Saudi Billionaire Prince: Hasta la Vista Wall Street

Saudi Billionaire to Wall Street: See You Later -Time

If Wall Street is hoping that Prince Alwaleed bin Talal will ride to the rescue of America's crumbling banks, here's the word from the Saudi billionaire: Thanks, but no thanks. Having bailed out Citicorp on a couple of occasions — most recently by helping in its recapitalization earlier this year — Al-Waleed says he's not in the market for any more U.S. financial sector assets.


TIME: Did you see this coming?

Alwaleed: I'm not sure anyone at all saw the depth and magnitude of the problems faced by some financial companies in the U.S. I will quote [Alan] Greenspan in saying that this is a once-in-a-lifetime, or once-in-a-century event. It shows the gravity of the problem over there.

When big overseas creditors like the Prince dry up, you can be fairly sure the end game is near.

Fed Watch: End Game -RGE

Fed officials likely now understand the can of worms they opened with the Bear Sterns bailout. At that point, Wall Street realized that attempting to solve their own problems was a sucker’s bet – better to string things along with the expectation that the Fed would ultimately solve the problem of bad assets by bringing them into the public domain. Arguably, this is one reason the Lehman issue was allowed to fester for another six months. Moral hazard. With policymakers now drawing a line in the sand, market participants can no longer cling to the hope that the Fed will absorb additional bad debt (notice how quickly Merrill moved when policymakers claimed they will serve only as matchmakers, rather than put additional public money explicitly at risk). It is looking like the endgame is finally here.

Asia just got their butt burned by the Lehman bankruptcy and fewer will be foolish enough to bail out the history's largest debtor nation, so watch how "credit crunch" becomes a household phrase by Christmas.



[edit on 17-9-2008 by Regenmacher]

Good

Bankruptcy is built into Capitalism for good reasons.

I hope all the meg corps default.

This should be a GOOD Thing, sometimes, you screw up your finances. And all that means is... it's time for a restructuring.

We have all the resources we need, even enough oil to get through this and the alternative options when that fails.

This is perfect timing for the economy to go belly up... we have crazy candidates who want the American people to pay back trillions...

A completely new economy unfolding on the internet and...no one is taking advantage of it

a constitution in shambles

and a legal system out of control

A complete economic colapse can only wipe the slate, remove people from power, and make the American people rely on their own resources and local business and get us out from under giant monstrosities that run our lives...

And the last thing we need is more bailouts from rich foreigners

Let it fall

There is no place to go but up from the bottom.

All we need to do is behave decently...stop locking people from thier homes and make sure the food goes out... from there, we can rewrite the whole system.

The poor will bear the most burden and that's called socialization of debt. Those in power do it at the expense of the weakest aka law of the jungle. If anything is to be learned in all this, it's that the average Joe has become more passive, gullible and dumb in this age of record setting debt.



If I had a balloon retirement package of $10+ million because my company went up in smoke for looting millions of investor's savings, then who is learning a lesson? Not me, I made off like a bandit. I can do it again and know the average Joe will bail me out, that's the lesson at the top and they can just relocate.

[edit on 17-9-2008 by Regenmacher]

reply to post by Regenmacher


I love that picture....is it a victorian trade card that you have, or something you pulled off the web?

as far as the economy goes, I think we're a little screwed for awhile and well, it seems that neither candidate has any sense as to where we should be heading from here.

remember when bush was fighting so hard to take the social security money and send it into personal accounts for us citizens? can't help but wonder, did he know what was coming down and just hoping that he could bail out the system that way and well, now that that one didn't work, they'll just take it this way?

just to expand on the Saudi..
indeed all the Gulf States & their Soverign Wealth Funds (estimated over 1.2 Trillion USD)


rumor has it that they are not interested in any more tangible assets in the USA,
in fact all the Saudi & Gulf States are on the fast track to de-Peg from the USDollar... and initiate their own gold based money, currency.
Russia, Iran, China aren't too far behind their thinking,
witness the recent actions by Russia to dump their Dollar holdings.


Hasta la vista, indeed!



oh, the lowly, great unwashed aren't so sweeky clean in this financial mess that's been created since 1999 (upon the repeal of Glass-Steagel)
a 100,000 plus finance industry proper workers, brokers/dealers/sellers
were neck deep in selling that toxic paper and derivitives that gave them 10s of thousand$ each in fat bonuses.

All these firms like Lehman, Murrill, BearStearns, etc... had treasuries full of these CDS & such ~~ well, all the stuff that can't be sold now, and is causing these firms their liquidity & solvency problems.
the elites and the peons all lived fat & happy... for a while,


but now the music stopped and its a case of musical chairs
as both the CEOs & the hourly underlings find themselves with no place to sit.




BTW, Regenmacher, i think the 2nd comment on that OP Link touches on some sensitive issues....




[edit on 17-9-2008 by St Udio]

Originally posted by dawnstar
I love that picture....is it a victorian trade card that you have, or something you pulled off the web?

That image comes from the Industrial Worker publication back in 1911

Considering there wasn't any money in SS to begin with, he was trying to shuffle off federal responsibility into the private sector. All this deregulation of the last 20+ years has allowed greed to run amuck and that's partly what got us into this situation.

Originally posted by St Udio
but now the music stopped and its a case of musical chairs
as both the CEOs & the hourly underlings find themselves with no place to sit.

You're mistaken, the super class is at record wealth levels and will easily ride out the storm and from overseas if need be. Personal accounts are secured in other equities, not their own houses of red ink e.g. successful drug dealers don't use their products and the Rothschilds have continually increased their power.

Globalization Widens Rich-Poor Gap, U.N. Report Says NYTimes
Bailout for Billionaires Wall Street Journal
Billionaires list growing WaTimes
Three decades of deregulation and globalization produce a bumper crop of tycoons

If I made $50 million over the last 8 years and lose half from a banking collapse, that's still $25 million more than those working from paycheck to paycheck. So what did I lose? Nothing essentially, my position of power is still intact. I am still as far ahead of the rest of you as I was before, while the working man's taxes will fill in the debt potholes, not me. I can play golf and wait for the potholes to get filled, while the unemployed wage class stands in line for soup or a shovel.



This game of fleecing the majority and destroying the middle class in order to approach WW3, was all planned. Those that buy into thinking it was bad judgment or genuine errors are still under a spell of fiscal delusion.

[edit on 17-9-2008 by Regenmacher]

Its become obvious to us not living in the US that you are bankrupt, the days were the you dictate global policy and are the financial hub of the world has ended. Sadly I must point out as the rest of the western world will tumble along with you.

What the new dawn brings nobody knows but it was a hell of a ride...all this living beyond our means at the expense of the rest of the world. Just hope I don't end up working in a rice paddy field or some sweat shop making clothes for rich Asians.

Sweet Thread. I love it when Big time Experienced Experiencers come forward and talk. They seem to be more credible.

It only fuels my fear for chaos ahead. I was betting on it anyway.

This is the thing though how long do these fat cats think they're going to be safe for??? this isn't 1929 we're not in a decent age anymore they think their pretty smart but that arrogance is going to backfire on them as they are stacking long odds against themselves.

The way i see it is there's more people out there with nothing to lose now. There's also disillusioned veterans worldwide from the wars, all these drug dealers on the street and gangs etc.

You know the more you look at it you start to think how these rich people gonna carry on like nothing's wrong.

Some people out there are going to start thinking lets steal what they have or take it by force. Survival of the fittest. It'll be like back in the old west.

These rich fat cats can run and they can hide but it'll come back to haunt them when everywhere they go desperate poor people are there as well.

They can hire as many armed thugs as they want to protect themselves but then they have to realise as well very little stops those people from turning on them as well.

In a way it's like karma these people don't seem to realise that they've buried themselves already and are basically walking with one foot already in the grave by playing with the worlds money and ruining peoples lives for no other reason than personal greed.

reply to post by mazzroth


Awww the only things and places that will tumble will be those who panic and those who make issue of it.

I am not sure at all that in reality the USA won't be much more powerful than ever if we enter some sort of "national bankruptcy" situation...

It's all economics, so long as you have resources, money is all fake anyway...a system, a lie

what really for the average person changes from a complete financial break down? If you growe most of the worlds food, have buig finished cities and a Giant military that...much of runs Nuclear and enough Oil and Steel for the rest?

If we default and end up restructuring what happens but America walks off on 10 trillion in Debt?

Will we be invaded for the money?

No

America leaving the world stage is... good for us,

The reality is, we have genuine riches, Food and Water and the Military Might to hold onto them no matter how pissed thwe world is...

This will be a bankruptcy event...sure, a big sympathy deal will be made... all sorts of stupid face value suffering of the people for a few years, unemployment, foos shipments wont go through

all sorts of nonsense as if...being broke stops farms from working, shuts down small businesses in local communities or turns off Nuclear power...

really it... is walking off on debt... like any Capitalist business would and then open a new business as son as you can

Rid of debt

Rid of complications...

Not attached to anyone...

This will long term all be great for everyone... unless you live somewhere where we used to buy alot of crap or send alot of money... then your F'd

But we will be fine...

Lots of corn and cows and diesel trains and nuclear...

You might go bankrupt bu they let you keep the house... lol what will the world do? Demand we forclose on America...

Debts will be lost... we will all in short order have a better economy

I'm thinking those he say only the USA are in for a suprise,this will be a global depression,those with the large oil holdings will find no one can afford their product anymore,and as far as the rch are concerned this may be the civil war thats been spoken of,people will have nothing so nothing to lose,I'm thinking we have some scary times ahead,one of the 1st times I've told myself"Boy I'm glad I'm old"

No surprises here. People like Ron Paul and Peter Schiff have been calling this for years now. People have not listened and most still dont. I dont think people realize the magnitude of the issues here. I went shopping on some on sale items yesterday and Im kicking myself for it. Ill just by some more tomorrow and cost average myself out of the mess. Crazy times indeed. My suggestion to the masses hunker down because Im not so sure the dollar will be around past 2009. The US will go on but the dollar will be worthless.

reply to post by St Udio


They help also keep the Russian markets afloat but still it failed, they also has invested heavily on China, the middle east now with Dubai as the new emerging financial capital do not have any longer to turn their heads to the US to help them acquired wealth they already have it thanks to our nations.

So now that they are an empire on their own they don't need US failing investments.

The irony our nation's money and oil dependency made them filthy rich now they can afford to turn their back to us.

While I dont hold any ire at all for the Prince refusing to fund US failings, I will in fact find it rather pathetic of the rest of the world should it ever get so bad that the US truly needs help to overcome economic failings, especially if it gets to the point that her citizens begin to suffer and we ask for help and no one ponies up. The US has done as much good as bad in this world. Sure, she might come in with a mighty storm and devastate you in the name of democracy and freedom, but for every day she smites you, she will devote a month's resources to build you back up again.
The US has sent trillions of dollars worth in capital, goods and services around the globe, even to countries that hated us before, during and after the aid. Every time there is a crisis on this planet, the first country that is called to help is the US. What will the rest of the world do when she falters and needs a helping hand?

Let me clarify that I am not speaking of the mega-rich that have already been investing in the US. Many of them are getting something in return for their investment, some are just throwing good money after bad policy.

I have to applaud mopus. The optimism is refreshing in a doomandgloom time. Personally, I have been considering my options, should my current job dry up. I am a hard working, skilled individual who is not afraid to do anything to make a days wage. Personally, I wouldnt care one bit if this "federal note" crap went away. We should get back to a US based and run currency system and get rid of the privateers owning our ability to transact in this country. I just hope this doesnt all lead us closer to Bush, Sr.s NAU and the Amero.

Those are my thoughts/concerns going into this current situation.

What we need is some good old Arthur Laffer economics. It pulled us out of a slump before, and it can do it again!

reply to post by St Udio



What is it about Stewies image that makes me read (in my minds voice)everything you post in his voice? Is this normal, or am I a liitle stewed?

Is this a strategy to usher in the new North American union and the Amero? Kill off the old and and birth a new nation.

Time for some comedy relief to reduce stress

Hitler gets a margin call:


UK just recently banned short selling in a measure to try to stem the down trend, although many consider this as fundamentally investor's wrong and a witch hunt that doesn't address the real problems.

the u.s just banned "temporarily" short selling on 799 firms

funny that hanky panky paulson makes the move just as goldman stock gets pounded

the only leverage the taxpayers have right now is to beg and plead to there congressmen with pitchforks on the property for a better stake in this bailout that will occur. I'm talking about some kind of ownership in the company's they are bailing out.

They want to push this solution through w/o congressmen even reading it like they do with all the B.S and twisted s&*% they push, like the federal reserve act (during christmas holliday in 1913, patriot act in 2001, and now again)

Big banks will still face major losses, there stock quotes are not out of the woods by any means, the credit crisis has spread way beyond mortgage markets and i'm interested to see if more than just bad mortgages go into the giant trashcan that will be created. The investment banking model for making $$$ is dead, this just BUYS THEM TIME (to die peacefully).

They will likely now be able to have a more orderly consolidation as well as the remaining banks will probably take over the regional banks that go bankrupt i.e consolidation of power.