7.5 B is chicken feed to Citi....

Problem is that the US is selling off its assets piecemeal every time a crisis comes along. Its called redistribution of the wealth...from the USA to all the others...who have our $$$$.

Not only that, but the price Citi had to pay for that money was astronomical.

Citi itself is now a subprime borrower?

The sky is falling! The earth is falling! We're ALL going to die! The END is near!

I note that the squirrels are hiding acorns...that's a sure sign.

The squirrels won't be the only ones looking for hollow trees to live in if many more of these foreclosures continue.

And all the signs are they absolutely will.

Ok, this is like the third time in a couple of weeks that I'm getting blamed for something, and I'm getting pretty sick and tired of it. :mad:

Seriously though, I'm up a little at this point for the year and am wondering if I shouldn't go to an all cash position. I'm in mutual funds that are pretty diversified and yet they all go up, or they all go down on a given day. Down 10% from a few weeks ago, but up a bit for the year. Should you sell the ones that have done well and are up or the ones that are down? If the sell the ones that are down, you definitely lost money. On the other hand, they may be headed in a more southerly direction. Damn, I don't know. I'm keeping the proceeds from the sale of the DB4 in gubmit insured CDs for now.

RE: Citibank
The Dow took the news hard. UP 215 points yesterday.

So ... is everyone just 'whistling past the graveyard'?

tabs,

You need to cut down on your Schopenhauer.

I agree w/ Tabs, our leaders, both elected and corporate, and policy makers are now and have been living in a fantasy land for decades. The spend money they don't have, make policy that is crafted to one special interest or another, buy their seats w/ tax dollars, and can't see beyond the next election or board meeting. Their dream is to be golden parachuted out when the ***** hits the fan. Not one of the corporate/government leaders responsible for the subprime mess is going to be inconvenienced a whit by it.

Some sort of malfeasance that happened w/ Chevron, Enron, Global Crossings, S&L debacle etc etc etc.

well well well looks like Tabs was ahead of the curve....The Bear Stearns bailout was the edge of the abyss...and the Fed did the right thing to pull us back before we all fell in...

That's really hard to believe with the MASSIVE tuitions they charge, let alone the money their athletic departments bring in.

Having a Division IA school is like owning an NFL team with the ticket revenues and merchandise sales...and with no Player salaries to boot.

We should have attacked Canada instead.

1) They are closer.
2) There are only 30 million of them.
3) They were just as responsible for 9/11 as Iraq.
4) They talk funny.

Well at some point the mortgage companies will start to fire-sale off all these properties they're holding, which will give many people a chance to really get into a great home for a price they'd have never even dreamed possible.

5) We get 85% of our oil from them.

We did attack Canada once of course, in 1812. Damn british, ****ed it up for us all.

They're only special interests when they're not your interests.

tabs, if you push on a string nothing happens, you pull a string, and push your luck.

The economy will crash within 6 months if the Dalai Obama is elected POTUS, al the monetary gymnastics that have been done the last 20 years have only postponed the fall and allowed the bubble to grow in size. When it pops, it will be bad all over the world

It's not too late...

1) Get out of Iraq.
2) Reduce capital gains tax.
3) Reduce domestic corporate taxes.
4) Develop a comprehensive energy program.

(OK, it's too late...)


.

Why....that is not being a good CA citizen, you sound so soo sooo UN LIBERAL...banish you from the fair City of OZ by the Bay. Deny you from the pleasure of its existence...exile you out of the state of paradise to...Nevada or worse...

There is someplace worse than Nevada?

Currently, the forclosure rate is way up.

But 94% of mortgages are being paid as agreed. On time. In full.

Some lenders have a large percentage of the remaining 6%, and are in deep doo-doo.

Other lenders are still healthy.

The current mortgage "Crisis" will not bring this great country down. But the deficit and falling dollar might.

Yes, but foreclosure rates are still increasing at a truly alarming rate. The crisis is still spreading and worsening it seems.