…
(looks at clock)…
my hat is off to you sir.
Fixed
Oh i realize that. Thats what makes it more impressive.
:lol: that is awesome
having a trader > being a trader 
Thats all well and good, but the problem is putting yourself in a position where that credit isnt just your life line but your source of buying power. the the electrician costs might be easier to take had you not bought a home theater system, plasma tv, and a bag of milk.
so yes. youre right. but the situation is exasberated by the hole we were already in.
You guys dont have a few before you go to work? I am so confused.
kicking myself for not playing LEHMQ at 6 cents when i was gonna yesterday…19.5 right now
http://money.cnn.com/2008/09/21/news/companies/goldman_morgan/index.htm
lol… it just keeps getting better…
now you two banks just keep buying all the other banks okay please?
Morgan was involved in the same thing back 100 years ago.
So I’ve been doing a little reading, and one of you finance guys tell me if I don’t understand this properly…
During the depression (1933) congress passed the Glass-Steagall act, which said that commercial banks couldn’t also deal with investing and insurance, basically keeping banks from gambling with our money, which worked for 50 years. Then in the early 1980’s we shot a couple of loopholes in it, deregulating savings and loans. A few years later S&L’s collapsed.
Then in 1999 the Gramm-Leach-Bliley act totally repealed it, allowing banks to buy investment firms, and a few years later (now) the banks are collapsing?
Correct. On all counts. Whether correlation implies total causation is a different matter, but no one can dispute that deregulation is a huge factor. Phil Gramm is being buried in the McCain campaign right now after being its economic spokesperson because he basically wrote the FSMA of '99.
But everyone is all “Small government!!! Less regulation!!!1” Til this happens. Then hindsight regulation comes in, only to be viewed as red tape a few decades later.
Yeah, that’s what I’ve been reading. If some form of that act still existed, we would still be in a fuckup right now but it wouldn’t be as bad.
Well, that reaffirms my political opinion for this fall. (McCain’s name kept popping up in my research, but that’s a discussion for another thread.)
All I have to say about the market can be summed up in today’s stock market fail pic of the day:
I think the real problem is you cant have market manipulation by the fed and no oversight at the same time.
They remove the “ret tape” to make a free market. but if interest rates are being set and money is continuously injected into the system, its not really a free market after-all.
i’d like for you to post a more long-winded version of this and the rest of the research you’ve done.
Eh it’s mostly just some cruising of Wikipedia and some recent analysis of whether or not the appeal of Glass Steagall has really had much to do with our current situation. Most of what I’ve read says that it’s certainly not conclusive that it has caused our current situation, so I know I’ve got more to learn.
Anything much more long winded than that gets beyond what I know. I’d really have to do a lot more reading than I have to get much further into it.
Ignorance. :shrug:
EDIT:
Well, that too. Only with a nicely biased political spin. :tup:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aYrXoeKumw2M&refer=home
U.S. stocks tumbled, led by banks, retailers and technology companies, as oil jumped 16 percent and investors speculated the Treasury’s plan to buy toxic mortgage assets will fail to prevent a recession.
But hey… the mining industry as a whole is up 10-15% today 
So then, are we still going to shell out $800,000,000,000.00?
thats a lot of fucking zeros.