This is starting to get a little scary Page 2

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  • cubbymoore 15 Sep 2008 00:53:49 36,496 posts
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    Ha ha :D
  • cubbymoore 15 Sep 2008 00:58:06 36,496 posts
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    Aw, then you ruined it.
  • Red-Moose 15 Sep 2008 00:58:23 5,346 posts
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    Khanivor wrote:
    niteninja wrote:

    The federal reserve in america is a private bank owed by a few men who print the entire money supply for the country.
    They pay politicians wages.

    Jesus titty fucking Christ, at least check out Wiki.

    Oh, and the great seal and its reverse with the pyramid were designed almost 100 years before the first dollar bill was issued

    I think what he is referring to is how the Federal Reserve is quite different to the Bank of England and European Central Bank. The Federal Reserve is not a public body. However, as it is the only one of it's kind created by the Federal Reserve Act, it has exclusive rights to issue money to the US Treasury.

    But the Fed is neither Federal, nor does it have a Reserve of anything.

    ECB has a mission to control the value of the currency, the Fed is to do more than that, hence why it is much more likely politically influenced then the ECB.

    ironically, much of the push to develop banking in the US was to escape the European banking cartels. The US eventually moving to private banking is totally representative of the US as a place for private enterprise (likewise, in ireland, our entire domestic electricity grid is a semi-public/semi-private institution).

    It gets a bad rep, more for it having such an influence, particularly over inflation, something the ECB is not prioritising.

    EDIT: in fact it was a credit crunch in NY from 1907 that started the ball rolling for developing a federal system (essentially federal branding, but still private). Much like a credit crunch now, we could see the creation of some Global Central Bank to monitor credit flow.

    It will also have a pyramid on it :)
  • niteninja 15 Sep 2008 01:03:46 528 posts
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    VID FIXED

    http://www.youtube.com/watch?v=ru-tHX9Iwzg
  • Physically_Insane 15 Sep 2008 01:10:50 8,842 posts
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    So is America going to collapse now? lol
  • Red-Moose 15 Sep 2008 01:13:41 5,346 posts
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    Physically_Insane wrote:
    So is America going to collapse now? lol

    No, but you can pick up some nice houses in Detroit for $100!

  • Vice.Destroyer 15 Sep 2008 01:48:23 5,834 posts
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    Just to get back to the original point of this thread. Lehman Brothers looks set to become bankrupt, taking about 4000 jobs in Europe with it. Merril Lynch is looking to get bought out by the Bank of America. If they don't find a favourable deal, that is another major player on the world finance market that is not going to be with us any longer.

    And AIG, Man U's sponsor, aka the worlds biggest insurance company is having to drastically downsize. Nevermind all the people that are going to lose their jobs. I am finally starting to worry about my pension. Once these giants collapse, you always find out which company your company used to invest their pension fund in. And if these three giants are in serious trouble, I am starting to seriously doubt whether the company that is handling my pension has got people working for them that are more sensible than the ones working in the most prestigious companies in the world.
  • Red-Moose 15 Sep 2008 01:57:35 5,346 posts
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    Yup AIG are next on the chopping block.
    AIG Scrambles to raise cash

  • Khanivor 15 Sep 2008 02:37:04 40,741 posts
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    The Fed is partly private, partly public. It's also led by someone centrally appointed and run by people regionally. Which is pretty much federalism. But basically you're right RM. However, nn is putting forward the idea that the Fed is run by a few private men who, when not ordering black helicopters, assasinations and colluding with the Jews to take down the towers, are busy entrenching a system whereby everyone in the world will be a slave to their whims.

    In other words, he's a nutcase :)
  • Vice.Destroyer 15 Sep 2008 02:41:59 5,834 posts
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    OldRed wrote:
    what is scary about this

    Nothing, OldRed. Just a false alarm. As you were.
  • Vice.Destroyer 15 Sep 2008 02:58:55 5,834 posts
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    OldRed wrote:
    I don't understand stuff about economics. I'm always continually broke, it's always the same for me, infact im relatively on the up, might buy a wii soon. I guess all this stuff affects people with money.

    It affects you, too. You may not be a guy that earns Ł150,000 per year, but those people not being able to keep the economy running has a knock-on effect on everything. Coupled with the fact that the US is financing an incredibly expensive war, is rushing into recession, has lost a major cash cow in the sub-prime mortgage market which is killing their economy.

    A dying US economy frightens economies around the world. $100+ per barrel of oil is making life more expensive for us. It's not a coincidence that fuel prices keep rising. And rising fuel prices affect people in all sorts of ways. Did you see XL holidays collapse the other day? Third biggest holiday firm in the UK? 2000 jobs gone. Why? Rising fuel prices. Watch other firms follow suit.

    I suppose the last thing to do is advise you to not buy a Wii. Get a 360. It is cheaper, you see:)
  • HoadTheFoul 15 Sep 2008 03:27:13 1 posts
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    I work for Lehman, been asked to come in as normal tomorrow but exepcting them to come up to the floor any moment and kick everyone out. Will be bringing a big bag as I have a load of personal stuff at my desk.

    Looks like they'll be no redundancy and no guarantee we'll get paid for the last few weeks. Only been there for 6 months after been asked by my former boss to move with him from UBS.... typical.

    Don't think for a minute things like this only affect a relatively affluent few, I'm certainly not wealthy and have a large mortgage and 2 kids... guess I'll have to look for something else, but given the markets at the moment, I'm pretty much relying on contacts to try and get something.
  • Khanivor 15 Sep 2008 04:15:27 40,741 posts
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    It's weird after all the hysteria of a few months ago as oil reached $150 a barrel that no one is making a sound now it has dropped so low that OPEC just last week decided to cut output to prop the price up. I guess that just doesn't tally with the fearmonger's goals. Nor talking about how the dollar is gaining in value week after week.

    Whatever, the banking system sure needs sorted out. The practices of a few - either through greed or foolishness - are and will continue to hurt the many. If we are going to all have to pay for the gambles that fail we should all share in the bounties from the gambles that succeed. I don't have to be a shareholder to be hurt, but I do to gain, (ability to get access to optional credit is not what I would consider ample compensation for having worsened economic conditions forced upon me). The massive bonuses of the heads of these companies should at least be paying for the redundancies of those their piss-poor choices have shoved out of a job.
  • Deleted user 15 September 2008 07:13:06
    If oils so low is this reflected in plummeting prices at petrol stations yet?

    /doesn't drive, so has no clue
  • Deleted user 15 September 2008 08:20:12
    RedPanda wrote:
    If oils so low is this reflected in plummeting prices at petrol stations yet?

    /doesn't drive, so has no clue

    There has been a drop in prices, but it's not proportionally as big as the drop in the price of oil. But then I'm hardly surprised that's the case, companies will always let prices be more sticky moving downwards than the other way round. Unless someone kicks off a price war I'd expect prices to only gradually continue dropping if not stay where they are long-term.
  • Dougs 15 Sep 2008 08:28:47 67,690 posts
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    So, anyway, back on track, Lehman's are filing for bankruptcy and Merill Lynch are being taken over the Bank of America. The markets are a bit screwed, to say the least...
  • Zomoniac 15 Sep 2008 08:42:42 7,827 posts
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    RedPanda wrote:
    If oils so low is this reflected in plummeting prices at petrol stations yet?

    /doesn't drive, so has no clue

    No, but it never really went up anywhere near as much as it should've. There was all the hysteria about skyrocketing fuel prices but our pump cost has gone up about 30% in the last few years which doesn't even come close to the rise of oil costs. I suspect if they'd raised the prices relatively then we'd be looking at paying a few quid a litre.
  • mcmonkeyplc 15 Sep 2008 09:28:12 39,456 posts
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    CALM THE FUCK DOWN!

    Yes it's probably the biggest bank to fail for a long time but it's needed as a signal to the markets that they need to start behaving. Just because they are a certain size does not mean banks are exempt from risks.

    This will create a domino effect but we dont know how big. There is really no use in panicing about this.

    Come and get it cumslingers!

  • Jeepers 15 Sep 2008 09:34:17 13,181 posts
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    So - who wants a Dead Pool sweepstake?

    Morgan Stanley, I choose you!
  • LeoliansBro 15 Sep 2008 09:45:08 44,215 posts
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    If we're talking knockon, it's not just going to be banks. GM and Ford aren't going to like this either.

    Dead Pool - I call AIG by the end of the year.

    LB, you really are a massive geek.

  • Jeepers 15 Sep 2008 09:46:17 13,181 posts
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    Leolian'sBro wrote:
    If we're talking knockon, it's not just going to be banks. GM and Ford aren't going to like this either.

    Dead Pool - I call AIG by the end of the year.

    All the fingers seem to be pointing at the shadow banking sector don't they? I agree that the big US car firms are going to be kacking it somewhat.

    I propose Goldman Sachs as another Dead Pool candidate.
  • mcmonkeyplc 15 Sep 2008 09:47:58 39,456 posts
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    UBS I choose you!

    Come and get it cumslingers!

  • LeoliansBro 15 Sep 2008 09:48:22 44,215 posts
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    Goldman Sachs is too big and too focussed on consulting for its income - I feel they'll be safe.

    /kiss of death

    LB, you really are a massive geek.

  • TheSaint 15 Sep 2008 09:50:38 14,375 posts
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    The US government have already injected plenty of cash into GM to prevent the pension and healthcare crisis that would result from their downfall.
  • Vice.Destroyer 15 Sep 2008 09:53:40 5,834 posts
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    mcmonkeyplc wrote:
    CALM THE FUCK DOWN!

    Yes it's probably the biggest bank to fail for a long time but it's needed as a signal to the markets that they need to start behaving. Just because they are a certain size does not mean banks are exempt from risks.

    This will create a domino effect but we dont know how big. There is really no use in panicing about this.

    Nobody here is panicking. Just commiserating at a huge chunk of the workforce who won't have paychecks.
  • LeoliansBro 15 Sep 2008 09:54:55 44,215 posts
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    The US Government has run out of cash to inject, and the amounts are minor next to the banking support GM is receiving. Out of the big three I'd say it's the most likely to file for Ch 11 in the short term (Chrysler may be in uglier shape but the likely outcome there would be a takeover due to size, product concentration and financial structure).

    LB, you really are a massive geek.

  • mcmonkeyplc 15 Sep 2008 10:01:36 39,456 posts
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    Vice.Destroyer wrote:
    mcmonkeyplc wrote:
    CALM THE FUCK DOWN!

    Yes it's probably the biggest bank to fail for a long time but it's needed as a signal to the markets that they need to start behaving. Just because they are a certain size does not mean banks are exempt from risks.

    This will create a domino effect but we dont know how big. There is really no use in panicing about this.

    Nobody here is panicking. Just commiserating at a huge chunk of the workforce who won't have paychecks.

    The title and the first few posts suggest people are thinking the end of the world is neigh!

    Come and get it cumslingers!

  • Merlinho 15 Sep 2008 10:04:36 5,909 posts
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    Surely no one who posts on here works for Lehman, they're far too busy gambling and losing our money and such.
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