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      09-28-2008, 09:01 PM   #1
T Bone
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Anyone affected by the Wall Street meltdown?

Tell us your story.
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      09-28-2008, 09:49 PM   #2
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Yeah I was affected: I shorted Lehman Bros and made $1.4 billion overnight...
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      09-28-2008, 09:53 PM   #3
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The whole friggin' world has been affected.
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      09-28-2008, 10:05 PM   #4
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where did u hear that the max is 700B at a time?
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      09-28-2008, 10:48 PM   #5
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Quote:
Originally Posted by cars4lyfe View Post
Really soon everyone'll be directly affected. At the very least, the dollar is going to tank which is going to signifigantly decrease our buying power, which means everything'll get more expensive. The sad part is that this may not be the last time they ask for $700 billion. The reason is that requests cannot be for more than $700 billion at a time. Therefore, the fact that they asked for all $700 billion leads me to believe that they will ask for more pretty soon. IMO they are purposely trying to tank the dollar.
Agreed. I think we are about to enter a period of rapid Deflation, specifically in the US..due to the declining value of assets as well as the contraction of available credit to purchase (mortgages, loans...i.e.) If you look over the long term going back through history, relatively speaking, the US dollar has lost 95% of its purchasing power, and will only continue to deteriorate with the infusion of a 700B bailout package. Those wonderful gentlemen in washington need to wake up and realize the severity of the situation, then again it might be too late. Invest in gold and other hard assets....hard assets never change value, only the currency they are denominated in does.
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      09-28-2008, 11:22 PM   #6
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no more stated loans. They are some banks that will do them but very few and they won't do everything...
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      09-29-2008, 06:47 AM   #7
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I expect my year end bonus to be effected so I'll probably take a 20-30% pay cut from last year, but the bank I work for is solvent and I expect to have a job for the foreseeable future so its not as bad as it could be.
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      09-29-2008, 07:16 AM   #8
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No more $30k bonuses for i-bankers making $80k.
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      09-29-2008, 09:00 AM   #9
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Quote:
Originally Posted by mpimping View Post
no more stated loans. They are some banks that will do them but very few and they won't do everything...
What is a "stated" loan?
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      09-29-2008, 09:08 AM   #10
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Quote:
Originally Posted by Couch View Post
What is a "stated" loan?
Stated Loans are basically a mortgage where the issuer (lender) does not take the steps to verify the borrower's level of income. That is to say, they only require the borrower to "state" their income, and take it as their word. So before all of the turmoil in the housing market, anyone could have gotten a mortgage (poor lending standards) which led to the huge meltdown.
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      09-29-2008, 09:19 AM   #11
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Quote:
Originally Posted by MJC///M3 View Post
Stated Loans are basically a mortgage where the issuer (lender) does not take the steps to verify the borrower's level of income. That is to say, they only require the borrower to "state" their income, and take it as their word. So before all of the turmoil in the housing market, anyone could have gotten a mortgage (poor lending standards) which led to the huge meltdown.
Alright, I thought that's what it was. Just always seen/heard it referred using "stated income" loan, instead of just "stated". Got confused.
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      09-29-2008, 09:22 AM   #12
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Quote:
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Alright, I thought that's what it was. Just always seen/heard it referred using "stated income" loan, instead of just "stated". Got confused.
no your right, the two names are interchangeable. They refer to basically the same type of loan.
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      09-29-2008, 09:28 AM   #13
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Originally Posted by MJC///M3 View Post
no your right, the two names are interchangeable. They refer to basically the same type of loan.
also known as a "liar loan"
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      09-29-2008, 10:35 AM   #14
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Quote:
Originally Posted by jaiman View Post
also known as a "liar loan"
very good.

Since the money system is global it affects the whole world.

Oil valued in dollars, weaker dollar, more expensive oil for everyone.
Weaker dollar does mean USA exports more competitvely priced abroad which should lead to some kind of receovery as exports increased.
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      09-29-2008, 11:42 AM   #15
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You may always consider hedging your open positions with Proshare ultrashort funds. Naked short positions have been temp. unavailable. Try to look at the market more objectively and uncertain conditions should clear up. Due to recent volatility, I have been market neutral, and not expecting trending conditions to last. What has change for me is either trade mostly intraday or withstand wide ranging moves for longer term holdings. I'm positioned in both. Ouchy on the longer term so far.
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      09-29-2008, 11:42 AM   #16
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Jaiman, glad to hear your bank is still solvent. Are there stricter regulations in Canada regarding debt / asset ratios / solvency?


Also, anyone try to get a loan recently??
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      09-29-2008, 12:36 PM   #17
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Quote:
Originally Posted by T Bone View Post
Jaiman, glad to hear your bank is still solvent. Are there stricter regulations in Canada regarding debt / asset ratios / solvency?


Also, anyone try to get a loan recently??
Not too sure on the regulatory differences between Canada and the US, but the Canadian banks, for the most part, didn't hold as much subprime paper. And in general Canadian banks were more cautious with their mortgage lending. Yes, you could get a 0 down 40 year amortization loan, but you had to prove your income to qualify, and we didn't have the ARM or interest only loans.

I'm also in the process of mortgage shopping and so far, beyond the elimination of the 0 down and the max 35 year amortization, I havenít noticed any real difference.
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      09-29-2008, 02:58 PM   #18
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Quote:
Originally Posted by iatacs19 View Post
No more $30k bonuses for i-bankers making $80k.
We will see about that
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      09-29-2008, 03:21 PM   #19
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No more $30k bonuses for i-bankers making $80k.
You mean i banking analyst right?

The low end of the totem pole probably won't be affected that badly, if they keep their jobs. The managing directors will probably have a very rough time.
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      09-29-2008, 03:24 PM   #20
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Quote:
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You mean i banking analyst right?

The low end of the totem pole probably won't be affected that badly, if they keep their jobs. The managing directors will probably have a very rough time.
agreed...lower level employees wont see as a significant cut (percentage wise) in their bonuses.
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      09-29-2008, 03:33 PM   #21
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The Analyst and Associates should be fine. The MD's, well, thats a different story. Hope I still get my bonus, I need it for Xmax presents
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      09-29-2008, 03:35 PM   #22
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I think my bonus is toast and I don't want to review mine or my wife's brokerage statements.

There's a lot of people will find it hard to get credit - even Bimmer buyers. CEO of AN said they were turning away 15-20% of deals due to tightening standards - and we haven't even peaked on delinquencies for this cycle.
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