Economic News/Discussion

[Enmore]

Fortis isn't looking good either:

State steps in to stop collapse of stricken Fortis

Stricken Belgian bank Fortis was facing a state takeover or a sale to a rival lender last night after authorities in Belgium and Holland stepped in to save it from collapse.


By Amy Wilson

In an embarrassment for Fortis’s new chief executive, Filip Dierckx, some of the rescue options being considered were revealed in a document that he was photographed carrying into crisis talks.

The document mentioned a possible move by the Belgian and Luxembourg governments to acquire a stake in the bank, the option of selling all or some of the portion of ABN Amro that Fortis bought last year, and the potential resignation of chairman Maurice Lippens.

The bank looks set to become the biggest European casualty of the banking crisis with central bankers and regulators continuing talks last night. Other options include a government takeover followed by a sale of assets or, according to Luxembourg’s treasury minister Luc Frieden, Holland, Belgium and Luxembourg each buying a stake in it.

http://www.telegraph.co.uk/finance/n...en-Fortis.html

[falcon_view]

When a majority of the public is facing double-digit inflation at the grocery store and can’t afford to fill gas tanks to even get there because their wages have been stagnant for years - or, worse, they have lost their jobs altogether - they are not whining. They are simply giving voice to stark reality: AKA “The Truth”. Phil Gramm is one of the “have mosts” who wants to browbeat the “barely have enoughs” and the “have nots” into believing they should just shut the h up and buy into the cabal that he and his Enron pals conspired to orchestrate.

Take a moment to view Dr. Michael Greenberger’s testimony before congress explaining the real reasons behind high gas price (Link below). Listen closely to how Gramm purposefully engineered the complete deregulation of excessive futures speculation. Gramm is about as far away as you can get from a Warren Buffett in terms of ethical behavior. More people should know about his duplicitous and self-serving schemes before he is unwittingly granted additional opportunities to siphon the 401Ks and weekly paychecks of unwary citizens. In light of what’s been happening lately, it really galls me to learn just how much Machiavellian pre-planning went into draining the US economy. When you connect the dots, the outline of a not-so-pretty picture emerges.

http://www.youtube.com/watch?v=Bmj_FhyEpxo

[jimzinsocal]

http://money.cnn.com/2008/09/29/mark...ex.htm?cnn=yes

No wonder Bush is going to be on at 7:30

[jimzinsocal]

I couldnt help but wonder last night Falcon. To what extent is Congress saving its own retirement plans?

http://www.tsp.gov/

[jimzinsocal]

I should get into the sign business. Gonna be busy this week in NC

http://dealbook.blogs.nytimes.com/20.../?ref=business

Wachovia
Citigroup

[falcon_view]

I couldnt help but wonder last night Falcon. To what extent is Congress saving its own retirement plans?

http://www.tsp.gov/

I would bet members of congress have made moves in their retirement plans last year. One thing I have learned about attorneys if something is said or ask they are very keen to pickup on it.

You have seen the public did not have a clue years ago of the problem we see today. When I heard that Goldman Sachs was shorting those bundled loans they were selling it confirmed my outlook ahead. Members of Congress would be second to know of any problem if not the first.

[jimzinsocal]

Well Im off to work. Looks like a wild ride today

-180.08 / -1.62%
Sep 29 9:42am ET †

[jimzinsocal]

10,426.62 -716.51 / -6.43%

[Orangutan]

http://money.cnn.com/2008/09/29/mark...ex.htm?cnn=yes

The Dow Jones industrial average (INDU) lost 777.68, surpassing the 684.81 loss on Sept. 17, 2001 - the first trading day after the September 11 attacks. However the 7% decline does not rank among the top 10 percentage declines.

The Standard & Poor's 500 (SPX) index lost 8.8% and the Nasdaq composite (COMP) fell 9.1%.

[falcon_view]

The house voted and then wall street voted.

[jimzinsocal]

http://www.cnn.com/2008/US/09/25/eco...own/index.html

[AeroSim]

http://www.cnn.com/2008/US/09/25/eco...own/index.html

Sen. Barack Obama blasted Congress for not passing a financial rescue package Monday, while Sen. John McCain's campaign accused Obama and Democrats of putting "politics ahead of country."
....
"This is a moment of national crisis, and today's inaction in Congress as well as the angry and hyper-partisan statement released by the McCain campaign are exactly why the American people are disgusted with Washington," the Obama-Biden campaign said in a statement released shortly after the vote.

"Their partisan attacks were an effort to gain political advantage during a national economic crisis. By doing so, they put at risk the homes, livelihoods and savings of millions of American families," Doug Holtz-Eakin, a senior policy adviser for McCain and his running mate, Alaska Gov. Sarah Palin, said in a statement.

"Barack Obama failed to lead, phoned it in, attacked John McCain and refused to even say if he supported the final bill. ... This bill failed because Barack Obama and the Democrats put politics ahead of country," Holtz-Eakin said.

Perish the thought that the people of the country didn't wan't it.

I'm disgusted with Washington for very different reasons.

[BlackDragon24]

So if the stock market jumps a few hundred points today (and it looks like it will), can we say pretty assuredly that the bailout aint gonna happen anytime soon?

[old82]

When a majority of the public is facing double-digit inflation at the grocery store and can’t afford to fill gas tanks to even get there because their wages have been stagnant for years - or, worse, they have lost their jobs altogether - they are not whining. They are simply giving voice to stark reality: AKA “The Truth”. Phil Gramm is one of the “have mosts” who wants to browbeat the “barely have enoughs” and the “have nots” into believing they should just shut the h up and buy into the cabal that he and his Enron pals conspired to orchestrate.

Take a moment to view Dr. Michael Greenberger’s testimony before congress explaining the real reasons behind high gas price (Link below). Listen closely to how Gramm purposefully engineered the complete deregulation of excessive futures speculation. Gramm is about as far away as you can get from a Warren Buffett in terms of ethical behavior. More people should know about his duplicitous and self-serving schemes before he is unwittingly granted additional opportunities to siphon the 401Ks and weekly paychecks of unwary citizens. In light of what’s been happening lately, it really galls me to learn just how much Machiavellian pre-planning went into draining the US economy. When you connect the dots, the outline of a not-so-pretty picture emerges.

http://www.youtube.com/watch?v=Bmj_FhyEpxo

i think machiavelli would be rather clean compared to these guys. at least judging from the prince. he seemed more practical than dastardly.

[jimzinsocal]

So if the stock market jumps a few hundred points today (and it looks like it will), can we say pretty assuredly that the bailout aint gonna happen anytime soon?

The bailout will happen but the terms may be different.
Market right now up 370+ All the folks that bailed yesterday provide
deals for bargain hunters

http://money.cnn.com/data/dow30/