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I am seeing lots of buying and very little selling. FWIW
...........al
Geez, I'm only 60 and do that quite often. LOL
.........al
write your congressman and both senators and express that outrage that these people got away with hundreds of billions in salaries and bonuses. Demand restitution and retribution. It's your tax dollars and your representatives that are supposed to be the gatekeepers. I do it daily.
...........al
from the UK, a long read but great perspective:
http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2008/09/22/observations-on-a-crisis.aspx
........al
long but good read from the UK
http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2008/09/22/observations-on-a-crisis.aspx
.......al
U.S. Treasury Widens Plan to Buy Bad Debt
By Dawn Kopecki
Bloomberg News
Sunday, November 21, 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYXtwpG9mw9g&refer=h...
WASHINGTON -- The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities.
The U.S. Treasury submitted revised guidance to Congress on its plan a day after first submitting it, as lawmakers and lobbyists push their own ideas. Officials now propose buying what they term troubled assets, without specifying the type, according to a document obtained by Bloomberg News and confirmed by a congressional aide.
The change suggests the inclusion of instruments such as car and student loans, credit-card debt, and any other troubled asset. That may force an eventual increase in the size of the package as Democrats and Republicans in Congress negotiate the final legislation with the Bush administration, analysts said.
"The costs of the bailout will be significantly higher than originally considered or acknowledged," said Josh Rosner, an analyst with independent research firm Graham Fisher & Co. in New York. "How, given these changes, can the administration and Federal Reserve believe they are being forthright in their unrevised expectation of future losses?"
In another change today, the Treasury said it would limit its $50 billion plan for insuring money-market funds to those held by investors as of Sept. 19, excluding any subsequent contributions.
The American Bankers' Association, which had expressed concern about the plan last week, praised the move, saying it would eliminate an incentive for savers to shift out of bank accounts into money-market funds.
In its latest guidance on the bad-debt fund, the Treasury said firms that are headquartered outside the U.S. will now be eligible.
U.S. Treasury Widens Plan to Buy Bad Debt
By Dawn Kopecki
Bloomberg News
Sunday, November 21, 2008
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYXtwpG9mw9g&refer=h...
WASHINGTON -- The Bush administration widened the scope of its $700 billion plan to avert a financial meltdown by including assets other than mortgage-related securities.
The U.S. Treasury submitted revised guidance to Congress on its plan a day after first submitting it, as lawmakers and lobbyists push their own ideas. Officials now propose buying what they term troubled assets, without specifying the type, according to a document obtained by Bloomberg News and confirmed by a congressional aide.
The change suggests the inclusion of instruments such as car and student loans, credit-card debt, and any other troubled asset. That may force an eventual increase in the size of the package as Democrats and Republicans in Congress negotiate the final legislation with the Bush administration, analysts said.
"The costs of the bailout will be significantly higher than originally considered or acknowledged," said Josh Rosner, an analyst with independent research firm Graham Fisher & Co. in New York. "How, given these changes, can the administration and Federal Reserve believe they are being forthright in their unrevised expectation of future losses?"
In another change today, the Treasury said it would limit its $50 billion plan for insuring money-market funds to those held by investors as of Sept. 19, excluding any subsequent contributions.
The American Bankers' Association, which had expressed concern about the plan last week, praised the move, saying it would eliminate an incentive for savers to shift out of bank accounts into money-market funds.
In its latest guidance on the bad-debt fund, the Treasury said firms that are headquartered outside the U.S. will now be eligible.
Dilution it was and is. Sorry, guys, but I'll take the word of a transfer agent over the word of a pinkie CEO any day. TA's have no reason to lie and can't do things behind the back of shareholders. I'm still holding but when I need the tax offset, I'm gone. I know a lot of you believe in Clayton and like to hear what he tells you. It seems that what he says and what he is doing are 2 different things. This is confirmed by the TA's numbers. Market makers are doing their job making a market for this security. Flippers can account for some of the volume. The volumes being traded vs. the supposed float vs. the share price can only mean dilution on a fairly large scale. Been trading pennies for many years and seen this happen too many times. Longs screaming manipulation and curse the flippers and when the real numbers are found out, it turns out almost always to be dilution. Sorry, guys, that's my take on this whole situation.
.......al
mmayr- we're in a lot closer agreement than you may think. I too realize the necessity of the bailout. I don't like it but the alternative would be far worse. The point I'm trying to make more so is the fact that so many people have skipped with billions in salaries and bonuses and dividends and are laughing all the way to the bank while the hard earned monies of average people like us are paying for their misdeeds. I guess what I'm trying to say is I want my pound of flesh. Inept regulators should be fired. Investigations into what went on in the boardrooms should be convened. Did you see the night Lehman went under? People were taking boxes of stuff out of the building and no one was there to stop them. Any evidence of criminal activity went walking away into the night. I want the people charged with protecting taxpayer interests held accountable. I don't think I'm asking too much.
........al
midrew- you and I may disagree on the future of this company, but I do respect your methods of collecting DD.
Thank you
........al
bailout after bailout after bailout, trillions of our tax dollars are now at risk with no consequences to the perpetraters of this legal theft. Show me a politician that will go to his/her district and tell the voters that he supports raising taxes to pay for all this and I'll show you a politician that will be out of a job at the next election. More and more dollars will be printed to cover these costs and we will all be feeling the effects of inflation. $4 gas- cheap; $2 bread- a screaming sale ; 5% interest on your savings account at the local bank- loss of purchasing power every day. The financial house will not collapse but will be remade from the foundation up. There will be no total economic decimation but there will be plenty of economic pain to go around. The best protection from all this will not surprisingly come from that old favorite "barberous relic". None other than gold itself- and don't forget silver. Semper Fi
...........al
record deficits, financing 2 wars, presidential candidates talk of more spending, bailouts to the tune of $trillions, absolutely no fiscal discipline in Washington, gov't printing presses running full blast on overtime. There is no better time to be in precious metals.
........al
Isn't this triple witching day? That day usually clogs servers. I don't know otherwise. I log on and stay logged on until I shut down.
............al
now at 27¢ eom
200,000 at the ask just went off and it didn't budge.
.......al
I'm showing over a million volume in the first 2 minutes. Is this right?
..........al
Venture- someone just provided phone numbers for contact information. give them a call with your problem
......al
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=32275985
just an update- my daughter did not have to go for a second tour in Iraq- profile. She'll be getting discharged with a small disability pension shortly. Her boyfriend is doing his 3rd tour there right now. He comes home in April and a Florida wedding is planned.
.......al
If you think the politicians are going to change, you have a lot more faith than me. Corruption is rampant in Washington. Jefferson had the right idea- about every 50 years get rid of the whole mess and start all over or it will become corrupt(not a quote just a paraphrase). It's sad when we have in our society many good leaders that could reverse the decline, but their disdain for politics and politicians keeps them silent.
......al
I agree on the dangers of China, but not in the same perspective. We are at war with them now but not in the traditional sense. It's an economic war. The US won the cold war not with bombs and military might. We bankrupted the USSR. And don't think China doesn't know how we did it. And corporate America is helping them right along. Stretched American influence throughout the world costs big buck too. If you read "The Rise and Fall of the Roman Empire" just substitute USA for Rome in the text and you have a pretty good idea where we're headed. Radical changes are needed both internationally and domestically to stave off collapse. No politician has enough guts to even suggest what really needs doing. Our grandchildren will be living in a far different USA than we know today.
......al
a very valid point worth considering. as our biggest creditor in the region, they certainly wouldn't want to be aggressive towards the US. actually I don't fear China that much either for the same reason. Wars nullify debts.
........al
you should maybe add to that- no margin. periodic swings can trigger margin calls even if the long term is positive.fwiw
..........al
peorge- a very large majority of penny stocks are shorted off shore. SEC can do nothing to stop that on foreign exchanges. Hedge funds and toxic financiers set up foreign entities in off shore locations for that sole purpose.
......al
I understand that you can put a loan-exempt restriction on your account to keep the broker from lending them out. Call your broker and inquire
.....al
uplist, convention, national distributor, and don't forget heppie as the 4th pillar. until these happen the pps will pretty much be static, which may not be all that bad considering the rest of the market.
.....al
I think Washington is in need of the same house cleaning going on at Wall street. I just read an article where the auther claimed it was Phil Gramm that slipped in amendments to laws to keep the gov't from regulating derivatives. He did the same to allow enron to manipulate energy. And this guy was the economic advisor for McCain and probably would still be if not for his mouth. A job as treasury secretary was in the wings. Jefferson called it right over 200 years ago.
.........al
read the note on form T. They were sold all day and just reported at 4:10
........al
IMHO silver has a long way to go before peaking. I've been accumulating since $4.50 and won't sell under $50. Read Ted Butler and Jason Hommel for good silver info.
.........al
this is interesting:
http://www.chicagotribune.com/business/chi-wed_oilsep17,0,4833605.story
Text:
Bernanke: 'We have lost control'
Economist recounts talk with Fed chairman
By Joshua Boak | Chicago Tribune reporter
September 17, 2008
NAPLES, Fla. — Several months ago, economist David Hale had a private meeting with Federal Reserve Chairman Ben Bernanke, who was trying to ward off a recession by lowering interest rates and increasing the money supply in the economy.
The problem with that approach is that the value of the dollar plunged against foreign currencies, causing crude oil prices to skyrocket because oil is pegged to the dollar. It affected food prices, gasoline and family budgets.
"Ben, you are playing a very unique role in world economic history," Hale recalled telling Bernanke, an expert in the Great Depression. "You are the first central bank governor of the United States to preside over a recession with no decline in commodity prices."
Bernanke could hypothetically limit inflation in commodities by raising interest rates, a policy that would restrict the flow of money but potentially lead to an avalanche of bank failures. At a financial conference in Florida on Tuesday, Hale, a Chicago-based economist for investment managers, hedge funds and multinational companies, paraphrased the Fed chairman's response.
"We have lost control," said Hale, quoting Bernanke. "We cannot stabilize the dollar. We cannot control commodity prices."
If efforts to stop a recession sent commodities to record levels through July, then the realization that a recession could be imminent has sunk oil prices by almost 40 percent during the past two months. For all the debate about foreign demand and financial speculators, one overlooked aspect of commodity prices is the health of the American economy.
With investment banks collapsing under the weight of subprime mortgages and the recent government bailout of Fannie Mae and Freddie Mac, commodity prices have retreated as the market predicts demand for oil will fall. October futures closed down $4.56 Tuesday, at $91.15 a barrel. And in response to inflationary concerns, the Federal Reserve responded Tuesday by holding the overnight federal funds rate steady at 2 percent as it has since April.
Hale believes the recessionary turns could keep oil below $100 a barrel, a consensus shared by many analysts who see oil staying in the $80 to $100 range.
But a problem for America is that much of the power it wields over oil prices is based on the strength of the dollar and economic demand. Russia, Venezuela, Ecuador and others have nationalized their reserves, stripping ownership rights away from private firms and complicating the global market for oil.
"While every other country is practicing natural resource nationalism, this country still pretends there is a free market in energy when, in fact, there is not," said John Hofmeister, the head of Citizens for Affordable Energy and the former president of Shell Oil Co.
If there is any relief for American consumers to come from global markets, it might emerge from China, a country that has successfully wrestled down inflation. China insulates its population from the market price of oil, a policy shared by Malaysia, Thailand and India.
As inflation in China dropped to 5 percent from 8 percent, the government has begun to pass actual commodity costs onto the public, said James McGregor, a consultant and author of the book "One Billion Customers: Lessons From the Front Lines of Doing Business in China."
"I think you're going to see them squeeze down subsidies," McGregor said. "They don't like them either because they distort the economy."
Rick- well, that was not the answer I anticipated, right or wrong. I think we'll just agree to disagree and leave it at that. GL2U
.........al
not to be argumentative, but tell me how the SEC enforces it's rules outside US borders?
......al
the new rules wouldn't affect a penny stock much at all. Most naked shorting on pennies is done off shore, Europe and the Caribbean. US investors can not short stocks under $5 as a general rule.
..........al
GM all- it wasn't me. I wanted another million but was holding out for .01. I guess some are willing to sell but not too many. Yesterday over a half million shares went off at the bid before it dropped. That is not normal behavior in a pink stock. Someone seems to be accumulating at these price levels for the past 2 days. I wish I knew more, but am in the dark like everyone else. I just don't want to speculate at this point.
..........al
short covering. COT reports a major drop in the commercial shorts on gold. It's the only plausible explanation.
.........al
mmayr- no problem. I like to take spare change and play the pennies, but the real investments are other places- gold silver and interestly enough Canadian oil and gas royalty trusts. Monthly dividend checks most paying over 12%. It's a nice supplement to the retirement check. I know I post in good company here. Seeing the economic tsunami that is building day by day goes far beyond due diligence. Most are blind to the same short sightedness that afflicts Washington and Wall street. You guys have got it together. Keep up the good works.
.......al
AIG getting fed money:
From CNBC.com
Tuesday, September 16, 2008
http://www.cnbc.com//id/26747020?
American International Group will get an $85 billion loan from the federal government in exchange for an 80 percent stake in itself, sources have told CNBC.
Sources said the loan, which will allow AIG to avoid bankruptcy, will be secured and include incentives for quick asset-sales by AIG.
The deal severely dilutes existing shares of the company.
Management at the firm will be fired as part of the deal.
AIG has been racing the clock to avoid a bankruptcy filing on Wednesday, making efforts to work out a deal with the Federal Reserve to shore up its finances.
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke met with Senate and House leadership Tuesday night to discuss how to assist AIG, sources said.
The Fed's financial aid for the troubled insurer marks a reversal of its decision on Monday to refuse a bridge loan to AIG.
The Fed met with the company's advisers throughout Tuesday and came to a better understanding of what is needed to help the company through its current crisis, people familiar with the negotiations told CNBC.
Reports Tuesday said the Fed was considering a conservatorship for AIG—which would mean bringing in an outsider to run the company. But sources told CNBC that no legal authority exists for such an arrangement.
AIG shares swung wildly all day Tuesday in heavy volume. ...
From CNBC.com
Tuesday, September 16, 2008
http://www.cnbc.com//id/26747020?
American International Group will get an $85 billion loan from the federal government in exchange for an 80 percent stake in itself, sources have told CNBC.
Sources said the loan, which will allow AIG to avoid bankruptcy, will be secured and include incentives for quick asset-sales by AIG.
The deal severely dilutes existing shares of the company.
Management at the firm will be fired as part of the deal.
AIG has been racing the clock to avoid a bankruptcy filing on Wednesday, making efforts to work out a deal with the Federal Reserve to shore up its finances.
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke met with Senate and House leadership Tuesday night to discuss how to assist AIG, sources said.
The Fed's financial aid for the troubled insurer marks a reversal of its decision on Monday to refuse a bridge loan to AIG.
The Fed met with the company's advisers throughout Tuesday and came to a better understanding of what is needed to help the company through its current crisis, people familiar with the negotiations told CNBC.
Reports Tuesday said the Fed was considering a conservatorship for AIG—which would mean bringing in an outsider to run the company. But sources told CNBC that no legal authority exists for such an arrangement.
AIG shares swung wildly all day Tuesday in heavy volume. ...
This is a copy of an email I sent my senator last July. Needless to say I have to date had no response:
.........al
Senator Casey-
It seems that many of our tax dollars are now being used to bail out
mismanaged public corporations and foreign investments in these same
corporations. I have stocks in my portfolio that are now worthless due
to the same type of mismanagement. I will send for the certificates.
Would you kindly send me the address to forward them to. I'm not asking
for hundreds of billions of dollars, just maybe $20,000. I have received
no bonuses from these companies or any other compensation. I am just a
small investor that used some poor judgement in the past and would like
to turn some of this worthless paper into our Federal Reserve in
exchange for cash. I understand it is now the trendy thing to do. Please
send this information as soon as possible before Fannie, Freddie, and
Wall Street take it all and there is none left.
Thank you
We think alike, and there are a lot more that are with us. Too bad we don't hear more from them.
........al
Agree that the system in place should remain and survive. It just galls me to see the legalized theft that went on while regulators looked the other way. Wall street does need a good house cleaning. And this is not near over. It will definately get worse. And we have 2 presidential candidates, one saying cut taxes and the other wanting to spend more. It will not end until no one accepts our debt anymore. Got gold, got silver, no mortgage, no debt, no margin, 6 acres to grow a lot, and the means to protect it all if necessary (I hope it doesn't ever become necessary).
........al