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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Friday, October 24, 2008

More bad news blah blah blah

I have plenty of good news in my personal life, but all around elsewhere its blah blah blah. I'm tired of reading doom and gloom. I am at the point I want the market to crash just so we can change the topic. Here is my roundup of earth moving developments....

GE going to fed to borrow money

There has been a conga line of banks and some insurance companies going to the fed to secure loans to prop up their business during the fiscal crunch they are experiencing.
But GE, a company regarded as "Secure" by most, must go to the FED to get a loan. One can assume they needed cash, and could not secure it elsewhere.
In other news, hot dog stands across the country go to the Fed discount window to bridge their financial gap.......

AIG says "90 billion" in loans is not enough. Nore is 122 billion. My spin, lets get it over with and give them 400 billion, why nickel and dime AIG? To make Fed lending more efficient, the fed should issue special fax machines to fax billion dollar notes on-demand.

GM suspends payments to 401K accounts. Wow, think about that, GM is so strapped for cash, it can't do 401K matching for the remaining employees. And to boot, they expect to cut workforce by 15% in 2009. My Spin: GM should ask car purchasers with a check box on the car form to donate 5 bucks to help GM employees soon to be layed off with their 401K fund.......

Wall Street to layoff 200,000 workers by the end of 2008. My Spin: In other news, Presidents and Vice Presidents on the same wallstreet firms get a bonus $100,000 per head laid off as cost savings in their annual bonus......and 10M bonus to those who volunteer to retire early.

Initial jobless claims rose to over 478,000. My Spin: Someone needs to improve their counting method, this published number is a joke.

US Treasuries seems to have a rampant occurrence where the bond is not delivered, resulting where people may have money listed as in Treasuries, but it's not backed by actual Treasury notes! Well, as people who have lives, this is getting ridiculous, who has the time and the will to double check if their brokerage/bank/investment company secured the funds with actual treasury notes?

US foreclosures up 71% in Q3. My spin: Lets all be thankful its not 80%, because that would be much worse!

I am loving every day that GDX goes down as a better buy. GDX is an index fund of gold miners. If it hits 15 bucks, its a steal.
I'll try to blog this weekend why I am turning into a gold bug. See my previous post.

Ready to go into a cave and wait this out, be prepared and buy some food here.
(image source)

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