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I think the feds have started making the right moves.

by Kiddpeat / September 16, 2008 12:12 AM PDT
Lehman has been prominent for quite a while now in the financial turmoil. It seems that every time the market is reassured by federal authorities, Lehman has injected uncertainty back into the market. They have seemed to be insisting that they must be saved from the folly of their own decisions. Until they were saved, they seemed to say that they would act to disrupt the market. Thus, I think the decision to let them go under is a good one. It's time for these arrogant people to stop thinking that the taxpayer will bail out their stupid business deals. I think the market will do much better once Lehman is behind us. I also think that people need to stop thinking that they are too big to fail, and that they can act with impunity while accepting high risks.

It's a good start. Let's pray that future steps will be sound, and that responsibility is laid back in the laps of those taking the risks while pursuing higher profits.
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(NT) indeed... :-)
by grimgraphix / September 16, 2008 2:22 AM PDT
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Not so fast
by James Denison / September 16, 2008 1:46 PM PDT

As I expected, the Fed caved, secretly. They've lent JPM money to be lent to LEH. Trading in LEH was stopped today about 3:10pm and it's subsidiary issues too, and didn't resume even in afterhours trading. Reason was T2 code which means news dissemination. For those who discover the JPM back door for the Fed, and of course the Barclay's purchases of LEH divisions, I expect LEH to at least double tomorrow in price, but that's not saying much considering the depth of the fall.

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A funny thing happened on the way to the latest prediction.
by Kiddpeat / September 17, 2008 3:27 AM PDT
In reply to: Not so fast

Far from "saving" Lehman, Morgan itself is now in trouble. I see no reports of the fed moving to facilitate a Morgan takeover of Lehman. I don't even see reports of the fed saving Morgan itself. If Morgan had a secret tap to the fed, why aren't they using it?

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good night, fellow comrades.
by James Denison / September 17, 2008 1:31 AM PDT
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(NT) Isn't ''fellow comrades'' repetitively redundant?
by Dan McC / September 17, 2008 9:19 AM PDT
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Yes.
by James Denison / September 17, 2008 9:39 AM PDT

wry humor knows no bounds.

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Until...
by Willy / September 17, 2008 4:36 AM PDT

All those stock brokers and managers start diving out the windows to reflect just the stock they managed or handled or engaged, the bleak days aren't here yet. Just where is the govt' when all this going on? Why does it take these events to get so out of hand and now the public coffers are being raided. Something this bad should have bells going off somewhere. Is this another Enron, where they hid their problems or methods and started CYA all over the place? Why not seize property, etc. before they take off. Aren't these the same people giving out bonus and benefits that are beyond any reason and now they're failing.
off soapbox -----Willy Happy

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Actually, parts of the government were exactly where they
by Kiddpeat / September 17, 2008 4:45 AM PDT
In reply to: Until...
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How long does someone have to be in power
by JP Bill / September 17, 2008 4:54 AM PDT

before they take responsibility?

Or perhaps I should say

Before you think they should take responsibility?

Clinton has been gone for 8 years.

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good point. About 2-3 years.
by James Denison / September 17, 2008 9:09 AM PDT

That's how long it took Reagan to turn around Carter's mistakes. It's also what helped him get elected to another term and his legacy continued for years after he was gone.

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It depends what responsibility you are talking about.
by Kiddpeat / September 17, 2008 9:47 AM PDT

Some things build up over many years, and some things are more fixable by one person than they are by another. For example, if Clinton had recommended the mortgage reforms that Bush did, Congress might have enacted them. On the other hand, the national debt of the United States is unlikely to be significantly reduced by any single incumbent.

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RE:unlikely to be significantly reduced by
by JP Bill / September 17, 2008 10:08 AM PDT

unlikely to be significantly reduced by any single incumbent.

Unlikely? shows something different.

Whether they reduce it or not...accept responsibility

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Oh why?
by Willy / September 17, 2008 10:14 AM PDT

Seeing the PBS news tonight, some pros on the topic of economics say that the govt. action will cause others to take further risks since the govt. will come to rescue. They argue the business sector should allow the AIG failure to happen as Lehman's got brought pretty quick. That the AIG problem was due to 20-25% of their business not going well while the rest was in the black, so why the quick act buy the govt. They feel the govt. had to act as the domino effect would taken effect. Again, as I said in my earlier post, something this big should have been acted upon much earlier. This(pros) come off saying it was a huge regularly failure. What, they knew and no action was taken other than mention it. Just what these people paid to do, sit on their hands. -----Willy Happy

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