There are also small investors that see Blue Chips like GE @ $16.00 instead of $60.00…And feel that is a good deal…
I agree but that is SUCH a sucker play. This ain't your daddy's General Electric...They could hardly be called a classic blue chip industrial anymore...they are neck deep in financial derivatives and broadcasting/entertainment as well and doing it very badly.
Did not see the GE article...
I knew about it but hadn't seen that article. This bailout bull really pisses me off.
And the jobs just keep getting lost.
Citigroup to cut another 53,000 jobs.
NEW YORK – Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
The plans, posted on the company's Web site, are being discussed by CEO Vikram Pandit at the company's town hall meeting in New York Monday with employees.
The company said total headcount is being reduced by 20 percent from its peak of 375,000 at the end of 2007; the company had already announced in October that it was eliminating about 22,000 jobs from those levels.
The New York-based bank has posted four straight quarterly losses, including a loss of $2.8 billion during the third quarter.
Shortly before the town hall meeting in New York, Citigroup Chairman Win Bischoff said at a business forum in Dubai, United Arab Emirates, that it would be irresponsible for Citi and other companies not to look at staffing in the event of a prolonged economic downturn.
To be fair though, Citigroup will be spinning off a few parts of it's business. (this from a statement released by the CEO) (listened to NPR story on it this morning)
53,000 will not be unemployed, as many will still have their jobs as those divisions are spun off or sold.
BUT
There will be a good chunk of job cuts even so.
It's funny that both citigroup and GE were mentioned today as both of their CEOs just purchased a very large amount of stock in their respective companies. I personally am having a good day since I have recently (about 2 months ago) discovered CANROYs (canadian oil and gas trusts). They are priced pretty low right now, and in order to keep their trust status (that lets them pay very low to 0 taxes), they must pay 90% of their profits back to investors via dividends. One of my stocks, HTE, jumped 10% today and they pay a 30% dividend (based on my entry point) that was recently confirmed for the next 3 months. Do know that the candian government taxes foreign investors 15% on dividends, though and you do have to watch the exchange rate, but after all that it is still netting me about 23-25% on dividends alone. Check it out if anyone is interested. Just so that no one thinks I am some pumper and dumper, I want to say I am no investing wiz or expert or anything and I do want you to know that Canada's trust taxation policy will change in 2011 which will likely make the dividends fall back down, so invest with caution, or not.
just think of it as a fiesta texas ride....WEEEEEEEEEEEEEEEEEEEEEEEE
then again im poor so...ha!
Best post so far in this fkng thread!!!!
i try...but then again im poor...so....Best post so far in this fkng thread!!!!
So who isn't poor, after all this bull hits the fan????????? Live each day like it's your last!!! If you wake up the next morning, fck............do it again!!!
Max out every credit card you own!!!!
Marini we....uh....kindda need to hang out. at least for a bit.So who isn't poor, after all this bull hits the fan????????? Live each day like it's your last!!! If you wake up the next morning, fck............do it again!!!
Max out every credit card you own!!!!
Babe, I've already maxed mine out!!!!Marini we....uh....kindda need to hang out. at least for a bit.Let me make a payment in December, then we'll hang out for lunch in January!!!
A five martini lunch!!!!
Oh wait, can we get together after my cruise?????????
just so long as i can get out of there only owing a grand or less...i mean...revolution is on the way anyways....yeah?Babe, I've already maxed mine out!!!!
A five martini lunch!!!!
Oh wait, can we get together after my cruise?????????
revolution!!!!Owing a grand or less?????????? WTF?????
You need to reach for the stars, stick it to the "man" for gads sake!!! How many credit cards you got????????? 1.....2..??? Start filling out your aplications! They give you $500. credit jump it!! Jump them all for the max!!!
Yikes!! Marini strikes again!
Dow below 8,000 - 1st time since '03
opened down another 2 1/2%...trying to find a temporary bottom around 7800.
Yep.
Its about to get interesting for a lot of people in the RV, Boat and Motorcycle world. GE who handles roughly 50% of the flooring (inventory) in these industries has just announced that it is suspending any and all financing for inventory until January at the earliest.
Basically thousands of dealerships cannot bring in new inventory (unless they're paying cash) until sometime in January.
There is going to be a massive shift away from this bank and its going to happen quick. We just moved all our flooring to a local bank because it makes no sense to ride it out. I'm hearing a lot of the same at other dealerships. You can't pull the plug on your dealerships and expect them to stick around.
I never should have sold my '78 Grand Prix with the "I'm Po' but I'm Proud" bumpersticker from Po' Folks...
a little bump back up above 8000 on rumors about some "compromise" to bail out the big three. Congress must have figured out a way to give them money without actually having to vote on anything. No way most congressmen want their name on a "yes" vote unless they are from a rust belt state...
Well, the deal blew up and the market is going straight to ...just blew through 7600 going straight down and still 8 minutes to close.
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