28 replies to this topic

[TAP]

Will the DOW drop before we start seeing people literally torch investment banks and investment houses?

The British police are already predicting "middle class riots" in the summer as people get more and more pissed off about the economy and the bank bailouts/bonuses. It's already happening in Greece, could certainly see it moving through Southern Europe - Italy, Spain , France and into Germany and the UK over the next several months. Do you think the USA has the passion for mass countrywide protest.

What country do you currently reside in?

New York I don't really have a feel for the US as a whole

[TAP]

No, because we are more likely to come out of this quicker because of safeguards and still strong as far as equity...Or so I hear. If all of this unrest happens in Europe the dollar will gain strength and make the economy reverse quicker and stronger. Don't ask me to explain why.

The dollar is already very strong against the pound at least, and in decent shape against the Euro. A stronger dollar isn't going to improve the economy, and social unrest in Europe isn't going to help either.

[Macker]

Well if they burn down banks or take runs on them meaning withdrawals then it absolutely will. I have noticed the dollar has been hovering around 80 cents to the Euro. I haven't looked at the pound though. The stronger dollar will help in certain U.S. markets. Because they trade in US dollars. Why I don't know. Many EU and Asian markets use the dollar as a standard rather than say gold. Again because that's the way it used to be. The dollar was King of the hill. If these markets falter like what happen in Japan a decade or so ago, then they would have to shed the US dollar for capital and to keep there currency/trade afloat, it would cause a sell off in properties as well which usually is in the U.S. markets. Or they can do like Russia and recreate the ruble from scratch pretty much. I really don't know the full extent of what happened in Russia, but they are gaining strength again but mostly in oil money. Again the oil market is traded in US dollars.

[freedom78]

I've been trying to buy since late February...opened an Etrade account and all that. Fuck me...talk about a service designed to get you to NOT buy stock! First, you have to verify your account. It takes them two fucking days to deposit a few cents in your account, so that you can verify the amounts (seriously...TWO FUCKING DAYS! PayPal can do it in a couple of hours). Then you transfer some money. But they don't do transfers like anyone else. Instead of getting a transfer confirmation (i.e. your bank tells them that you have the money, and they'll send it), they make you fucking wait until they get funds in hand...which takes like a week. Then, to top it off, they won't let you buy any stocks under $10/share for a week (ARE there any stocks over $10 anymore?). It's completely ridiculous. I was planning to buy some shit well over a week ago, but fuck all if they'd want me to do that!

[Mr. Roboto]

That probably saved you some money actually....haha What's the min balance on etrade? 1000? TD Amera is 2k I think.

[freedom78]

Not sure. I didn't see anything about a minimum. Some stocks are down, some are about the same. Initially, they went up a fair amount, and then there was that big drop. that's what really pissed me off...I couldn't get in when I wanted, and then they shot up somewhat. But it's all settled into the shitter, since then.

[Macker]

E-Trade is like a cult! I wish you would have seen my rant post on E-Trade awhile back. It took them 1 year to close my account and 4 years to change a wrong address. I tried pretty much weekly to make changes on-line but it would not let me? I also told them last year to sell all shares of 2 stocks and halt all sales and keep the funds in a regular cash account. That lasted 2 months and went back into the automatic redeposit and continue to buy the stocks, that I wanted to sell? Paperwork out the ass and the paperwork would change w/o notice and there site wouldn't have the updated forms. The rules would change w/o notice and the customer service sucks! They change margin calls without notice and will wipe you out. I filed a useless SEC violation as did my friend who lost 600k due to the dragging of feet and clerical errors... He is suing as well, it took his lawyer and another broker 3 weeks to get out but it was too late. I lost 22k by the time another trading firm took control of my account. I am thinking of suing myself but just don't have the fire to go through the bullshit. I had one cocksucker ask me if I knew how to use a computer....I was ready to fly to the Va. call center and beat his ass. They would have me on hold for up to an hour and tell me that everything was good only to find out nothing was done. My eye is twitching now!

[freedom78]

^I'll keep that in mind.

[Macker]

I heard they may be on the brink of closure? That is rumor though. What about Scott Trade or even better is Charles Schwab...I have heard Schwab is OK. I use Smith Barney but if you want to day trade they're a bit expensive. I don't trade anymore I just have 2 managed accounts and 1 is just a stock I held under BNY/Mellon from years ago that grew to almost 2 years salary in 15 years. Eventually I'll probably move it to Smith Barney as well? This way all my eggs can rot in one basket...LOL!

[freedom78]

This is my first venture into online trading. I have a Roth and other retirement stuff, but none is online. I don't have a fortune in Etrade, so if it's a bad experience I'll just jump ship and work on getting the money out. But all this talk is worrying me.

[TAP]

I would think English versus Pakistani before the banks...Just sayin..

That will be part of it I'm sure....word is that far right groups are resurfacing and wouldn't be surprised if there's an upswing of violence against muslims and immigrants in general this year.

[TAP]

Well if they burn down banks or take runs on them meaning withdrawals then it absolutely will. I have noticed the dollar has been hovering around 80 cents to the Euro. I haven't looked at the pound though. The stronger dollar will help in certain U.S. markets. Because they trade in US dollars. Why I don't know. Many EU and Asian markets use the dollar as a standard rather than say gold. Again because that's the way it used to be. The dollar was King of the hill. If these markets falter like what happen in Japan a decade or so ago, then they would have to shed the US dollar for capital and to keep there currency/trade afloat, it would cause a sell off in properties as well which usually is in the U.S. markets. Or they can do like Russia and recreate the ruble from scratch pretty much. I really don't know the full extent of what happened in Russia, but they are gaining strength again but mostly in oil money. Again the oil market is traded in US dollars.

Doesn't really matter how strong the dollar is if everyone is making huge losses does it? Business is global, I don't really think countries will benefit from the failure of others at this point.

[Macker]

No it does when our banks are global and our equities are still strong. It's confusing but I got into this with my uncle who was very big in Citi, before this whole mess. He retired because of things he didn't think were good for the bank and and the industry as a whole. He's a straight shooter. He said just for a small part of this, that banks are making tons of money on straight refinances. Citi, Wells Fargo, Chase, BOA are all so backlogged in refi's it's almost comical. That make cash period. The bailout is a whole other side to the equation. That money is sitting collecting interest and when the time is right or the bottom is hit, you will see these companies go to the head of the class. I'm not a finance major or a economists but I do know people in the industry and they are just lying in wait. The real heavy hitters are waiting to go all in. When is that? I don't know? Some of the people have been saying spring/summer and some are saying late summer/fall. There is so much maneuvering behind the scenes it would make your head spin. This goes from Washington to the bank heads then to the global positions. I asked my son to ask his finance prof. if there is anything like this possible and he said absolutely. He said it was more like the 5 stages of the loss of a loved one. Once you accept it you move forward. We are in the realization/denial stages but close to saying OK it is what it is and I have to get back in...Once the big players are ready in the acceptance stage the markets will regain it's up tick and the banks will free up cash for lending and spur economic activity in most sectors and regain a positive outlook. It won't be overnight but it will happen. After reading up on different ideas and analysts opinions I would tend to agree. The market, has installed fail safes, safety nets and other backstops since the depression and even more so since the crash in the 80's. It's design or model is to be able to come out ahead of the rest of other global markets therefore benefiting from others market systems that can not because of lack of monetary equity. Do I know what they are? no of course not we're not supposed to I guess. I think Ireland has used similar methods of stability but NY states budget is how much bigger than Ireland's? They also had tried to pour money into capital projects figuring that would keep people working, pushing down crime and bringing in tourism...Well it didn't work as planned so they went by way of dropping the corporate tax etc.. keeping their markets going for the time being. They have a housing problem as well but the banks instead of kicking the people out, chose to take the home back but rent it to the former mortgage holder. It makes sense really....Why not at least get 1/2 a loaf than none at all and in some cases break even. Huge losses to some are nothing in comparison to others so it is possible to gain from some others losses. It unfortunately like a casino...One fails another takes it's capital, right's off losses and becomes stronger. I fully understand your point but I'm coming from a different perspective maybe? Hey I'm not saying I'm right either. My opinion or outlook can fall on it's face as well. I'm just looking positive and at the information that I have been able to piece together. For the sake of everyone, I hope everyone comes out a winner. This evening I went to the station for a possible nail in a tire of my wife's car and ended leaving with 4 new tires after only 15k miles. Yeah it hurts now but it'll be better in the long run with a safer, better ride, gas mileage and new tires????

[Macker]

Well so much for Ireland.....I guess if your unions go on strike and people make a run on banks that had corrupt politicians involved in, it's bound to lead to failure. I'm not posting anymore!