James48843 Account Talk

Sort by newest Sort by date
You know why they chose to intervene last night?

Because of another major bank failure last night.

Silver State Bank in Las Vegas went under last night.

ANd you know who sat on the audit committee, and was an executive of Silver State Bank? Until things got hot in July this year? ? ?

John McCain's son:
http://news.yahoo.com/story/ap/bank_closure_silver_state/print;_ylt=Art2btCcFlhZe8aUtr4xor9v24cA


This is one ugly weekend for those of us Freddie Holders.

Nightmare on Elmstreet?

Nope-

Nightmare on EVERYSTREET.
 
James,

He sat on the board from Feburary to July, 5 months. IMO, he or his "people" figured out that this was not the board to be setting on. Can you say Titanic. That should have been the writing on the wall to short it.
 
Hey Steady-

You were right. I wish I had read that book you read. It appears to be exactly on target.

Here is the Washington Post story today on the takeover:
http://www.washingtonpost.com/wp-dyn/content/article/2008/09/05/AR2008090503351.html?hpid=topnews

Well, I still have my dog, my house in the country (at least I am still making the mortgage payment...), and my family. Even as the big money movers in the world clean me out of all my cash.

Sometimes you get the bear.

And sometimes the bear gets you.

Aaaaarrrrgggggg.
 
To answer the question-

I had made a couple trades this past week- got myself out of a margain position. That much was good. I had a stop set eariler in the week, but it wasn't triggered, and so, yesterday, I was sitting fully invested (but not margained) in Freddie when the market closed.

Freddie.

Nightmare.

Yep.
 
I'm really sorry James. I was actually hoping that both Freddie and Fannie would make a comeback...since they are the institutional foundation for real estate and so many other loans in the country. What's next..the G Fund???

Scary times my friend, but I've got to believe that someway, somehow...we'll work our way through this mess...

All the best,:)

FS
 
Do you think Fannie and Freddie will open for trading tomorrow? Their stock is going to worth about as much as the paper they guarentee.
Sorry James, I hoped you had bailed. Sept 5 strike PUTS are going to be in the money for sure!
 
See latest news:

http://www.reuters.com/article/marketsNews/idINWNA272420080907?rpc=44

James, maybe you can get on the before market (7-9:30 am) and trade them out?? Fidelity allows me to trade as early as 7 am, although it would be hard to catch a falling knife...

I was cheering for you on your gain last week...



Gumby said:
Do you think Fannie and Freddie will open for trading tomorrow? Their stock is going to worth about as much as the paper they guarentee.
Sorry James, I hoped you had bailed. Sept 5 strike PUTS are going to be in the money for sure!
Click to expand...
 
RPM said:
See latest news:

http://www.reuters.com/article/marketsNews/idINWNA272420080907?rpc=44

James, maybe you can get on the before market (7-9:30 am) and trade them out?? Fidelity allows me to trade as early as 7 am, although it would be hard to catch a falling knife...

I was cheering for you on your gain last week...
Click to expand...

Nope. Trading halted in pre-market. Will open at 9:30. It's already down to 1.50 in Frankfurt overnight.

Time for reflection.

The good news- it's not worth zero. It could have been worse.
 
This November,
Republicans vote on Tuesday
and Democrats vote on Wednesday.

We'll find out who won on Wednesday night.
 
Dear Secretary Paulson:

I know you read TSPTALK to get a sense of what is really happening out in the markets. After all, you are a government employee too, and you have your TSP just like the rest of us.

Now, I know I'm just a lowly TSP shareholder. And I have no special knowledge of the markets. After all, you are the guy who gets paid the big bucks to monitor and regulate the financials of the U.S. - and thereby infuencing the World economy. That's a pretty big job.

But let me give you a little something to think about, ok?

You don't need to go out and save the world, using taxpayer dollars.

You only need to do one thing. And that one thing is a little, minor rule, and that in and of itself is going to save the markets from the meltdown now in process.

Are you listening yet?

Ok- here we go.

It's something that USED to be there in the rulebook, from 1938 until you removed it last year. It's called "the uptick rule".

Secretary Paulson- look at this chart:


attachment.php


You changed the perfectly good rule, which had been in place since 1938, on July 6th, 2007. When the markets opened the next day, that's when things began to really fall apart.​


You see, from 1938 until July 6, 2007, if someone wanted to short a stock, they had to wait until the shares moved up ever so slightly. That prevented a snow-ball downward push on a stock price, when everyone out there saw a company going down, and all jumped on the bandwagon to kill a company through their bearish greed shorting.​


When you removed that rule, you let loose some powerful forces. And we now are seeing their instability effect.​


Instead of forming these hundred billion dollar bailouts, and suspending some, (but only 799 financial companies) but not all companies "shorting", you need to reimpose the Uptick Rule.​


Do that, sir, and the market will stabilize, and you will save your 2 trillion dollars that are in jeoparday from Bear Stearns, Fannie May, Freddie Mac, Lehmen Brothers, AIG, and whoever else is next.​


BY the way- by eliminating "shorting" on those 799 companies you imposed last night, you are now adversely affecting all the index funds that invest in those companies, as many investment vehciles have "short" positions as hedges to reduce expenses. For example, Barclays, which manages the TSP, maintains short positions in some stocks in the index, just as a hedge against expenses. By eliminating ALL shorting, not just doing an "uptick rule", you now have potentially further destabilzed things, but that won't become appearent for a couple of days.​



It's the uptick rule, sir.​


Reimpose it.​


Today.​


Thank you.​


Signed--​


A shareholder.​
 
James,
I would really have to read up on this before I could comment, not that my opinion makes any difference. :rolleyes:

There may be a few underlying details - like this - that truely are the most central features of the overall chaos. Wheather coincidential, or fact, this may hold a lot more weight than most would ever know.

Thanks for sharing this.. hopefully next week I'll have some time to do it justice.
 
Buster said:
A new government ban on short selling, or placing bets that a stock will fall, likely added to the market's gains as traders adjusted their positions. "A big chunk of this is scaring all the shorts to cover their bets," said Joe Battipaglia, market strategist at Stifel, Nicolaus & Co.

http://news.yahoo.com/s/ap/20080919/ap_on_bi_st_ma_re/wall_street


Jim, Your letter to Paulson seems to have worked..:D
Click to expand...


Like all good Federal Employees, he likes to keep informed by reading TSPTALK.COM.
 
You must log in or register to reply here.

Similar threads

TommyIV
  • Article Article
TSP Talk Weekly Wrap Up - Who Bought the Dip?
Replies
0
Views
4K
TommyIV
TommyIV
TommyIV
  • Article Article
TSP Talk Weekley Wrap Up - Members Take Profits
Replies
0
Views
2K
TommyIV
TommyIV
tsptalk
  • Article Article
TSP Talk - Santa came to town on Tuesday
Replies
2
Views
156
TommyIV
TommyIV
tsptalk
  • Article Article
TSP Talk - Stocks mixed as Santa tries to find his way on Wall Street
Replies
0
Views
91
tsptalk
tsptalk
TommyIV
  • Article Article
TSP Talk AutoTracker - Buying the December Dips
Replies
0
Views
244
TommyIV
TommyIV
Back
Top