[Econ] Jim Rogers calls for abolishment of The Fed

[Taranatar]

Originally Posted by dak

Not a matter of Muslim, it's just being real about what is going on in the country my family has lived in for 7 generations.

Muslims are just familiar with the reality of the situation because we have been dropping bombs on their heads and overthrowing their governments to rape their resources for so long.

Every other country in the world when corrupt elements infiltrate the government to the core you get the military to state a coup, they got you so placated that you feel America is above it?

Luckily, all these freedoms that seem to have evaporated due to the patriot act and other 'rampant corruption' have yet to affect me, anyone I know, anyone they know, or for that fact anyone in this country, legal or illegal with the exception of maybe 150 people who should've gotten the shaft for doing something illegal in the first place.

That and comparing corruption in our government which at least attempts to pretend to play by the rules to one that gasses hundreds of thousands of people living within its borders is very silly.

[GrobbeeTrull2.0]

I wonder how Saddam would have gassed all of those Kurds had we not sold him the chemical weaponry.

[Soriak]

Keep the Patriot act and Iraq out of the econ thread guys

http://www.nytimes.com/2008/03/17/bu...rssnyt&emc=rss

"The Swiss bank UBS is considering cutting as many as 8,000 jobs to save costs, and will not rule out a possible split of its wealth management and investment banking business, a Swiss newspaper reported Sunday."

They really need to do this and so should every other bank. Banks need to be stable and low risk, which doesn't have to mean unprofitable: UBS' wealth management division posted a $15bn profit last year. If those two were not combined, I doubt we'd have that much of an economic problem right now. Liquidity certainly wouldn't be as much of a problem, as banks would still loan each other money.

Not only is the risk in wealth management much lower, but so are the bonuses. Which means even more $$$ for shareholders.


Btw: the markets here opened a couple hours ago and I already want to cry. Swiss Market Index is down 3.5% already.
Since I mentioned UBS: they're down 11%.

[Drauk]

Where is Khorum when you need him to save US economy ?

[rinthea]

It makes me happy. The sad part is I'm not going to get much sleep for the rest of this month. It must have been nice 100 years ago when the market stopped for the day, that was it. Damn globalization.

I dont think seperating banks would do much. A waste of time & money imo.

What I'd really love to see is fannie or freddy go down, and see the USD & FED fight that out. That would be something to behold. Thats about the worst case scenario imo. Either way, its becomming pretty obvious the sharp will get a super buying opportunity in the very near future. Only question is, how much lower.

Strong banks (they are ou there trust me! ) dont want to trade with others atm, so they can smash them, take them down and gain some market share.

[rinthea]

Splitting bank parts now, I'd be more inclined thats to flog shit off for cash, or because the rest of the bank wants to position itself so as not to be liable for fuck ups other parts have made. Not a good sign for ubs. Like rats leaving the sinking ship.

[Drauk]

Seems Lehman Brothers might soon follow Bears.

[Soriak]

Haha - whoops?

[Arbitrary]

Oooof.

At least the company didn't go bankrupt. It'll rebound eventually~

[Soriak]

Originally Posted by Arbitrary

Oooof.

At least the company didn't go bankrupt. It'll rebound eventually~

It's being bought out at that price, it can't rebound. Shareholders will get JP Morgan shares in exchange for the value of their stuff ($2/share).

A British billionaire bought $1bn worth of shares for over $100 - he lost $980m in less than a year. That's brutal

[Arbitrary]

Wow, I didn't think it worked that way. That's hideous.

[Stil]

Originally Posted by Soriak

It's being bought out at that price, it can't rebound. Shareholders will get JP Morgan shares in exchange for the value of their stuff ($2/share).

A British billionaire bought $1bn worth of shares for over $100 - he lost $980m in less than a year. That's brutal

Well we can't allow that... we should bail him out.

[Gauss]

I hate the house of cards that is our financial market. If someone makes one offhand comment on any media outlet the market responds dramatically. It's definitely a good time to invest in tangibles such as gold instead of watching your money slowly get eaten up in savings accounts.

[Khorum]

Originally Posted by Drauk

Where is Khorum when you need him to save US economy ?

I'll be your huckleberry. What you got, cunt?

[Eomer]

Haha - whoops?

lol, that's fucking awesome, and it reaffirms my belief that listening to any one person on economic/stock issues is a surefire way to lose a lot of money most of the time.

It's definitely a good time to invest in tangibles such as gold instead of watching your money slowly get eaten up in savings accounts.

No, now would be a terrible time to invest in gold. A few months ago would have been fantastic. Soriak I think posted a fantastic chart a page or two back that amusingly shows why. Maybe it was in another thread.

Your best bet is to make sure your investments, if you have any, are fairly well diversified and you don't go and panic every time the market takes a shit, because eventually you'll regain whatever was lost.

That billionaire is a fantastic example of what NOT to do, if that's even true (I kind of doubt it, but who knows). Why in the fuck would you sink that much money into a company that you'd have virtually zero control of?

Personally my money is split up between a Dow index fund, TSX index fund, NASDAQ fund (this one is really the suck right now, thankfully not much money in it) a Euro fund (not index, gotta sell that cause the MER is like 3%, fuckers), resource fund (better MER, but still thinking of selling), a Pacific Rim fund, emerging markets fund, and a South American fund. I'm getting thumped pretty bad by all of them, with the resource fund and the TSX fund at least staying even over the past few months. I'm so tempted to sell right now, because I don't think that things have gotten as bad as they will. But I really have no expertise on predicting this kind of thing, and look at how well Cramer did with his prediction, amirite? I think he's a tremendous jackass, but he's also made very good money in the past as a fund manager, and look at how fucking wrong he was.

So I sit, and wait. Thankfully all of the above investments are in an RRSP plan, so it's not like I need this money for oh, 30 years.