CountryBoys's Account Talk

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This is the second shoe to drop, that I mentioned in coolhand’s thread yesterday. Has this been cooked in or we have subprime version 2.0 to face later this year and next?

"Meanwhile, big banks face another wave of losses, which may only further erode their capital. Companies have already taken huge hits from subprime mortgages and other risky debt. But other problems loom in credit cards, commercial real estate, and traditional home mortgages. In an interview with Maria Bartiromo, economics professor Nouriel Roubini of New York University's Stern School of Business said that credit losses will top $2 trillion, up from around $1 trillion today."

http://www.businessweek.com/magazine/content/09_03/b4116020094458_page_2.htm

CB
 
Which reinforces Meridith Whitney's comments that bank will loose billions more than last year and will need to raise much more cash.
 
Show-me said:
Which reinforces Meridith Whitney's comments that bank will loose billions more than last year and will need to raise much more cash.
Click to expand...

Yep, I thought the same thing. Bloomberg is reporting that retail earnings were much much worse than they even anticipated.

CB
 
I would not be suprised at all because Obama talks today and he is still in the honeymood phase.:rolleyes:

I would not be suprised if it takes a few weeks to unwind. I can see us going to 1000 and it would be natural for a healthy bear market rally.
 
More Pain for US Borrowers as China Hangs on to Cash

"China has bought more than $1 trillion of American debt, but as the global downturn has intensified, Beijing is starting to keep more of its money at home, a move that could have painful effects for American borrowers."

http://www.cnbc.com/id/28554674

Educational article for me, it helped flesh out my basic understanding on how the Treasury bill's worked and our foreign debt.

CB
 
Now this sounds like justice may be served, unless I'm just being to naive. Hopefully we'll get to see some Perp walks. :D



UBS Is Closing Americans' Offshore Accounts: Report

In a step that would have once been unthinkable in the rarefied world of Swiss banking, UBS will shut about 19,000 accounts that prosecutors suspect have gone undeclared to the Internal Revenue Service.

UBS will transfer the assets to other banks or other divisions within UBS, or will mail checks directly to the account holders, creating paper trails for federal prosecutors who are examining whether UBS clients used such accounts to evade taxes.

http://www.cnbc.com/id/28573650

CB
 
Madoff Exposure Spreads to Labor Union Pension Funds

The financial carnage coming out of the Bernard Madoff investment scandal is now spreading from charities and wealthy individuals to labor union pension funds. In recent days, several have fessed up to their members their significant exposure to Madoff's investment scheme, which will result in massive losses to their members.

CNBC has learned that one union, the Carpenters local in Syracuse, N.Y., has lost the majority of the $100 million to $150 million it had in pension money because of its dealings with Madoff, people close to the matter said. The union's money manager, J.P. Jeanneret Associates of Syracuse, didn't return a telephone call for comment.

http://www.cnbc.com/id/28561457

I'm afraid this could only the the tip of the iceberg on from this scumbag. I read somewhere yesterday that their are more "Madoff types" lying in weeds just waiting to be found out. I sure to heck hope not, cause that would sure cause panic, as if the above story is not enough to worry about.

CB
 
I'm afraid this could only the the tip of the iceberg on from this scumbag. I read somewhere yesterday that their are more "Madoff types" lying in weeds just waiting to be found out. I sure to heck hope not, cause that would sure cause panic, as if the above story is not enough to worry about.

CB,
That's one thing I've always admired about you - you have high integrity and are never afraid to speak out againt the wrongs.

The Madoff types are plentiful - and when you break it down they represent the excessively RICH who promoted 'no regulations' or encouraged the responsible parties to ignore 'standards, rules, and regulations' that kept the money from flowing in. They are the ones who stove to keep private ownership attached to government ownership - KNOWING THEY COULD TAKE ADVANTAGE OF THE GOVERNMENT and reap in the profits; the ones who offered HIGH RISK - IMPOSSIBLE LOANS - guaranteeing backed insurance when NO INSURANCE was available. I could go on and on - but in a nutshell there is the drive to get RICH at all costs and then there are millions like us that try to do the best we can.

Hope things are going well

Steady
 
Thanks Steady,

Yep greed sure is the root of what caused this recession to occur.

I'm doing fine, sitting in the G Fund, but buying stocks for our ROTH's just as fast as I can. Thanks for asking.

But I may dip a toe in today, depending on how the markets do. :confused:

I hope all is well for you and yours. :D

CB
 
CountryBoy said:
I'm afraid this could only the the tip of the iceberg on from this scumbag. I read somewhere yesterday that their are more "Madoff types" lying in weeds just waiting to be found out. I sure to heck hope not, cause that would sure cause panic, as if the above story is not enough to worry about.

CB
Click to expand...
Feds uncover two more investor Ponzi schemes

More investors are learning the hard way that, as Warren Buffett is fond of saying, it's when the tide goes out that you find out who has been swimming naked.

On Thursday, authorities announced two alleged Ponzi schemes, just weeks after the arrest of investor Bernard Madoff stunned Wall Street. Madoff was arrested for allegedly running one of the largest investment frauds in history in a $50 billion Ponzi scheme.

http://www.usatoday.com/money/markets/2009-01-08-investor-ponzi-schemes_N.htm


Not nearly the scale as Madoff, but a couple of more scumbags are exposed. I don't mean to be giving myself any props, I just found these. :o

CB
 
Hoping for a little bounce with the long weekend coming up. This may be only a day or so. 50% G , 25% C, 25% S.

Good Luck to one and all,
CB
 
Well, I stayed in for one more day of this beat down. Between the government intervention and the 2 IFT's, I just don't feel like we can get a fair shake. Plus being only about 4 years from retirement, hopefully, CP is going to be the name of the game for me. Now all I can hope for is to get close to even tomorrow. I'll stick with my ROTH's, I feel like I have much more control over them. I gotta see more of a trend from here on out.

Good luck to those that doubled down or increased. Ya'll got more guts than me now. :D

I had to go out and buy some ammo to sooth my feelings and it's getting scarce and more expensive.

CB

PS... the site seems awful slow today or is it me.
 
Last edited:
CountryBoy said:
Well, I stayed in for one more day of this beat down. Between the government intervention and the 2 IFT's, I just don't feel like we can get a fair shake. Plus being only about 4 years from retirement, hopefully, CP is going to be the name of the game for me. Now all I can hope for is to get close to even tomorrow. I'll stick with my ROTH's, I feel like I have much more control over them. I gotta see more of a trend from here on out.

Good luck to those that doubled down or increased. Y'all got more guts than me now. :D

I had to go out and buy some ammo to sooth my feelings and it's getting scarce and more expensive.

CB

PS... the site seems awful slow today or is it me.
Click to expand...


Let's see what happens CB,

Ride the Bull for whatever it takes. You still have another IFT... News is Coming that will in the oddest way make this market go UP...

Happens all the time. :)
 
poolman said:
Let's see what happens CB,

Ride the Bull for whatever it takes. You still have another IFT... News is Coming that will in the oddest way make this market go UP...

Happens all the time. :)
Click to expand...

Thanks Poolman,

Just venting from frustration. That's why I stayed in one more day, hoping that something will cause the market to bounce up. I might just split between G/F until this game playing by our boneheads in Congress ends.

The market is not making sense now and after almost 24 years, even 1% drop is a big hit and 3% like today is almost 6 months worth of retirement living. Now that leaves a mark. :laugh:

But tomorrow is another day.

CB
 
wv-girl said:
Not you. Must be lots of people monitoring tsptalk. I tried to post between 11:45 and noonish and server was busy, couldn't get back in until after 12.
Click to expand...

Same problem here. Must be the best show in town at that time of day.

CB, Keep true and best wishes.

T'horse
 
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