sell! sell! sell!

[Willie99]

forget about gold

just tail eek in the pundit contest for big money

but we have to set up accounts using other currencies, because we won't be able to use our fiat currency pretty soon.

 

[eek.]

heh...Romos just put a hex on my winning streak.

 

[eek.]

Apparently the strong dollar during Reagans 1980s was bad for global trade.


Living with a two-dollar pound

http://news.bbc.co.uk/1/hi/business/7091089.stm

 

[tiznow]

yen rallying some and gold getting smacked down 20 bucks

expect equities to follow by end of day....

 

[eek.]

Ron Paul supporters are deeply depressed...

 

[tiznow]

yeah i'm on meds

:lolBIG:

i'm happy as can be eek life is great :toast:

don't really understand how being a financial bear equates to depressed

 

[eek.]

Us old baby boomers are still running the show Tiz.
We've got the numbers.

We're going to scoop the sweet juicy centre out of the economy...and then leave you kids to fight over the husk.


Capitalism is all about robbing the weak anyway.

 

[tiznow]

here we go to the downside

 

[tiznow]

man really putting the smackdown on gold today

down 26 bucks to 785

markets holding up okay for now we'll see if a last hour selloff comes once again

 

[tiznow]

your what is becoming a daily occurance dose of the bear

we'll see if bully makes me eat crow by end of day i highly doubt it, bring it bully hola

 

[Jointpleasure]

gold down
oil down
MOS and POT down
dollar up

Interest rate cut will ease the pain. Its the masterplan.

 

[tiznow]

expected JP

cuts aren't working, more won't either

they might still send the dollar further in the gutter but markets won't go anywhere

let me look and see what the dollar has down since the first cut

and what markets have done

 

[tiznow]

S&P 1411 at close on aug 16th, fed made 50 bp cut on 17th

S&P 1451 or 2.75% gain

dollar on aug 16th 81ish

now 76

or 6.6% fall

we entering a new bear they can cut all they want but all it will do is send dollar into an abyss while markets won't keep up with the dollar thrashing

 

[tiznow]

wells fargo uses the D word

---------------------------------------------------------------

Wells Fargo: Housing worst since Great Depression
Thu Nov 15, 2007 2:31pm EST
By Jonathan Stempel

NEW YORK, Nov 15 (Reuters) - Wells Fargo & Co (WFC.N: Quote, Profile, Research), which has sidestepped many of the credit and liquidity problems plaguing U.S. mortgage lenders, believes the nation's housing slump is the worst since the Great Depression and is far from over, Chief Executive John Stumpf said on Thursday.

Stumpf said the second-largest U.S. mortgage lender and fifth-largest U.S. bank is "not immune" from the storm, but is well-positioned to ride it out, despite expectations for "elevated" credit losses from home equity loans into 2008.

He also said the San Francisco-based bank has "minimal" exposure to the collateralized debt obligations and asset-backed commercial paper conduits that have caused well over $40 billion of write-downs industry wide, with more expected.

"We have not seen a nationwide decline in housing like this since the Great Depression," Stumpf said at a Merrill Lynch & Co banking conference in New York.

"I don't think we're in the ninth inning of unwinding this," he continued, using a baseball reference. "If we are, it's an extra-inning game."

Shares of Wells Fargo fell $1.13, or 3.4 percent, to $32.12 in afternoon trading on the New York Stock Exchange.

Stumpf's comments came hours after Barclays Plc (BARC.L: Quote, Profile, Research) announced a 1.3 billion pound ($2.7 billion) write-down for losses on securities linked to U.S. subprime mortgages.

Other banks to announce write-downs topping $1 billion this month include Bank of America Corp (BAC.N: Quote, Profile, Research), Bear Stearns Cos (BSC.N: Quote, Profile, Research), Citigroup Inc (C.N: Quote, Profile, Research) HSBC Holdings Plc (HSBA.L: Quote, Profile, Research), Morgan Stanley (MS.N: Quote, Profile, Research) and Wachovia Corp (WB.N: Quote, Profile, Research). Merrill Lynch & Co (MER.N: Quote, Profile, Research) and Washington Mutual Inc (WM.N: Quote, Profile, Research) have also seen results suffer from losses tied to mortgages.

At Wells Fargo, rising delinquencies and defaults limited profit growth to 4 percent in the third quarter, the slowest in more than six years, though net income was a record $2.28 billion. Wells Fargo said the credit losses related more to the severity of bad loans than the frequency.

The bank made $216 billion of home loans from January to September, second nationally to Countrywide Financial Corp (CFC.N: Quote, Profile, Research), and services about $1.5 trillion.

REBOUND?

Stumpf pointed out that Wells Fargo never offered some exotic mortgages, such as adjustable-rate loans that let borrowers pay less than the principal due, that have caused problems for rivals.

Countrywide did, and is cutting up to 12,000 jobs after a $1.2 billion third-quarter loss. Its chief executive, Angelo Mozilo, in July lamented "home price depreciation almost like never before, with the exception of the Great Depression."

Mozilo was born in 1938, around when the Depression was ending, while Stumpf was born in the mid-1950s.

Stumpf said the current downturn resulted in part from "froth, unscrupulous lenders, (and) borrowers who got too greedy," and called it the "steepest, fastest, most prolonged decline in residential real estate" in a long time.

"Once we reach the bottom, the (housing) inventory is going to come off pretty quickly," he said. "Once the secondary market gets comfortable with (credit) ratings again, and once you think you've hit bottom, I think we'll see some turnaround, and it could be faster than we've seen in the past."

Warren Buffett's Berkshire Hathaway Inc (BRKa.N: Quote, Profile, Research) (BRKb.N: Quote, Profile, Research) on Wednesday said it owned 8.3 percent of Wells Fargo, making it by far the largest shareholder, according to Thomson ShareWatch. Berkshire reported owning 280 million shares as of Sept. 30, up from 258 million three months earlier.

Through Wednesday, Wells Fargo shares had fallen 6 percent this year, while the 24-member Philadelphia KBW Bank Index (.BKX: Quote, Profile, Research) was down 17 percent.

 

[Jointpleasure]

I'm not buying into the "it's a bear market" argument. It was market that loaned money to unqualified home buyers as if it were another entitlement program.

6.25 prime is not unreasonable.

 

[tiznow]

think i'm going with crash prediction #3 for tomorrow

nice table set....

obviously chances slim to none but if ever an environment to do it this is it

 

[Jointpleasure]

The big boys could have the little guy in a wheelchair pretty soon.

That fed meeting can't come soon enough.

 

[tiznow]

nice spike in progress we'll see how far they can push it

i taunted bully too much i think

of course yen buying got going good on the significant market down move

and now it is selling off as we rebound...

 

[tiznow]

here comes the yen buying again and back down go the markets with it

just comedy watching this shit in real time

 

[Hitman26]

Tiznow:


I'm just curious, do you trade for a living? You seem to never be wrong, and when the market goes up you expected the bounce. When it goes down you seem to be in heaven.