Stock market/banking sector insanity

[Fr. Frank]

I cashed in my two IRA's a month ago, one had lost 24% of total value in the first six months alone, the other lost 41% of total value over a year's time. In both cases, I got out LESS than I had actually paid in out of pocket. Then this morning I hear that my brokerage bank (Lehman Bros) has filed for Chapt. 11 bankruptcy protection.

Looks like I got out just in time.

I still have my house for sale, listed now for $30K LESS than it cost me to build it. Real Estate values here in Citrus County Florida fell by 15-17% in the month of June alone. If I don't sell between now and Dec 30, on Dec 31 I'll have to ask the bank to accept deed-in-lieu of foreclosure.

[Snookerd]

Brian-We are at another one of those points in this mess where the doubts that any of these execs (like AIG) are actually telling even half truths about their books!

[Mark]

Aw, c'mon guys.......our leaders keep saying the economy is doing just fine

[peterb]

I work on Wall Street (at the NYSE). Let's just say that investor confidence is lacking right now.

When you have century old nstitutions failing it shakes the foundation of the financial services industy.

Scarey stuff right now.

[Tiny]

I bet it is. If our "government" keeps "helping us" by pulling shenanigans (most recently the curbing of short selling and the new $700 billion +++ dollar bailout) there will be little confidence left in "our free market” : confused: . Actually that’s already shot.

The market will find its own level; but with all this government intervention, it will take much longer to find. This is the same intervention Japan participated in 15-20 years ago...we condoned them for propping up their institutions, then followed by doing the same. They still have not recovered.

We will answer for these bailouts, we the common people will pay, it’s our tab they are putting this on. Inflation is a tax, the worst kind. Often these decisions are made between the Treasure and the FED (which by the way has nothing to do with the federal government, it's a CORPORATION all its own, a third party our country pays billions of interest to) without the consent of our elected officials in the House or Senate. Lots of these guys at the top know each other, and they are just handing out our money to each other.

Obviously I'm against the bailouts altogether, but IF they HAD TO hand out A COUPLE TRILLION DOLLARS this year, I think it would have helped "us" out more if they would have put that towards housing and unemployment?

There are a lot of really painful hard decisions and times ahead, we need to support elected people who are willing to make those decisions, not the ones that have been telling us what we want to hear for as long as we can remember and still overspending.

I feel that at the end of the day, my family, friends, and parents would have preserved more purchasing power if we had not bailed out anyone. The pain and chaos would have been fierce, no doubt, but it would work itself out in a lot shorter time and preserved a lot more lower and middle class purchasing power. This bailout will have severe consequences that last a long, long time and will decimate the middle class IMHO; there will be the ultra wealthy and the poor.

I wish our reps in the House and Senate were IRATE, they should be, as lot of us are/or will be when we find out the full effect of what has happened.

Sorry to rant.
Matt

[Tiny]

Forgot something.

With all this going on, the only thing we should be hearing from the people running for office is a specific plan to handle our massive debt...McCain and Obama, what's their plan...cut taxes, more government? Really?

Lastly, one reason we are in this spot it because some institutions were to large...how much better off are we now that they have all combined...there are even less corporations now. The ones that have taken over market share at that much bigger

By doing what we have done...all of America has become "SUB PRIME" to the rest of the world.

[76Red18]

Taxes and inflation like we've never seen. We're about to give back the last 50 years.........

[NoBones]

The older this country gets more laws are passed.
Before long we will all be criminals !!!!
I guess socialism is upon us....

See ya, Ken