The coming financial crisis

[PoopyfaceMcGee]

Long-term..yes your right its scary, but do you know how long the gold bull market has been going on now? Whenever the market is down, you can always look to gold

My accountant is seeing a big jump in 2008 and I agree

How's the gold in your portfolio working out?

It's down about 10% since you posted this nonsense, no?

[reese125]

the fact that you pulled another FF special and got your shovel to dig up a January comment is amazing in itself, but where were you in Feb, March and April and May? Gold was outselling all asset classes since the credit crisis and was on a 33% rise since Aug of last year

Now, as rates have been cut and the dollar has been on the rise, you come in 8 months later with your "nonsense" not having a clue what Ive done with my stock since? Joke

[PoopyfaceMcGee]

I remembered laughing heartily at you basically saying a great investment would be to buy something at record highs.  Then, I saw an article on how gold is not doing so well as of late.

You pulled another reese special and spoke as if you actually knew what the hell you're talking about.  Gold will end 2008 much lower than it was in mid-January.

[reese125]

I remembered laughing heartily at you basically saying a great investment would be to buy something at record highs.  Then, I saw an article on how gold is not doing so well as of late.

Look at my farging post again crackerjack...was I wrong about the bull market in gold for a long time since the credit crisis? Did I tell CF to jump on gold and stay there for the whole year because the market NEVER changes?

Now you make the bold prediction that gold will finish lower than mid-January? Hahaha. You are a bumbling idiot that went out of his was to try and prove me wrong and got caught looking stupid as usual

[PoopyfaceMcGee]

Don't let facts get in the way of your ego, reesey.

[rjs246]

Do I smell a FF/reese suicide pact?

[ice grillin you]

*insert corny michael phelps joke*

[PoopyfaceMcGee]

Do I smell a FF/reese suicide pact?

Keep dreaming, cutie.

[reese125]

get out of SunMo's profile Fred...unless youre stealing his avatar

[Butchers Bill]

Freaking Lehman...just go under already.  Had to work all day on a Sunday (at least the Eagles weren't playing) because of your stupid asses.

Merrill is probably going to be bought by B of A this week as well.

Shaping up to be a very bad week for the markets.

[Seabiscuit36]

BOA just bought Merrill at $29 a share 

[Butchers Bill]

BOA just bought Merrill at $29 a share 

Ha...just saw that come across.  Buh bye Mother Merrill. 

http://online.wsj.com/article/SB122142278543033525.html?mod=special_coverage

[Seabiscuit36]

I just saw the rumors about ten minutes before i got 2 calls about it being finalized.  Im not a fan of that price, considering they closed at 17 friday

[Phanatic]

So how many bad loans were given out by these 'cornerstones' of the US economy? Enough to bring them all down? I know there are a ton of irresponsible people out there but really? The whole industry must have been trying to kill itself to be this farged up.

[Butchers Bill]

So how many bad loans were given out by these 'cornerstones' of the US economy? Enough to bring them all down? I know there are a ton of irresponsible people out there but really? The whole industry must have been trying to kill itself to be this farged up.

Technically, Merrill and Lehman didn't loan out the money themselves but actually bought the debt from other banks.

Say you have a 100k mortgage from Wachovia.  Wachovia packages your mortgage with 1,000 other similar mortgages and sells them as a pool to Merrill.  Merrill doesn't have that kind of cash laying around, so they borrow money from Lehman to finance the purchase of your mortgage. 

Now, you and many of the other mortgagees decide to stop paying your mortgage because the payments ballooned, you lost your job, whatever.  Merrill is now holding an asset that is worth less than what it paid for it, and it cannot keep up with its debt payments to Lehman because of fewer mortgage payments coming in.

So places like Wachovia are OK since they sold off the debt, but places like Merrill and Lehman that actually OWN the debt are gone.