Citibank May Be Nationalized Overnight

[roadwarrior]

CITI has fallen below $3 per share today. State Street dropped more

than 50% and Bank America has touched an all-time low. The banks

have fallen dramatically since the "bailout". It appears the worst is still

to come.

[Siebert Outdoors]

Citibank May Be Nationalized Overnight

Would it stay Nationalized?

[roadwarrior]

Re-organized, liquidated, operating units sold or the entire company

merged with another bank.  

[Siebert Outdoors]

Ok.  If it happens I wonder if Bank of America will get part of it.

You think all those people would lose their jobs?

[roadwarrior]

Bank America's stock hit an all-time low today, too. They may have

an additional $80 billion in undisclosed losses from their Merill Lynch

acquisition. Wells Fargo, JP Morgan and State Street, all-time lows.

There are no white knights.

[tallydude]

I have a saying that I like to use sometimes that goes, "Sometimes it's a rough flight to paradise." Seems to be appropriate here.

[BassChaser57]

Hi RW,

Always heard the market rises on faith (read Greed) and falls on fear. What caused the market to tank on the Inaguration Day?

I have an enquiring mind?

[burleytog]

I have a saying that I like to use sometimes that goes, "Sometimes it's a rough flight to paradise." Seems to be appropriate here.

Paradise indeed.

[roadwarrior]

The market did not collapse because of the inauguration.

It's all about the impending collapse of the banking system.

Worldwide, the banks are insolvent. Governments may bail

them out, but the system is upside down. Your local bank

may be solid, but the big banks that have run the world's

economies are toast.

>

[BassChaser57]

The market did not collapse because of the inauguration.

It's all about the impending collapse of the banking system.

Worldwide, the banks are insolvent. Governments may bail

them out, but the system is upside down. Your local bank

may be solid, but the big banks that have run the world's

economies are toast.

>

What timeline do you see for the bank problems to hit bottom?

[fathom]

The market did not collapse because of the inauguration.

It's all about the impending collapse of the banking system.

Worldwide, the banks are insolvent. Governments may bail

them out, but the system is upside down. Your local bank

may be solid, but the big banks that have run the world's

economies are toast.

>

What timeline do you see for the bank problems to hit bottom?

robbing peter to pay paul is never a good thing.

robbing peter to pay peter is worse.

as bette davis once said, "hang on, folks, cause i think we're in for a bumpy ride."

[Tokyo Tony]

Hank Paulson needs to be in jail.

Don't you think the fact that the new Pres didn't specifically say how his administration is going to tackle this had any effect on the market? It was the single biggest inauguration day drop in the market, ever...coincidence? I think the fear is that B.O.'s squad is gonna try to tax-and-spend their way out of this - business as usual.

Regardless, this is a pretty scary time for sure.

[done]

Scary indeed. The wors part is the uncertainty. It breeds fear in the market and feeds back into the mayhem. Nobody can say how far it is going to go. Or how much it is going to take before it just collapses.

I do know this. At a family party a couple weeks ago we had roughly 15 folks over the age of 18. 2 were already out of work, 8 were in serious concern over whether they would have work in a couple months. Of the rest of us, I am the only one still getting bonuses and raises and having a real good employment outlook (for now) but if this continues it is only a matter of time.

[drmnbig]

It's hitting everywhere now.  I work in the public school system and our county is facing a 4.7 million dollar shortfall.  I never dreamed it would happen with this job but I'm betting there may be some support staff that gets cut or at least laid off for a short amount of time.  

I also just found out yesterday that the job at the jail that I was getting has been pushed back again.  They put an emergency freeze on hiring and my start date of Feb. 1st has now been pushed back to May 1st.  >

[Fisher of Men]

It's hitting everywhere now. I work in the public school system and our county is facing a 4.7 million dollar shortfall. I never dreamed it would happen with this job but I'm betting there may be some support staff that gets cut or at least laid off for a short amount of time.

I also just found out yesterday that the job at the jail that I was getting has been pushed back again. They put an emergency freeze on hiring and my start date of Feb. 1st has now been pushed back to May 1st. >

You know, another teacher and I had the same conversation yesterday.   Initially, I thought being a teacher was safe for there are always plenty of undeducated kids.  However, manufacturing lay-offs are starting to hit big around here.  When those people can't pay their tax bills, our school budget will be hit hard.  Hopefully, 8 years in the district would help.  There are alot of 5 year and less teachers in our district.   :-/

[tyrius.]

And as further evidence that the markets are now completely irrational the S&P 500 gained back nearly everything that it lost yesterday.  Down over 4% one day and the next day back up over 4%.  Based upon nothing substantial.

[BassChaser57]

And as further evidence that the markets are now completely irrational the S&P 500 gained back nearly everything that it lost yesterday. Down over 4% one day and the next day back up over 4%. Based upon nothing substantial.

Wall street traders remind me of my dogs. One starts barking, the rest start barking and none have a clue what they are barking at, just following the pack.