THE GNR Stock Exchange

[SLCPUNK]

I'm surprised nobody has said anything about what's going on today, guess everybody is making whoopie in the Prez thread 'eh?

Gotta wonder if some of those Bear Stearns guys are half way into a bottle of scotch by now? 85 yrs and closing up shop. Lehman Bros down 37%, but claiming they don't have liquidity problems. You know these other big boys have to have shitty books (smelly subprime) just like Stearns. Very interesting to see their reports come out this week, BS said they were fine just last week, and look what happened.

[fuckin crazy]

where the hell are you getting that? 5.25% in this market is incredible. i'll take 5.25% guaranteed on a 1-year investment anyday. back in 2005 i put money in CDs at 5% for 2-years. i wish i had put more in.

I came across some cash a while back before the "shit hit the fan", and through it in CDs in a small bank until I figured out what I was going to do with it. I then kind of forgot it ... didn't want to be hassled with it.

[The Dog]

where the hell are you getting that? 5.25% in this market is incredible. i'll take 5.25% guaranteed on a 1-year investment anyday. back in 2005 i put money in CDs at 5% for 2-years. i wish i had put more in.

I came across some cash a while back before the "shit hit the fan", and through it in CDs in a small bank until I figured out what I was going to do with it. I then kind of forgot it ... didn't want to be hassled with it.

just a few months ago, literally a few months ago, i was getting 5% on my savings account (e-savings rules!).

now all of the online savings accounts are in the mid 3%

fucking blows.

got hammered today. brutal.

[GeorgeSteele]

How does JPMorgan pull off buying Bear Stearns for $236 million when Bear's net assets are worth $11 billion?  Wouldn't the shareholders have been better off with getting their piece of the $11B in a bankruptcy fire sale?  Apparently JPMorgan will immediately turn around and sell $5-6 billion of those assets.  Not bad.

So, the economy is in a recession, the dollar sucks dick, home values are plummeting, unemployment and inflation are on the up, but JPMorgan makes $5 billion over the weekend.  Maybe their CEO should be running for president.  

[Axl4Prez2004]

This reminds me a little of the dot com bubble burst....so when does the Dow get kicked back south of 10,000?  Nasdaq south of 1500?  S&P south of 1000?  Oh well, diversify and ride it out.  That's what axl4prez says. 

[The Dog]

keep buying on the way down (if you have the cash).  i'm putting a lot into my Roth each month that goes by and we're still in the crapper. 

We SHOULD be back up in a year or two.

[SLCPUNK]

This reminds me a little of the dot com bubble burst....so when does the Dow get kicked back south of 10,000?  Nasdaq south of 1500?  S&P south of 1000?  Oh well, diversify and ride it out.  That's what axl4prez says. 

I would not be surprised to see the bottom at 8000.

[Axl4Prez2004]

I think we should pool our extra funds here at HTGTH and bid up AXL.  What better way to celebrate our favorite lead singer?  Here's the company's profile: 

American Axle & Manufacturing Holdings, Inc., together with its subsidiaries, engages in the manufacture, engineering, design, and validation of driveline and drivetrain systems, and related components and chassis modules for automotive industry in the United States. The company's driveline and drivetrain systems include components that transfer power from the transmission and deliver it to the drive wheels. These products comprise axles, chassis modules, driveshafts, power transfer units, transfer cases, chassis and steering components, driving heads, crankshafts, transmission parts, and metal-formed products. It offers these products for light trucks, sport utility vehicles, passenger cars, and crossover vehicles. The company was founded in 1994 and is headquartered in Detroit, Michigan.

Does anybody here own a piece of AXL?  AXL's 52 week high is up over 31, but is now just under 21/share.  I wonder if Axl owns any AXL.   

8000?  Wow.  Invest now, 12000 to 8000 is a 33% drop.  Buy in at 8000, with a rise to 12000, there's a 50% rise!  The lure of easy money.  Reminds me of my Worldcom money.     Oh well, a buddy of mine has a bunch invested in DOC.  Poor guy's been putting money in that for a couple years...his money's disappearing. 

[SLCPUNK]

I expect to see heavy jumping volume through the week...but that's just me.

[SLCPUNK]

How does JPMorgan pull off buying Bear Stearns for $236 million when Bear's net assets are worth $11 billion?  Wouldn't the shareholders have been better off with getting their piece of the $11B in a bankruptcy fire sale?  Apparently JPMorgan will immediately turn around and sell $5-6 billion of those assets.  Not bad.

So, the economy is in a recession, the dollar sucks dick, home values are plummeting, unemployment and inflation are on the up, but JPMorgan makes $5 billion over the weekend.  Maybe their CEO should be running for president. 

They did the stock price @ 2 rather than go bankrupt, which would mean fat cats returning their hefty bonuses. Which is fucking bullshit if you ask me. Then the government turned around and guaranteed that JPMorgan won't take a hit for assuming Bear's messy obligations, which is a bailout. Pisses me off. Once again, Joe Six Pack gets the screw job, while crooks come down nice n easy in their gold parachutes.

Socialized medicine is bad, but tax payers ponying up billions to bail out crooks on Wall Street while retirement funds get blasted is perfectly fine. If we had proper regulation this shit wouldn't happen.


"As of March 31 2007, the New York State and Local Retirement System owned 453,385 shares of Bear Stearns stock at a cost of $34,443,043 or $75.97 and a valuation at that date of $68,850,650 or $145.24 per share."

http://www.solari.com/blog/?cat=4

[GeorgeSteele]

How does JPMorgan pull off buying Bear Stearns for $236 million when Bear's net assets are worth $11 billion?  Wouldn't the shareholders have been better off with getting their piece of the $11B in a bankruptcy fire sale?  Apparently JPMorgan will immediately turn around and sell $5-6 billion of those assets.  Not bad.

So, the economy is in a recession, the dollar sucks dick, home values are plummeting, unemployment and inflation are on the up, but JPMorgan makes $5 billion over the weekend.  Maybe their CEO should be running for president. 

They did the stock price @ 2 rather than go bankrupt, which would mean fat cats returning their hefty bonuses. Which is fucking bullshit if you ask me. Then the government turned around and guaranteed that JPMorgan won't take a hit for assuming Bear's messy obligations, which is a bailout. Pisses me off. Once again, Joe Six Pack gets the screw job, while crooks come down nice n easy in their gold parachutes.

Socialized medicine is bad, but tax payers ponying up billions to bail out crooks on Wall Street while retirement funds get blasted is perfectly fine. If we had proper regulation this shit wouldn't happen.


"As of March 31 2007, the New York State and Local Retirement System owned 453,385 shares of Bear Stearns stock at a cost of $34,443,043 or $75.97 and a valuation at that date of $68,850,650 or $145.24 per share."

http://www.solari.com/blog/?cat=4

Reverse-socialism at its finest.

By the way, Spitzer would have fought for that NYS retirement fund tooth and nail, but he's gone now, what a coincidence.  Sorry, but since pollux has apparently retired as resident conspiracy theorist, we all now have to contribute our share.

[SLCPUNK]

It's ok for banks to go under, that's free market. Banks have collapsed before and the economy goes on.

Now the government is going to buy all these crappy subprime loans on top of it all? Unreal. So we bail out Wall Street, and the sub prime mess (except the home owners.) But socialized medicine is bad idea, wouldn't want people to have the most fundamental human necessity provided to them huh?

There is one private organization called NACA that is doing something for the people stuck in subprime loans. The CEOs idea is that by stopping foreclosure, we can help ease the credit bubble and save neighborhoods at the same time. That if people are 30 yr fixed (good) rates, they will pay them back, rather than walk. Essentially his group underwrites these loans under prime (4.75) for 30 yr notes, and then gets big banks to put up the money (Citi, BOA etc.) It's actually an amazing, non profit program, that requires some service work on behalf of the people he is helping.

[The Dog]

It is a joke isn't it?  I'm supposed to feel bad for these guys?

Meanwhile, the citizen who was smart and didn't buy a house they couldn't afford and put their money in an e-savings account earning 5.05% has now seen that drop down to 3.50%.

real fucking fair.  but thank god jonny wall st. gets bailed out.

[Axl4Prez2004]

It is a joke isn't it?  I'm supposed to feel bad for these guys?

Meanwhile, the citizen who was smart and didn't buy a house they couldn't afford and put their money in an e-savings account earning 5.05% has now seen that drop down to 3.50%.

real fucking fair.  but thank god jonny wall st. gets bailed out.

seriously.  Using the good ol' "Law of 72," with a 5.05% yearly rate of return, your money will double in 14.26 years.  When it's 3.5%, make it 20.57 years!  I don't know what the rate of inflation is right now, but judging by what I'm paying at the grocery store and at the gas pump, it seems to be higher than it was, no?  Keep saving and dollar-cost averaging I guess.

[The Dog]

its insane how expensive regular day to day things have gotten.  yet some how the rich get richer and us Joes keep scraping by...

[SLCPUNK]

Inflation is at it's highest point in almost 20 yrs (if I remember correctly.)

Pumping more fed money into the machine doesn't help the value or inflation either.

[fuckin crazy]

Yep, and they keep cutting rates. The pigeons are coming home to roost, and they are going to shit all over everything.

[SLCPUNK]

Dow at 8000-9500, housing prices plummet for next several years? I don't think it's a stretch.

IMO there are plenty more dirty book holders like Stearns, and we are just starting to see the problems on Wall Street. Some talking heads are trying throwing around "bottom", but so have the realtwhores for months now. This isn't going to sort itself out that quick folks, sorry.

I talked to Mortgage brokers all the time over the last several years, and the shit they did (and talked openly about) was down right fraud. We've got millions of liar loans out there that still have to reset for 2-3 more years. If they take the risk why should we bail their sorry asses out? I guess corporate welfare is just fine, huh?

[fuckin crazy]

I kick myself in the ass everytime I think about not buying those maple leafs and eagles when they were at 5 last year.

[SLCPUNK]

I kick myself in the ass everytime I think about not buying those maple leafs and eagles when they were at 5 last year.

I feel the same way about Bud Fox's Magic Member Cream (ticker symbol COX), it's gone up nearly 50% since the IPO.