Economy:1-1-09 Microsoft planning big layoffs for January?

[dmcowen674]

8-25-2008 Dow falls 225, another bank fails

NEW YORK ? Stocks sank in thin trading Monday as worries about the credit ratings of American International Group Inc. weighed on the financial sector.

The financial sector has struggled in part because of a spike in the number of homeowners who have fallen behind on their mortgage payments. A report Monday by a trade group for real estate agents showed that the number of unsold properties reached an all-time high in July.

Lehman Brothers Holdings Inc. fell 75 cents, or 5.2 percent, to $13.66 amid speculation about the future of its chief executive and the independence of the nation's fourth-largest investment bank. The stock surged Friday following reports that an investment fund controlled by the Korean government was considering some level of investment in the company.

Other financial stocks fell after federal regulators on Friday closed Columbian Bank and Trust Co. in Kansas, which had been hit by losses on soured real estate loans.

It marked the ninth failure this year of a federally insured bank.

 

[NoStateofMind]

Oh, but Dave, everything is peaches and cream. No need to worry, the ultra rich and powerful are doing their best to borrow from the taxpayers to stop the impending collapse of the market. You see, Dave, this is how a socialist economy works 😉

 

[dmcowen674]

Originally posted by: PC Surgeon
Oh, but Dave, everything is peaches and cream. No need to worry, the ultra rich and powerful are doing their best to borrow from the taxpayers to stop the impending collapse of the market. You see, Dave, this is how a socialist economy works 😉

:laugh:

Gotta love how they are looking to countries like South Korea to save them.

 

[LegendKiller]

Originally posted by: dmcowen674
8-25-2008 Dow falls 225, another bank fails

NEW YORK ? Stocks sank in thin trading Monday as worries about the credit ratings of American International Group Inc. weighed on the financial sector.

The financial sector has struggled in part because of a spike in the number of homeowners who have fallen behind on their mortgage payments. A report Monday by a trade group for real estate agents showed that the number of unsold properties reached an all-time high in July.

Lehman Brothers Holdings Inc. fell 75 cents, or 5.2 percent, to $13.66 amid speculation about the future of its chief executive and the independence of the nation's fourth-largest investment bank. The stock surged Friday following reports that an investment fund controlled by the Korean government was considering some level of investment in the company.

Other financial stocks fell after federal regulators on Friday closed Columbian Bank and Trust Co. in Kansas, which had been hit by losses on soured real estate loans.

It marked the ninth failure this year of a federally insured bank.

ZOMG, a small regional bank failed. Doesn't that happen in regular times too?

 

[Woofmeister]

Columbian Bank of Topeka, Kan., had $752 million in assets and $622 million in deposits as of June 30. Source.

Do you have any idea how small that is in comparison to the major banks?:laugh:

BTW, don't look now, but Warren Buffet is buying bank stocks.

 

[Engineer]

Unemployment soars to 6.1%. 5 year high. 600,000 jobs lost since Jan.

Stock below (or nearing in DOW's case) Bush's starting point from 2001. Dow down nearly 350 point yesterday and looking to extend that down today. Oil is down a tad...but up nearly 66% from year ago levels.

Per Yahoo, housing declines (as a %) may rival the Great Depression.

It might not be all doom and gloom, but it's certainly not rosey out there.

 

[StageLeft]

Originally posted by: Engineer
Unemployment soars to 6.1%. 5 year high. 600,000 jobs lost since Jan.

Stock below (or nearing in DOW's case) Bush's starting point from 2001. Dow down nearly 350 point yesterday and looking to extend that down today. Oil is down a tad...but up nearly 66% from year ago levels.

LinkAccording to this, on April 13, 2007 of last year the DOW, when adjusted for inflation, was below 1999 peak levels. When this article was written, the DOW was 1000+ more than it is now, so I wonder how far back it really is when adjusted for inflation. Certainly the "historical gain of 9-10%" that we normally see quoted for the stock market is but a memory in recent history.

Not rosey, indeed. I think this is somewhat representative of a real pervasive problem in the US economy.

 

[WhipperSnapper]

Originally posted by: Engineer
Unemployment soars to 6.1%. 5 year high. 600,000 jobs lost since Jan.

Assuming that that 600,000 figure is correct, then the real number is more like 600,000 + (150,000 * 8) = 1.8 million jobs lost for 2008 so far. That's because the nation needs about 150,000 news jobs each month to keep up with our nation's third world rate of population growth (an increasingly large workforce)--we need 150,000 new jobs each month just to keep pace and to maintain the same percentage of working-aged people employed. Even when we have a month where the media gushes over a job gain of 100,000, we've still lost about 50,000 for the month.

 

[LegendKiller]

Originally posted by: Skoorb

Originally posted by: Engineer
Unemployment soars to 6.1%. 5 year high. 600,000 jobs lost since Jan.

Stock below (or nearing in DOW's case) Bush's starting point from 2001. Dow down nearly 350 point yesterday and looking to extend that down today. Oil is down a tad...but up nearly 66% from year ago levels.

LinkAccording to this, on April 13, 2007 of last year the DOW, when adjusted for inflation, was below 1999 peak levels. When this article was written, the DOW was 1000+ more than it is now, so I wonder how far back it really is when adjusted for inflation. Certainly the "historical gain of 9-10%" that we normally see quoted for the stock market is but a memory in recent history.

Not rosey, indeed. I think this is somewhat representative of a real pervasive problem in the US economy.

We are back to Feb 1998 levels on an inflation adjusted basis.

 

[StageLeft]

Originally posted by: LegendKiller

Originally posted by: Skoorb

Originally posted by: Engineer
Unemployment soars to 6.1%. 5 year high. 600,000 jobs lost since Jan.

Stock below (or nearing in DOW's case) Bush's starting point from 2001. Dow down nearly 350 point yesterday and looking to extend that down today. Oil is down a tad...but up nearly 66% from year ago levels.

LinkAccording to this, on April 13, 2007 of last year the DOW, when adjusted for inflation, was below 1999 peak levels. When this article was written, the DOW was 1000+ more than it is now, so I wonder how far back it really is when adjusted for inflation. Certainly the "historical gain of 9-10%" that we normally see quoted for the stock market is but a memory in recent history.

Not rosey, indeed. I think this is somewhat representative of a real pervasive problem in the US economy.

We are back to Feb 1998 levels on an inflation adjusted basis.

Sweet, just over 10 years of no-gains!

 

[Slew Foot]

Originally posted by: WhipperSnapper

Originally posted by: Engineer
Unemployment soars to 6.1%. 5 year high. 600,000 jobs lost since Jan.

Assuming that that 600,000 figure is correct, then the real number is more like 600,000 + (150,000 * 8) = 1.8 million jobs lost for 2008 so far. That's because the nation needs about 150,000 news jobs each month to keep up with our nation's third world rate of population growth (an increasingly large workforce)--we need 150,000 new jobs each month just to keep pace and to maintain the same percentage of working-aged people employed. Even when we have a month where the media gushes over a job gain of 100,000, we've still lost about 50,000 for the month.

If most of the population increase is illegal immigrants who work under the table mowing lawns and such, are they not counted in the official employed stats?

 

[manowar821]

Quick, Banks! Make some more debt out of credit users, then fabricate some more money out of thin-air!

 

[dmcowen674]

9-6-2008 http://news.yahoo.com/story/ap...k_closure_silver_state

Silver State Bank in Nevada is shut

Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development.

It was the 11th failure this year of a federally insured bank.

Nevada regulators closed Silver State and the Federal Deposit Insurance Corp. was appointed receiver of the bank, based in Henderson, Nev. It had $2 billion in assets and $1.7 billion in deposits as of June 30.

Andrew K. McCain, a son of Republican presidential nominee John McCain, sat on the boards of Silver State Bank and of its parent

Andrew McCain also was a member of the bank's audit committee, responsible for oversight of the company's accounting.

 

[RightIsWrong]

I guess an understanding of economics runs in the family.

 

[blackangst1]

Originally posted by: Skoorb

Originally posted by: Engineer
Unemployment soars to 6.1%. 5 year high. 600,000 jobs lost since Jan.

Stock below (or nearing in DOW's case) Bush's starting point from 2001. Dow down nearly 350 point yesterday and looking to extend that down today. Oil is down a tad...but up nearly 66% from year ago levels.

LinkAccording to this, on April 13, 2007 of last year the DOW, when adjusted for inflation, was below 1999 peak levels. When this article was written, the DOW was 1000+ more than it is now, so I wonder how far back it really is when adjusted for inflation. Certainly the "historical gain of 9-10%" that we normally see quoted for the stock market is but a memory in recent history.

Not rosey, indeed. I think this is somewhat representative of a real pervasive problem in the US economy.

Crazy. My retirement account is up net 157% since 1998. Thats average 12% per year. *shrug*

 

[dmcowen674]

Originally posted by: TastesLikeChicken
Even a blind squirrel can occassionally find a nut, Dave.

And you were only off by 6 years. No doubt economists will soon be knocking down your door looking for advice.

Well only few of my predictions are hanging on such as Wachovia, WaMu and Wells Fargo.

The rest have all fallen as I said they would.

I still think all three may not make it to the end of the year.

What's stopping them from complete collapse at this point?

 

[alchemize]

Originally posted by: dmcowen674

Originally posted by: TastesLikeChicken
Even a blind squirrel can occassionally find a nut, Dave.

And you were only off by 6 years. No doubt economists will soon be knocking down your door looking for advice.

Well only few of my predictions are hanging on such as Wachovia, WaMu and Wells Fargo.

The rest have all fallen as I said they would.

I still think all three may not make it to the end of the year.

What's stopping them from complete collapse at this point?

Hi Dave. Please post your Jan 2007 predictions, with a link. Thanks!

 

[StageLeft]

Originally posted by: alchemize

Originally posted by: dmcowen674

Originally posted by: TastesLikeChicken
Even a blind squirrel can occassionally find a nut, Dave.

And you were only off by 6 years. No doubt economists will soon be knocking down your door looking for advice.

Well only few of my predictions are hanging on such as Wachovia, WaMu and Wells Fargo.

The rest have all fallen as I said they would.

I still think all three may not make it to the end of the year.

What's stopping them from complete collapse at this point?

Hi Dave. Please post your Jan 2007 predictions, with a link. Thanks!

$7 milk?

 

[dmcowen674]

Originally posted by: alchemize

Originally posted by: dmcowen674

Originally posted by: TastesLikeChicken
Even a blind squirrel can occassionally find a nut, Dave.

And you were only off by 6 years. No doubt economists will soon be knocking down your door looking for advice.

Well only few of my predictions are hanging on such as Wachovia, WaMu and Wells Fargo.

The rest have all fallen as I said they would.

I still think all three may not make it to the end of the year.

What's stopping them from complete collapse at this point?

Hi Dave. Please post your Jan 2007 predictions, with a link. Thanks!

You're in it.

I think this is a part II similar to the oil thread where it was stopped and a new one started.

 

[dmcowen674]

9-15-2008 HP to cut 24,600 jobs as part of EDS integration

Most of the cuts will come from within EDS's ranks, and nearly half will hit jobs in the U.S., HP said Monday after the markets closed.

HP had not previously detailed how many employees of the combined company would lose their jobs.

 

[alchemize]

Originally posted by: dmcowen674

Originally posted by: alchemize

Originally posted by: dmcowen674

Originally posted by: TastesLikeChicken
Even a blind squirrel can occassionally find a nut, Dave.

And you were only off by 6 years. No doubt economists will soon be knocking down your door looking for advice.

Well only few of my predictions are hanging on such as Wachovia, WaMu and Wells Fargo.

The rest have all fallen as I said they would.

I still think all three may not make it to the end of the year.

What's stopping them from complete collapse at this point?

Hi Dave. Please post your Jan 2007 predictions, with a link. Thanks!

You're in it.

I think this is a part II similar to the oil thread where it was stopped and a new one started.

Link/quote please?

 

[alchemize]

Originally posted by: alchemize

Originally posted by: dmcowen674

Originally posted by: alchemize

Originally posted by: dmcowen674

Originally posted by: TastesLikeChicken
Even a blind squirrel can occassionally find a nut, Dave.

And you were only off by 6 years. No doubt economists will soon be knocking down your door looking for advice.

Well only few of my predictions are hanging on such as Wachovia, WaMu and Wells Fargo.

The rest have all fallen as I said they would.

I still think all three may not make it to the end of the year.

What's stopping them from complete collapse at this point?

Hi Dave. Please post your Jan 2007 predictions, with a link. Thanks!

You're in it.

I think this is a part II similar to the oil thread where it was stopped and a new one started.

Link/quote please?

Dave?

 

[dmcowen674]

Originally posted by: alchemize

Originally posted by: alchemize

Originally posted by: dmcowen674

Originally posted by: alchemize

Originally posted by: dmcowen674

Originally posted by: TastesLikeChicken
Even a blind squirrel can occassionally find a nut, Dave.

And you were only off by 6 years. No doubt economists will soon be knocking down your door looking for advice.

Well only few of my predictions are hanging on such as Wachovia, WaMu and Wells Fargo.

The rest have all fallen as I said they would.

I still think all three may not make it to the end of the year.

What's stopping them from complete collapse at this point?

Hi Dave. Please post your Jan 2007 predictions, with a link. Thanks!

You're in it.

I think this is a part II similar to the oil thread where it was stopped and a new one started.

Link/quote please?

Dave?

Sometimes you have to rely on the memory in your brain.

Do you have any or is it only in your computer?

 

[dmcowen674]

Bush and the Republicans blame the Democrats for the crisis:

9-16-3008 Bush Speaks Out to Shore Up Confidence of Public, Investors

WASHINGTON -- President George W. Bush sought to reassure the public and investors that markets remain sound, in public comments on the unfolding financial-market troubles that reflected concern within the administration about the potential effect of the crisis on public confidence.

Mr. Bush's statement Monday likely had a political element, too. Democrats have suggested the president is ducking the crisis. "We've had the most serious financial meltdown in 70 years, and the president's nowhere to be seen," Jason Furman, an adviser to Democratic presidential nominee Barack Obama, said Sunday. "I think it's been Bush's ideology and inattention that caused the problem, and I think he's trying to...avoid being pinned with the blame -- avoid taking responsibility."

Mr. Obama raised the point at a rally in Colorado Monday, saying "this country cannot afford four more years of this failed philosophy." The Obama camp contends the Bush administration presided over diminutions of consumer protections that helped facilitate risky loans and lead to the current housing-finance crisis.

Bush administration officials reject the criticisms.

They say they tried for years to pass legislation to remedy the big problems at Fannie Mae and Freddie Mac, for instance, but were defeated largely by Democratic supporters of the two huge government-chartered mortgage companies.

The officials also point to lengthy congressional inaction on other White House proposals spurred by the rise in risky mortgage loans.
=================================================
George Bush has been in office for 7 1/2 years.

The first six the economy was fine.

A little over one year ago:

1) Consumer confidence stood at a 2 1/2 year high;

2) Regular gasoline sold for $2.19 a gallon;

3) The unemployment rate was 4.5%.

4) The DOW JONES hit a record high -- 14,000+

5) American's were buying new cars, taking cruises and vacations overseas, living large!


But American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress & yep -- we got 'CHANGE' all right!

1) Consumer confidence has plummeted;

2) Gasoline is now around $4 a gallon;

3) Unemployment is up to 5% (a 10% increase);

4) Americans have seen their home equity drop by $12 trillion dollars & prices are still dropping;

5) 1% of American homes are in foreclosure.

6) THE DOW is probing another low ~11,300 -- $2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR STOCKS, BONDS & MUTUAL FUNDS INVESTMENT PORTFOLIOS!

YEP, IN 2006 AMERICA VOTED FOR CHANGE! AND WE GOT IT! A DEMOCRATIC CONGRESS, NANCY PELOSI. HARRY REID.

Now the Democrats' candidate for president -- and the polls say he's gonna be 'the man' -- claims he's gonna really give us change! Just how much more 'change' do you think you can stand?

 

[alchemize]

Originally posted by: dmcowen674

Originally posted by: alchemize

Originally posted by: alchemize

Originally posted by: dmcowen674

Originally posted by: alchemize

Originally posted by: dmcowen674

Originally posted by: TastesLikeChicken
Even a blind squirrel can occassionally find a nut, Dave.

And you were only off by 6 years. No doubt economists will soon be knocking down your door looking for advice.

Well only few of my predictions are hanging on such as Wachovia, WaMu and Wells Fargo.

The rest have all fallen as I said they would.

I still think all three may not make it to the end of the year.

What's stopping them from complete collapse at this point?

Hi Dave. Please post your Jan 2007 predictions, with a link. Thanks!

You're in it.

I think this is a part II similar to the oil thread where it was stopped and a new one started.

Link/quote please?

Dave?

Sometimes you have to rely on the memory in your brain.

Do you have any or is it only in your computer?

You claimed you predicted this in January 2007. Are you saying you predicted this in your brain, not on this message board?

"The rest have all fallen as I said they would."

You said this to yourself?

Just want to clarify.