropes. Nothing that I can substantiate at this point.

Is this statement related to what I saw about MetLife here: http://www.foxbusiness.com/story/markets/futures-mixed-senate-approves/

Moe Ghoul · Oct 2, 2008

hammer said:
Is this statement related to what I saw about MetLife here: http://www.foxbusiness.com/story/markets/futures-mixed-senate-approves/

Apparently, Harry Reid made a comment, and the insurers are all getting hammered share price wise.

deadheadskier · Oct 2, 2008

Moe Ghoul said:
Next week could be even uglier. I would suggest if you have some extra cash in the bank to yank it and keep some at home if you don't keep a stash at home. It wouldn't surprise me if there's a "bank holiday" freezing up access to accounts on its way. Worst case scenario, you re-deposit if it doesn't come to pass. Rumor has it BOA is in trouble. A major insurance carrier is on the ropes. Nothing that I can substantiate at this point. This "bailout", "rescue" or whatever label you want to paste on it ain't gonna work.

Bank Holiday would have to mean a Wall Street holiday as well correct? The amount of chaos such an event would cause in the markets would seem to warrant that.

Moe Ghoul · Oct 2, 2008

deadheadskier said:
Bank Holiday would have to mean a Wall Street holiday as well correct? The amount of chaos such an event would cause in the markets would seem to warrant that.

There isn't much left on Wall Street to take a holiday at this point. I'm referring to chartered banks, FDIC members.

GrilledSteezeSandwich · Oct 2, 2008

It seems like a good time to buy Microsoft..it seems like it's in a valley and I could see the stock peaking again soon..

http://stocks.usatoday.com/custom/u...symb=MSFT&style=1623&size=2&time=5yr&freq=3mo

deadheadskier · Oct 2, 2008

GrilledSteezeSandwich said:
It seems like a good time to buy Microsoft..it seems like it's in a valley and I could see the stock peaking again soon..

http://stocks.usatoday.com/custom/u...symb=MSFT&style=1623&size=2&time=5yr&freq=3mo

I'm not sure I agree with that statement. I'm far from an expert, actually I'm a downright novice on the subject ::lol: but to me in economic slow downs, people are going to try and get by with as little investment as possible in technology needs. It may have hit bottom, but I (personally) wouldn't bank on it heading up a great deal anytime soon.

Seems to me the safe bets would be in sectors that are everyday needs no matter what; medical, consumer goods from companies like J&J, energy. I really don't play the market at all though. For chits and giggles I threw a couple hundred at AIG and WB when they were trading below $3.50. My dumb luck and they actually were gainers today :grin: not that I expect to make any money at them....more just playing while watching the mess unfold.

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