More bad news
Don Tiberone
blowing up. Black Monday?
TUCSON, Ariz. (AP) -- First Magnus Financial Corp., a national
mortgage lender that is suspending operations, says it has laid off 99
percent of its nearly 6,000 employees nationwide and closed all of its
more than 300 offices.
According to a notice filed with the state Friday, the Tucson-based
company that originated home loans and then sold bundled loans into
the secondary loan market expects to retain only about 60 of its
employees.
First Magnus officials said a bankruptcy filing was possible.
On Thursday, First Magnus announced that it had stopped originating
new loans and was suspending operations.
NEW YORK (Reuters) - Sentinel Management Group Inc., a cash
management firm serving the U.S. futures industry whose decision to
freeze client accounts on Tuesday helped roil global financial
markets, filed for Chapter 11 bankruptcy protection late on Friday.
The firm, which managed about $1.6 billion of assets, said in the
filing that its board decided it was in "the best interests of the
corporation, its creditors and other interested parties that a
voluntary petition be filed ... in an effort to restructure the
indebtedness of the corporation," according to a filing in the
bankruptcy court for the Northern District of Illinois.
Sachsen falls victim to credit crisis
By Ivar Simensen in Frankfurt
Published: August 17 2007 23:15 | Last updated: August 17 2007 23:15
Sachsen LB, the German publicly-owned bank, on Friday night became the
latest victim of the current credit crisis when the Landesbank had to
be bailed out because of its exposure to the US asset-backed
securities market.
The bank, which is based in and owned by the German state of Saxony,
said the German savings banks association had stepped in and taken
over a €17.3bn credit facility to a special investment fund, or
conduit, that Sachsen LB had funded and managed.
The conduit, called Ormond Quay borrowed in the short-term commercial
paper market and invested in longer-term structured credit
instruments. It was supported by a credit line from Sachsen LB.
The rescue was triggered when commercial paper investors refused to
refinance Ormond Quay and Sachsen LB was unable to provide the credit
facility it had pledged.
The bail-out came just one week after the bank had reassured the
market it had “sufficient liquidity” and followed the bail-out of IKB,
the German lender to small companies, whose rescue three weeks ago
sparked the crisis in credit markets.
Jerry
up. Thus, I wouldn't expect these to have any overall market effect. It is
also speculated that the large ones, like Countrywide, will eventually
emerge much stronger. That said, most analysts are expecting another
rollercoaster week, but not as bad as last week. You got any fingernails
left?
Jerry
"Don Tiberone" <s_kn...@my-Deja.com> wrote in message
news:1187459232.2...@x35g2000prf.googlegroups.com...
FrediFizzx
like crazy. What's up with that? Guess they are trying to find people
with good credit so they can stick them with a higher rate. Next week
could be worse if we break down thru this psychological support level
that we are at of about -10 percent. We can only hope the FED will cut
the federal funds rate also. If the market crashes more, they might but
I suspect they don't really want to with a weak dollar.
My fingernails are doing just fine so far. ;-) Most all of this
turmoil is just unfounded fear and panic. I'm still ready to do some
buying.
Fred
"Jerry" <nospam@???> wrote in message
news:46c734da$0$16451$4c36...@roadrunner.com...
com...@webtv.net
seize all the real estate that would have went to the smaler mortgage
lenders with the defaults. this tells me there is a big price jump
coming in real estate.
A Socialist is "just a Communist in a Free Country" !
Jerry
However, I have moved a lot into cash over the month attempting not to go
negative for the year - lost some nails. :-)
Jerry
"FrediFizzx" <fredi...@hotmail.com> wrote in message
news:5ioskcF...@mid.individual.net...
star...@yahoo.com
> A ton of bad news over the weekend. One company after another is
> blowing up. Black Monday?
The biggest problem with that is simply that the Fed might be angling
for more manipulation.
It's clear, though, that, by Friday's move, Thursday pretty well
tapped a lot of people out with respect to saving this market.
I really and truly believe that this market is overpriced by a good
half of its value, especially with everything that's coming down
around this economy.
If you've got any real plans to do anything as far as "places to go
before you die", you better get it done quickly, because I do think
that the insanity really kicks in in the next couple of months.
Mike
GoForward
> On Aug 18, 10:47 am, Don Tiberone <s_knig...@my-Deja.com> wrote:
>
> > A ton of bad news over the weekend. One company after another is
> > blowing up. Black Monday?
>
> The biggest problem with that is simply that the Fed might be angling
> for more manipulation.
>
The feds, under the direction of our Great Neocon Leader, will do
whatever they can to protect the big money and the hell with
everyone
else. They're warping the market, so it's impossible to tell where
it will go (when there is no question that it otherwise would go
down).
lubow
--
Lubow
<com...@webtv.net> wrote in message
news:29309-46C...@storefull-3178.bay.webtv.net...
CJT
> A ton of bad news over the weekend. One company after another is
> blowing up. Black Monday?
More bad news? Bush is still President -- isn't that enough bad news?
--
The e-mail address in our reply-to line is reversed in an attempt to
minimize spam. Our true address is of the form che...@prodigy.net.
CJT
How about that Canadian dollar? Who would have thought it would ever
be worth more than the U.S. $ ??
Bushonomics in action.
CJT
Between the Iraq war and the "no ask, no tell" mortgages, the Bush
administration has apparently pushed something like $ 6 TRILLION dollars
of artificial stimulus into the economy over the past 6 years to keep
it afloat despite their destructive policies. Now they're prepared to
dump on whoever is to follow.
MS
> Don Tiberone wrote:
>
>> A ton of bad news over the weekend. One company after another is
>> blowing up. Black Monday?
>
> More bad news? Bush is still President -- isn't that enough bad news?
Even worse - the Democrats will win the White House, raise taxes, and
destroy the economy!
FrediFizzx
news:46C7A31B...@prodigy.net...
> star...@yahoo.com wrote:
>
>> On Aug 18, 10:47 am, Don Tiberone <s_knig...@my-Deja.com> wrote:
>>
>>>A ton of bad news over the weekend. One company after another is
>>>blowing up. Black Monday?
>>
>>
>> The biggest problem with that is simply that the Fed might be angling
>> for more manipulation.
>>
>> It's clear, though, that, by Friday's move, Thursday pretty well
>> tapped a lot of people out with respect to saving this market.
>>
>> I really and truly believe that this market is overpriced by a good
>> half of its value, especially with everything that's coming down
>> around this economy.
>>
>> If you've got any real plans to do anything as far as "places to go
>> before you die", you better get it done quickly, because I do think
>> that the insanity really kicks in in the next couple of months.
>>
>> Mike
>>
>
> How about that Canadian dollar? Who would have thought it would ever
> be worth more than the U.S. $ ??
Why is it that more Canadians emigrate to the US than US citizens
emigrate to Canada? There is no big deal about the Canadian dollar;
they finally just caught up with us. Good for them; it helps that one
of our neighbor countries is doing well. Currencies are always relative
and are traded as commodities thus subject to supply and demand.
Fred
FrediFizzx
> GoForward wrote:
>
>> On Aug 18, 6:48 pm, starc...@yahoo.com wrote:
>>
>>>On Aug 18, 10:47 am, Don Tiberone <s_knig...@my-Deja.com> wrote:
>>>
>>>
>>>>A ton of bad news over the weekend. One company after another is
>>>>blowing up. Black Monday?
>>>
>>>The biggest problem with that is simply that the Fed might be angling
>>>for more manipulation.
>>>
>>
>>
>> The feds, under the direction of our Great Neocon Leader, will do
>> whatever they can to protect the big money and the hell with
>> everyone
>> else. They're warping the market, so it's impossible to tell where
>> it will go (when there is no question that it otherwise would go
>> down).
>>
>
> Between the Iraq war and the "no ask, no tell" mortgages, the Bush
> administration has apparently pushed something like $ 6 TRILLION
> dollars
> of artificial stimulus into the economy over the past 6 years to keep
> it afloat despite their destructive policies. Now they're prepared to
> dump on whoever is to follow.
Your claim has no basis in facts. Overall the US is still
under-indebted relative to the proper amount of debt it should have to
help sustain growth. We should borrow more and sink it into
infrastructure and R&D while interest rates are still somewhat low. The
stuff that hurts is having to borrow when interest rates are high.
Fred
Trailer Trash
emigrate to Canada? There is no big deal about the Canadian dollar; they
finally just caught up with us. Good for them; it helps that one of our
neighbor countries is doing well. Currencies are always relative and are
traded as commodities thus subject to supply and demand.
Fred
There's a 2 year waiting list for US citizens to immigrate to Canada.
CJT
Let's _hope_ they win the White House. As for the rest, it's BS.
CJT
The low rates are artificial, and have caused (in part) the dollar to
plummet. Your claim that the US is "under-indebted" has no basis in
facts; the national debt is out of control under Dubya.
FrediFizzx
news:11803-46C...@storefull-3355.bay.webtv.net...
What does that mean? The Canadian government is keeping them out? What
is the waiting time going the other way?
Fred
CJT
I suppose what it means is that your assertion that "more Canadians
emigrate to the US than US citizens emigrate to Canada" might not
have the cause you imply. BTW, what are the numbers each direction?
FrediFizzx
>
> The low rates are artificial, and have caused (in part) the dollar to
> plummet. Your claim that the US is "under-indebted" has no basis in
> facts; the national debt is out of control under Dubya.
The dollar did not plummet. The rest of the world is catching up to us
which is a very natural result if their economies are doing better than
ours. You obviously have never looked at a balance sheet for the US.
As of last year,
Total Assets about 111 Trillion
Total Debt about 50 Trillion
Net Worth about 61 Trillion
US Income (GDP) about 13 Trillion per year
Of the total debt the federal gov part is about 10 to 11 percent. Not
that bad. With an income of 13 trillion per year, I bet we could take
on another 10 trillion in overall debt with no problem as long as the
interest rate is low. And another trillion for the federal gov. should
be about right. There are the facts for you.
Fred
FrediFizzx
> FrediFizzx wrote:
>
>> "Trailer Trash" <Olne...@webtv.net> wrote in message
>> news:11803-46C...@storefull-3355.bay.webtv.net...
>>
>>> Why is it that more Canadians emigrate to the US than US citizens
>>> emigrate to Canada? There is no big deal about the Canadian dollar;
>>> they
>>> finally just caught up with us. Good for them; it helps that one of
>>> our
>>> neighbor countries is doing well. Currencies are always relative and
>>> are
>>> traded as commodities thus subject to supply and demand.
>>>
>>> Fred
>>>
>>>
>>> There's a 2 year waiting list for US citizens to immigrate to
>>> Canada.
>>
>>
>> What does that mean? The Canadian government is keeping them out?
>> What is the waiting time going the other way?
>>
>> Fred
>
> I suppose what it means is that your assertion that "more Canadians
> emigrate to the US than US citizens emigrate to Canada" might not
> have the cause you imply. BTW, what are the numbers each direction?
The cause is obvious; there is more work here for qualified people than
in Canada which is probably why the two year waiting list to go there.
I can't find the article now but IIRC, it was around double the amount.
Maybe 29K per year come to the US and 13K per year to Cananda? But the
trend recently started reversing. Which is natural now that Canada is
doing better.
Fred
GoForward
> On 2007-08-18 18:53:53 -0700, CJT <abujl...@prodigy.net> said:
>
> > Don Tiberone wrote:
>
> >> A ton of bad news over the weekend. One company after another is
> >> blowing up. Black Monday?
>
> > More bad news? Bush is still President -- isn't that enough bad news?
>
> Even worse - the Democrats will win the White House, raise taxes, and
> destroy the economy!
Democrats tax and spend. Republicans spend, and expect some future
generation - that can't vote now - to pay for them. In short,
Republican
congressmen and their leaders are cowards.
Jerry
it might not be so in the future. The US dollar has gained strength against
most currencies during these weeks of crisis - that might say something in
itself.
Jerry
"CJT" <abuj...@prodigy.net> wrote in message
news:46C7A31B...@prodigy.net...
704set
Why would there be a big jump in real estate?
Economics 101 says demand and supply determines the price. The banks will
have a big supply of R.E to sell. I suppose they could raise the price and
wait, but I doubt this is what the banks would want to do.
704set
com...@webtv.net
THEY REFUSED TO RENEW THE BUSH TAX CUTS EARLIER THIS YEAR. it ws set up
so the congres just had to do a quick renewal every year. the new ,
higher tax rates go into effect jan. 1, 2008
bob wald
million a yr to a million a day has to pay taxes again.
CJT
Typical borrow-and-spend Republican thinking.
CJT
> The Canadian $ is not worth more than the US dollar. That's not to say
> that it might not be so in the future. The US dollar has gained
> strength against most currencies during these weeks of crisis - that
> might say something in itself.
>
> Jerry
My bad.
But it's fast approaching:
http://finance.yahoo.com/currency/convert?amt=1&from=CAD&to=USD&submit=Convert
Don S
same as they do in the US.
com...@webtv.net
on everyone .wait till you see your next tax return. those personal
deductions for you and your kids are not as big anymore....the dems
strike again !
GoForward
> maybe unknown to most, the democrats ALREADY RAISED INCOME TAXES" WHEN
> THEY REFUSED TO RENEW THE BUSH TAX CUTS EARLIER THIS YEAR. it ws set up
> so the congres just had to do a quick renewal every year. the new ,
> higher tax rates go into effect jan. 1, 2008
>
Sooner or later, that is what the adults will have to do: the
Republicans clearly
didn't have the balls to do it, all they're willing to do is borrow
and spend.
lubow
> Economics 101 says demand and supply determines the price. The banks will
> have a big supply of R.E to sell. I suppose they could raise the price
> and wait, but I doubt this is what the banks would want to do.
>
Eco 102 says cash is king.
--
Lubow
Trailer Trash
And the Mexicans just walk in and apply for assistance and medical care
same as they do in the US.
I'm more worried about 'radical extremist muslims', than I am Catholic
Mexicans looking for a better life.
com...@webtv.net
call them a "criminal"...... taxes are to high now. if george washington
and thomas jefferson came back, they would start a new revolution and
kill all the people stealing our money with these high taxes. the
government is way too big and out of control. higher taxes at this point
is pure stupidity.
CJT
FrediFizzx
> FrediFizzx wrote:
>> "CJT" <abuj...@prodigy.net> wrote in message
>> news:46C7DE6E...@prodigy.net...
>>
>>> The low rates are artificial, and have caused (in part) the dollar
>>> to
>>> plummet. Your claim that the US is "under-indebted" has no basis in
>>> facts; the national debt is out of control under Dubya.
>>
>>
>> The dollar did not plummet. The rest of the world is catching up to
>> us which is a very natural result if their economies are doing better
>> than ours. You obviously have never looked at a balance sheet for
>> the US. As of last year,
>>
>> Total Assets about 111 Trillion
>> Total Debt about 50 Trillion
>> Net Worth about 61 Trillion
>> US Income (GDP) about 13 Trillion per year
>>
>> Of the total debt the federal gov part is about 10 to 11 percent.
>> Not that bad. With an income of 13 trillion per year, I bet we could
>> take on another 10 trillion in overall debt with no problem as long
>> as the interest rate is low. And another trillion for the federal
>> gov. should be about right. There are the facts for you.
>>
>> Fred
>
> Typical borrow-and-spend Republican thinking.
Not really. Ya borrow when interest rates are low and you don't when
they are high. So Clinton and Bush both did the right thing. Interest
rates were high during Clinton so that is a time to not borrow and
reduce the deficit. Interest rates were low during Bush so that is the
time to load up on borrowing. If you want to ignore the facts and
simple economics that is your problem and it has not much to do with
politics. My work here is done.
Fred
CJT
Borrow it, take it out in the desert and set fire to it -- yep, that's
really clever economics on Bush's part.
FrediFizzx
news:ab6yi.1997$wW6.1626@trnddc08...
It depends on whose cash you are holding. ;-) Cash in US dollars is not
king right now. What is really king is making a product that others
want to buy and making a good profit on it.
Fred
2Penny
Mr Comics;
Actually I took Engineering Economics (some years ago now)
and found out there is a fomula relating (1) an interest
rate, (2) the compounding rate and (3) the principal of a
loan to (4) the amount one is supposed to pay each month
(or any other convenient pay period). I knew something was
REALLY wrong when one could get really large loans with
unusually small monthly payments. Common amortization charts
are based on this same formula and the charts only confirmed
my math and "my spidey senses were tingling" off the hook.
Why would so many banks cast known working proceedures aside
in favor of something so risky as a new (and relatively
unproven) amortization scheme? Granted most new loans over
the recent past were still "conventional", but a much larger
percentage of all loans were of the ARM/NegativeAmortization
sort than ever before. Why? Is there some sort of rationale
for this change?
2Penny
com...@webtv.net wrote:
> a lot of this is being done on purpose by the big banks so that they can
> seize all the real estate that would have went to the smaler mortgage
> lenders with the defaults. this tells me there is a big price jump
> coming in real estate.
>
GoForward
Adults take responsibility for their actions and deal with the
consequences.
The Republicans who've dragged this country down for the last six
years
have done neither, and that goes for the way they behave in their
private
lives as well, as we've seen so many times.
GoForward
> call them a "criminal"...... taxes are to high now.
Actually, I *do* feel your pain: no one with an income under $30K
should pay Fed taxes.
if george washington
> and thomas jefferson came back, they would start a new revolution and
> kill all the people stealing our money with these high taxes.
I was wondering how long it would take you to get to this, slinking
behind a terminal screen and dreaming of death to those who don't
agree with you. Still having those "accidents" every time you dream
about Timothy McVeigh ?
GoForward
> "CJT" <abujl...@prodigy.net> wrote in message
> Not really. Ya borrow when interest rates are low and you don't when
> they are high. So Clinton and Bush both did the right thing. Interest
> rates were high during Clinton so that is a time to not borrow and
> reduce the deficit. Interest rates were low during Bush so that is the
> time to load up on borrowing. If you want to ignore the facts and
> simple economics that is your problem and it has not much to do with
> politics. My work here is done.
>
Uhuh, I can see it now: George sitting down with his fellow spenders
over in Congress and saying "Gee, let's trash Iraq, run up the
deficit
by another 3 trillion or so with payoffs to your constituents and our
contributors, because hell, a 5 trillion deficit is the RIGHT THING
TO DO."
Uhuh.
So what was Reagan's excuse ?? Bush I and Clinton knew that they
had
to clean up his mess, is why they raised taxes, and we'll spend the
next
10-15 years undoing the wreck of this latest assault on this
country's wealth
by the "neocons."
aero...@flight.net
<s_kn...@my-Deja.com> wrote:
>A ton of bad news over the weekend. One company after another is
>blowing up. Black Monday?
Not a chance...........The Boys are already flooding the index futures
with artificial liquidity, and the fraudulent "gains" are set to
continue......
Once this JOKE of a "market" gets back on its fraudulent GPS couse, it
miraculously "ignores" any bad news........
qwest602000
yeah, like the model t ford or the telephone.
this the main reason why the u.s. is going to hell.
we don't make stuff anymore. plain and simple.
qwest602000
i hate the democrats, but the neocons really suck worse
JC
"qwest602000" <qwest...@yahoo.com> wrote in message
news:1187613878....@19g2000hsx.googlegroups.com...
If all you guys know about politics is labels, you've got a lot to learn.
Start here http://www.theforbiddenknowledge.com/hardtruth/newworldindex.htm
and go from there.
qwest602000
> "qwest602000" <qwest602...@yahoo.com> wrote in message
>
> - Show quoted text -
yeah
we all speak the same language, eat the same food, all have the same
skin color........
Don S
If they were just good catholic's looking for a better life they
wouldn't be crossing the border illegally and sponging off the good tax
paying citizens of these United States. They would be going the legal
route to get here.
Don S
>
> Mr Comics;
>
> Actually I took Engineering Economics (some years ago now)
> and found out there is a fomula relating (1) an interest
> rate, (2) the compounding rate and (3) the principal of a
> loan to (4) the amount one is supposed to pay each month
> (or any other convenient pay period). I knew something was
> REALLY wrong when one could get really large loans with
> unusually small monthly payments. Common amortization charts
> are based on this same formula and the charts only confirmed
> my math and "my spidey senses were tingling" off the hook.
> Why would so many banks cast known working proceedures aside
> in favor of something so risky as a new (and relatively
> unproven) amortization scheme? Granted most new loans over
> the recent past were still "conventional", but a much larger
> percentage of all loans were of the ARM/NegativeAmortization
> sort than ever before. Why? Is there some sort of rationale
> for this change?
>
> 2Penny
Yes, greed on the banks part and stupidity on the borrowers part.
Trailer Trash
And the Mexicans just walk in and apply for assistance and medical care
same as they do in the US.
Trailer Trash wrote:
I'm more worried about 'radical extremist muslims', than I am Catholic
Mexicans looking for a better life.
nos...@verizon.net "Don S"
If they were just good catholic's looking for a better life they
wouldn't be crossing the border illegally and sponging off the good tax
paying citizens of these United States. They would be going the legal
route to get here.
Even good Catholics' need to take chances to feed their families, just
like the people who protested Rome and became good 'Protestants.'
P.S. Turn off Faux News, you're starting to sound like "Bill-O"
com...@webtv.net
these ARM lans was their "hope" to aquire large amounts of real estate
as the loans defaulted. reember this about real estate: they ain't makin
any more of it !"( my lawyers quote)
com...@webtv.net
prostitute in his apartment, bill clinton getting blow jobs in the oval
office instead of working, harry reid caught taking 1.1 million in
casino money, pelosi letting her husband do private business travel at
taxpayer expense, etc etc. to single out republicans only, is very
"immature"...............
com...@webtv.net
shocked you are not calling for revenge for his death.
and george washington would have a revolution nowdays. as proof you only
have to look at the 1 % tea tax that caused the first revolution.
com...@webtv.net
mexicans are stuck in mexico and won't be let in because of the crooks
"cutting in line" to get here.