Market today

[GPK]

Someone help me out here please.

Any indication as to why Merrill Lynch was traded so heavily...especially in the early part of the day?

[Antitrust32]

Originally Posted by GPK

Someone help me out here please.

Any indication as to why Merrill Lynch was traded so heavily...especially in the early part of the day?

Bank of America is supposedly buying Merrill Lynch from what I heard from the rumor mill.

[GPK]

Originally Posted by Antitrust32

Bank of America is supposedly buying Merrill Lynch from what I heard from the rumor mill.

I thought they were rumored to be buying someone else?

[GPK]

Originally Posted by GPK

I thought they were rumored to be buying someone else?

I'm just an idiot...It was Merrill they bought. No sure why I was thinking it was someone else

[Antitrust32]

Originally Posted by GPK

I'm just an idiot...It was Merrill they bought. No sure why I was thinking it was someone else

its all good Go Eagles!

[timmgirvan]

Originally Posted by GPK

I'm just an idiot...It was Merrill they bought. No sure why I was thinking it was someone else

not an idiot...with everything flying around..rumors and whatnot..you really can't keep up with all.

[dalakhani]

Originally Posted by Antitrust32

Bank of America is supposedly buying Merrill Lynch from what I heard from the rumor mill.

Correct and that is why the pressure from the govt to get the deal done NOW. Merrill is a dow component. Can you imagine what the market would have looked like without Merrill stock jumping on news of the deal?

The market was doing fine, ranging in the 200's until Paulson spoke...and then it started to tank.

Now the FED is asking (coercing?) Goldman and JP morgan to invest in a consortium to raise capital for AIG. desperate times.

[GPK]

Originally Posted by dalakhani

Correct and that is why the pressure from the govt to get the deal done NOW. Merrill is a dow component. Can you imagine what the market would have looked like without Merrill stock jumping on news of the deal?

The market was doing fine, ranging in the 200's until Paulson spoke...and then it started to tank.

Now the FED is asking (coercing?) Goldman and JP morgan to invest in a consortium to raise capital for AIG. desperate times.

http://www.marketwatch.com/News/Stor...mn=Bond+Report

[jwkniska]

Originally Posted by dalakhani

Merrill is a dow component.

Wrong... Merrill is NOT a dow component.

Here's the list of the 30 of them....

http://www.cnbc.com/id/26272770/site/14081545/

[ninetoone]

I will not check my mutual fund balance...I will not check my mutual fund balance...

[dalakhani]

Originally Posted by jwkniska

Wrong... Merrill is NOT a dow component.

Here's the list of the 30 of them....

http://www.cnbc.com/id/26272770/site/14081545/

You are correct. I was wrong. I had them confused with Lehman.

[wiphan]

largest drop in 1 day since 9/11/2001

I definitely think there is a lot of guilt by association and there are some good buying oportunities again. It will be interesting to see if the Fed cuts rates now. I personally hope they don't but it may happen

[timmgirvan]

Originally Posted by wiphan

largest drop in 1 day since 9/11/2001

I definitely think there is a lot of guilt by association and there are some good buying oportunities again. It will be interesting to see if the Fed cuts rates now. I personally hope they don't but it may happen

Bro..can you loan me a hundy..(G's)?

[docicu3]

Originally Posted by wiphan

largest drop in 1 day since 9/11/2001

I definitely think there is a lot of guilt by association and there are some good buying oportunities again. It will be interesting to see if the Fed cuts rates now. I personally hope they don't but it may happen

Yeah like GM losing 12% of it's value today is definitely "Guilt by ...." Although the financials are clearly necessary for most people to buy a car this shouldn't have been the value lost. The mind blowing thing about all of this is that we used to think when something (a large Corp.) went bad it would be an erosion but these things AIG,JP Morgan, BOA happened essentially in a single day of trading. I don't think Black Monday had decay like this within hours time. My prayers for the suits trying to make a living with these corporations.

And we think we have bets of consequence on a horse racing site.....how'd you like to be a mutual fund manager today who has to explain why he/she
lost tens of millions with things like GM/BOA and Lehman in your port folio for say a small/midsize pension plan. White collar suicide deaths spiked today in NYC ER's ......crazy **** on the physician hot lines today!!

[Danzig]

Originally Posted by dalakhani

Correct and that is why the pressure from the govt to get the deal done NOW. Merrill is a dow component. Can you imagine what the market would have looked like without Merrill stock jumping on news of the deal?

The market was doing fine, ranging in the 200's until Paulson spoke...and then it started to tank.

Now the FED is asking (coercing?) Goldman and JP morgan to invest in a consortium to raise capital for AIG. desperate times.

i read earlier this evening on the news ticker that AIG needs $70 billion-yes folks, with a B-to avoid a downgrade on their rating. downgrading of course makes it harder to get future loans....
not good, not good at all. i saw early this morning that the dow was down about 250...didn't see anything else til tonite, the 502 drop....a black monday for sure...

Originally Posted by Danzig

i read earlier this evening on the news ticker that AIG needs $70 billion-yes folks, with a B-to avoid a downgrade on their rating. downgrading of course makes it harder to get future loans....
not good, not good at all. i saw early this morning that the dow was down about 250...didn't see anything else til tonite, the 502 drop....a black monday for sure...

They need it by Wednesday or it's going bankrupt according to CNBC.

[Danzig]

Originally Posted by Coach Pants

They need it by Wednesday or it's going bankrupt according to CNBC.

even better...
i hadn't seen any further news since about 5 pm yesterday....haven't watched/heard anything today either. only thing i did see when i got home was that the dow ended up, but not even a third of what it was down yesterday.

[dalakhani]

Government just approved 85 billion dollar loan (bailout) of AIG.

So let me get this straight. In the space of 6 months, the Us Govt is now in the Investment banking, mortgage and insurance business. Heck, we are even in the process of getting into the automobile business.

So much for free market capitalism. Its interesting that an administration that wanted no regulation is quick to bail corporations out of their unregulated mistakes.

People complain about socialized health care but where are the complaints about socialized corporate care?