The stock market thread part 2

#101
#101
I'll be amazed if the process of nationalizing bank of america and citibank doesn't begin over the weekend (at least behind the scenes, or sold as "securing the banks", etc.).
 
#102
#102
dcgf05 said:
I'll be amazed if the process of nationalizing bank of america and citibank doesn't begin over the weekend (at least behind the scenes, or sold as "securing the banks", etc.).
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I'll bet $100 to anyone here that neither bank ever gets nationalized.
 
#103
#103
droski said:
I'll bet $100 to anyone here that neither bank ever gets nationalized.
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Senator Dodd seems to disagree Bloomberg.com: Worldwide

Feb. 20 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd said it may be necessary to nationalize some banks for a short time as Citigroup Inc. and Bank of America Corp. tumbled today on concern the U.S. may take over both banks.

“I don’t welcome that at all, but I could see how it’s possible it may happen,” Dodd said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” to be broadcast later today. “I’m concerned that we may end up having to do that, at least for a short time.”



It's likely to be an interesting weekend.
 
#104
#104
"may be neccesary" is hardly saying it is going to happen. neither of these banks currently need capital. people (including the idiots in congress) need to stop the hysteria. it helps no one to nationalize these banks.
 
#106
#106
droski said:
"may be neccesary" is hardly saying it is going to happen. neither of these banks currently need capital. people (including the idiots in congress) need to stop the hysteria. it helps no one to nationalize these banks.
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Yeah, I wasn't very clear on what I typed there. I meant that it's still up in the air especially in view of Dodd's comments. I bank with bank of america and their potential nationalization would be a headache, so I am definitely not a supporter at the moment. I might roll the dice on a small number of BAC shares before close though.
 
#110
#110
Even Clinton came out and said BHO should talk positively about the economy, implying that his doom and gloom garbage to pin problems on his predecessor need to stop.
 
#111
#111
truefan said:
No, I don't, but it wouldn't surprise me if a few from the right think so.

Doesn't surprise me YOU asked this question either.

What do you think?
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To borrow one of your famous lines..."i am quit sure that you do not know me"

The way this administration thinks it "knows best" what is good for all us, the though is a legitamate one
 
#112
#112
truefan said:
No, I don't, but it wouldn't surprise me if a few from the right think so.

Doesn't surprise me YOU asked this question either.

What do you think?
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who is best served by a near term financial catastrophe in the markets?

Why is it that the upbeat rhetoric from his campaign has soured to him being the most negative voice in the financial sphere.

His job doesn't give him a lot of power over the economy, except right now when the congress is his and his popularity remains high. He can and has gotten his way on almost all fronts right now. Nonetheless, he continues to use the bully pulpit, the greatest power of his office, to reinforce the downside such that blame is placed on his predecessor. We get it already, now move on with something that has a prayer of helping instead of trillion dollar hardcore lefty orgasms.
 
#113
#113
BigPapaVol said:
Even Clinton came out and said BHO should talk positively about the economy, implying that his doom and gloom garbage to pin problems on his predecessor need to stop.
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BHO will not do this, the more people that they can make dependant on the government, the more power they have
 
#114
#114
BigPapaVol said:
who is best served by a near term financial catastrophe in the markets?

Why is it that the upbeat rhetoric from his campaign has soured to him being the most negative voice in the financial sphere.
His job doesn't give him a lot of power over the economy, except right now when the congress is his and his popularity remains high. He can and has gotten his way on almost all fronts right now. Nonetheless, he continues to use the bully pulpit, the greatest power of his office, to reinforce the downside such that blame is placed on his predecessor. We get it already, now move on with something that has a prayer of helping instead of trillion dollar hardcore lefty orgasms.
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I can't answer your question. I am a bit miffed as to why he is being negative as well. I am one of those that hate to hear repetitive blame. It should be spilled milk at this point. I am not hearing/seeing as much proactive and forward thinking in our planning as I thought we would see a couple of months ago. The best thing about it is he is in this only a month and must change the course and manner. I have heard him admit to a couple of mistakes, which is a change from W or Clinton.

I've been emailing him quite often. While I know it may never get seen, I am not going to quit trying either.
 
#115
#115
took the nestea plunge and bought some BAC

they are not nationalizing banks because Warren Buffet has too much skin in the game to be burned by his boy Obama, imo.


I have a feeling that we are due for a huge rally
 
#116
#116
VolsNSkinsFan said:
took the nestea plunge and bought some BAC

they are not nationalizing banks because Warren Buffet has too much skin in the game to be burned by his boy Obama, imo.


I have a feeling that we are due for a huge rally
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I did the same. In at 3.14 @ 2pm, stock closed at 3.79. Barring any bad news this weekend I'm optimistic about a nice run next week.
 
#120
#120
oklavol said:
So what is everyone's prediction for the bottom of this bear market? I've been reading in the 6000 range: Firedoglake Historical Bottom for a Bear Market? About Dow 6,000
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I'm not a pro, but a very good trader friend of mine warned me about a month ago that if we were to break below the 7300 november resistance that the next natural resistance would be in the 6500 range. That said, I think a TON of bad news is already priced into the market and I'm buying up as much as I can to average down my positions at the moment. I think that we are likely to see a mini-rally next week and who knows after that, the fundamentals mean nothing in the current market it seems.

disclaimer - I'm just an average nobody so take anything I say with that in mind.
 
#121
#121
droski said:
"may be neccesary" is hardly saying it is going to happen. neither of these banks currently need capital. people (including the idiots in congress) need to stop the hysteria. it helps no one to nationalize these banks.
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Just a question, not questioning anyone's authority.

How is it so many people can differ on the status of banks? I check on on various economy websites, and try to pay attention somewhat to Nouriel Roubini since he kinda predicted this mess. He's said banks are insolvent, need to be recapitalized, and should be nationalized.

I've confessed on here I'm no pro on stocks/markets, it's just it seems odd that so many professionals and economists can be polar opposites on the status of banks/the direction of the economy. Doom and gloom vs a least a little optimism.
 
#122
#122
Well this sounds like some good news


U.S. financial regulators will soon launch a series of "stress tests" to determine which of the largest U.S. banks should get bigger capital cushions in case of a deeper recession, a person familiar with Obama administration plans said on Saturday.
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The largest U.S. banks are "well capitalized" for current conditions, the source said, but the Obama administration wants to ensure they can withstand a more severe economic climate and play an important role in helping restart the flow of credit.
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Hopefully we have dodged a bullet

UPDATE 2-US bank stress tests to show capital needs -source | Markets | Markets News | Reuters
 
#123
#123
Well Mr. Soros said there's no sign we are anywhere near the bottom. There's talk about the Gov. increasing it's stake in Citi by as much as 40% and the FUT. has jumped some on that news. Should be a interesting week ahead..
 
#124
#124
Yes Sir!!

The Wall Street Journal reported late Sunday that Citi is negotiating to increase the U.S. government's stake to as much as 40 percent. The government, which has already invested $25 billion in the company, would convert its preferred shares to common shares; this would leave existing shareholders with some stake, albeit one that is diluted, the Journal reported.
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US stocks point higher on report of Citi report - Yahoo! Finance

BAC and C up 14% in pre market trading

:dance2:
 
#125
#125
saw this morning where economists were saying that the recession will get worse thru out the year, and that we can expect unemployment to hit 9%
 
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