WaMu and Lehman Bro ... Stock's are crashing

[bugzy]

ouch !! crazy stuff going on, on top of the stock market crashing

http://www.bizjournals.com/eastbay/stories/2008/09/15/daily19.html

$2/share for WaMu
http://finance.google.com/finance?q=NYSE%3AWM

$0.20/share for Lehman brother's
http://finance.google.com/finance?q=NYSE%3ALEH

[bugzy]

http://africa.reuters.com/business/news/usnBAN538835.html

DOW drops 500 points
http://www.latimes.com/business/la-fi-mainbar16-2008sep16,0,2406358.story

[Kooks]

I work with AIG and our stock have took a big hit. Looks like they gave us the ok to borrow within to help with our balance sheet. well see how this goes.

[mike]

I just shred my statements unopened. This is just going to get worse. I'm still really young, so I have time in the market on my side, I can afford to ride it out. I feel bad for all the people who were getting ready to retire, and now there portfolios are worth a lot less and can't retire yet. From what I've read, we have ATLEAST another year of downturn before this all starts to level off. But there is also the factor to count in of a shitty economy, down housing markets and another batch of risky loans that will roll off to a more aggressive rate, and more defaults, foreclosures, its going to get worse. I have shifted my investments into gold, guns, and MRE's for when the shit reallt hits the fan....... LOL

[Neccros]

Yeah my dads preached for YEARS to invest in silver and gold.... and YES looks like he is right....

And this is from a man who fought the IRS..... AND WON!!

:)

[TOYr32]

I thought Lehman Bros filed chapter 11 I thought, so their stock price wouldn't matter right?

[mike]

Well, Gold is more secure in times like these since the economy and the paper dollar is weak. But in a Bullish market, gold doesnt do as well as paper, but still makes a good gain, and has for the last 30 years, gold was next to nothing in the 70's, so you have to know when to shift. My brother worked with a guy with a GUN safe full of gold, swearing that the economy was going down and we would revert back to some sort of bartering, gold tradin economy, whack job............

[mike]

Well under chapter 11 I believe they have some protection, but if they are making profits, they may have to pay off some debt, so that in itself is a loss of profit that can't be paid to shareholders.

[bugzy]

I thought Lehman Bros filed chapter 11 I thought, so their stock price wouldn't matter right?
i believe someone can buy them out during the process ... and they could recover *shrugs*

[mike]

Eh, Then they would get bought out for less then face value of the shares. This is all a mess, even the experts have ZERO clue on whats going to happen next, in 6 months, or whats coming down the pipe, whether its more shit, an upswing, who knows, the feds said they were going to freeze the prime rate to stave off inflation, now they may have to lower it. Oil is back below $100 a barrel, all the speculation a month ago was it was heading to $200 a barrel, now that its back below $100, OPEC wants to cut production, the Saudis disagreed and have promised to defy OPEC and keep there current production level. Oil was just like the housing market, nothing but speculation driving prices, then the bubble burst. Will it go up or down, that depends on OPECs manipulation of the taps and demand, even two Gulf hurricanes couldn't get the prices to skyrocket back up.

[your_blog_sucks]

We're going through a deflationary period right now, gold is getting worthless by the day... CASH rules.

Right now if you're not in debt and have cash you can buy all kinds of assets cheap. Gonna get cheaper if you wait a year or two. I doubt this credit crisis is going to be over soon.

Banks are fucked because a ton of people are claiming bankruptcy and not paying debts. Expect this to get worse as more and more people lose their jobs.

This is going to be the smartest post I ever make.

[RavinJetta]

I just have to keep telling myself that I am buying into my 401k it is low. Otherwise it feels like I am just treading water with the amount the market is going down. But like Mike said time is fortunately on my side. I feel bad for my boss who was hoping to retire in a couple years though.

[mike]

Oh yeah, we are majorly fucked. Lehman was around over 150 years, through the depression, two world wars, now they are done. Whos next? The feds are going to run out of bail out money, I wonder how much of this debt China is buying up??????

Think I'll go back to college and take Chinese..........

[GTiGirl]

Money is made in a bear market.

Those of us who are young and have disposable income can buy buy buy right now, which will only turn the market around! I think I shall purchase some shares in the morning as a matter of fact.

[theruler297]

im gonna buy 150 worth of stocks in wamu lol why not

[NaKoRuRu]

I think I shall purchase some shares in the morning as a matter of fact.

im gonna buy 150 worth of stocks in wamu lol why not

I'm thinking of doing the same... Does anyone know how? lol

[GTiGirl]

I buy through my financial advisor. He handles most of my retirement funds and life insurance. I have an online account so I can buy/sell/trade whenevers.

I assume you can open up an E-trade account or something similar?

[NaKoRuRu]

I assume you can open up an E-trade account or something similar?
That crossed my mind... I'll take a look at their site... If it's not to complicated and think I can handle this then I'll buy a few shares :) As long as it does not get worse and improves over time then... at least some money can be made...

[mike]

DO some research on the companies before you buy, and don't spend any money you can't afford to lose.

[GTiGirl]

Like a good friend of mine said, "The stock market is like Vegas".

[Kooks]

Wow crazy ish going on. I work for AIG, and I dont know if many of you have been watching all of this ish thats been going on with us but...

the govt approved a loan for our company of 80 billion. Now the govt owns 80% of AIG and we will start selling off some of our assests to pay back the loan. The loan is revolving secured loan, and we will have 24 months to pay it off. I think we will make the time line to pay it off and still have made a profit.

I think if AIG tanks our Economy will be even worse. AIG has there hands in so much it crazy. We have total assests of over $1 Trillion dollars. With the way things our going who knows!