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  1. #1
    Registered User. Boss.man's Avatar

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    Stock Market/Banks

    I can't help but comment on this. It's part of my life. I employ people, so I have fairly substantial balances in order to run payroll. For those of you who haven't caught today's news, the US Wall Street/Banking system is suffering a minor breakdown.

    Today, Lehman Brothers went into collapse. Their stock is worth $0.21c now. Just a week ago, it was $20 per share. That's a 99% decrease.

    Merrill Lynch "Bullish on America" ceased to exist as Bank of America bought them today. Not a huge issue, except at 5pm Friday they weren't for sale. Apparently Merrill had enough stake in Lehman to be at risk of collapsing today. I'm sure this is a bit of surprise to their employees.

    Here in Oregon, it's known that our State Employee Retirement Fund "Yeah we are independent and not taxpayer funded" is extensively invested in both LEH and MER. They guarantee an 8% raise per retiree per year, and are sitting on 6% losses so far this year, so this looks a lot like a 14% taxpayer bailout.

    My personal checking is in Washington Mutual, which is known to be "on the ropes". I'm not much worried about that money. It's less than two paychecks. I'm much more worried about my business cash, which is in another small bank. I think I'll move half of it this week, but I don't know where. I can't really hold a bank check, because it's only as good as the bank.

    Am I really going to be like Grandma and end up holding gold coins in a burlap bag?

  2. #2
    Registered User. Boss.man's Avatar

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    Stock Market/Banks

    M2L this isn't about Wamu which has been a local neighborhood S&L for most of my lifetime. This is about Wamu that expanded across the country, and underwrote millions of mortgages. We may love it as a local bank, but that doesn't stop the fact that they got into some major risky business and they are named the largest risk in the country for default.

    I agree with your broker. If you want to invest, look at things like X, companies that own their assets in terms of tons of steel. That's not going to drop to $0.21c in a day, like Lehman did today.

  3. #3
    Registered User. IAD's Avatar

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    Stock Market/Banks

    I think that those that let this problem occur should be crimnally responsible !!! Why are the CEO's of these companies getting away with this. They still get their little goody plan even though they screwed up ! Put them in jail where they belong !!! IAD

  4. #4
    Registered User. lorisunshine's Avatar

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    Stock Market/Banks

    Boss,
    I feel your pain.
    There is "The Bank of Nova Scotia" in Portland. It is one of the smaller really innovative Canadian Banks and their books are definitely in the black, unless they are allowed antics in the US that would not be allowed in regulated Canada.

    IAD, first you have to do away with your present administration and replace them with somebody who has integrity, a vision and is not financed by the very lot you are trying to get rid of. Go ahead, shoot me.

  5. #5
    Registered User. Boss.man's Avatar

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    Stock Market/Banks

    Oh Lori that's such a good idea. Not only can I move my money to a safe haven, but I would ADORE going to visit it. I love Nova Scotia (in the summer at least...).

    US politics is bizarre even to those who live there. If you ever look at the electorate maps you see that the west coast, California, Oregon, Washington, anti-vote the US as a whole, and we hold nearly 1/3 the population. It's clearly just a matter of time from when we either break away from them, or simply overwhelm them with our increasing population.

  6. #6
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    Stock Market/Banks

    IAD,

    I'm with you! Lock up senior management and make them eat gruel. This administration has aided and abetted crooks. Off with their heads!!

    Normally mild mannered Vera-b

  7. #7
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    Re: Stock Market/Banks

    Are there any forex traders here? What are your favorite online platforms for crypto trading?

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