What time will the NYSE pull the plug on trading tomorrow?
 

Catastrophic loses look eminent as Barclays has backed out of buying Lehman Bros and they will fail (well they have failed already it is just not official). The Govt has also said it does not want to bail out Lehman Bros. The failure of Lehman will lead to many more failures with WAMU the most likely and maybe Merril Lynch. If this goes down tomorrow the NYSE will have to suspend trading.

Im gonna set a limit to buy $100k worth of GOOG at $0.01

I hope someone comes in last minute to buy them.

The 1st wave of worldwide loses could come in just a few hours when the Hang Seng opens at 7:00PM PST (10:00AM Monday Honk Kong time).

Looks like we are witnessing history in the making...

Looks like tommorrow is going to be armageddon...... question is, is it worth buying anything after the first shock wave or do you wait until the reverberations come later?

Interesting, I don't know much about that but I'll be watching the story...

there are some that say, let it really fall hard.Then the rebuilding can begin.

I made another thread asking about the market because I honestly don't know jack about it. From reading CNN Money, what I gather is Lehman bros got in over their head with some back real estate decisions and are now going broke but are hoping someone would buy them/bail them out but that's not happening.

That's why I want to learn how this shit works. I read that something super important is going on with the market and I don't know enough about it to know the significance of it. I'm learning, just never really cared enough about it until this past year or so.

If Lehman falls... It's going to be a domino effect. WM, MER, C, and even NYX and GS anything financial will get hit, and hit bad..

I'm so deep into WAMU, if I pull out now, I'm still going to get my dick cut off.

And if your bank has been doing deals with Lehman and not had a chance to unwind positions? Then do you still want Lehman falling on its ass?

Lets say tommorrow you wake up and find that your bank has collapsed and you're worth a couple of twinkie cakes you spent your last pocket of change on. How would you feel?

NET WORTH (September 14th): $121k

NET WORTH (September 15th): $0.04 (plus 2 Twinkie cakes)

I hope the govt comes thru and bails them out and they need to do it in the next few hours before the Hang Seng opens. They have said they do not want to but have not come right out and said they will not.

Did I say I said that? Why so aggressive? Banks are insured if you didn't know. If tomorrow we are thrown into a depression we are all going to be affected big time.

I hope you are ready for the ride.

For those of you who have not been listening to Peter Schiff it maybe time to

https://youtube.com/watch?v=nlNOMouRzVg

We are not talking about insured funds we are talking about stocks taking a nose dive across the board. More and more banks are going to fail. As to insured funds - how many deposits can the govt cover before the money the govt is giving you is worthless?

The government or the FED?

Either/or. Someone needs to.

the indy mac failure ate 10% of the FDIC fund...

the fdic could only handle 1 large bank failure and after that the FDIC fund would be empty..

anyway, the currency markets opened tonight with some huge moves.. the dollar got hit especially hard against the yen.. however, it seems to be bouncing back..

japan is closed because of holliday. when europe comes online tonight we will see what going to happen..

monday morn is going to be wild for sure...

http://www.reuters.com/article/marke...34273620080912

Dollar down tommorrow......

I love capitalism. Fear and uncertainty creates so much opportunity, for the smart investor, anyway.

I actually found this post on a mainstream site good points.:
The FDIC doesn't have any "money" but as long as it is funded by the taxpayer it will not be unable to service commitments. By way of perspective. in the 89-90 savings and loan fiasco over 1000 financial institutions collapsed, in the current crisis there may be 150 banks at risk.Take a deep breath the sky is not falling and capitalism is the only game in town, you can't win if you don't play.

Thats true...... when all your cash is wiped out, youll still have two twinkie cakes and because no-one else will have any cash to buy food, you can trade your twinkie cakes for pussy.

My only wish is if the government bails this one out and other ones in the future. The executive teams leave with nothing but their family photos.

Bail outs dont happen in capitalism :2 cents:

You want them to leave the building naked and covering their extremities with a photo frame? A form of punishment?

kinda wish i had kept my trading account stocked up
probably some really good buys to be had coming soon

Better than giving them 7 million dollar severance packages for fucking up.

I am putting lots of cash on GOOG tomorrow... it's a buyer's market fuckers

Futures down 270 points.

B of A and Merril Lynch have agreed on terms for B of A to buy them. Both boards have approved the deal.

BofA is paying $29/share for MER which closed at $17.05 on Friday and was like to be bankrupt in a week or two after Lehmans tanked.

My estimate is about 50% of the merrill employees get axed and that is alot of employees!

:disgust:disgust

shitty day for a lot of employees

Suicide watch today..... :(

indeed, but don't expect too much sympathy from Joe Public.

Funny to hear all you Republicans asking for a bailout:1orglaugh:1orglaugh:thumbsup

I'm buying after the first shock wave with some left in reserve for further price drops.

I believe it's currently about 8:45am in NY... what time does the exchange open?

I have been hearing this from several places and it is not looking at the bigger picture. Sure maybe only 150 banks are at risk versus the 1000 that collapsed in 89-90. The big difference is that through mergers, buy-outs, consolidations AND the closure of those banks that collapsed in the S&L fiasco there AREN'T as many banks around today to soften the blow.

i am pretty sure the FDIC keeps a reserve fund.. of course the FDIC is backed by the govt ie: the taxpayers, so ultimately the FDIC has unlimited money..

Looks like the BofA purchase of MER is going to help stabilize or stave off huge losses for most. AIG is down 44% today, WAMU 20% and Wachovia 13%.

I think more than that.

The FDIC fund was $45 billion at the end of June. The most recent estimate of the cost of Indy Mac is $8.9 billion. Almost 20%.

So now the FDIC will have to charge banks higher premiums in order to rebuild its reserve ratio.

yes. They charge banks an insurance premium and those funds then go into the fund.

Market never behaves in the manner that everybody would expect.

Contrarian ? Perhaps.. at least in times of uncertainty.


I won't be surprised if the Dow fills the gap today...


Capitulation is going to occur when people don't expect it !

More carnage to come I'm sure but today looks like it wasn't as bad as everyone thought it would be.

Wachovia is now down 22% and AIG 62%