Good read by RBS....watch them markets

[Surfer]

RBS issues global stock and credit crash alert - Telegraph

[Jimmie]

That's some scarey stuff. We all know somebody that lived through the last big depression.

[Surfer]

The U.S. is really royally screwed, I deal a lot in the capital markets and although all you hear on the news is the subprime mess thats only a sliver of the problems. Your going to see more banks and institutions fail this year and coming years, Wachovia for example is going to be in a world of hurt with their acquisition of Golden West which was about the dumbest thing they could have done, their sitting on a nuclear bomb about to go off. Too much greed in the U.S. I deal with some large firms directly and for example American Capital is having big issues with their syndications, and for a company of that size and considered by many to be the creme de la creme, that shows just how f'd we are. Majority of Venture and PE firms can't even raise capital and we deal with some of the top firms.

[amy5732]

You could see this coming at least 2 to 3 years ago dont you agree?

[Surfer]

Originally Posted by amy5732

You could see this coming at least 2 to 3 years ago dont you agree?

Easily, I called it and others did years ago, but nope, none of our leaders or institutions seems to . They were all for it when fattening their pockets with insane bonuses and salaries, and still are while everyone is being laid off and firms are collapsing or having assets seized.

[amy5732]

My fav is when a ceo gets fired but receives a multi-million dollar "compensation package" on his way out.

[Streetlife]

That's connections for you.

[supercharged]

Looks like America is facing another Great Depression...

[killrwheels@autogeek]

I doubt we will see an actual depression, but I do believe we need to call this what it is and its a severe recession. Consider it a revaluation of the world in which we live. There are certainly alot of issues that need resolving and each state also has some unique issues. In Florida the average service worker cannot afford to live here.

As for Wachovia, we will survive. My hope is that we dont get merged into another bank as before this subprime market started we were one of the strongest banks in the world and made huge profits. Golden West/World Savings was a bad move indeed, and a bad investment as that is exactly what it was. We felt we were missing a part of the pie as prior we concentrated on A based credit deals only. The nice part is the retail units (branches) are still making over a billion dollars quarterly in profits and this will help tremedously. Time will tell, and hopefully all my stock and options will rebound. I would not like to be a local small bank employee however, as Wamu, BankAtlantic and other community banks are for sale and need immediate buyers. These other banks have laid over a 1/3 of their workforce to date.

[gary26]

Just yesterday news cast said Wamu to layoff another 1,200 people in California banks alone.