<p>Greenspan called this a “once-in-a-century” financial crisis earlier today. Not very reassuring for those of us nearing retirement.</p>
<p>^ ^ </p>
<p>I heard that and it’s silly. The depression in the 30’s was far worse. Robert Rubin concurs.</p>
<p>The closest similarity is Japan’s land value and stock market collapse of the early 90’s.</p>
<p>I don’t know. I think we could either end up in a lost decade (ala Japan), Great Depression (ala 30’s), or a year long recession.</p>
<p>Ah, but our overall economy is “basically sound”, right? And we are all just a nation of “whiners”. Just ask the McCain camp.:rolleyes:</p>
<p>Please, all you 8th graders, plotting your every high school and college move , to somehow become an I banker, take a look at what is happening to Wall Street.Hopefuuly the glorification of investment banking is over…get a great education and the world’s doors are open to you (and , believe me, I am a capitalist. But like businesses that actually create a product, provide a service)</p>
<p>This is the day I have been looking forward to for many years. The end of IB as it was known. Working for B of A is going to be much different. No more First Class flights, $1000 dinners, or multi-million $$$ bonuses. It’s a new day and there is a new sheriff in town.</p>
<p>The transfer of wealth from main st to wall st has gone on too long but I suspect that they will be back when the coast is clear. Meanwhile, we still have a lot of students with dollar-bills in their eyes in the Business Majors forum.</p>
<p>Bush/McCain tax cuts. Borrow money from our owners in Saudi Arabia and China and give it to the rich. Extra money in the hands of the wealthy for investment purposes. Investment houses don’t have good places to invest it at high return. Take on riskier investments, encouraging banks to underwrite riskier loans. Loans go belly-up.</p>
<p>Trickle down works. The fundamentals of our economy are strong.</p>
<p>Hmm, a couple of Ds HS buddies got jobs in IB, I will have to ask how this is treating them, a few years out of UG</p>
<p>I just read China has bought some of the Bank of America branches. </p>
<p>What in the world?</p>
<p>Occasionally, our owners like real assets.</p>
<p>I work for AIG London, only joined 6 weeks ago! But the news we have been getting is that AIG should be ok because we’re different to most other businesses in that we have businesses in diverse markets around the world and we have a deep assest base. Even though that is somewhat reassuring listening to the news and watching the share price drop does not fill me with confidence.</p>
<p>Its also hard having to reassure the many clients that are calling when we don’t exactly know whats going on ourselves! we have just been told to carry on as normal!</p>
<p>“Occasionally, our owners like real assets.”</p>
<p>If they really did, they’d be buying gold like crazy. But apparently they don’t want real assets. Gold is down $8 overnight. Corn, soybeans and silver are down overnight too. And the $US dollar is up. Crude is down to $92.52. It feels like a deleveraging and maybe that’s the plan. The Fed had better put on the breaks before deflationary psychology takes hold as deflation kills spending.</p>
<p>I’m sick to my stomach. A year ago I was very near the point in my kids’ education funds to be able to pay for 4 years. I stayed in the market - stay the course says my advisor - and out of loyalty, ignorance, fear, etc - and now I’ve “lost” almost a full private college year’s worth of value. I realize that it’s only a loss when I need to spend it - but those days are around the corner as S1 is a high school senior and D1 is a sophomore (i’m paying for her boarding school out of income). </p>
<p>Will someone talk me off the ledge, please?</p>
<p>“If they really did, they’d be buying gold like crazy. But apparently they don’t want real assets.”</p>
<p>Gold, corn, etc., are not AMERICAN assets. If the goal is to complete their ownership of us, that doesn’t help in the least. But taking over our banking system, that’s another story. </p>
<p>I’m sure they are hoping that the Bush/McCain tax cuts become permanent. ;)</p>
<p>“Gold, corn, etc., are not AMERICAN assets. If the goal is to complete their ownership of us, that doesn’t help in the least. But taking over our banking system, that’s another story.”</p>
<p>It is difficult to explain to someone at this level of financial illiteracy.</p>
<p>Excuse me - but you see countries like Saudi Arabia SELLING commodities, and BUYING U.S. debt, and U.S. companies.</p>
<p>And you call ME financially illiterate? Why don’t you do your homework? You might consider graduating from the 19th century.</p>
<p>
This is humorous.</p>
<p>“This is humorous.”</p>
<p>It’s like trying to teach combinatorics to someone that can’t add.</p>