the mother effin market yesterday and today...

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  • thesightless
    Someone will marry me. Hell Yeah!
    • Jun 2004
    • 13567
    #1

    the mother effin market yesterday and today...

    wow. speculation destroyed lehman.


    merrill bought out.

    these were essentially two of teh most important financial institutions on the planet. lehman filed chap 11 this afternoon.

    this is the biggest sign of impending DOOM for the worlds markets. i mean, a lot of it b4 was essentially trouble created by the stock devaluation of the previous companies, and this to a degree. but holy shit did the NYSE collapse today and wait and see....

    its about to get a lot worse. if you work for a big company in the financial sector.. duck.
    your life is an occasion, rise to it.

    Join My Chant. new mix. april 09. dirty fuck house.
    download that. deep shit listed there

    my dick is its own superhero.
    Tags: None
    • MJDub
      Are you Kidding me??
      • Jun 2004
      • 2765
      #2
      Re: the mother effin market yesterday and today...

      Yeah good thing I didn't decide to invest a little bit a couple of weeks back.

      Also, don't forget that Houston is pretty much out of commission for the next week at least (including 16 refineries), and got fucking hosed damage-wise. It's the 4th largest city in the country and the energy capital to boot. Having it fucked up like it is doesn't really help matters.
      http://www.myspace.com/mjdubmusic

      You can't have manslaughter without laughter.

      "Son," he said without preamble, "never trust a man who doesn't drink because he's probably a self-righteous sort, a man who thinks he knows right from wrong all the time. Some of them are good men, but in the name of goodness, they cause most of the suffering in the world. They're the judges, the meddlers. And, son, never trust a man who drinks but refuses to get drunk. They're usually afraid of something deep down inside, either that they're a coward or a fool or mean and violent. You can't trust a man who's afraid of himself. But sometimes, son, you can trust a man who occasionally kneels before a toilet. The chances are that he is learning something about humility and his natural human foolishness, about how to survive himself. It's damned hard for a man to take himself too seriously when he's heaving his guts into a dirty toilet bowl."

        Comment

        • Localizer
          Platinum Poster
          • Jul 2004
          • 2021
          #3
          Re: the mother effin market yesterday and today...

          and Bush is calling this just an 'adjustment'.
          Many people would sooner die than think; In fact, they do so.
          -Bertrand Russell

            Comment

            • drumdayz
              Getting Somewhere
              • Aug 2004
              • 107
              #4
              Re: the mother effin market yesterday and today...

              The makets got killed, I lost over 20% this year in my 401k, and todays news made thing worse. It's going to get very ugly out there, I want my goverment bailout...

                Comment

                • simonr
                  Transitionator
                  • Jun 2004
                  • 8796
                  #5
                  Re: the mother effin market yesterday and today...

                  Major nightmare ... I work for a uk bank, fortunately my part is snowed under with work so we'd be the last to go. On the other hand all those with fluffy jobs in there should be shittin themselves !
                  sigpicSimonR

                  This release was mastered direct from vinyl at the request of the DJ and as such features natural sound characteristics of this medium such as record surface noise.

                    Comment

                    • thesightless
                      Someone will marry me. Hell Yeah!
                      • Jun 2004
                      • 13567
                      #6
                      Re: the mother effin market yesterday and today...

                      Originally posted by Localizer
                      and Bush is calling this just an 'adjustment'.

                      you want the corect answer?in the simplest of terms, it is exactly that. the overgrown market during the 90's and early 2000's went unchecked. money became extremely cheap to obtain. uncollateralized loans, unregulated lending. allan greenspan is a fucking criminal when you look at it now.

                      basically, the in the US's recent history, lets go back 100 years. the average increase in the value of a property increases 20% over an average of an 8 year period. the values of some homes doubled and tripled from 1993-2007. much like the tech sector, the money was pumped into areas where there was no income to back it up for re-payment. best example is one i had first hand. i am the comptroller for a finicial asset management company, and deal heavily in conforming loans. i was reviewing a -refinance for the FHA branch of our company. there was/is a couple in queens who, with 64K in combined income, recieved a loan in 1999 for a 700K 3 family home in queens. it was an ARM, and they were trying to re-fi out of it. my bank said the only way we can approve the loan is if all the tenents would go on the loan. for a 700K loan, at the debt to income ratio of 34/52 (1st number is the max % of income the mortgage can be, 2nd is the max % of income all bills can be) you would need roughly 200K in income a year. and thats before factoring in bills that dont appear on credit reports, like school, utilities, clothing, food, gas, auto insurance, homeowners, etc.

                      it is a correction, but a terrible one at that. the over extension of credit lines are coming full circle, and the market fears are accelerating the losses at a pace no one could imagine. there is a great story of how an FBI agent, who dealt with mortgage fruad warned his superiors after he subpenoed records from credit suisse, that a ton of loans were about to adjust up, and none of these people had the income to back it. the FBI ignored this simple because it had nothing to do with law enforcement and more to do with financial regualtion.

                      all the collateralized assests (homes) were over valued (appraisal fraud), and the loans were given out at higher rates and monetary values than they had in hard backing (the home tied to lein). mortgage brokers knew what they were doing, and the appraisers were on board, and the SEC/banking deptarments of the states were too happy with the growth of income to querstion it.
                      your life is an occasion, rise to it.

                      Join My Chant. new mix. april 09. dirty fuck house.
                      download that. deep shit listed there

                      my dick is its own superhero.

                        Comment

                        • day_for_night
                          Are you Kidding me??
                          • Jun 2004
                          • 4127
                          #7
                          Re: the mother effin market yesterday and today...

                          so SO glad i didn't get a job with merrill about 3 years ago.

                            Comment

                            • Miroslav
                              WHOA I can change this!1!
                              • Apr 2006
                              • 4122
                              #8
                              Re: the mother effin market yesterday and today...

                              I hate to say it, but welcome to the new Great Depression. We have not reached bottom yet. WaMu and AIG have the highest probability of being next on the chopping block. Some day we will be telling our grandkids about these years.

                              just call me Nostradamus.
                              US Economy: a little recession, anyone?...or hyperinflation? - [ms]
                              http://www.mercuryserver.com/forums/showthread.php?t=48332&highlight=hyperinflation
                              http://www.reuters.com/article/ousiv/idUSN2062634620071121?pageNumber=1&virtualBrandChannel=0 So I trust most of you have seen all the stuff unfolding on the markets driven by the mortgages...I'm starting to really think about the likelihood of a recession or some serious inflation in the near term, particularly after
                              mixes: www.waxdj.com/miroslav

                                Comment

                                • thesightless
                                  Someone will marry me. Hell Yeah!
                                  • Jun 2004
                                  • 13567
                                  #9
                                  Re: the mother effin market yesterday and today...

                                  AIG is a different story for different reasons.thier cash on hand has been decimated by faulty claims and the natural disasters. plus a nasty nasty stock sink. mother fucker i should have sat for the civil service exam......
                                  your life is an occasion, rise to it.

                                  Join My Chant. new mix. april 09. dirty fuck house.
                                  download that. deep shit listed there

                                  my dick is its own superhero.

                                    Comment

                                    • Miroslav
                                      WHOA I can change this!1!
                                      • Apr 2006
                                      • 4122
                                      #10
                                      Re: the mother effin market yesterday and today...

                                      actually, don't call me Nostradamus just yet. Was talking about this with my dad and thinking back to my macroecon classes... We could be in much worse for the risk of deflation. Since things are so uplifting today, let's paint this picture...

                                      Every big bank failure like this represents a big tightening of liquidity. Banks get cash to prop them up, but they're not willing to make loans with it like before. Credit will simply dry up, and there will be no more consumer borrowing. Consumers will slow their spending to a trickle, and prices will tumble. As prices tumble, corporate profits will shrivel, causing a tidal wave of layoffs and bankruptcies. At that point, we're fucked because we'll be in a vicious cycle: the lack of spending causes massive layoffs that lead to more and more people who can't spend. The Fed can print money, but it won't have a good way of getting it into the hands of anyone who is willing to spend it.

                                      And this is all just starting. Banks haven't yet really cracked down on their credit lending like they're about to...

                                      Happy Monday!
                                      mixes: www.waxdj.com/miroslav

                                        Comment

                                        • asdf_admin
                                          i use to be important
                                          • Jun 2004
                                          • 12798
                                          #11
                                          Re: the mother effin market yesterday and today...

                                          Market was closed on Sunday. Thank you,

                                          Concerned Citizen.
                                          dead, yet alive.

                                            Comment

                                            • MJDub
                                              Are you Kidding me??
                                              • Jun 2004
                                              • 2765
                                              #12
                                              Re: the mother effin market yesterday and today...

                                              Originally posted by asdf_admin
                                              Market was closed on Sunday. Thank you,

                                              Concerned Citizen.
                                              Lehman and Merrill went under on Sunday, though.
                                              http://www.myspace.com/mjdubmusic

                                              You can't have manslaughter without laughter.

                                              "Son," he said without preamble, "never trust a man who doesn't drink because he's probably a self-righteous sort, a man who thinks he knows right from wrong all the time. Some of them are good men, but in the name of goodness, they cause most of the suffering in the world. They're the judges, the meddlers. And, son, never trust a man who drinks but refuses to get drunk. They're usually afraid of something deep down inside, either that they're a coward or a fool or mean and violent. You can't trust a man who's afraid of himself. But sometimes, son, you can trust a man who occasionally kneels before a toilet. The chances are that he is learning something about humility and his natural human foolishness, about how to survive himself. It's damned hard for a man to take himself too seriously when he's heaving his guts into a dirty toilet bowl."

                                                Comment

                                                • asdf_admin
                                                  i use to be important
                                                  • Jun 2004
                                                  • 12798
                                                  #13
                                                  Re: the mother effin market yesterday and today...

                                                  I thought they filed today, after there was no bail out option for them?
                                                  dead, yet alive.

                                                    Comment

                                                    • 88Mariner
                                                      My dick is smaller
                                                      • Nov 2006
                                                      • 7128
                                                      #14
                                                      Re: the mother effin market yesterday and today...

                                                      ^ nobody was taking the day off yesterday. i'm pretty sure of that much.
                                                      you could put an Emfire release on for 2 minutes and you would be a sleep before it finishes - Chunky

                                                      it's RA. they'd blow their load all over some stupid 20 minute loop of a snare if it had a quirky flange setting. - Tiddles

                                                      Am I somewhere....in the corners of your mind....

                                                      ----PEACE-----

                                                        Comment

                                                        • MJDub
                                                          Are you Kidding me??
                                                          • Jun 2004
                                                          • 2765
                                                          #15
                                                          Re: the mother effin market yesterday and today...

                                                          Either way, it's no bueno.
                                                          http://www.myspace.com/mjdubmusic

                                                          You can't have manslaughter without laughter.

                                                          "Son," he said without preamble, "never trust a man who doesn't drink because he's probably a self-righteous sort, a man who thinks he knows right from wrong all the time. Some of them are good men, but in the name of goodness, they cause most of the suffering in the world. They're the judges, the meddlers. And, son, never trust a man who drinks but refuses to get drunk. They're usually afraid of something deep down inside, either that they're a coward or a fool or mean and violent. You can't trust a man who's afraid of himself. But sometimes, son, you can trust a man who occasionally kneels before a toilet. The chances are that he is learning something about humility and his natural human foolishness, about how to survive himself. It's damned hard for a man to take himself too seriously when he's heaving his guts into a dirty toilet bowl."

                                                            Comment

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