Wachovia down 90% Pre-Market
DriftingByTheStorm
Posts: 8,684
Yup.
Not really sure what is going on.
Citibank has agreed to buy Wachovia, and the two will merge, and as best i can tell from the early reports of the deal, this doesn't dillute the stock.
So i'm not even sure why its down to $1 a share (.90 actully) premarket, but it stinks for shareholders, for sure.
Also the markets in general aren't looking off to a good start.
Asian and European markets were down 8-10% overnight,
and the US market futures are indicating another heavy (these days, you'd call it "moderate") down day.
Futures:
SP -19
DOW -165
Still looking brutally ugly out there folks.
Pray to the gods of Bailout, that this 700Billion Dollar Sacrifice is well recieved.
:( :( :(
Not really sure what is going on.
Citibank has agreed to buy Wachovia, and the two will merge, and as best i can tell from the early reports of the deal, this doesn't dillute the stock.
So i'm not even sure why its down to $1 a share (.90 actully) premarket, but it stinks for shareholders, for sure.
Also the markets in general aren't looking off to a good start.
Asian and European markets were down 8-10% overnight,
and the US market futures are indicating another heavy (these days, you'd call it "moderate") down day.
Futures:
SP -19
DOW -165
Still looking brutally ugly out there folks.
Pray to the gods of Bailout, that this 700Billion Dollar Sacrifice is well recieved.
:( :( :(
If I was to smile and I held out my hand
If I opened it now would you not understand?
If I opened it now would you not understand?
Post edited by Unknown User on
0
Comments
maybe Americans will wake the hell up and start to live simpler lives...
the country is collapsing on it's own greed
I think it is a shame that you continue to view this as an opportunity to slant the average american.
There may be plenty of reasons to give the average american guff,
but this is NOT one of them.
This is a systemic ailment that is the direct result of unsustainable Keynesian fiscal policy placed in the hands of private bankers.
The rich have been robbing the poor.
And i'm not sure how that is the fault of the average American.
If I opened it now would you not understand?
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
good for you.
true patriot.
better late than never.
If I opened it now would you not understand?
I could never be confused with being a Patriot.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
I'm with you on this one. I do not support the bail out, or what ever the hell they are calling it now. If they really want to help out the economy give some of that $700 billion to the Small Business Administration to help provide start up money and short term loans to small and medium sized business.
I agree a 100% with you on this. I am someone who is in the begining phases of starting my own biz(so I am biased).
www.seanbrady.net
I hope you get this message but your not home...I will be there in just a minute or so...
I want to go but I want to go with you.
Travel is fatal to prejudice, bigotry and narrow-mindedness and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the earth all one's lifetime. -MT
I've had enough, said enough, felt enough. I'm fine, still in it.
It's not wholly the fault of the average person, but in recent months i have watched those average people and spoken with them and can see why the rich so easily rob the poor.
You can lead a horse to water but you can't make them drink.
Some people plain just don't care and have no interest in what is unfolding in front of them.
The economy has polarized to the point where the wealthiest 10% now own 85% of the nation’s wealth. Never before have the bottom 90% been so highly indebted, so dependent on the wealthy.
i wasnt blaming average americans... i am blaming everyone from top to bottom...
fair enough.
but i guess i just don't understand the need to condemn Americans to living "simpler lives" for the sole reason that they've been hoodwinked by international bankster mafiosos.
There are plenty of reasons for the proud citizens of the United States to eat some humble pie -- the most noticble being our consistent penchant for ignorantly maintaining the malignant political status quo -- but i don't think it is fair to insinuate that they are now being made to lie in the bed which they made, when in fact they were duped and framed.
:mad:
If I opened it now would you not understand?
if you make $30,000 a year and accept a $300,000 mortgage, then you're at fault
if you lend someone that makes $30,000 a year a $300,000 mortgage, then you're at fault
if the you're the government and restrict oversight and regualtion of finanacial institutions, then you're at fault
everyone is guilty in this deal... bankers, citizens, and the bush administration and all of their appointee's
great post!!
This crisis is ONLY a crisis because of the FUNDAMENTAL structure of the banking system.
It is a cop out and an insult against the markets and the people of this country to even pretend like the American economy was somehow brought to its knees by a few bad loans. YEAH RIGHT!
It was OVER LEVERAGING fueled by BELOW MARKET INTEREST RATES manipulated by the Federal Reserve, which funneled VAST QUANTITIES OF WEALTH out of your and my pockets, and in to the hands of bankers ... in order to be irresponsibly lent out at rates of leverage that make a zero down mortgage look like child's play!
This is quite simply the laws of Austrian economics at work: below market central banking rates fuel speculative malinvestment, which spurs a boom, which eventually leads to the failure of those speculative investments, which then creates a huge credit contraction (recession\depression).
This is NOT about some stupid shmuck who didn't know how much home he could afford.
This is about a credit system which perpetually prays upon the American people, and has quite predictably brought them to ruin.
At the risk of sounding like a broken record:
Without a perverse central banking mechanism which irreparably distorts the markets, these bad loans would be just that (bad loans), and these failed banks would be just that (failed banks). None of it would have brought down "the system".
The Truth.
If I opened it now would you not understand?
isn't that exactly what a "speculative malinvestment" is?
nobody is forcing americans to live beyond their means via credit or take mortgages above their heads... so lets not act like average joe american consumer gets to whistle by this trainwreck like he didnt play a major roll in it... consumer debt in America is a massive problem
everyone is at fault my friend... top to bottom