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“My goodness. I’ve been in the business 35 years, and these are the most extraordinary events I’ve ever seen,” said Peter G. Peterson, co-founder of the private equity firm the Blackstone Group, who was head of Lehman in the 1970s and a secretary of commerce in the Nixon administration."

http://www.nytimes.com/2008/09/15/business/15lehman.html?partner=rssuserland&emc=rss&pagewanted=all

"Oh, by far," Alan Greenspan said, when asked if the situation was the worst he had seen in his career. "There's no question that this is in the process of outstripping anything I've seen and it still is not resolved and still has a way to go and, indeed, it will continue to be a corrosive force until the price of homes in the United States stabilizes. That will induce a series of events around the globe which will stabilize the system."

http://www.huffingtonpost.com/2008/09/14/greenspan-this-is-the-wor_n_126274.html
 
PARIS — Stocks in Europe and Asia tumbled Monday and U.S. futures and the dollar slid as the collapse of Lehman Brothers and the takeover of Merrill Lynch battered investor confidence.

In one of the most dramatic days on Wall Street in recent memory, Merrill Lynch agreed Sunday to sell itself to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, said it would file for Chapter 11 bankruptcy protection.

http://www.nytimes.com/2008/09/16/business/worldbusiness/16markets.html?hp
 
In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis, while another prominent securities firm, Lehman Brothers, said it would seek bankruptcy protection and hurtled toward liquidation after it failed to find a buyer.

The humbling moves, which reshape the landscape of American finance, mark the latest chapter in a tumultuous year in which once-proud financial institutions have been brought to their knees as a result of hundreds of billions of dollars in losses because of bad mortgage finance and real estate investments.

But even as the fates of Lehman and Merrill hung in the balance, another crisis loomed as the insurance giant American International Group appeared to teeter. Staggered by losses stemming from the credit crisis, A.I.G. sought a $40 billion lifeline from the Federal Reserve, without which the company may have only days to survive.

http://www.nytimes.com/2008/09/15/business/15lehman.html?partner=rssuserland&emc=rss&pagewanted=all
 
This is amazing. How many of these companies can the FED funnel billions of dollars to??

I don't have Toppy's economic background and genius, but this seems rather extraordinary.

"A.I.G.’s extraordinary move of reaching out to the Fed for help may spur other non-investment banks to try a similar move. Companies ranging from General Electric to GMAC have been hurting badly and would desperately love the liquidity that the Fed would provide.

Yet it is not clear whether the Fed would acquiesce to A.I.G.’s request."

http://www.nytimes.com/2008/09/15/business/15aig.html?hp
 
Well, it really all comes down to the restaurants.

Are they packed, or are there a few empty tables?

See, that's what separates the ged'ers from the masters of the universe.
 
Onceler said:
Well, it really all comes down to the restaurants.

Are they packed, or are there a few empty tables?

See, that's what separates the ged'ers from the masters of the universe.
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Right, I forgot!

Onceler, last night I went to a gala (business) at 230 5th avenue, the rooftop garden place? Anyway, they had lifesized cutouts of Obama and McCain and they were taking pics with your choice. So the lady asked us who we wanted to take a pic with, and I said "oh I want mccain because he picked a woman vp" And she said "you didn't really fall for that did you?" And I laughed and got my pic with Obama. But then I hung around that part of the roof just to see, because even though it's Manhattan, that's a really expensive place, bound to attract Republicans. But in the time I was watching, one guy, one guy, and I swear to God he was an old guy! (and there weren't many of those there), took their pic with McCain.

I love living in Lefty Central! I couldn't take it anywhere else.
 
"I love living in Lefty Central! "

You said it. Sometimes, I get tired of the cold & start thinking of heading south, but I could never do it. I love how the photog asked you that, with pretty much 100% confidence that you weren't some gaga Palin groupie.

We know how to grow 'em in the big cities...
 
Onceler said:
"I love living in Lefty Central! "

You said it. Sometimes, I get tired of the cold & start thinking of heading south, but I could never do it. I love how the photog asked you that, with pretty much 100% confidence that you weren't some gaga Palin groupie.

We know how to grow 'em in the big cities...
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Yep!
 
It is just an adjustment phase Darla, we have them all the time.
We are still not in a Recession :clink:
The economy is doing great. 3.3% :cheer:

Buy Chrevron!
 
a year from now this will all be the fault of Dems in congress or the Obama presidency raising taxes on the rich. At least according to some with limited reasoning ability.
 
uscitizen said:
a year from now this will all be the fault of Dems in congress or the Obama presidency raising taxes on the rich. At least according to some with limited reasoning ability.
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Yeah, that is so true. Dixie is trying to figure out a way, as we speak, to blame this on Clinton.
 
Corporate welfare = ok
God forbid you gd commies let everyone have access to chemotherapy.
 
This really really pisses me off.

I'm no Milton Friedman, but back in 2004 and 2005 when we were looking for a home, we knew there were people buying houses that shouldnt' have even qualified to have their names on the desk of any respectable underwriter. These big institutions got themselves into it and as far as I'm concerned they can go fvck themselves now. If your business doesn't understand that a household making $150k/yr can't afford a $1 million dollar home, you don't deserve to be in business.

Anyone with common sense saw this coming.
 
Lehman and ML aren't getting government bailouts like Freddie and Frannie or Bear Stearns. Wonder who you have to blow to get a federal bailout. Why does BS get one but not Lehman? On Wednesday or Thursday analysts were saying Lehman gets a Bear Stearns bailout at WORST. Guess they were wrong.
 
LadyT said:
This really really pisses me off.

I'm no Milton Friedman, but back in 2004 and 2005 when we were looking for a home, we knew there were people buying houses that shouldnt' have even qualified to have their names on the desk of any respectable underwriter. These big institutions got themselves into it and as far as I'm concerned they can go fvck themselves now. If your business doesn't understand that a household making $150k/yr can't afford a $1 million dollar home, you don't deserve to be in business.

Anyone with common sense saw this coming.
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Well, I think that the FED got nervous after the Bear Stearns bailout and then the takeover of Fannie/Freddy, that every big corporation in this country is coming to them saying, we’re too big to fail. So the decision was made to let Lehman go down, and see how this reverberates through the markets. Although, according to reports, they did tell the other big financials to get together and bail out Lehman because if they didn’t, they could be next. But that was rejected. So now we will see what happens.

The problem is, this isn’t a ideological thing. It doesn’t matter if you think it’s right, wrong, or are indifferent to govt bailouts. I don’t think they CAN bail anymore out. What happens if this really does cause both a high-tech (what we are seeing now) AND, a low-tech run on the banks? That’s Depression stuff.

Well, anyway, I don’t know all that much about this stuff, and I am the first to admit that. It does seem like a really good time to elect somebody who doesn’t know much about the economy though.
 
Darla said:
Well, I think that the FED got nervous after the Bear Stearns bailout and then the takeover of Fannie/Freddy, that every big corporation in this country is coming to them saying, we’re too big to fail. So the decision was made to let Lehman go down, and see how this reverberates through the markets. Although, according to reports, they did tell the other big financials to get together and bail out Lehman because if they didn’t, they could be next. But that was rejected. So now we will see what happens.

The problem is, this isn’t a ideological thing. It doesn’t matter if you think it’s right, wrong, or are indifferent to govt bailouts. I don’t think they CAN bail anymore out. What happens if this really does cause both a high-tech (what we are seeing now) AND, a low-tech run on the banks? That’s Depression stuff.

Well, anyway, I don’t know all that much about this stuff, and I am the first to admit that. It does seem like a really good time to elect somebody who doesn’t know much about the economy though.
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I still have a problem with how suprised everyone is that this is happening.
 
Socrtease said:
Lehman and ML aren't getting government bailouts like Freddie and Frannie or Bear Stearns. Wonder who you have to blow to get a federal bailout. Why does BS get one but not Lehman? On Wednesday or Thursday analysts were saying Lehman gets a Bear Stearns bailout at WORST. Guess they were wrong.
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Krugman said the Fed used HALF their balance sheet on the Stearns bailout Soc. What did they use on the Fanny Mae Freddy Mac takeover? I think they don’t have many of these bailouts left in them, maybe one more, maybe two more, maybe no more, I don’t know. But, with AIG about to go under, they can’t bail them all out. They have to let some of the go down. They picked Lehman. And JP Morgan, Deustche, etc, could have bailed Lehman out, they chose not to. So, they think they can survive the Lehman fall. Let’s see if they are worth what their stockholders are paying them.
 
Socrtease said:
Lehman and ML aren't getting government bailouts like Freddie and Frannie or Bear Stearns. Wonder who you have to blow to get a federal bailout. Why does BS get one but not Lehman? On Wednesday or Thursday analysts were saying Lehman gets a Bear Stearns bailout at WORST. Guess they were wrong.
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Because BS was the first. The idiots in DC thought they could stem the tide and boost confidence to give the others time to recover. Goodbye Lehman. bye bye Merrill.

If anyone has annuities with AIG... look into your 1035 options... now.

It is unlikely that the Fed bails anyone else out.

This is going to be bloody.
 
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