Few options in market crisis

6 Trillion in CDS default. Long bonds joining in the fray. "This suckers going down"...

Being a retired employee of Wachovia, I can empathize deeply with the employees who are left and the retirees and shareholders who depended on Wachovia to do the right thing. I think that a great number of "Legacy Wachovians" saw the writing on the wall when former chairman Bud Baker sold them down the river in 2001. And for the next seven years, Wachovia kept saying "minimal job cuts," when in reality it was continually cutting jobs. It just did it in such a way as to stay under the radar of the media.

"Legacy Wachovia" found out just how important they were to the "New Wachovia." Dedicated people gave their all to build Wachovia into a great financial institution. Bigger is not always better. The whirling sound we are hearing now is probably the founders of Wachovia turning in their graves.

To think, it took only seven years for First Union to tear down a hundred years of quality. I'm just thankful that when I left, I took a lump-sum retirement and my 401(k) with me. If I were still there, I would never be able to afford to retire.

Right, Dana Perino says they have a "whole range of tools.. er uh.. technical terms I dont even know" (or words to that effect). The fact is they have authorization to use 700 billion dollars of yours and my money and dont really have a clue what to do to quell the crisis. But, believe me, they will find a clever way to keep our cash flowing into the pockets of the same criminals who brought on the crisis in the first place. Look who's administering the "bailout". Henry Paulson was the Chief at Goldman and at the helm as it collapsed and he's bringing in one of his lieutenants from the same debacle to run the bailout. Enjoy the ride, Folks, it's all downhill.

Ah, that drunken, drug using, philandering, "Chickenhawk", Frat Boy from New Haven, Conn, via Crawford, TX has done US in, destroyed the last "Superpower"! He took a nation with a budget surplus that was paying down debt, had low inflation and a stable strong economy and gave US total deregulation of everything, including laws he didn't want to abide by, no oversight or supervision of the Repugs of Wall Street like Hank Paulson, Joshua Bolton and Steele, et al, and followed Phil Gramm's lead that allowed Banks to borrow over 30 times what they were worth by using Swaps to "spread out the risk". Well "W", you've single handedly taken US down and YOUR Depression will be suffered by US all. Oops, forgot your never ending wars of incompetence, war profiteering and death for no good reason, just your personal agenda, starting with revenge. "Heckuvajob", "W", your legacy rates right up there with that fiddling fellow, Nero!

President Bush's statement on the economy
10/10/08
http://www.forbes.com/reuters/feeds/reuters/2...

Leaves no doubt we are in worse shape than anyone ever imagined.

Yea, numbnuts came out to "encourage" US this morning. He has such a way with words, he added to the worry, told US all that was wrong but that he was "working hard" to improve the situation. "W", stop working hard, all you do is F everything up, Go Away, Please, just Go Away!

I think that if congress can just scrape up a couple of billion more we may finally be able to see the light at the end of the tunnel.

Berlusconi Says Leaders May Close World's Markets (Update1)

By Steve Scherer

Oct. 10 (Bloomberg)-- Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they ``rewrite the rules of international finance.''
http://www.bloomberg.com/apps/news...

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bank holidays!

Double, double toil and trouble;
Fire burn, and cauldron bubble.

First dot com's, then real estate, then oil. No asset is guaranteed to always appreciate in value. Realtors, mortgage brokers, and derivative dealers are getting a painful education these days. Unfortunately, the rest of us are paying for their education.