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Arrived: Recession (pg. 11)
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| DaveT |
| quote: | Originally posted by diskodave
Black monday tomorrow...
The dollar fell as low as 95.72 yen, its lowest point since August 1995, in morning trading in Tokyo before recovering to 96.76 yen in afternoon trading. The dollar finished in New York trading on Friday at 99.17 yen. It broke below 100 yen just last Thursday.
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WOW!!! When I went to Japan at the end of September, dollar was Y116. And I'm pretty darn sure that in Janauary it was still around Y114-Y116.
That's a nearly 20% drop in two months! And the Yen is crazy weak on its own....right now, it's virtual worth more than the dollar since when you go to Japan you pretty much see Y100 = $1.00US....Price of fast food, some other restaraunts, beef bowl houses, vending machines, convenient stores.....anyhow what I'm saying is that we usually just see it that way because the Yen was still a tad weaker than the dollar...and has been in a 102-130 area for years....if $1.00 go my about Y95 going into Japan my brain would instantly stop seeing it that way and pay closer attention to how much money I am actually spending...
I prob made no sense there...lol
when you go there you typically ex Y100 gets you nearly what $1.00US |
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| vxman |
| $2 :stongue: we could buy it |
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| ninetyninej |
Bear Stearns Cos Inc/The
Industry: Finance-Invest Bnkr/BrkrAdd Security to your Watch List
10:04 New York Currency: USD
Price3.729 Change-26.271 % Change-87.570 Bid3.640 Ask3.650 Open3.170
Volume47,892,124 High4.500 Low2.840 52-Week High159.36(04/25/07) 52-Week Low2.84(03/17/08) 1-Yr Return-97.422%
whoops, someone lost their ass. and i did watch that last week where bear told cnbc that 'rumors they had capital problems were ridiculous'
what i find so interesting about this is that since no one has any money left the fed is printing money out of thin air and providing that to the investment banks and securities firms to move forward. for instance jp morgan is going to buy bear stearns for $240 million but they have to use money provided by the fed to do it:
http://www.bloomberg.com/apps/news?...2JpM&refer=home
"In a further step, the Fed will provide up to $30 billion to JPMorgan Chase & Co. to help it finance the purchase of Bear Stearns Cos. after a run on Wall Street's fifth-largest securities firm. "
i wouldn't be surprised to see the euro-dollar to fall to $1.75 or worse by years end. |
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| diskodave |
| quote: | Originally posted by diskodave
Lehman Brothers is next in line... |
Lehman Brothers getting murdered in the market today... down over 45% so far, not a buyer in sight. They are releasing their earnings tomorrow, should be interesting.
EDIT: LEH CEO going to appear on CNBC and make annoucement that everything is fine and balance sheet remains strong. Hahaha. Just like Bear Stearns CEO did last week? :P |
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| gehzumteufel |
| when i first started at wells fargo on the mortgage side i was clueless about a lot of this. 6 months after being there i told some of my former coworkers, "the market is going to crash..and hard"..they ALL said they dont think so..sure enough just after i got laid off the market started taking a . now its even worse than it was then. its going exactly where i expected it. down the drain. hate to say it but i said this was going to happen almost 3 years ago. |
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| R!CH |
| quote: | Originally posted by ninetyninej
i wouldn't be surprised to see the euro-dollar to fall to $1.75 or worse by years end. |
some analysts are projecting the dollar will fall to 40.00 before the fed is done cutting rates
bear stearns @ $2/share... really makes you wonder what all the other massive investment banks are worth. |
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| gehzumteufel |
| quote: | Originally posted by R!CH
some analysts are projecting the dollar will fall to 40.00 before the fed is done cutting rates
bear stearns @ $2/share... really makes you wonder what all the other massive investment banks are worth. |
damn i really hope not. its getting pretty bad as it is. stupid bernanke needs to raise rates a lot. such an idiot. |
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| 72hrpartyanimal |
i spoke to someone yesterday who is now selling/shipping a lot of international orders b/c the dollar is so cheap...
how much do you think foreign purchases and an increase in tourism can help out market (especially when we get a new president)? |
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| gehzumteufel |
| quote: | Originally posted by 72hrpartyanimal
i spoke to someone yesterday who is now selling/shipping a lot of international orders b/c the dollar is so cheap...
how much do you think foreign purchases and an increase in tourism can help out market (especially when we get a new president)? |
the foreign travel industry will have a positive effect, but the amount will be quite small. the amount that the banks are having to write off is so massive that it wont do much. |
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| stefanoc |
| quote: | Originally posted by 72hrpartyanimal
i spoke to someone yesterday who is now selling/shipping a lot of international orders b/c the dollar is so cheap...
how much do you think foreign purchases and an increase in tourism can help out market (especially when we get a new president)? |
this will help the economy alot but definitely doesnt solve the problem. remember 60% of U.S. output is services so tourists will help alot but the problem is real estate (real assets) and financial assets. |
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| stefanoc |
| quote: | Originally posted by R!CH
some analysts are projecting the dollar will fall to 40.00 before the fed is done cutting rates
bear stearns @ $2/share... really makes you wonder what all the other massive investment banks are worth. |
thats posssible but HIGHLY unlikely, one in a million chance that will happen. so these analysts are suggesting a 4000% inflation rate before year end |
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| gehzumteufel |
| ok im unsure i understand something..what is the difference between a "write down" and a "write off" or are they one and the same? |
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