<p>Depression is coming – rumor – is a major player is going to go all in by dumping it all.</p>
<p>I’m hoping this doesn’t happen.</p>
<p>Better plant a garden now and learn how to darn your socks.</p>
<p>Remember these two words from “The Hitchhicker Guides” – “Don’t Panic”</p>
<p>I’ve got my towel ready.</p>
<p>^That’s funny! I’m preparing.</p>
<p>I should have more info soon. I’m hoping my cd’s spread over different banks and insured by the FDIC will be ok.</p>
<p>There’s a lot of fund liquidation and there’s a lot of money on the sidelines looking for the bottom. Which adds up to a lot of volatility.</p>
<p>I’m sure a lot of the selling is hedge funds needing to liquidate. So far, Main Street hasn’t panicked and gotten out of stock wholesale. I hope that we won’t be left holding the bag…Last person left, please turn out the light.</p>
<p>Not to be a pessimist - but Main St is already left holding the bag.</p>
<p>My Regards BCEagle. I think you have it exactly right!</p>
<p>I was surprised to find out yesterday that a lot of young people at my work place sold a while ago(6-9 months). While the middle age crowd, younger than fifty but older than 30, are still left holding the bag.</p>
<p>The lesson of the last 28 years is that it is better to hold on than it is to try to time the market. That approach has worked out well in a diversified portfolio. Younger folks started after the crash of 2000, perhaps with tech stocks that have not recovered so they have more of a trading mentality.</p>
<p>Look for two other biggies to ‘go under’ this weekend.</p>
<p>One of them appears to be Morgan Stanley. Who’s the other?</p>
<p>^I hope not.</p>
<p>I hope it’s not Morgan Stanley.</p>
<p>I hope everyone here will be ok.</p>
<p>Morgan Stanley shares remain under pressure
Investors react to Moody’s warning, 10-Q filing and latest stock decline</p>
<p>By MarketWatch
Last update: 4:04 p.m. EDT Oct. 10, 2008
BOSTON (MarketWatch) – Shares of Morgan Stanley fell again Friday as the firm battled unceasing and unsettled questions about its viability.</p>
<p>The shares lost 26% on Thursday and are off more than 80% this year.</p>
<p>MS finds itself caught in the center of the financial sector’s latest plunge with credit markets around the globe virtually frozen. The stock is down and investors are asking serious questions about the financial giant’s future. In particular, investors are worried Morgan Stanley’s counterparties and trading partners could walk away from it.</p>
<p>The shares traded below $7 at one point on Friday and closed down more than 20%.
Morgan Stanley shares last closed under $10 on June 26, 1995, and last closed under $9 on April 26, 1995, according to data from FactSet Research.</p>
<p>The company took another shot late Thursday when Moody’s Investors Service placed the long-term debt ratings of Morgan Stanley and its subsidiaries on review for downgrade. </p>
<p>Concerns have been raised about the viability of Morgan Stanley despite the fact that the firm expects to receive a badly-needed $9 billion investment from Japan’s Mitsubishi UFJ Financial Group.</p>
<p>A Wall Street analyst slashed his price target and earnings estimates for Morgan Stanley late Thursday, as rattled investors pulled their money out of the financial giant amid concerns that it could become the next big victim of the credit crisis.</p>
<p>Ladenburg Thalmann analyst Richard Bove wrote in a note to clients that the pressures on the company “are enormous,” while cutting his price target for the shares to $19 from $44.
“Investors have rejected all of the company’s pronouncements concerning its viability,” Bove wrote. </p>
<p><a href=“Morgan Stanley shares remain under pressure - MarketWatch”>Morgan Stanley shares remain under pressure - MarketWatch;
<p>The story has been on CBS Marketwatch’s front page since this afternoon.</p>
<p>Still hope it’s not Morgan Stanley. ;)</p>
<p>Morgan Stanley and National City.</p>
<p>I truly think that things will be tight for awhile and then we will settle down. Since my husband isn’t going to retire for 20 years our 401k will have time to come back. We went on 4 major vacations last year…so we won’t go this year. I don’t NEED things, I want(ed) them, and now I don’t as much. BUT, word to the wise: I had a money market fund that was, when I opened it FDIC insured. Got my statement yesterday (we are not talking about a large sum of money here) and read it for the first time in a long time. It is no longer FDIC insured. I walked over, got a check (no problem at all) and took it to a bank. Don’t assume that things stay the same.</p>
<p>Local banks fail in Illinois, Michigan
Two banks are closed by state officials and FDIC is named receiver.
NEW YORK (CNNMoney.com) – Two regional banks were closed by state regulators Friday as the downturn in the housing market continues to strain local lenders.</p>
<p>A total of 15 federally-insured institutions have been closed so far this year.</p>
<p>Michigan-based Main Street Bank and Meridian Bank in Illinois were both closed and the Federal Deposit Insurance Corporation was named receiver, according to FDIC statements.</p>
<p>Main Street Bank’s deposits will be transferred to Monroe Bank & Trust and the failed bank’s two offices will reopen Saturday as Monroe branches.</p>
<p>Meridian’s four offices and all deposits will be taken over by National Bank and will reopen under new management on Saturday.</p>
<p>The FDIC said customers of both banks will still be insured with their new institution and do not need to change their banking relationship to retain deposit insurance.</p>
<p>“This is a good deal for customers – no depositor will lose a penny,” said Ken Ross, Commissioner of the Michigan Office of Financial and Insurance Regulation (OFIR), which closed Main Street.</p>
<p>“The dramatic downturn in the residential real estate market unfortunately knocked the wind out of this institution, despite the best efforts of a creative management team,” Ross said in a statement.</p>
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<p>Neither is my 57 year old husband, he just doesn’t know it yet!</p>