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nikoschopen
2,824 posts
msg #54289
Ignore nikoschopen
8/23/2007 1:56:34 AM

No doubt, Cramer is a force to be reckoned with. Whatever.

Previously, there was an article about the possibility that Warren Buffett might come knocking at the beleaguered company. I was a little bewildered then but now I feel outright irritated. Just because Buffett is interested in acquiring Countrywide, the concern over credit crunch that has pushed the market into a tailspin is no longer an issue? How idiotic can you get?

msummer2007
129 posts
msg #54291
Ignore msummer2007
8/23/2007 10:42:17 AM

Now I have heard everything. Mark Haynes of Cnbc, makes a statement, "what will the fed do if we retest the bottoms." It is expected that the feds will intervene.
I feel bad for traders making a living shorting, heaven forbid this market takes it's lumps like everyone else does.

heypa
283 posts
msg #54293
Ignore heypa
8/23/2007 11:55:21 AM

The non FED created this problem with extremely low interest rates. The so called mortgage raters were derelect in their doing their duty. The mortgage companies werw allowed to become overly creative in writing loans.Where was responsible government oversight? The people taking out loans were not knowlegable enough financially and took unwarrented risks and the media was also culpable.This problem was not a surprise and neither was the last savings and loan problem.

nikoschopen
2,824 posts
msg #54295
Ignore nikoschopen
8/23/2007 12:55:02 PM

Did Marc Haynes say what the Fed will do once we retest the low only to break below and go lower? And lower, and still lower? Not that it will ever happen, but to assume that it's a no-brainer for the Fed to come to investor's rescue just because the low was retested or taken out is a fallacy in my mind.

That's what sets the difference between the bulls and the bears. We bears don't expect a "free lunch" from anyone, even in times when the market is irrationally exuberant. As for the bulls, they make up the most puerile, if not idiotic, reasons (like Buffett might buy Countrywide) in the hopes of enticing the naive among us to go long.

msummer2007
129 posts
msg #54296
Ignore msummer2007
8/23/2007 2:11:28 PM

I notice CFC is being sold down strongly. Gapped in the morning, was the perfect escape for people who were long already. Who knows which way this will go, but I see more downside coming. I heard on CNBC 87,000 jobs lost year to date in the financial sector. I wonder what these people are going to do now to replace decent paying jobs. This should eventually add more homes for sale in the near future.

petrolpeter
439 posts
msg #54297
Ignore petrolpeter
modified
8/23/2007 2:17:42 PM

Go down and buy a $400,000 home with the walking change in your pocket!Go shopping and sign up for 30 credit cards in less than an hour!C-mon,whats the problem?It took me careful planning to pay off our home to be debt free and then this comes along? They deserve to loose it just as fast as they got it!

msummer2007
129 posts
msg #54298
Ignore msummer2007
modified
8/23/2007 2:32:44 PM

Petrol (LOL) You are absolutely correct, it is far to easy to get credit. My mailbox is inundated with credit card offers. So who is to blame, the consumer or the credit card companies? Good for you being debt free, nice way to live, great peace of mind. I believe in America there are 2 ways to live, #1 totally debt free, #2 totally leveraged to the hilt. Doesn't make sense to be in the middle. You lose your job, or huge medical expenses you stand to lose it all. I am in the middle, and it is definitely not the right financial place to be.

nikoschopen
2,824 posts
msg #54299
Ignore nikoschopen
8/23/2007 3:12:26 PM

CFC is getting pounded because the Countrywide CEO, Angelo Mozilo, made a Freudian slip by saying that the housing slump is far from over and it could lead to a recession. However, what he sez is largely true, for all those people thrown out from these lenders must now tighten their belt and the repercussion hasn't even made its first round.

retired
28 posts
msg #54302
Ignore retired
8/23/2007 5:21:32 PM

I'm wondering what all this has to do with buying low and selling higher day by day?

Retired

msummer2007
129 posts
msg #54306
Ignore msummer2007
modified
8/23/2007 8:42:31 PM

In the real estate market today, it is bought high and sell low, lower, lowest day by day!!! LOL At least in the slot market you can sell, not so in the housing market. So anytime you take a loss selling a stock be thankful you don't have a house to sell.

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