What is Digg?119 Comments
- inactive, on 03/17/2008, -4/+41This company has always worked in the margin of legality. They got themselves into this mess with their eyes open. We should not use money that future taxpayers must repay to bail out these crooks. Let it die.
http://digg.com/business_finance/Bear_Stearns_Shou ...
Hopefully the rest of the overextended banks will quit the drugs and find some cash.
Don´t make the taxpayer bail out the rich - Rotzooi, on 03/17/2008, -3/+36600 US? What's that, like $27 Canadian?
- inactive, on 03/17/2008, -3/+32$600 will go to gas costs. it is the most useless plan ever.
- wooFmeoWoinK, on 03/17/2008, -2/+28"GET BACK IN THERE AND SELL SELL SELL!" -Mortimer Duke.
- inactive, on 03/17/2008, -3/+24We have a public school system that doesn't teach people how to think. Then we brainwash them for five or six hours every day with the TV set telling them about "easy credit" - "get it today!" The same outfits that organize the advertising (brainwashing) then use lobbyists to suborn the Congress into repealing laws that protect dumb Americans from getting themselves into trouble. Our schools and culture teach people that they are NOT responsible for what happens to them. You can't just let people be brainwashed by the banks, lose all of their money and take on debt that they will never be able to pay off at the same time that we bail out the banks that did the brainwashing. We have to have some morality TomK88
Let the banks crash. They knew exactly what they were doing - edstate, on 03/17/2008, -7/+27Thank you Bear Sterns. Thanks a ***** of a lot, you hideously greedy doucheturds. I hope you get your dicks dipped in acid.
- scaaven2, on 03/17/2008, -13/+30where is the ***** government when people are losing their homes because of these *****? What, $600 stimulus plan? yeah that will fix everything. both sides of the aisle are a bunch of douche bags for not letting these guys sweat it out like everyone else.
- Awspire, on 03/17/2008, -2/+16Stiffen the lending guidelines and the people cry unfair practice. Loosen it, and everyone wants their hand held when they foolishly blow their cash.
Don't blame the schools, you want Big Gov to do everything?! I blame the parents for spoiling their children, and not preparing them for the real world. - Rotzooi, on 03/17/2008, -2/+14Those future taxpayers don't have a dime spend on this; they'll be paying off 8 years of King George for generations to come.
- Bagos1, on 03/17/2008, -2/+12And who is next? The Fed can't bail them all out, so why do these clowns get the money. There is more to this than we see.
- TomK88, on 03/17/2008, -5/+15How are people losing their homes because of the banks? It's not the banks fault they can't pay their mortgages. Sure, the bank gave them too much credit, but it's every individuals responsibility to make smart financial decisions. Just because somebody is willing to loan you $300,000 when you only make $20,000 a year doesn't mean you should take them up on the offer.
- inactive, on 03/17/2008, -3/+12And when it doesn't,m will you be man enough to come back here and admit you were wrong?
Because I sure as ***** am going to watch your comment history and remind you until you DO have the integrity to admit it. - Look4Truth, on 03/17/2008, -3/+11Foreign Markets tanking:
http://finance.yahoo.com/intlindices?e=asia
Dollar Crashing, Gold and Silver flying:
http://www.goldseek.com/
Things aren't looking good! Watch out for bank runs! - tange1, on 03/17/2008, -1/+8Wonder what this is going to do to bond prices?
- chillmandan, on 03/17/2008, -0/+6Since when is a recession the end of the world. I'm sorry but until I see people lining up for bread, I'm not going to over react. This happens about once very seven years, get used to it.
- Player1, on 03/17/2008, -4/+10Isn't this how the depression began?
- felman87, on 03/17/2008, -1/+7letting the banks crash would have catestrophic effects world-wide. It could lead to a global depression. Chain reactions have devastating effects on globalized markets
- Selucresh, on 03/17/2008, -0/+6This isn't about bailing the rich out. This is about the Fed preventing a depression like bank crisis, which WOULD have been prevented under the current system. I'm no fan of the Fed, but this is the right move.
- GRANDPAMUNSTER, on 06/11/2009, -2/+8The economy is tanking, oil prices are through the roof, and all weekend all I heard on the corporate news networks was about Obama and his pastor. Thanks CNN,MSNBC & FOX NEWS for keeping us distracted with ***** news.
- oldgal, on 03/17/2008, -1/+7I would how much money Sr. Mgmt. at Bear Stearns will walk away with at the end of the day. Or how much they made last year, getting themselves into this mess?
- redfox2600, on 03/17/2008, -0/+6From the way things are going probably $6 CAD by we get our checks.
- scaaven2, on 03/17/2008, -7/+12digg me down? why dont you go back to voting for hillary.
- MikeHarpe, on 03/17/2008, -9/+14Tomorrow is gonna be a real bad day. The market won't make it through the day. It will be shutdown because of the circuit breakers in the first two hours...
- junk, on 03/17/2008, -0/+5Goldman's stayed away from this mess and was issuing warnings about how stupid it was almost from the start.
- dattaway, on 03/17/2008, -0/+5Long time ago we used to have leaders who ran the country. They motivated responsible behavior. And our cities flourished. Now we have a series of leaders who believe a "trickle down" economy will work better as our wealth gets pissed away and exported into a global economy.
- inactive, on 03/17/2008, -1/+6Ouch
- inactive, on 03/17/2008, -0/+5Sidebar: Remember that JP Morgan Chase is heavily invested in PetroChina, and thereby helps fund the Darfur Genocide.
- inactive, on 03/17/2008, -1/+6What are they going to pay you when you sue them when their $60 shares are only worth $2? Think man, think.
- bazzz, on 03/17/2008, -3/+8Next: Lehman Brothers, Morgan Stanley and take a *good* look at Goldman Sachs and Citi. The dollar is devaluating at a pace never seen before and the FED is printing money. This ship will sink.
- mciampa1214, on 03/17/2008, -0/+5Considering the Glass-Steagall Act was repealed in 1999 under Clinton's administration I don't know how well that case will hold up. Good attempt though.
- RedStateRetard, on 03/17/2008, -0/+5BOOYAAH!
The Cramer Contrarian Fund* wins again
http://www.thestreet.com/_tscwrap/funds/stoptradin ...
The Cramer Contrarian Fund, is a fund that uses the exact OPPOSITE advice that Jim Cramer gives on his TV show. - ramilehti, on 03/17/2008, -2/+6This is old news.
Bear Stearns has been bought by JP Morgan at $2 a share when closed at $30 a share.
AND the Fed is taking on its bad collateral if(when) it should fail miserably. - inactive, on 03/17/2008, -1/+5*****...don't blame the school system for idiots borrowing far more money than they can afford. The school system teaches people not to be that stupid. I know it is fashionable on digg to whine like the little bitch that your mother raised you to be about all things American, but you sound like a ***** idiot by suggesting this is the public school systems problem.
- bigdsinferno, on 03/17/2008, -0/+4agreed. it's sad that they can badmouth these companies and wish for their BK's when neglecting to consider the thousands of ethical workers that will be laid off. i guess you can't be bothered with these facts when mommy is fronting the bill.
- EPICFAILURE, on 03/17/2008, -1/+5Don't you know that true financial brainiacs live with their mothers?
- craighoxton, on 03/17/2008, -0/+4"SWITCH THOSE MACHINES BACK ON!"
- inactive, on 03/17/2008, -0/+4I wouldn't reimburse either the lenders or the borrowers, but just watch as the lenders all get bailed out
- heystoopid, on 03/17/2008, -4/+7Let them fail , and then sue all bank directors and audit accountants , stock investment brokers and every other wanker involved up to their fake hair pieces for every last cent they own to compensate the former account holders loss of credit funds as a lesson to all banks for failing to adhere to the Glass-Steagall Act 1933 !
Question is , why should the taxpayers guarantee the multi million dollar credit balances in full when at best if a bank fails they are entitled to a maximum claim not to exceed one hundred thousand dollars ! - mciampa1214, on 03/17/2008, -0/+3Getting bought for $2 a share, which is what happened in this case, isn't exactly 'getting bailed out'...
- Look4Truth, on 03/17/2008, -0/+3Hahaha, thanks for that I needed a laugh. =)
- guardianzero, on 03/17/2008, -1/+4http://money.cnn.com/2008/03/16/news/companies/jpm ...
So what happens now? - inactive, on 03/17/2008, -0/+3Tell me something...do you HONESTLY think that you are going to get even ONE person to enter in a real cell phone number for you to spam with text messages before you get banned from Digg?
- m0neybags, on 03/17/2008, -1/+4Not exactly. Bear Stearns is not in the same class as Goldman or Lehman. Money doesn't disappear, it just changes hands to the other banks you mentioned.
- BrandonMills, on 03/17/2008, -0/+3lol. Digg commenters coming back and admitting they were wrong. That's a good one. You should go on tour. ;)
- ColonelJessup, on 03/17/2008, -4/+7Here we go again the the digg.com Wall Street/economic/banking system/financial geniuses.......................................................................................
- ccdigg1, on 03/17/2008, -0/+3So..the sky was not falling and the markets will make it through the day..where is our resident fear-monger?
- crazydiode, on 03/17/2008, -0/+3Indian Stock Market crashed by about 900+ points. If the US has another really bad Monday, which it looks like it is going to be, Asian markets will have a nightmarish Tuesday.
- VitriolAndAngst, on 03/17/2008, -1/+4Wow, you mean that we "the tax payer" are going to get to keep all those bundled predatory loans the Banks used as collateral on that $200 Billion already? I guess waiting for the farce to look legitimate is no longer required. Merely compliance with the demands of the business elite.
Here is irony for you. More details about the Bear Sterns story AND the Eliot Spitzer scandal, labeled as a distraction from doing the right thing for markets; http://emac.blogs.foxbusiness.com/ (both on the same page today, direct links; http://emac.blogs.foxbusiness.com/2008/03/11/the-s ... and here; http://emac.blogs.foxbusiness.com/2008/03/16/bear- ... ) -- well, sure. Spitzer had the temerity to go after the Bond Ratings corporations like Moody's and such -- for fraud. What, Bear Sterns collapse is a complete surprise -- unless of course, the ratings companies have been hiding something more than expensive hookers under the sheets. So, perhaps if the ratings organizations were doing their job -- investors wouldn't be caught holding the bag. But, yeah, we are ALL distracted by the only guy in Washington paying for a happy ending. It seems everyone like you and me is paying for a bad ending -- that is the MORAL thing, right?
This may seem off topic, but it isn't. Since 2000, it has all been about looting America for Big Oil, Big Banking, and Big Pharma. The Oil men and the Banksters have the foresight to get out of the US banks before the collapse... I'm sure Job #1 at the White House is the Plunge Protection Team (henceforth to be known as; "keep the lights on at the bank until a Democrat steps into it"), and shredding any and all documents that this administration has. What Bush administration? Future media quote; "LOL -- what a conspiracy theory, Liberals, there is no record of a Bush Administration."
Here is another coincidence -- for the luckiest family in America. The Bush's were due to pay back Billions on 9/12/2001 -- IF the evidence of the crime weren't covered by thousands of tons of rubble. Investigations into ENRON, Haliburton and Carylse group -- all familiar business buddies of this first family were also impeded -- well, basically destroyed. That's a tri-fecta of luck there folks. And Silverstein, got out of perhaps $2 Billion in what it would cost to fix the Asbestos problem at the WTC. Let's see, he took over the lease for something like $175 Million. Doubled his insurance for terrorist acts in July. The got something like $9 Billion in settlement from the insurance companies -- also, and extremely lucky man. He almost got paid on two incidents, but apparently, an hour separation on the plane strikes still counts as one incident. Almost got the tri-fecta on that one.
http://portland.indymedia.org/en/2005/09/324172.sh ...
George H. W. Bush, $240 billion in Brady Bonds, 9-11, and Cantor Fitzgerald's destruction: COUNTERFEIT debt instruments INVOLVING FRAUD IN THE U.S. BANKING SYSTEM were due the day after the 9.11 attacks. The $240 billion in stolen currency--which may lead to trillions of U.S. banking fraud--was obtained resulting from George H. W. Bush's presidential abuse of power in cahoots with other federal unpunished criminals like Bush Sr's ex-Treasury Sec. Nicholas Brady and Bush Sr's ex-Sec. of State James Baker III. The George H. W. Bush $240 billion fraud of 1991 was never repaid since the ten-year Brady bonds involved in the fraud transaction--purchased before September 13, 1991 using fraudulent collateral, faked signatures, and gold bullion as security--came due on September 12, 2001, the day after the 9.11 attacks. Allegedly, they were underwritten and held by the trustee, Cantor-Fitzgerald bond brokerage firm, whose offices on floors 101-105 in the North Tower of the World Trade Center (WTC) were destroyed on 9.11 along with the Brady bond evidence. No requirements to pay them back, and it covers up another Bush family financial crime and sizable legal debt and a global terrorism network.
You can call this tin-foi-hat or whatever. It may or may not be true. So far, I haven't seen evidence to doubt that the Bush family is at least corrupt, and benefitted from 9/11 -- in more than one way. This is basically the "Global Warming" question; To act as if there was GW and 9/11 was an inside job, has nothing but an up side. The Bush government is corrupt and dangerous, and pollution is killing our oceans whether or not the ice caps melt. The down side is, that we will drastically have to adapt to a changing world if there is Global Warming, and if the Bush family would stop at nothing to meet their goals -- we are in for another war.
OK, put that in your head, and with 20/20 hind sight. Think about the implications that Cheney has flown to Iraq, after General Fallon resigned. Yes, I know, every few months, we on the left scream; "The sky is falling" -- but without us screaming that, it probably would have by now. Think how much these guys need a war with Iran, so that we can all "put aside our Constitution" until the imminent danger is over.
If the stock market and dollar fail -- they are going to need a bigger distraction than someone getting a happy ending. A war with Iran, a stock market crash, and the willfully gullible media are all a part of this dangerous, perfect storm. - loquax, on 03/17/2008, -1/+4I would agree, but if you look at a large number of county governments as well as school systems across the nation, you will find many of them facing financial problems not too dissimilar from the American people (i.e. overextended in credit and cannot pay off debt).
My hometown, Birmingham Alabama and its county government, Jefferson County, are both about to be declared bankrupt due to malfeasance and overspending.
The American government, through its actions and the actions of its representatives, has taught Americans to spend, spend, spend. Our economy has become addicted to credit, and these banks (many of whom have charged credit card rates bordering on usury) have raped the American economy.
The financial industry has been behind every major bubble in our economy in the past 50 years. It is now their time to get whats coming to them. I'd prefer to see them charged criminally when possible and given the same kind of time that a thief would be. - craighoxton, on 03/17/2008, -1/+4"Well, your money's in Joe's house...and in the Kennedy House, and Mrs. Macklin's house, and, and a hundred others."
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