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Old 11-23-2008, 11:07 AM   #1
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CitiGroup Going Down?


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Old 11-23-2008, 11:28 AM   #2
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Hmm. Maybe I should refinance my credit card from Chase to Citibank. LOL

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Old 11-23-2008, 12:13 PM   #3
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I wonder if the democrats knew what they were starting when they set this little stunt off?

Oh well. looks like a good time to hit the reset switch...
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Old 11-23-2008, 12:52 PM   #4
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I wonder if anyone knows what they are doing? And, just read the Citi article in the NYT. I really don't think this relates to party politics in any way, unless you want to credit the Republicans for being so gung-ho on deregulation, but then Clinton is as much to blame. Looks like it is a result of pure greed and stupidity in the finance industry.
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Old 11-23-2008, 12:55 PM   #5
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Maybe I'll get part of that bailout then for investing in bad credit
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Old 11-23-2008, 03:07 PM   #6
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Quote:
Originally Posted by jupiterboy View Post
I wonder if anyone knows what they are doing? And, just read the Citi article in the NYT. I really don't think this relates to party politics in any way, unless you want to credit the Republicans for being so gung-ho on deregulation, but then Clinton is as much to blame. Looks like it is a result of pure greed and stupidity in the finance industry.
It relates in the way our current crisis began. We had almost four years of the democrats and then the media whining and crying about how horrible the economy was and how we were in a recession even though we were still experiencing fair to good economic growth. this constant barrage of doom and gloom set the stage for a fairly minor glitch to be blown completely out of proportion and devolve into what we have now.
When Chuck Schumer questioned Indymac he triggered a run on the bank. No bank can withstand such a run so they failed which triggered mass panic among all lenders and investors.
Nice October surprise.
Bowyer: How Chuck Schumer Caused the Second Largest Bank Failure in US History - CNBC Guest Blog - CNBC.com
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Old 11-23-2008, 03:31 PM   #7
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I dont even want to say Im in NY because of Chucky Cheese Schumer.
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Old 11-23-2008, 03:39 PM   #8
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Quote:
Originally Posted by skeeter View Post
It relates in the way our current crisis began. We had almost four years of the democrats and then the media whining and crying about how horrible the economy was and how we were in a recession even though we were still experiencing fair to good economic growth. this constant barrage of doom and gloom set the stage for a fairly minor glitch to be blown completely out of proportion and devolve into what we have now.
When Chuck Schumer questioned Indymac he triggered a run on the bank. No bank can withstand such a run so they failed which triggered mass panic among all lenders and investors.
Nice October surprise.
Bowyer: How Chuck Schumer Caused the Second Largest Bank Failure in US History - CNBC Guest Blog - CNBC.com
That's a fail. IndyMac is part of the pie, but just the tip of the iceberg. People have known this was a house of cards for a long time. If you play you HAVE to be able to cover your bets. Everyone knows that, except the financial sector and the neocons that perpetuated this fiasco. Look at the total number of the CDO market. You don't even know what's happening.
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Old 11-23-2008, 04:06 PM   #9
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And take Jerry Bowyer, a Larry Kudlow a$$ cleaner who isn’t out of diapers himself. His first sentences tell you right off the article is a joke.

"Federal officials aren’t supposed to cause bank runs. In fact, much of the New Deal bank regulatory apparatus was set up for the purpose of eliminating such panics."

Larry and his cronies played free-market cheerleaders as the New Deal bank regulatory apparatus was completely dismantled so thieves and idiots could run a giant pipe up the a$$es of the unsuspecting American public. The laws were in place because it had happened before. The laws were taken apart so it could happen again. I'll never get what is so damn cool about selling your kids and your country into economic slavery.

Just look what this a$$hat was saying in May!

http://article.nationalreview.com/?q...Q1OTUxYjMyMzQ=
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Old 11-23-2008, 04:35 PM   #10
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Too many hands in the pie is the problem. Too many middlemen to try to make money off of each loan. It's leveraged over and over as an investment when the real property that is represented by the loan becomes only a fraction of all the money that is out there with it as collateral.
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Old 11-23-2008, 05:06 PM   #11
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^ exactly. And the credit derivatives swaps, basically insurance on loan products that were not even owned by the entity that held the policy. Basically, legalized gambling. But, the dept is far, far, more than our planet produces. It is insane. And we USED to have laws against it.

http://www.nytimes.com/2008/11/23/bu...tigroup&st=cse

This isn't because the liberals pressured banks into giving black people loans, or because and other conservative scapegoat drivel. In the case of Citi, it sounds like the inside cop that was supposed to keep track of risk was the fishing buddy of the guy taking the risk. Circle Jerk I believe it is called.
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Old 11-23-2008, 05:57 PM   #12
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I guess easy money just got NOT SO EASY!!!

Time to pay the piper.

No two ways about it. Until real asset values stabilize it's going to be ugly!!!
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Old 11-23-2008, 07:00 PM   #13
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Quote:
Originally Posted by jupiterboy View Post
I wonder if anyone knows what they are doing? And, just read the Citi article in the NYT. I really don't think this relates to party politics in any way, unless you want to credit the Republicans for being so gung-ho on deregulation, but then Clinton is as much to blame. Looks like it is a result of pure greed and stupidity in the finance industry.
Aw hell, its all Bush's fault, (just like Katrina, 9/11, expensive gas, falling property values....). Yep, Bush and those dang conservatives, if they would just give in, and concede to the fact that gov't does need to control everything, and pay their taxes for the greater good, then maybe we could all live in a fairy tale.
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Old 11-23-2008, 07:26 PM   #14
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Aw hell, its all Bush's fault, (just like Katrina, 9/11, expensive gas, falling property values....). Yep, Bush and those dang conservatives, if they would just give in, and concede to the fact that gov't does need to control everything, and pay their taxes for the greater good, then maybe we could all live in a fairy tale.
In 1907 the market crashed because of just this sort of gambling. No one said anything about Bush. The push for deregulation started well before Bush. The problem is that Wall Street purchased the influence from both parties to script their own game. You will pay for this, as will your children and their children. What fairy tale do you live in where you don't need any government? Go back to school and stop making this into a black and white issue. It has never been government control of everything or nothing. The rules we had in place from 1907 to the 1980s worked well enough. Why would you systematically revoke them if you didn't want to break them? This is the result. Face the facts and hold the people responsible responsible and stop pretending you have a clue.
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Old 11-23-2008, 07:38 PM   #15
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Easy dude, you thought way too much into that post.
For starters, I was just ribbing a little bit. Nothing like some light hearted political banter.

I am well aware of what I will pay for, as well as my children, you and I both share in a tremendous burden of what will become of this country, and we must make sound decisions to ensure the future safety and prosperity of this nation.

I don't live in a fairy tale, but I do have pretty good life, and I'm a happy guy, thanks for asking!

You don't have any idea of my education, or lack of education.

I do beleive in gov't, I never stated otherwise.

I am aware of the facts.

I guess just because you and I don't see eye to eye, it must mean I don't have a clue, that is sound logic.

Perhaps I should go back to school, listen to some liberal professors babble endlessy about evil conservatives. Then maybe I would be converted, could come back here, and you and I could carry on an extremely intelligent conversation about how conservatives ruined our country.

Now that's a hell of a plan.
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Old 11-23-2008, 08:13 PM   #16
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Sry if I misread your tone. I wasn't blaming Bush and didn't mention him. You brought up the fairy tale, which is far from where we are at.
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Old 11-23-2008, 09:13 PM   #17
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yeah dude, I was just jokin around... no worries man.
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Old 11-23-2008, 10:15 PM   #18
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Old 11-24-2008, 07:34 AM   #19
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BBC NEWS | Business | US rescues ailing Citigroup bank

Oh look. We all have a little CitiGroup stock as of this morning. Love these low trading fees.
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Old 11-24-2008, 12:37 PM   #20
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BBC NEWS | Business | US rescues ailing Citigroup bank

Oh look. We all have a little CitiGroup stock as of this morning. Love these low trading fees.
There must be a glitch in the system! Somehow these aren't showing up in my portfolio!!!

And I won't hold my breath!!!

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