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Argentum
9th September 2008, 17:24
Nope, it's Financial Season!

Lehman is all but toast dropping like 45% today, Washington Mutual is my next pick. And then all the hedge funds taking a beating and or being liquidated. That's where some of this commodity down pressure has to be coming from.... Right?!?! I'm not sure they WANT to sell, but are in such a bind that they have to sell any asset they have. And commodities are at the top of the list. The last two months and the next two could be the greatest moment in PM's history!

Also, keep in mind that Mutual Funds have seen some 50 BILLION in "out flow" of funds over the last three months, that's not lost value mind you, that's folks REMOVING what's left of their funds.

mizou
9th September 2008, 18:44
Hi Argentum,

I subscribe to a free news letter from http://www.moneyandmarkets.com/ and here is an excerpt from an article this morning, refering to the Crash of Lehman, and new red flag for Washington Mutual, Wachovia etc..

Mizou

" ..... we warned you this was going to happen. Now it’s here: Lehman Brothers’ shares are crashing.
The stock closed at 16.20 on Friday. As we write this alert, it’s trading at $9.80, signaling a major new collapse could be on the immediate horizon. If we’re right, this debacle is going to be several times worse than the Bear Stearns disaster of last March.
In a last act of desperation, cash-strapped Lehman was in meetings with the state-owned Korea Development Bank trying to sell its profitable Neuberger asset management unit. But those meetings have now broken down. Its last hope for survival seems to be down the tubes.
But Lehman isn’t alone ...
Washington Mutual to its CEO: “Pack up your desk. You’re FIRED!” Kerry Killinger, the CEO responsible for nearly bankrupting the bank was canned yesterday. At almost the same time, WaMu took the first step towards failure, filing a memorandum of understanding with the U.S. Office of Thrift Supervision.
Unsurprisingly, Washington Mutual stock plunged, bringing its total losses for the year to 70% of its market value.
Wachovia admits to bigger woes in its $122 billion options ARMs portfolio. In a shocking revelation, Wachovia announced that 23,600 of its loans are going bad, and a whopping two-thirds of borrowers with options ARMs are opting not to pay the interest and principal due each month.
To survive, lenders are rejecting loan applications like there’s no tomorrow — and killing sales at thousands of companies nationwide.
In response to the hammering they’re taking, U.S. banks are raising interest rates, pulling credit lines, and slashing credit limits for even well-heeled credit card customers.
As a result, borrowing by U.S. consumers is falling off a cliff. The rate of credit growth in America just cratered 92% in a single month — from 6.1% in June to a mere .5% in July.
A major problem area: Auto loans. The number of new auto loans granted to consumers cratered 17% in the second quarter. CapitalOne lost $150 million on auto loan defaults in the last quarter alone. Sovereign Bancorp and HSBC have closed their auto lending operations altogether.
Now, with auto sales at their lowest levels since 1992 — 16 long years ago — GM, Ford and Chrysler have gone to Congress, hats in hand, begging for $50 billion to survive this crisis.
That’s more than 33 times the $1.5 billion Washington spent to bail out Chrysler in the 1970s.
Meanwhile, the credit drought is also causing earnings to dry up in other industries that rely on credit cards, revolving charges and standard loans to finance customers’ purchases.
The airlines and the entire travel industry is bleeding. Home improvement, furniture and appliance retailers are being squeezed without mercy. High-end department stores, electronics retailers — and every company that manufactures, transports and wholesales these products — are watching sales and profits evaporate.
Put simply, the plague of financial disasters we’ve seen so far is now becoming a pandemic — infecting sector after sector, company after company.
It’s setting many of Wall Street’s most widely held stocks up for the same kinds of massive losses that, until now, have been limited to financial stocks.

skijake
9th September 2008, 21:28
Under current conditions Silver should be a buck an ounce if a couple more biggies fail. If you don't believe something big is happening, well, uhh, ????----I don't have anything cute to say, almost speechless. MOGAMBO says W.A.F.D---We're all freaking doomed!

Trvlr45
9th September 2008, 23:06
A buck an ounce?! I'd love to see that for a while before it starts heading for the moon. My silver acquisition has come to a stop for the time being because of other preparations I need to take care of for the next depression.

I'm hoping we have a few more years left but I am starting to wonder.

pkrebaum
10th September 2008, 02:03
heck, anything under 5 bucks an ounce and I'll take out a 5,000 Oz. CRIMEX contract..... for immediate physical delivery. Then make 'em into 10 Oz. bars and wait a few months till the shortage blows Silver $ sky-high.

Kelly
10th September 2008, 09:56
To survive, lenders are rejecting loan applications like there’s no tomorrow — and killing sales at thousands of companies nationwide.
In response to the hammering they’re taking, U.S. banks are raising interest rates, pulling credit lines, and slashing credit limits for even well-heeled credit card customers.

I believe this is called a "contraction of money supply" by the economists. And by the way folks, this is PRECISELY what the Fed banks did to the money supply right before the Great Depression hit...