US Financial Crisis

[banger]

You have been saying this for weeks now. When is it going to end? How many more 500 point daily drops are there going to be? I just heard today that Mohegan Sun Casino in Connecticut has stopped work on a new hotel they had already poured the foundation for. Laid off hundreds of workers. Obviously they don't think there is going to be a need for the new hotel at this time. You can't gamble if you don't have money to gamble with.

I think its in the stars or moon......


WSJ reports "'I got this from the most bearish man in Western civilization," reads an e-mail..from a trader at a mid-sized Wall Street firm. ‘It's legit. Panic lows have historically occurred on day 27/28 of the 7th lunar cycle, which are this Sunday and Monday. The panics of 1857/1907/1929/1987/1997 all marked their lows on these days in October!' Fibonacci retracements may work during steady markets, but horoscopes are probably as good a charting tool as any this time around."

 

[EagerBeaver]

The Fed To Cut Interest Rate - Again!

Published reports indicate The Fed is cutting the interest rate - again!

http://biz.yahoo.com/cnnm/081024/102408_fed_outlook.html

 

[oobe]

Look at the bright side: you can't have too many more days like this, since the market can't go below 0.

Actually with percentages, it can go on forever, or until it's worth less than the transaction fee.

 

[rollingstone]

Published reports indicate The Fed is cutting the interest rate - again!

http://biz.yahoo.com/cnnm/081024/102408_fed_outlook.html

I hope they can postpone this a few weeks after I am back from Montreal. I like the exchange rate the way it is right now. Another cut will undermine the US dollar.

 

[banger]

This is very good to know. I invested in Morgan Stanley on the notion they were reducing their leverage from 30 to 1 down to 20 to 1. It performed well, but I held on to it because when the government buys the mortgage derivatives (the so called toxic financial products) it would get the credit markets going again and the stock would climb further. However, if these companies are misrepresenting their leverage and the 700 billion package is no where near enough to solve the problem, then I am going to take my winnings (it does seem like gambling, doesn't it?) and walk.

Did you sell your Morgan Stanley???
If so you owe me a drink rollingstone.......

Banger

 

[rollingstone]

Yes I did! Whats more I bought it again when it crashed around lunch time. So I ended the day on a positive note as well. Seriously though, I really do need to quit while I am ahead (again).

Honestly though, I didn't put that much money to begin with, I basically decided to skip Mtl in October and put about 3 days worth of hobbying + hotel fees into MS, so I wasn't exposed that much. Still a win is a win! If we're in town at the same time I'll buy you a drink for sure.