Lehman Brothers Close To Collapse - US Chapter 11 insolvency procedures starting

Originally posted by aravoth

, check this out
cgi.ebay.com...

Lehman On E-bay!

Look at the comments, hahahah, I love this one.

Q: Hello Lehman Brothers, I was wondering, I just received $25,000,000,000.00 of the U.S. Taxpayer's money via the FEDERAL Government to do an INDIRECT BAILOUT... Shsssh! Is this BAILOUT OFFER PRICE Acceptable, since I know the U.S. Greenback is becoming worthless to Americans and the World? Thanx, Ron Paul Sep-14-08

A: Ron, We appreciate your offer, but this is only offered to idiots at the moment

[edit on 15-9-2008 by aravoth]

Priceless...just...priceless. Oh and just so it isnt a one liner umm yea

All that I can say is let's have four more years of the likes of this current administration. It's seeming like a good idea to most Americans with the polls favoring McCain-Palin! Can you say, "power slide into the dark ages?"

While I don't fully possess the ability to follow the economy or interpret the information, I feel this is more than just the typical news story. So, I have a question for all you economics people:

On a scale from 1 to 10, 10 being the worst, how bad is this news for the common American citizen?

The system will obviously fail one day, it's just a game that we've been playing for a few hundred years and eventually there will be a winner and the game will be over. Right now it seems we are at the point where the Elites must continue our ignorance in order to perpetuate the game to finalization or the common citizen must wake up and free him/herself from the current economic enslavement. As it stands, the elites would seem to be the winning side but we must never forget to factor in the assured randomness of human reaction.

reply to post by Shadowflux


I would say and im no expert just been watching this unfold for the past 2 years,

I would say a 6 however i fear this may snowball, depends how much the NYSE tanks, if they close under down 1000pts or Suspend trading then i'm going to my local supermarket to start buying food while its still cheap!

A.I.G. Seeks $40 Billion in Fed Aid to Survive

Updated: The American International Group is seeking a $40 billion bridge loan from the Federal Reserve, as it faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on the matter said Sunday night.

Ratings agencies threatened to downgrade the insurance giant’s credit rating by Monday morning, allowing counterparties to withdraw capital from their contracts with the company. One person close to the firm said that if such an event occurred, A.I.G. may survive for only 48 hours to 72 hours.

dealbook.blogs.nytimes.com...

One by one, it's claiming victims.

''Bankruptcy represents the end of a 158-year-old company that survived world wars and the collapse of Long Term Capital Management, but could not survive the global credit crunch.''

cnbc.com

Thats significant.
this place handled everything, except the credit crunch!
Is it that bad?

NY Times Op/Ed:

Financial Russian Roulette



[edit on 15/9/2008 by kosmicjack]

The anti big business crowd have always yelled "Down with Capitalism".
Well now that the big biz of big biz is collapsing they have just gotten what they've wished for all these years, they have no right to complain.

Wait, something tells me George Soros is behind this, a scare tactic so people will vote for Obama.
If anyone can do it he can.

as has been menioned last year - this is a disaster waiting to happen - the advice last year was to move any stocks to long term secure - metals was mentioned as something big will happen over long term - well here we are , and the US banking system , is slowly collapsing , and the government cannot rprint enough money to keep up since teh green back is falling way down in value

This isn't the end of the world. Markets will adjust -- that is what they do. False wealth will evaporate, and many left holding the bag will be the ones who rode the wave, not those with mortgages and bank accounts. It will be difficult for the regular Joes who lose their jobs, however.

Personally, I sold all my stocks a year ago and have been leveraging value real estate since. With the dollar on the slide, it is a good time to have fixed debt and hard assets.

Dow is taking a trip down south.

-300 points so far on the Dow. The drops are increasing in Europe now since Wall Street has opened.

This isn't the worst of it, more problems to come - the banks only have a slim chance of surviving so they're panicing and taking more risks, this morning i got a letter from Barclays offering ME a £2000 loan (60week, payb£3500 -lol) My account history isn't good, not been out of my overdraft for moie than a few days in about 7years, often i don't get any money for mounths at a time, also my credit history is dire -never had a loan, etc and no one ever offers me any credit -i have been refused a few times on stuff like overdraft increse and a credit card.

So, what's going on? My guess is they're trying to raise some 'pretend' funds which they can use to fund its deals -they're hoping that they can get enough on their books to prop them up through the 'credit cruch' in the hope that they'll be able to afford the losses later (after they've made some money picking through the bones of their fallen comrades)

All the banks stocks are down, all the markets that have been trading so far are down, every news cast i've heard has a diffrent exspert on calling 'DOOOOOOOOOMMMMMMMMMMMMMM' -i'm glad i invested money in a water filter and not a savings account

Credit - is that what this is all about? You know, credit is not real. When the nation or world is built on credit packages on top of other credit packages, it cannot continue. When you loan your lawn mower to your neighbor, you expect to get it back... When banks loan money for homes to people without jobs, they still wanted to get that back but the chances are slim.

Credit needed a shakeup ever since the 70s when credit cards were created. I'm someone who has been hurt by having credit cards in my life ever since college in the 80s - I seriously regret it. Take what I've experienced and multiply it by a million or billion and that makes for a global credit crunch.

In some ways, it's sanity trying to "come home" to humanity. We gotta calm down on the credit (not just personal but rather huge corporate credit and so on). I'm not sure but I would have to think that "credit" could be the "anti-christ" that people talk about.

reply to post by Alxandro


You must be out of your GD mind. This is one thing that you can not blame on the "tulip walkers".

This a result of years a republican congress and president. No one wanted to actually pay for anything. Now we are here.

reply to post by TruthWithin


Ummm, no. You could at least pretend you understand the topic before posting. Rather than regurgitate what the DNC said this morning.

AIG has lost 44% of its value on open of trading on the NYSE , LEH lost 94% of its stock value, BAC is down 14% ( bank of america) ' NYSE is down 221 points, dow jones is down 256 (at 11am)

reply to post by aravoth


Understand the topic? DNC regurgitation? Are you kidding me?

Do you remember back in 2004 when one of the major platforms Bush ran on was the fact that "American Home ownership" is at an all time high, and all Americans should be able to own a home".

Well, he got his wish. Due to historic DEregulation, by a REPUBLICAN congress and REPUBLICAN White House, the chickens are coming home to roost.

You see, all of those bogus mortgages that people were so easily able to attain were bought up in record numbers by firms like Lehman, Merrill and others. Heard of little institutions like Fannie and Freddie? Right...

So don't sit there and tell me I don't know anything about the topic. A little introspection would serve you well.

As a result, the so called "free market" capitalism that the conservatives have toted since the Regan administration has completely become a "socialized" form of monetary system.

LET ME REPEAT - the Republicans have forced the free market into a socialistic financial system where companies can run themselves into the ground by ripping off Americans and then TAX the same Americans they ripped off to foot the bill while the CEO's and shareholders put cash in the bank.

For shame...



[edit on 15-9-2008 by TruthWithin]

reply to post by TruthWithin


Dont let the trolls get to you, I came on this morning to find out what is being said by those I can respect and learn from, I almost wanted to give you for the post you made a couple up from here, then saw you being attacked. Well ignore those kinds of comments as there seems to be no end to them on the forum these days. If they have nothing to add to the discussion just dont comment.

On the other hand , right on for your views.

Wasn't there a guy who posted on here a few months ago... maybe it was the guy taking pictures of these odd graphs on his computer screen. something about the time wave or something. I swer it was probably that guy who was saying the stock market would crash in Sept 08...

It was either him or... oh wait I think it was ACTUALLY Benjamin Fulford. Look at this I just found out of pure dumb blind luck:

Bejamin Fulform on Looming US Bankruptcy

This isn't the statement I'm talking about, but regarding Sept... looks like Benjamin Fulford is concerned. I have always believed this guy... and wow, I'm a little speechless because I think he called it POSSIBLY.

Edit to add: "possibly" at the end.


[edit on 15-9-2008 by dunwichwitch]

Originally posted by TruthWithin
reply to post by Alxandro

 

This a result of years a republican congress and president. No one wanted to actually pay for anything. Now we are here.

why is it republicans fault? it's the GOVERNMENTS fault for causing it

and the PEOPLES fault for watching so much damn stupid tv and being blind enough to let it happen!