Lehman likely to follow Bear Stearns into the grave-Ken Rogoff
Maverick
equitycollector
Aug 21, 2008
http://groups.google.co.in/group/equitycollector/
browse_thread/thread/aa1c6d39f9d09706?hl=en
Yesterday, Kenneth S. Rogoff jumped on the bandwagon, warning that not ONLY will we see many mid-sized banks go belly-up in the months ahead; we’re about to see one of the biggest banks or investment banks in the nation crash and burn!
Rogoff, former Fed governor and Chief Economist of the International Monetary Fund and currently professor of economics at Harvard University, went even farther; warning that and I quote ...
"Fannie Mae and Freddie Mac are not going to exist in their present form in a few years."
As if to validate Mr. Rogoff’s warning, financial stocks plummeted AGAIN yesterday. Lehman cratered a staggering 13% in a single session and Morgan Stanley, Merrill Lynch, Citigroup and Bank of America plunged in tandem.
And late yesterday, Goldman Sachs slashed its third-quarter forecasts on most Wall Street banks, pushing financials even lower after hours.
Lehman Brothers is on life support: In the second quarter, Lehman lost $2.8 billion, mostly in residential real estate investments.
Now, JPMorgan Chase says the firm may have to write-down $4 billion in assets in the third quarter to cover mounting losses from bad bets made in the mortgage market.
Bank of America is suffering huge loan losses: When BofA bought Countrywide, it was thought that the big bank would save the subprime lender from failure. Now, it’s looking more like Countrywide could bring Bank of America to its knees.
American International Group America’s largest insurer is on the ropes: AIG plunged 5.9% yesterday after Goldman Sachs warned that the company may have to pay $20 billion on credit-default swaps, suffer ratings-downgrades on its debt and have to raise capital on a "large scale."
CapitalOne is headed for disaster: Just this Monday, shares of Capital One Financial plunged nearly 5% after the credit card lender released data showing loan losses in its auto finance and international divisions are soaring.
Internet Censorship Alert
Internet Censorship Alert: Alex Jones exposes agenda to 'blacklist' dissenting sites (March 14, 2010)
As I predicted, the Obama Administration is trying to shut down the Internet - at least the parts he doesn't like. Barack Obamas regulatory czar, Cass Sunstein has stated that he wants to ban conspiracy theories from the internet. Think about what this means - Every video, every website, every blog, every email, that exposes or just criticizes the government for any reason whatsoever could be labeled a "conspiracy" and taken down. Your home could be raided in the middle of the night, and you could be carted of to jail for criticizing the government. All they have to do is call it a "conspiracy theory".
http://www.youtube.com/watch?v=aqAWmBLFodE
Saturday, August 23, 2008
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