Market crash: are we there yet ? - Page 16

SteveSouthwood · #**151** (**permalink**) 08-15-2007

Quote:

Originally Posted by sailaway21

It's ok, Steve. The same guy mocks what a phD economist, the son of the former Chairman of the Council of Economic Advisors (goes in the family) has to say, because he also works as an actor. (g)

Once again, "There is no 'good' economic news". and some people beleive this reflects reality, while lathering $25 a quart varnish over their boat. "D" is for disconsolate.

Thx for the concern but I'm in no way upset by any remarks made. We're all entitled to our opinion. I'm also of the opinion (for what I think are very sound reasons) that when someone fails to make a point, the onus is on the communicator to clarify as often the failure is at source. I hold myself to this but I don't expect others to. And nor does it bother me. Not worth it. Doesn't stop me poking and having some fun along the way cos part of me failed to grow up.

camaraderie · #**152** (**permalink**) 08-15-2007

Help....I'm meellllltiiinnnngggg!

Sapperwhite · #**153** (**permalink**) 08-15-2007

Quote:

Originally Posted by Cruisingdad

HOOLLLYYY CRAP! Macy's is a middle class establishment??? I get dressed up to go to Walmart. Now I really feel like a loser.

- CD

Well, it's Macy's not Prada or Burberry. Hey plenty of winners shop at Walmart, keep your chin up there CD.

camaraderie · #**154** (**permalink**) 08-15-2007

WalMart...the Catalina of retailing!! (G)

bestfriend · #**155** (**permalink**) 08-15-2007

Ahahahhahahahahahahaaaa! Another one for the archives!

Cruisingdad · #**156** (**permalink**) 08-15-2007

Quote:

Originally Posted by camaraderie

WalMart...the Catalina of retailing!! (G)

HAHAHAHAH!! All I can say is:

...015...nope...016...nope... (inside joke... hopefully soon, anyways).

- CD

Rickm505 · #**157** (**permalink**) 08-15-2007

Well Mr. SteveSouthwood I'm sorry to see that we still have a failure to communicate. Your posts continue to indicate that the credit crunch is contained to mortgage companies. Of course it isn't. Yes Mr. Bernake did say it was contained ( An ill advised comment that I'm certain he regrets) but has been proven wrong and has since reversed himself.

There are 60 High yield bond sales resulting from corporate buyouts that never took place this summer as no one would touch the bonds, no matter what the bond rating was. In addition more than $16 billion worth of leveraged loan and high-yield bond deals have been canceled or postponed so far this summer... this is according to Fitch Ratings.

We are in a complete credit meltdown that has transcended it's subprime origins. To illustrate.....

____________________
NEW YORK (AP) -- Chrysler Group's sale to a private-equity firm was put back on track Wednesday after a group of Wall Street banks agreed to assume the bulk of a $12 billion debt sale that failed to attract buyers. Bankers have been unsuccessfully marketing the financing package to major institutional investors since June, but recent turmoil in the mortgage industry has weakened demand for leveraged loans and high-yield debt. With no investor appetite, the seven banks led by JPMorgan Chase & Co. will instead keep the debt on their books.
_____________________

Limited corporate and personal credit is what's shaking global markets. What we are seeing on Wall Street is more than a simple market correction. At the heart of it is Moody's and S&P's confident AAA ratings on subprime MBS. The ratings as it turned out were either misleading or incorrect.

To say that a couple of mortgage companies may go out of business is probably the biggest understatement of the week. To date 120 haved ceased operations because they can't sell the mortgages, any mortgages. Today Countrywide our country's most profitable lender indicated that they are rapidly running out of money because no one will buy any of their mortgages or securities. Our entire Non GSE mortgage industry has collapsed. And of course corporate bond sales have also come to a halt. Where do you think banks get the money that they lend...from America's savings accounts????

At this point no one trusts any rating on ANY mortgage backed security or for that matter ANY corporate bond. The key to liquidity is Trust in the quality of the underlying security. That trust has been broken.

I think if you can explain how our credit markets can function in this situation, you ought to call CNBC and they will be more than happy to give you your own TV show. The Fed would love to have you as they must be tired of pumping billions into the market.