Shaggieman

Wall Street Breakfast: Must-Know News

“ How bad is it when a $1.5 billion GM loss is an improvement? How the mighty have fallen. ”


On Nov 16 09:49 AM JCCIII wrote:

> Government Motors getting out of debt:
>
> "A potential catch: the carmaker plans to use other money from the
> government to repay the borrowing."
>
> This is exactly how the US government pays off bonds; sell new bonds
> to pay off the old. I am sure Mr Ponzi is rolling over in his grave
> and Mr Madoff is wondering "Why am I in jail?"

Wall Street Breakfast: Must-Know News

<<<CEO of Hong Kong, Donald Tsang, said he was "scared" because "America is doing exactly what Japan did last time">>>

Yeah, we're creating a bunch of "zombie banks just like in Japan".

Wall Street Breakfast: Must-Know News

Toast - why do you hate e-trade? Seems like they'll be getting TARP money to me or perhaps a buy-out. My WFC brokerage could really use them but they probably don't realize it. Thanks

Wall Street Breakfast: Must-Know News

Everyone knows the economy is weakening but Volvo's truck order book stunned me. I had to read this twice to make sure I had it right. Capex is imploding. From Bloomberg:

“In the third quarter of 2007, Volvo AB booked 41,970 European orders for new trucks. Guess how many prospective purchases Volvo, the world’s second-biggest maker of heavy rigs, received in the third quarter of this year?

“Here’s a clue. Picture a highway gridlocked by 41,815 abandoned trucks – because Volvo’s order book got destroyed to the tune of 99.6%, with customers signing up for just 155 vehicles in the three-month period, the Gothenburg, Sweden-based company said last week.


“The pathogen that has fatally infected swathes of the banking industry is now contaminating non-financial companies. ‘We’re heading toward the sharpest downturn I’ve ever seen in Europe,’ said Chief Executive Officer Leif Johansson.


“Volvo has company. Daimler AG, the world’s biggest truckmaker, said earlier this month that its US deliveries slumped by a third in the first half of the year.”

Options Trader: Friday Outlook

Window-Reuters
DOW JONES NEWSWIRES

Federal Reserve Chairman Ben Bernanke told Freddie Mac Chief Executive Richard
Syron that Freddie and Fannie Mae are eligible to use the Fed’s discount
window, Reuters reported, citing a source with knowledge of the conversation.
Bernanke told Syron in their phone conversation that he intended to allow the
two government-sponsored mortgage giants to use the option, the source said.
Web site: www.reuters.com

Dow Jones Newswires
07-11-08 1500ET

Dan - If this is what you're taking about I couldn't find any conformation and then later news seemed to recant this. Bottom line is no need to use the window I guess?