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I can't imagine what the 3rd Quarter 401k statements are going to look like when the millions of Americans that now have this plan as their primary retirement option receive them in the mail.
It's a new game now. With the latest "deals" the Fed and Treasury go behind closed doors on the weekend and virtually make a company's stock worthless. If this is the model then all the financials could be taking a weekend trip to the "spa" to cleanse themselves.
It used to be that financials that were hit hard got rid of their bad management, came up with a strategic plan, and slowly repaired and rebuilt their business. The stock got hit but eventually recovered so that long-term investors would not be hurt in the long run. No more. Now the model is wipe out the equity, decimate the company, and sell off what is left of value to your buddies at competing companies for pennies on the dollar.
Disgusting! This could have all been avoided if we had some responsible oversight by regulators.
The problem is, if they bail out Lehman, they could be taking on risk that brings their own bank(s) down.
Quote:
Originally Posted by HappyTexan
It looks like the banker boyz are playing "every man for himself".
They really need to put their ego's and balance sheets on the shelf and come up with a solution to save their entire industry.
Lehman going down could be the first domino. They need to step up to the plate and stop it. They are all just as guilty/greedy as the next and it's getting sickening to see how they've come to expect the taxpayers to pay for their foolishness.
The closest analogy I can come up with is an enema at gunpoint.
Quote:
Originally Posted by Lincolnian
It's a new game now. With the latest "deals" the Fed and Treasury go behind closed doors on the weekend and virtually make a company's stock worthless. If this is the model then all the financials could be taking a weekend trip to the "spa" to cleanse themselves.
They have about an hour to iron out Lehman, before the Asian markets open. Word is, they want another firm to take Lehman's "bad bank" with or without any government backing.
They need to hurry, because WaMu, AIG, and Merrill will be needing attention very soon as well:
Well everybody better line up in a queue
Lehman seems to be the hot potato no one wants.
Quote:
Originally Posted by Nor'Eastah
They have about an hour to iron out Lehman, before the Asian markets open. Word is, they want another firm to take Lehman's "bad bank" with or without any government backing.
They need to hurry, because WaMu, AIG, and Merrill will be needing attention very soon as well:
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,850,074 times
Reputation: 3587
Quote:
Originally Posted by HappyTexan
Several of the Asian countries are on holiday tomorrow so their markets will be closed.
Oh, I didn't know that. Then they have all night before New York opens in the morning. Otherwise the Dow will drop- maybe by 200 or more points tomorrow.
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Everybody get in line; no pushing, no shoving...
