Are we in the middle of a financial meltdown?

1,054 posts in this topic

I believe this clip has been posted before on TT, but in light of this topic, I think it bears another look.

 

George Carlin delivered this monologue a couple of years ago when privatization of Social Security was being pushed but it certainly speaks to today's issues.

 

 

0

Share this post


Link to post
Share on other sites

@bohemka had a crap day...best joke I've heard in a while :lol:

0

Share this post


Link to post
Share on other sites

 

O'Reilly's been on a mission to take down GE and the CEO of GE for months now. Fox draws 6 million some viewers a night...

That is REALLY interesting. We own some GE stock, and hubby can't figure out why the heck it keeps falling. He thought it was a pretty conservative investment. But we never, ever watch FOX News.

0

Share this post


Link to post
Share on other sites

(nutshell) O'Reilly's been 'investigating' (term used loosely) for months now. GE had some contracts that O'Reilly called them out on that were feeding supplies (electrical what not) to Iran. So O'Reilly said that CEO Immelt is feeding the terrorists!!! and called him a pinhead just last night again. He has said that Immelt is running the company into the ground since he took over from Jack Welch.

Don't forget they own GE Capital which I think is the one I choose for my student loan.

Immelt even responded to some of the attacks saying that they had some contracts and they were finishing off their legal obligations which is sometime this year.

It was news to me too but that could be the reason that the stock has been falling. Don't take my word for it, I just remember O'Reilly's attacks. Pit bull that he is. Anybody: I have a couple of his books I'm willing to give away delivered to you COD (Cash On Delivery, for shipping 'em).

0

Share this post


Link to post
Share on other sites

 

That is REALLY interesting. We own some GE stock, and hubby can't figure out why the heck it keeps falling. He thought it was a pretty conservative investment. But we never, ever watch FOX News.

Whatever business is being done with Iran is alsmost certainly at most a drop in the bucket for such a large firm. I think the concerns for GE are the effect of a global slowdown on all of its businesses, but especially its industrial businesses, its failure to sell its credit card operations, and, above all, worries that it will not be able to sell enough commercial paper. I believe the selloff is somewhat overdone.

0

Share this post


Link to post
Share on other sites

I believe only a Dr. can remedy this economic malaise that ails the planet.

 

post-1082-1222959410.jpg

 

Very little knowledge is dangerous.

0

Share this post


Link to post
Share on other sites

Well, that's a relief, Conquistador. We don't intend to sell our GE stock anyway, since it's now priced below what we paid for it. We were happy that Buffett showed confidence in GE yesterday (if only because he got a great deal.)

0

Share this post


Link to post
Share on other sites

BTW, the Buffett call option is now out of the money. I think holding GE is a good strategy, in part because of the excellent dividend and the future growth prospects from its investments in areas such as cleantech.

0

Share this post


Link to post
Share on other sites

I am of the opinion that the world needs to know and love Dr. Alban.

 

He is my saviour, my messiah, my Mozart, my Alpha, my Amiga. He bringeth joy to the hearts of thousands and his love knows no bounds, like an ocean of Swedish dentists, sailing the backs of manatees, rescuing drowning sailors with his words of wisdom.

0

Share this post


Link to post
Share on other sites

Trying to fuse the "Meltdown" part and the "GE O'Reilly" part.

 

Seattle Times

 

"GE did not avoid mortgage-lending woes in the United States altogether, but it recognized the problem early and got out. In 2004, it bought a subprime lender in California, WMC Mortgage. But GE grew alarmed by the risks and sold it off in 2007, taking a total loss of about $1 billion."

 

Pages 43 & 51: GE Annual Report 2007 (pdf)

 

They also got out of the personal loan business in Japan, which was a good move too.

 

The O'Reilly part is interesting. GE has had operations and business in the Middle East for years and recently sold it's venerated plastics business to Saudi Basic Industries for ~$11.5 billion. Who know what a $650 billion company does at the local level. Hell, they shed a $900 million mortgage business and didn't bat an eyelash. Why O'Reilly chose GE to try and swat around is a mystery to me.

0

Share this post


Link to post
Share on other sites

 

Why O'Reilly chose GE to try and swat around is a mystery to me.

Because GE owns Fox News competitors NBC and MSNBC ... along with CNBC, which routinely trounces the recently-launched Fox Business in the ratings? Pretty straightforward.

 

P.S. Apropos Fox Business today, I learned today that floor brokers on the NYSE call the on-floor Fox reporters "Foxtrots" because of their inappropriately slinky clothing. I'm not sure if that's a sly reference to "Whiskey Tango Foxtrot" (as in WTF), or an even cleverer finishing of "Whiskey Tango" (white trash).

 

Edit: I found the Vanity Fair article.

 

 

On the floor of the N.Y.S.E., the Fox women are referred to as “the Foxtrots,” says the producer of a rival network, because “they trot around the floor in unbelievably unprofessional clothing”—tight dresses, cleavage showing, six-inch ****-me heels. Never mind that the N.Y.S.E. dress code calls for women to cover their arms.
0

Share this post


Link to post
Share on other sites

This was sent to me earlier today. Hilarious!

 

post-26226-1222962709_thumb.jpg.

 

(No attribution was sent with it, sorry.)

0

Share this post


Link to post
Share on other sites

so unless the investment guru hubby was planning on short selling or picked the right stock, your savings may now all be gone cinzia...

0

Share this post


Link to post
Share on other sites

I forgot to mention the dilution from today's common share offering at $22.25 was the driver of today's fall. GE shares will recover- they were about this low back in 2003 and recovered then.

0

Share this post


Link to post
Share on other sites

 

Here are some other highlights for your amusement:

 

- Sec. 102. Production credit for electricity produced from marine renewables.

- Sec. 108. Credit for steel industry fuel.

- Sec. 111. Expansion and modification of advanced coal project investment credit.

- Sec. 115. Tax credit for carbon dioxide sequestration.

- Sec. 204. Additional standard deduction for real property taxes for non-itemizers.

- Sec. 211. Transportation fringe benefit to bicycle commuters.

- Sec. 502. Provisions related to film and television productions.

- Sec. 504. Income averaging for amounts received in connection with the Exxon Valdez litigation.

Here are a few gems I missed in the first go-round (from the NY Post):

 

- Manufacturers of kids' wooden arrows - $6 million.

- Puerto Rican and Virgin Is- lands rum producers - $192 million.

- Wool research.

- Auto-racing tracks - $128 million.

- Corporations operating in American Samoa - $33 million.

 

Man, you just got to love it!

0

Share this post


Link to post
Share on other sites
This topic is now closed to further replies.