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Not quite. A specific set of taxpapers didn't fulfill their obligation. So the lender lost money, and passed it on to the government, who took out their salaries, and other costs, then passed it on to ALL of the taxpapers, most of whom fulfilled their obligation. And therein is the problem...

JP Morgan Chase buys WaMu. Bank of America buys Countrywide and Merrill Lynch. Evidently there are some who are now in preliminary discussions with Wachovia. Buffett puts $5 billion into Goldman. Theres a price that everything will clear at. yeah, it may wipe out the shareholders. It...

Exactly. Excellent point. The government intent is to overpay, since if they pay the a "firesale price" it will bankrupt the institution. Then the "hope" is that they can then hold the asset long enough that it will rise in value, and they can get out whole. So the bottomline here is that...

First, let me just say that just because we have a different viewpoint, does not make us "ignorant". Likewise, I would remind you that BB&T doesn't "handle a few checking accounts", it's the 14th largest commerical bank in the US. You might give a shot at amending that elitest attitude you...

It's gonna burn down that part of the forest that was playing the credit default swap game, if you're right. There are some that have no exposure at all to that. This bank that wrote this letter for example. Wells Fargo is another one. They are gonna be around when this is all over. If...

I don't think so. I saw his lips move a couple of times. No horseshit. But frankly, he wish he had. LOL. OldTrader

Absolutely false. You need to go do some study. Start with Barney Frank, Chuck Schumer, FNM, Freddie Mac, Franklin Raines. That ought to give you a start. OldTrader

Actually, the weather channel has bigger viewership than MSNBC. LOL. OldTrader

That is a distance. Better get yourself a winter coat on the way. Maybe some ear muffs. LOL. OldTrader

My guess is Palin will demolish Biden in the VP debate. Hopefully Biden doesn't come up with Roosevelt speaking on TV in 1929. LOL. OldTrader

Pack your bags. Is Canada far? LOL. OldTrader

You guys had mentioned MSNBC and CNN, so I mentioned FOX. Again, the viewership on FOX is equal to the total of MSNBC and CNN. So throw them all together. McCain won. OldTrader

You and I evidently saw the same debate. By the way, 82% on the Fox news poll say McCain won. Fox by the way is the most widely viewed news channel....about equal to the total of both CNN and MSNBC. OldTrader

Exactly. So if you gambled and lost, it's your problem. Not mine. OldTrader

You think this "goes byond anything he can grasp"? He is the CEO of the 14th largest commerical bank in the US. Think about what you just said. You think $700 Billion is going to somehow protect you against a $62 Trillion market that is little more than a casino? I think not. Here's...

Here's a link to a letter from BB&T's chairman to Congress regarding their bailout plan. He doesn't like it. His bank doesn't need it. For John Allison, the high-risk rollers on Wall Street are getting too much of the ear of Congress and having too much say in resolving the financial...

Paulson Plan Aimed at Helping `Poorly Run' Banks, Allison Says By David Mildenberg Sept. 25 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson's proposed $700 billion bank rescue aims to help ``poorly run'' companies and the primary beneficiaries would be Goldman Sachs Group Inc. and...

LOL. It's been that kind of week. OldTrader

Here's what Petterfy said: The company believes that the impact of the recent significant market events have unduly depressed the price of the company's common stock, and the company's Board of Directors has therefore determined that a program of stock repurchases would be an opportunistic...

yes it is. About half their capital. By the way, I don't expect this to open at 30 in this market. Still, it is favorable news, reaffirms their financial condition. OldTrader