12%ayear's Account Talk

[DCguy]

I think we are in a recession, but I'm 100% in stock and I plan to be in it for at least 3 months for some nice gain.

 

[Steadygain]

check this out. Upon reading the following article about the Fed-engineered sale of Bear Stearns to JP Morgan, it occurred to me how far the U.S.A. has strayed from the founding principle of no taxation without representation. Citizens and voters unite!

http://article.nationalreview.com/?q=Yzc3NjIwNWRhOTllMDk4MTY2NWFiM2FmNzI1ZWYxNWQ=&w=MQ==#more

Quote from article:

I wasn't going to say anything; figured I'd just let everything run on down the river un-noticed. The truth is all of Bear Stearns employees got shafted big time - and the hardships all those families face is totally out of the picture BECAUSE IT WAS SUPPOSED TO BE PROTRAYED AS A HEROIC RESCUE. Indeed the Recession that Ben and those really in the know forsee HAS NOT HIT US YET and when it does it is very doubtful that the evaporation of jobs and the strains on many families will get much press. What will get press is the continued efforts of the FED and government turning things around until the BULL is firmly in place. Debt will continue to buildup and future generations will have to pay the consequences for Administrations spending at new records levels "money they don't even have".

Wow, how do I possibly balance out this SAD NEWS. Humm, well tomorrow is Friday and PAYDAY!!:cheesy:

 

[Gumby]

Debt will continue to buildup and future generations will have to pay the consequences for Administrations spending at new records levels "money they don't even have".

Unfortunately the government will just print more if needed. One of these days a wheelborrow load of worthless cash will probably only buy a pack of cigarettes at the rate they are going.
Oh, and remember.....there is no inflation!!!!

 

[12%ayear]

Don't listen to the WALL STREET HYPE...

Have a good day

Correct, the hype at this moment is that we hit the bottom. I disagree. We will see some serious downside. Everyone thinks the FED saved the markets and now we live happily ever after. Look around and you will more unsold cars in lots, higher fuel costs,Starbucks has less lines,people are not dining out as much, less jobs,homes are worth less and homeowners are tapout with equity loans. Common sense tells me to be careful. Soros is telling everyone this will be the worst since the Great Depression. Soros knows he stuff. He is staying away from China. China is overdue for a major sell-off NASDAQ 2000 style. Inflation is getting worse. Soros Sees Additional Market Declines After Temporary Reprieve
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajkPSW_domB4&refer=home

 

[12%ayear]

Faced with a crushing blow to its top selling cholesterol medicine, Schering-Plough tonight announced layoffs, plant closings and spending cuts to save $1 billion over the next two years. http://www.nj.com/news/index.ssf/2008/04/sheringplough_announces_layoff.html Google layoffs leave 300 DoubleClickers jobless http://www.theinquirer.net/gb/inquirer/news/2008/04/03/google-layoffs-leave-300 Tenneco speaks out on layoffs http://new.khastv.com/modules/news/article.php?storyid=12962&storytopic=4 Major Layoffs at CBS O&Os http://www.broadcastingcable.com/index.asp?layout=article&articleid=CA6546558&industryid=47168

 

[12%ayear]

Jobless Claims Shoot Up to 2-Year High
Thursday April 3, 8:58 am ET
By Jeannine Aversa, AP Economics Writer Jobless Claims Shoot Up to Highest Point Since September 2005, More Strains Evident in Economy

WASHINGTON (AP) -- The number of new people signing up for unemployment benefits last week shot up to the highest level in more than two years, fresh evidence of the damage to a national economy clobbered by housing, credit and financial crises.
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The Labor Department reported Thursday that new applications filed for unemployment insurance jumped by a seasonally adjusted 38,000 to 407,000 for the week ending March 29. The increase left claims at their highest point since Sept. 17, 2005, following the blows of the devastating Gulf Coast hurricanes.
"This report supports the view that the jobs market is deteriorating toward recessionary conditions," said T.J. Marta, a fixed-income strategist at RBC Capital Markets.
The latest snapshot of labor activity was worse than economists had anticipated. They had predicted claims would be much lower, around 365,000.
A government analyst said some of the big increase in claims may have been related to an early Easter holiday this year, where claims that weren't filed or processed during the holiday week were pushed forward into the following week.
Still, looking at the longer-term trend there was little doubt of the pickup in unemployment filings. A year ago, new claims stood at 319,000.
Meanwhile, the number of people continuing to collect unemployment benefits rose by a sharp 97,000 to 2.94 million for the week ending March 22, the most recent period for which that information is available. That was the highest since July 17, 2004.
The economy is suffering from a trio of mighty blows -- a housing collapse, a credit crunch and a financial system in turmoil. That's causing people and businesses to hunker down, crimping spending, capital investment and hiring. Those things in turn further weaken the economy, in a vicious cycle.
For the first time, Federal Reserve Chairman Ben Bernanke acknowledged on Wednesday said the country could be heading toward a recession. Many other economists and the public believe it's already there.
Employers cuts jobs in January and February, and economists are predicting more losses when the government releases the March employment report on Friday.
The nation's unemployment rate, now at 4.8 percent, is expected to rise to 5 percent in March. The jobless rate could climb to 5.5 percent or higher by the end of this year, according to some analysts' projections.
To bolster the economy the Fed has been cutting a key interest rate to induce people and companies to boost their spending. Many analysts still predict another reduction to that rate when the central bank meets later this month, although Bernanke didn't tip his hand about the Fed's next rate move.

 

[12%ayear]

KEYQUOTE ... "This report supports the view that the jobs market is deteriorating toward recessionary conditions," said T.J. Marta, a fixed-income strategist at RBC Capital Markets

 

[Scout333]

The old saw is that recession is when your neighbor down the street loses his job but depression is when you lose your job. On a personal note, my mother-in-law lost her job yesterday. She is 76 and worked for a company that processes mortgage documents for a major financial institution. We recently heard that the financial institution was laying off 1500 employees. They are taking the data processing in-house to save jobs for their people. You can't blame them for taking care of their own people but there is quite a ripple effect. i.e. housing market slowdown affects numbers of mortgages being processed which affects numbers of employees needed in financial institutions, etc. She understands the realities of the situation and doesn't blame the company but it will be tough to find another job at her age! Bottom line is that this hasn't played out yet and I look for more pain in the next few months!

 

[12%ayear]

The old saw is that recession is when your neighbor down the street loses his job but depression is when you lose your job. On a personal note, my mother-in-law lost her job yesterday. She is 76 and worked for a company that processes mortgage documents for a major financial institution. We recently heard that the financial institution was laying off 1500 employees. They are taking the data processing in-house to save jobs for their people. You can't blame them for taking care of their own people but there is quite a ripple effect. i.e. housing market slowdown affects numbers of mortgages being processed which affects numbers of employees needed in financial institutions, etc. She understands the realities of the situation and doesn't blame the company but it will be tough to find another job at her age! Bottom line is that this hasn't played out yet and I look for more pain in the next few months!

Sorry about your mother-in-law. The banking industry is going to take a huge hit with jobs. Watch when the earnings start to come out. Builders are already layingoff in Florida and Las Vegas because of the glut. http://www.theledger.com/article/20080331/NEWS/803310383/1001 Homeowers are tapped out. Nobody is improving homes because of falling home prices,tighter lending laws,and fear. Home permits are at a all-time low............. City of Las Vegas lays off building inspectors.................http://www.lvbusinesspress.com/articles/2008/03/25/news/iq_20408148.txt

 

[12%ayear]

The old saw is that recession is when your neighbor down the street loses his job but depression is when you lose your job. On a personal note, my mother-in-law lost her job yesterday. She is 76 and worked for a company that processes mortgage documents for a major financial institution. We recently heard that the financial institution was laying off 1500 employees. They are taking the data processing in-house to save jobs for their people. You can't blame them for taking care of their own people but there is quite a ripple effect. i.e. housing market slowdown affects numbers of mortgages being processed which affects numbers of employees needed in financial institutions, etc. She understands the realities of the situation and doesn't blame the company but it will be tough to find another job at her age! Bottom line is that this hasn't played out yet and I look for more pain in the next few months!

http://ap.google.com/article/ALeqM5gBpaToPjYLWAQRE_as5BF0iWs5WwD8VP8S9G0
Celent: 200,000 US Banking Jobs at Risk The U.S. financial industry has been shedding jobs at a record clip, and some analysts predict the pace will only accelerate over the next year-and-a-half as banks cut costs in the face of the housing market slump and the weak economy.
Analysts at the financial research firm Celent LLC said in a report Tuesday that it expects the U.S. commercial banking industry — essentially, all companies that lend or collect deposits — to lose 200,000 of its 2 million jobs over the next 12 to 18 months.

 

[12%ayear]

Jesus..why don't we all just take a gun and suck a bullit right now then...

Misery loves company...I guess I'll just sit out a while

Nothing to do with Misery and Happiness...just business, nothing personal

 

[12%ayear]

You know if New Yorkers are not spending we are in huge trouble!!! Consumer confidence plummets across New York http://www.pressconnects.com/apps/pbcs.dll/article?AID=/20080403/BUSINESS/804030363/1043/stbn N.Y. consumer confidence level hits record low http://www.dailygazette.com/news/2008/apr/03/0403_Consumer/

 

[Tempest]

ATA airlines Gone! OUTTA THERE! 2 airlines in less then a week

http://www.honoluluadvertiser.com/apps/pbcs.dll/article?AID=/20080403/BREAKING01/304030006

I'll miss ATA -cheap tickets, good service even though a 737 from LAX to Honolulu is like sitting in a telephone booth for 5 1/2 hours (and they were always crowded).
Ah the Guilded 1980's when 747 and DC10's red-eye flights to the mainland were less then half full and you could stretch out after take-off on seats in the unoccupied middle aisles.

Now they charge you for a pillow and blanket - if they are still in business.

 

[Steadygain]

On a personal note, my mother-in-law lost her job yesterday. She is 76 and worked for a company that processes mortgage documents. You can't blame them for taking care of their own people but there is quite a ripple effect. i.e. housing market slowdown affects numbers of mortgages being processed which affects numbers of employees needed in financial institutions, etc. She understands the realities of the situation and doesn't blame the company but it will be tough to find another job at her age! Bottom line is that this hasn't played out yet and I look for more pain in the next few months!

Scout333,
Just want to let you know I really feel for you and hope things work out for your mother. I think your last sentence is indeed the bottom line and the only real bright spot I see in this is that those feeling the pain in real life - can emphasize and show love and respect to those who are hurting. In the end things will turn around - but I think you're right - the next few months will likely be painful.

Welcome to the MB - sounds like you have a good heart and also some really good insight.

 

[jon]

Know the feelin. When Southern Airlines closed/merged?, I was sad because I had been able to fly in a rear seat of one of their last DC-3s. Just like a ride at Six Flags. Later in 1978 I had the time and $ to buy a round the world tix on Pan Am for $1,000 over 2 months. On that trip I also had bought an unlimited Indian Airlines pass for 3 weeks. I miss Pan Am. I haven't done a barge trip in Europe or sailed on freighter yet, but hopefully before long.

 

[Scout333]

Fed-to-bank rate....low. Bank-to-bank rate....low. Bank to customer rate (borrowing)....UP. Bank to customer rate (savings)...DOWN. Nice job, Fed. Keep helping your WS buddies and ignore the economy and taxpayers. Ben's mention of the "R" word was just the beginning of the setup for the next rate cut for WS. No help for taxpayers or the economy there.

Financials are keeping the Fed rate reductions as a cushion to offset possible loan losses. Padding loan loss reserves to protect their earnings. Reasonable from their perspective but may be short-sighted. i.e. Lower mortgage rates may encourage home buyers which helps jump start the economy again. In the long run that helps their financial position more than any ST rate reduction!

 

[12%ayear]

Dell CEO Says to Expect More Job Cuts
http://biz.yahoo.com/ap/080403/dell_ceo.html.

 

[BamaAF]

hmmm..afternoon run-up? I smell a setup for sell-off last minute today - or tomorrow after jobs report.

Afraid we may need all the run up cushion we can get for tomorrow -- had planned on bailing on CSI today, but got stuck in a meeting -- dang job getting in the way .

 

[Scout333]

Thanks all for the kind words! I just spoke to my mother-in-law and she is hanging in there. Already talking about the new job. Seniors are tough. Takes a lot to get them down!

 

[12%ayear]

Any word on when the 3 on-line transfers will go into effect? I am hearing that it will start May. tia