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Lehman shakes world markets-'Black Monday'?

http://business.timesonline.co.uk/tol/business/industry_sect...

September 15, 2008
Analysis: 'Black Monday' threatens London
Martin Waller
September 15, 2008
When the history books come to be written, September 15 stands some chance of going down as Black Monday.

London woke up to discover that, overnight, two of the biggest pillars of Wall Street had either collapsed or passed into new ownership, the world’s largest insurer was forced into an emergency restructuring, and 10 banks put together an emergency fund to lend to any other ailing banks.

One Australian strategist likened the continuing crisis to Lord Voldemort, the evil character in the Harry Potter novels who keeps returning from the dead.

The immediate consequence of Lehman Brothers' bankruptcy and the sale of Merrill Lynch will be thousands of bankers out on the street. One New York observer estimated that 40 per cent of Merrill’s workforce, or 24,000 people, could be out of a job. The situation at Lehman will inevitably be much worse.

As the London market opened this morning, the 100-point fall forecast by one strategist could be regarded as a relatively benign outcome. The news from New York will severely dent what little remains of confidence in the banking system.

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http://www.reuters.com/article/newsOne/idUSN0927996520080915
Wall Street shaken by Lehman failure and Merrill sale

NEW YORK (Reuters) - Global financial markets were shaken to their core on Monday after Lehman Brothers filed for bankruptcy protection and Merrill Lynch agreed to be taken over as a deepening crisis took new, bigger victims.

The U.S. Federal Reserve also said for the first time it will accept stocks in exchange for cash loans and 10 of the world's top banks agreed to establish a $70 billion emergency fund, with any one of them able to tap up to a third of that.

On a black Sunday for Wall Street, frantic attempts to find a rescuer for Lehman failed, and troubled insurer American International Group asked the Fed for a lifeline, according to news reports.

But Bank of America agreed to buy Merrill Lynch in an all-stock deal worth $50 billion, seeking a bargain as the world's largest retail brokerage sought refuge from fears it could be the next victim. (more...)

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http://www.reuters.com/article/usDollarRpt/idUSLF72022420080915
US RATE FUTURES-Fed rate cut by Tues almost discounted

LONDON, Sept 15 (Reuters) - U.S. interest rates futures rallied on Monday to almost price in a quarter percentage point interest rate cut from the Federal Reserve at or before its policy meeting on Tuesday, as concerns over the stability of the banking system deepened. (more...)

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http://www.bloomberg.com/apps/news?pid=20601103&sid=a1YBIXwq...

U.S. Stock-Index Futures Tumble on Lehman; AIG, JPMorgan Fall

Sept. 15 (Bloomberg) -- U.S. stock-index futures tumbled after Lehman Brothers Holdings Inc. said it will file for bankruptcy, fueling speculation that turmoil in the credit markets may deepen.

Lehman, once the fourth-largest U.S. investment bank, plunged 82 percent in European trading after the company filed a Chapter 11 petition following the collapse of talks to buy it and as the U.S. government declined to fund a takeover of the crippled firm. American International Group Inc. lost about quarter of its value in Europe as it worked on plans to raise capital. Bank of America Corp. sank after agreeing to acquire Merrill Lynch & Co. for about $50 billion. Merrill shares soared.

Standard & Poor's 500 Index futures expiring in December retreated 40.60 points, or 3.2 percent, to 1,217.9 at 10:35 a.m. in London. Dow Jones Industrial Average futures plunged 315 to 11,135 and Nasdaq-100 Index futures sank 49.25 to 1,730.25.




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"The US dollar is now finished as the world's reserve currency"

http://mwcnews.net/content/view/25247/0/

"Bank of America, Barclays, Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Morgan Stanley, and UBS, said in a joint statement that they had agreed to create a "collateralised borrowing facility" of $70bn, with each bank contributing $7bn, to help ease access to credit."

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

UBS shares hit by speculation of new writedowns

http://www.reuters.com/article/rbssFinancialServicesAndRealE...

ZURICH (Reuters) - Shares in Swiss bank UBS AG took a new tumble on Monday, falling further than a hard-hit banking sector after reports it will have to write down another $5 billion on its risky investments in the second half of the year.

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

Sale of Goldman Sachs and Morgan Stanley Predicted - Soon

http://finance.yahoo.com/tech-ticker/article/56654/Crisis-on...

Crisis on Wall Street: Roubini Predicts Another 20 Percent Stock Drop, Sale of Goldman, Morgan

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

One Australian strategist

One Australian strategist likened the continuing crisis to Lord Voldemort, the evil character in the Harry Potter novels who keeps returning from the dead.

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Pffft. Not only does this guy not understand economics, he doesn't understand Harry Potter. Lord Voldemort never "returned from the dead", he ripped his soul into 7 peices by using murder and black magic in an attempt to live forever. He then hid the peices of his soul in by using even more black magic in items called horcruxes.

:)

You are witnessing the "stupid news" BUY BUY BUY

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"Those Who Strive For Excellence Refuse To Fear Mediocrity; They Eradicate It."

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Toronto's composite index is down 407.71 points

http://www.djnewsplus.com/al?rnd=aprnwPJ%2Bteb%2FqWP%2B8tohN...

DJ Toronto Stocks Lower: Composite Index Dn 3.2%
TORONTO -Dow Jones---Share prices are lower early Monday.

Toronto's composite index is down 407.71 points, or 3.2%, to 12,361.87 with declines ahead of advances by about 5 to 1.

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

it will drop 300 or more

by noon then the Plunge team will step in and it will end only 100 or so down.

I dont think you understand

I dont think you understand the amount of money that is being dealt with here. So single entity can mess with this.

Today is going to be the movement or stagnance of the entire banking industry.

understand this...Lehman - $640 BILLION in debt

http://www.marketwatch.com/news/story/lehman-files-bankruptcy-protection-historic/story.aspx?guid={50D06AF4-0AD5-4B38-8206-D4C8D6E62EC7}

The filing shows that Lehman is closing its doors with more than $600 billion of debt. The bank has total debts of $613 billion against total assets of $639 billion. Its filing with the Bankruptcy Court of the Southern District of New York shows that Lehman had more than 100,000 creditors.

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

Futures - Dow -290 points

x

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

French index

CAC minus 5.2%!!!!!!!!!!

http://www.votenader.org/blog/2008/09/10/statement-to-ron-pa...
http://www.flickr.com/photos/57925480@N00/2660779139/sizes/l/

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sometimes LL can suck & sometimes LL rocks!
http://www.dailypaul.com/203008/south-carolina-battle-of-cow...
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Oil Drops Below $95 on Financial Turmoil

http://biz.yahoo.com/rb/080915/markets_oil.html

Oil drops 7 percent on financial turmoil

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

they still haven't woken up... yet

One Australian strategist likened the continuing crisis to Lord Voldemort, the evil character in the Harry Potter novels who keeps returning from the dead.

And they say *we* are kooky?! No, you Keynesian fool, it's called REALITY.

Lord Voldemort. Good grief. Just read your Ron Paul, already. It's not that complicated, really.

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exactly right.. Ron Paul

exactly right.. Ron Paul called it... inflationary depression.. coming to a neighborhood near you in 2010!

yes gold and silver were

yes gold and silver were both up big in overnight markets.. as soon as the us markets open they get clobbered... but there is no manipulation... right!

Dow industrials: -356

Pre-market indications:
• Dow industrials: -356
• S&P: -48.3
• Nasdaq: -45.75

http://www.marketwatch.com/

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

Here's the link

To the NYSE circuit-breaker market protection rules for stopping plunges.

http://www.nyse.com/press/circuit_breakers.html

let's go for the 3600 / 30% drop...

it would make my retirement...

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

Fed moves to deal with financial crisis

http://biz.yahoo.com/ap/080915/fed_financial_crisis.html

Federal Reserve announces new efforts to shore up financial markets by expanding loan programs

WASHINGTON (AP) -- The Federal Reserve announced late Sunday several steps to cope with the worst credit crisis in decades, including broadening the types of assets that investment banks can put up to get emergency loans from the Fed.(more...)

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

Is that you christopher lol

Christopher Cox, the chairman of the Securities and Exchange Commission.

if that was me...

i'd be retired living in Cancun or something...heh

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

At what point (%) do they shut down the markets??

I may not know the truth, but I know when I'm being lied to...

I may not know the truth, but I know when I'm being lied to...

hmmm...good question...

in London they already suspended Lehman in their commodities trades...(posted below)

http://www.dailypaul.com/node/62096#comment-651705

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

Futures point to opening bloodbath-DOWN 300+

S&P 500 futures dropped 50 points to 1,208.50 and Nasdaq 100 futures fell 45.5 points to 1,734.00. Dow industrial futures dropped 365 points.

http://www.marketwatch.com/news/story/bruising-open-seen-us-stocks/story.aspx?guid={0C9D6D89-3813-40E3-B9AC-742DC21A108D}

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

Tomorrow too!

Not to mention that many Asian markets were closed today for holiday including China, so tomorrow should be interesting as well.
grant

lol thats right... china

lol thats right... china korea japan and maybe taiwan?

Lehman Brothers Suspended From London Commodity Trade

http://www.bloomberg.com/apps/news?pid=20601102&sid=ar4E.Us2...

UH-OH...didn't know Lehman was a BIG Commodities player....

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

Asian banking shares tumble after Lehman filing Macquarie loses

http://www.marketwatch.com/news/story/asian-banking-shares-tumble-after/story.aspx?guid={D7EA8064-1506-4E6D-B2CB-3F6B7326D8BD}

Asian banking shares tumble after Lehman filing Macquarie loses
HONG KONG (MarketWatch) -- The bombshell of Lehman Brothers' plan to file for Chapter 11 bankruptcy protection ripped across Asian markets Monday, pounding financial shares in Sydney, though some of the other major regional bourses delayed the hit due to holiday closures....
....Among the big movers, shares of Macquarie Group (AU:MQG: news, chart, profile) , Australia's largest investment bank, dropped 10.3% to A$39.46.

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.

i think the S&P 500 will be going below 1200 today...

if it does ... SEE YOU @ THE BOTTOM....

2Chronicles 7:14 If my people, which are called by my name, shall humble themselves, and pray, and seek my face, and turn from their wicked ways; then will I hear from heaven, and will forgive their sin, and will heal their land.