click for updated futuresFutes

Dow Futures down 294; SPX Futes off 37; Nasdaq off 41; Weak, and heading back towards the lows.

>

I have a busy day tomorrow, and I am toast. OPEN THREAD IN COMMENTS (play nice)

That’s all she wrote!

~~~

Don Drapkin of Lazard states two things: "The Merrill Lynch deal is terrific for the market, and comes out in favor of the short selling rule, blasts ending the uptick rule." Dylan asks him about leverage, and he says "We have a sound financial system."

Wow, totally empty apohorisms, zeroi value added. Thanks for nothing, Don. 

~~~

Gasparino redeems himself, discusses Fuld’s (now obviously) false statements, saying Lehman’s capital is sufficient

~~~

Maria Bartiroma says Paulson did not pressure MER into a sale; Merrill BoD voted unanimously for the deal. Maria says AIG and LEH frightened MER into selling itself tonite; Private Wealth Business retains the Merrill Lynch name.

Maria says there was a heavy short interest in MER at $15, but that makes no sense to me

~~~

Vince Farrell is accentuating the positive

~~~

Federal Reserve Board announces several initiatives to provide additional support to financial markets, including enhancements to its existing liquidity facilities

~~~

Still waiting for a Treasury Press Release;

~~~

SEC: Statement Regarding Recent Market Events and Lehman Brothers   

~~~

Fox, meet henhouse: Dylan Ratigan essentially calls Harvey Pitt a corporate tool. Pitt, who actually is a corporate tool, fails to acknowledge the slur. Back when Harvey Pitt was SEC chair, he said the markets were a better regulator of companies than the SEC. For a smart guy, he is a total idiot.

Pitt is discussing competition.

~~~

Understated headline of the night: Financial-Sector Distress Likely to Hold Back Stocks (WSJ)

~~~

David Kotok says "Look out below."

~~~

Lehman Said to Prepare Bankruptcy as Buyers Withdraw (Bloomberg)

~~~

Nouriel Roubini says all independent B/Ds are toast, they are highly leveraged, and their business model is fundamentally flawed. Financials facing a "disaster"; bankruptcies, Broker-dealers "are going to disappear."
Its a fundamental, radical change on Wall Street. Expects WaMu to go under, says AIG is in trouble.

~~~

Gold rallies (Up $21, but it was much higher before)

~~~

AIG CEO turned down PE money, and turns to the Fed. (The currently cannot tap the Fed). AIG Scrambles to Raise Cash, Talks to Fed   

~~~

U.S. Opts to Avoid Lehman Rescue

~~~

CNBC reports that the Fed told Merrill Lynch to "Sell it self" and MER has been shopping itself for a few days.

~~~

FT: Hubris – is thy name Richard Fuld?   

~~~

Oil is under $100; trading at 99 change.

~~~

Fed Plans Expanded Lending Facilities 

~~~

WSJ reporting Bank America/Merrill deal is done at roughly $44 billion.

~~~

The Lehman panel itself is an incompetent parade of horribles, and none of them have any business being there. Harvey "make the SEC toothless" Pitt, Bill "thanks-for-the-bailout" Gross, and Charlies "Dick-Fuld-is-AWESOME" Gasparino.

Love it that they brought on Bill Gross and Harvey
Pitt to discuss LEH — the irony’s exquisite. Not to mention Gasparino,
but that’s just icing on the cake.  (I contacted CNBC earlier and
offered my services)

~~~

Vince Farrell says Bank of America is not stupid.
He’s wrong, their management has made some rather stupid moves — how
about their purchase of Countrywide? That was $4 billion worth of dumb.

~~~

Special Fed rules for taking even junkier paper;
Cramer talking up Nasdaq, and he is a buyer not a seller. Harvey Pitt
blames short seller. He is as clueless a pundit as he was a SEC Chair.

~~~

CNBC Live show with Dylan Ratigan is now beginning.

Category: Bailouts, Corporate Management, Federal Reserve, Financial Press

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

153 Responses to “Live Blogging CNBC Lehman Show”

  1. Jim says:

    Well I am done for. I had puts in MER.

    But it’s only money.

  2. Paul says:

    Nice, Merrill is so badly off that the Fed forces them to be sold and BoA buys them at a premium.

    And that’s smart management?

  3. Jeff M. says:

    Funny, but the talking heads on CNBC aren’t laughing at and dismissing Roubini any longer.

  4. JAN says:

    Q: With Merrill over a barrel and closing ~17, why does BofA pay $29?

    Are they hyper nice guys?

  5. cpugh says:

    Could be really smart management. What is BAC exposure to MER going tits up? Maybe BAC exposure to MER failure is more than the premium paid in the deal? If thats the case…smart move? What say ye???

  6. Yurt says:

    There will be volumes written about this FUBAR for future generations of MBA’s to read…and they will repeat the same f-ups!!

  7. KJ Foehr says:

    Bloomberg reporting its $29 a share. Sounds like a colossal mistake to me.

    I think I will short BAC.

  8. Mr Bubbles says:

    Boy, the pig men are getting desperate, aren’t they? The U.S. Fed and banking system is a complete joke.

    No worries, I’m HEAVILY short and have all the patience in the world to watch this trainwreck unfold. I have a feeling there are millions more like me. Come on guys, give us your best shot…

  9. Alex says:

    Barry, what do you think about Roubini’s claim that Morgan Stanley and Goldman Sachs should start looking for a buyer?

    And where the hell did the AIG CEO get the nerve to ask the federal reserve for help? How dare AIG try to ask for taxpayer relief? Where did he even get the option to ask the Fed bridge-financing for help?

    This is terrifying. If I thought it was hard to find a job before this weekend, maybe tomorrow I should start thinking about joining the military.

    New York State is going to be wrecked. Goodbye tax money.

  10. babycondor says:

    When I click on the futures link, I get a chart that shows the Dow & S&P futures slightly positive (9:14 pm EST), Nasdaq slightly in the red. Meltdown averted?

  11. Ted says:

    What does B/D stand for?

    Tried looking it up but can’t find what it stands for (besides barrels per day…which obviously isn’t right).

  12. Ted says:

    What does B/D stand for?

    Tried looking it up but can’t find what it stands for (besides barrels per day…which obviously isn’t right).

  13. Richard says:

    i’m 40% cash and i wish i was more. i knew this was coming just like most others on this blog did. i’m also pissed off i didn’t buy SKF at $103 cause it’s going to the moon tomorrow.

  14. Sanjay Bigglesworth says:

    Broker/Dealer

  15. scott says:

    b/d is broker dealer in this context, ted.

    Cramer was making some sense – the fallout tomorrow will hit everything, and some stocks in completely unrelated sectors will drop for no good reason.

    Any word on how the hedge funds are faring in all this? All the folks I know in the biz are hurting, but still employed. For now.

  16. SPECTRE of Deflation says:

    The Bread and Circus must never stop at this point lest the Citizens understand their true position.

  17. Jeff M. says:

    To those who blithely assume that BofA’s bid for MER is a sound business decision for them after all of the shenanigans that have gone on thus far with this sector in recent years – HOW DO YOU KNOW FOR SURE? Meaning, what do you even know is in their books and how does BofA know what is in their books after just a couple of days? They’re a “black box” so how does anyone really know what they’re worth? I think this is merely a “Hail Mary” on the Feds’ part. Could work eventually but I think there’s still A LOT of pain left. What say ye?

  18. Stuart says:

    Sunday nights used to be so boring. There was something to be said for boring though. I hope somebody makes a movie of this one day.

  19. Maj Tom says:

    Broker Dealer

    BR – At what point are the masses going to revolt at the exhorbitant take the CEO’s et al from the last several years of earnings these guys “made.” Live by the derivative, die by the derivative.

    Can’t stand the coverage on CNBC about how to bail them out. Believe me, no one out here in Kansas cares about whether these wall street firms collapse from their credit default swaps. I do care about whether my taxes have to provide a bridge loan to AIG though.

  20. tbapple says:

    Since BOA – MER deal is all stock won’t the actual price paid fall if the price of BOA falls?

    Maybe the $29 per share is based on Friday’s closing BOA price and everyone is anticipating a precipitous fall in BOA at the open.

    ????

  21. VennData says:

    They took off Kotok after he gave a rather.. downbeat assessment of the situation. Haven’t seen him since.

  22. JS says:

    BoAs bid for MER is stupid just as their acquisition of CountryWide was. End of story.

  23. Fred G says:

    CNBC has a bunch of trogolydytes on-where is old Dick Bove-he still will have a buy on LEH Monday night. These jokers don’t get it. MS and GS are next up the ladder and I wouldn’t buy stocks if I had money to burn, which I do incidentally . I am serious when I say there is a strong chance of another bank holiday-hell, it worked for FDR.

  24. jjr says:

    Scott, doesn’t appear that the fallout will hit gold, silver or the miners. DEC ZG /gold/ +22.2 (2.9%) and ZI /silver/ +.398 (3.69%). Also DEC bond futures up 1.2% ZN and 1.36% ZB respectively. The dollar has lost about 1c versus the euro.

    Hard to say whether this will hit the energy sector either. With the falling dollar, crude should be up, but the bigger story there is Ike’s aftermath. Who’s to say whether the current $99.625 OCT crude price will hold overnight. Also, the equities may not follow the lead of crude here since gasoline prices are up so dramatically. The refiners, especially those without impact from the storm, likely will be up.

    For that matter, I wouldn’t put anything past these markets. A -300 Dow futures price in the overnight just as often signifies a gap down and reversal during the regular trading hours in my experience.

  25. VennData says:

    Maria Bartiromo demanded PE money to help… but the PE guys demand AIG get a Fed backstop. So what good are PE guys? Heck, I’d loan money to ‘em if I got a Fed backstop.

  26. Ted says:

    Fred – I seriously doubt you’ll see anything like a bank holiday with the current administration.

  27. chad says:

    Ken Lewis is bluffing…….

    I think he and thain are brilliant. Could he have gotten Merrill cheaper? Sure. Will BofA get value out of MER? No doubt. Going forward from here…. He got the jewel of american retail brokerage…….and in the coming years, it could be THE IB on the street.

    I say he’s bluffing cause he’s got the chips. He’s trying to scare the bears into thinking they over did it.

    An FOMC meeting this week too. Buy this gap down…..

  28. catman says:

    Is BAC serving as a straw man for the Fed, first ing the countrywide and now in the merrill deal?

  29. Molly R says:

    Vince Farrell is on telling us how great it is the MER is being bought at a premium to book. Is this guy high???? He failed to mention that the Feds told MER to screw and that they better find a sugar daddy. I wouldn’t give Farrell ten cents to invest for me.

  30. gregh says:

    Americans revolt? when has this happened since we ditched the english? Americans are fat, happy and mostly blind. Back to more important things to worry about – like my fantasy football league.

    sincerely, average american

  31. Jeff M. says:

    Anyone know Thain’s severance package at Merrill when he walks? Hasn’t he already made something like $80MM for less than a year’s work and hasn’t MER’s stock tanked during that time? Nice work if you can get it. This country has clearly lost it’s collective minds (and soul).

  32. RenoDino says:

    Maria came on, literally, and said private equity wants to take over the commercial banks, but doesn’t like all that pesky regulation.
    Harvey agreed. Unbelievable.

  33. Maj Tom says:

    The deal on MER @ 29. With a deal announced and a $12.00 premium added, this should crush the shorts, however, I think this will add fuel to the fire. The deal can not be consummated for several months. During that time, MER may be bankrupt…

  34. steve3-6-3 says:

    What does the Fed have against Lehman? As the commentator pointed out, they’re zeroed-in on LB and continue to defend the remaining contagions.

    But hey, at least Hammering Hank is looking forward to the dismal future!

  35. JustinTheSkeptic says:

    Go ahead chad, you buy it!

  36. rickrude says:

    The deal on MER @ 29. With a deal announced and a $12.00 premium added, this should crush the shorts, however, I think this will add fuel to the fire. The deal can not be consummated for several months. During that time, MER may be bankrupt…

    Posted by: Maj Tom | Sep 14, 2008 9:48:30 PM
    ?????????????????????????????????????
    so is BAC going to volunteer $29
    to the trustee in bankruptcy ??

    Maybe AIG will put a higher offer
    to the trustee ??

    Does any of this make sense ??
    Do I need to be an economics major
    to understand why BAC over pay ??

  37. VennData says:

    CNBC just ran that tennis court-based $100K-plus jobs commercial, what is that some kind of sick joke, or a targeted ad?

  38. registered investment advisor says:

    Life comes at you fast. Real fast.

  39. Aiden says:

    Vince Farrell is a piss poor analyst. First it was his great buy call in AIG at 50 something a share, now he is saying that this Merril buy is good for BAC. The only thing that he might have been right about is the fact that if the markets open down (I would say down huge, but I digress) then you have to buy the dip, but he has been saying that since January and has been dead wrong. If we get a more than 4% move on the SPX and a nice pop on the vix/vxn I am buying with both hands.
    “When others are greedy be fearful, when others are fearful be greedy.”

  40. Maj Tom says:

    In the boardroom – “yeah, I know we are going down, but how can we screw everyone else. How about offering a 70% premium to friday’s close – that should squeeze those that are short and let us get out with some semblance of profit. Then, it doesn’t matter about what happens in the next couple weeks – we will have sold our positions.”

  41. Bob A says:

    the man from Lazard is talking

    “worldwide meltdown of the financial system”

    …and that will be the the legacy of
    [fill in the blank]

  42. John says:

    “The steps we are announcing today, along with significant commitments from the private sector, are intended to mitigate the potential risks and disruptions to markets.”– Ben S. Bernanke

    That’s right Ben. All (eventually) at the expense of the U.S. Taxpayer.

  43. Jeff M. says:

    What we really need is [cough] LESS regulation. The markets are [cough] self-regulating.

    This advertisement has been brought to you by the “Shock Doctinaires”.

  44. paul says:

    tbapple you hit it on the head. BAC buyout of MER is all stock. My guess is BAC’s stock will take a major hit tomorrow bringing that price down closer to MER book of $22 share or lower.

  45. steve3-6-3 says:

    Exactly, Registered.

    As the astute Ferris Bueller put it: “Life moves pretty fast. If you don’t stop and look around (four years ahead of time), you could miss it.”

  46. maspablo says:

    Does anyone know what inning we are in ?

    I thought the game went 9

  47. km4 says:

    The Reagan Economy of supply side economics and deficits don’t matter has finally matured i.e. we’ve all been trickled on with a golden shower.

  48. Bill says:

    Now showing on CNBC (per Comcast)

    Deal or No Deal(7-9p): Contestants compete for cash inside sealed briefcases in this game show.

  49. Maj Tom says:

    Keep in mind, we are only down 22% (S&P). Average recession = 28%. That becomes 1126 on the S&P. Anyone really think this will be “average?” Last recession, due to business investment, was down 40+% – question is – where do you think we are headed.

    This will be mother of all recessions simply due to securitizations are over with, investment banking done, housing not close to bottom – what part of economy will pull us out? Sure won’t be consumers, they are finally, literally, tapped out. Negative savings rate for too long, credit is imploding around them and nearly 10% homeowners are under water.

  50. Mike in NOLa says:

    all I can say is wow.amazing how nuch you miss when stuck without power over a weekend.

    first link says dow futures down 270. guess I’ll spend the morning in my car with the laptop on the roof of the parking garage using the cell as a modem to keep upwith the action. maybe my skf will go up enough so I canget out with a tidy profit before the underlying derivatves blow up.

  51. Winston Munn says:

    Thank you, Barry. Awesome, as ususal.

  52. ML says:

    BoA is buying Merrill Lynch because it wants to be “too big to fail.” Regulators should not let this deal go through because rather than make financial institutions larger, they should push to make them smaller. Also, Glass-Steagall should be reinstituted!

  53. Steve Barry says:

    Dow Futures down 293…yesterday I predicted 300…not bad. An S&P break of 1200, almost guaranteed, could send it to 850 quickly.

    No further comment necessary from me. I have implored all here to be long QID and I can sleep well tonight.

    Anyone blaming short sellers is a pussy. Let’s see if Cramer’s call that July 30 was THE bottom can hold. He’ll weseal out of it somehow anyway.

  54. the economic fractalist says:

    Dogpile:’macroeconomic saturation’

  55. donna says:

    I would suggest a vote in November for the party of Bread over the party of circuses — their elephants have dropped quite enough bullshit for now.

  56. Does anyone know what inning we are in ?

    I thought the game went 9

    Posted by: maspablo | Sep 14, 2008 10:03:55 PM

    It’s a Double Header, at the minimum.

    Might turn into to Cricket, though, by the time it’s through–and we know how long those matches can go on…..

  57. William Laird says:

    Barry – several on CNBC have mentioned that the U.S. debt to GDP ratio is in great shape. They mention the downgrades didn’t come to Canada until the ratio was 1.1.

    I’m not sure I can susbscibe to that. The SCALE of the U.S. debt is much more massive than the Canadian debt. It’s kinda like the 10% flat tax arguement and how that impacts the lower income brackets more – but in reverse.

  58. Jeff M. says:

    @ML: Being a lumbering, bureaucratic, labrynth-like behemoth mess worked out so great for Citi. I mean, why wouldn’t BofA want to try it as well?

  59. km4 says:

    Phil Gramm (McCain’s guy) helped make this happen by leading a movement through the GOP Congress to weaken the provisions of the Glass-Steagall Act, which made it possible for the large brokerage firms to act like banks without the regulations that the banks had under Glass-Steagall.

    In other words, Phil Gramm pushed through a major deregulation of financial institutions, which led us into the mess that we’re in now – utter financial chaos.

    I hope Paulsen, Bernanke, the Bushbots and thousands of leaders in the financial community feel max pain because they deserve comeuppance.

  60. rational says:

    ML:

    You hit the nail on the head. I think BofA is trying to get too big to fail, so it can suckle on the taxpayer’s teat. I hope they implode before the deal goes through.

  61. Innocent Bystander says:

    Doesn’t anyone remember what happened last week, after the Treasury agreed to take FnF onto their balance sheets. Up 280, gone by Wednesday, then wandering the rest of the week. You had to know the story wan’t over. Now, why are you buying on Monday, even at 500 down?

  62. Mr Bubbles says:

    HASN’T EVERYONE HAD ENOUGH! WHERE IS OUR BAILOUT/BUYOUT?

    http://www.fedupusa.org/

    US TAXPAYERS UNITE!

  63. Mary I says:

    Who are the jamokes hanging out in front of the Lehman building anyway-kind of creepy.

  64. Jeff M. says:

    The law firms are going to have a field day with the law suits that are coming.

    There need to be multiple perp walks over the next 6-18 months. I know it’s not going to happen, but would love to see the Tan Man go down first.

  65. CNBC Sucks says:

    Doggone it, half of us were live blogging on the older thread.

    You guys and gals do know that there are people who think CNBC is part of the liberal media conspiracy that precipitated the fall of good American capitalist institution LEH with a whole lot of negative talk and overly aggressive journalism? These are the same Pentecostals who like Sarah Palin, buy into Phil Gramm’s “mental recession”, and think John McCain is actually a hero.

    This election is paramount and it’s going to be close, so if you live in or know anyone in OH, CO, or any other swing states, get the word out: VOTE FOR OBAMA

  66. a guy called john says:

    Nice! Futures up. Crisis averted. Did the Fed just said they now only require a bank’s word when handing out loans or something?

    I wonder where Paulson is going to work after this.

  67. VennData says:

    Then they put on another “We must put a floor under housing” rambler. No. Let housing get more affordable. That’s the free market. Too much housing’s not the problem, levering 40 to 1 is.

    Let Private Equity buy empty houses? With government incentives? And do what with them? Store their Damien Hurst “art?”

    Give incentives to people. These “free market” guys are total hypocrites.

  68. “Scenes are now to take place as will open the eyes of credulity and of insanity itself, to the dangers of a paper medium abandoned to the discretion of avarice and of swindlers.” –Thomas Jefferson to Thomas Cooper, 1814. ME 14:189

    “In such a nation [as ours], there is one and one only resource for loans, sufficient to carry them through the expense of a war; and that will always be sufficient, and in the power of an honest government, punctual in the preservation of its faith. The fund I mean, is the mass of circulating coin. Everyone knows, that although not literally, it is nearly true, that every paper dollar emitted banishes a silver one from the circulation. A nation, therefore, making its purchases and payments with bills fitted for circulation, thrusts an equal sum of coin out of circulation. This is equivalent to borrowing that sum, and yet the vendor receiving payment in a medium as effectual as coin for his purchases or payments, has no claim to interest. And so the nation may continue to issue its bills as far as its wants require, and the limits of the circulation will admit… But this, the only resource which the government could command with certainty, the States have unfortunately fooled away, nay corruptly alienated to swindlers and shavers, under the cover of private banks.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:274

    “The trifling economy of paper, as a cheaper medium, or its convenience for transmission, weighs nothing in opposition to the advantages of the precious metals… it is liable to be abused, has been, is, and forever will be abused, in every country in which it is permitted.” –Thomas Jefferson to John W. Eppes, 1813. ME 13:430

    I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. (Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin) (1802) …..

    O, but, “He slept with Slaves”

    Yes, quite so, that’s the Important thing…

  69. equtz says:

    Hopefully, with these lastest events as catalsyts, we will begin to see the end of plutocracy in America.

  70. Steve Barry says:

    Why do CNBC anchors change during tough times? Ratigan is acting like his best friend died. I want to see the boisterous Dylan strolling around the NYSE floor, talking trash again.

    If Merrill sells out, only Morgan Stanley and Goldman are left…and reading Reggie Middleton, pretty soon, only Goldman will be left.

    http://boombustblog.com/content/view/562/34/

  71. WT says:

    Barry,
    Who planted the story about a $50 billion fund being set up by US and foreign banks? This is a big red herring, and I wonder who “broke” the story first.

    This $50 billion fund idea is really a SuperSIV idea that has come back from the dead. This is financial jaw-boning at its finest, and will die again.

  72. steve3-6-3 says:

    Anyone else long SKF?

  73. Maj Tom says:

    Not long SKF, but short calls on S&P and bought puts last friday. Saw something like this occurring because while the market went up, VIX went up as well. That just doesn’t happen.

  74. DC says:

    Do hope everyone has read the Donald Luskin piece in the WaPo today. It’s true excrement as only a Kudlow Monkey Boy could spew. Economy is not bad for me so quit your bitching…that’s the gist.

    He’s supporting the Palin-McCain (sic) campaign of course and reiterates the Phil Gramm mantra. Good old Phil — hope all those guys taking boxes out of Lehman tonight will send him a really nice note of thanks.

    http://www.washingtonpost.com/wp-dyn/content/article/2008/09/12/AR2008091202415.html

  75. Jeff M. says:

    Anyone else long SKF?

    Posted by: steve3-6-3 | Sep 14, 2008 10:28:54 PM

    Yes, have been for a few months, nibbling & buying on the dips. Am long SRS as well.

  76. C. Fischer says:

    Check out Dick Fuld’s wikipedia page. Good stuff.. sounds like a disgruntled future ex-employee.

    “According to one theory, Fuld is a giant failure for running Lehman Brothers out of existence while he personally profited handsomely. The other theory is that he is part of the insider club which deliberately torpeded the US economy and brought about the Great Depression 2.”

    http://en.wikipedia.org/wiki/Richard_S._Fuld,_Jr.

  77. Mr Bubbles says:

    “Anyone else long SKF?”

    Yes, indeedy. There’ll be a nice gap to sell a few thousand shares into tomorrow a.m. Then I’ll be ready to load up some more after the sucker’s rally tops out.

  78. Dr. Kenneth Noisewater says:

    So how will shorts get screwed this time? Presidential order? More SEC “temporary” rules?

    The rules are like the weather in Chicago these days.. Wait 15 minutes, they’ll change..

  79. Jeff M. says:

    @VennData: I almost hurled my remote control at the TV when I saw that. This elitist fat pig wants more feeding at the taxpayer trough for his people. Good lord. If the majority of the public had half a brain, guys like him would be tarred and feathered by now.

    He probably thinks we should cut “useless government programs” (read: those that do nothing to help he and his friends, like say, Medicare, etc.) to bail out his ilk, a la “The Shock Doctrine”. This is really making me sick.

  80. steve3-6-3 says:

    Hmm AIG not as innocent as projected.

    Go figure

  81. David G. says:

    Am I reading this correctly — Dow and S&P futures are now positive??

  82. Mr Bubbles says:

    Am I reading this correctly — Dow and S&P futures are now positive??

    Posted by: David G. | Sep 14, 2008 10:42:23 PM

    Um… no

    http://money.cnn.com/data/premarket/

  83. Jblow says:

    I hope you shorts triple down on tomorrow’s gap! It’s free money.

  84. Maj Tom says:

    David G. No, futures are down 40.5 for S&P and 311 for Dow. I have streaming quotes, and CNBC numbers are correct.

  85. David G. says:

    Disregard my last — here is the link for futures as quoted on Bloomberg:

    * http://www.bloomberg.com/markets/stocks/futures.html

  86. Hal says:

    it was just last summer when Ben Stein was dissing Peter Shiff on Peters Merrill call.

    Ben, Ben, Ben, you are worthless.

  87. gunthestops says:

    LOL—only if you are looking at the charts upside down!!!!

  88. CNBC Sucks says:

    DC, don’t talk to me about Donald Luskin.

    Talk to me about that fuzzy wuzzy chubby little neocon Ewok that is Luskin’s sidekick sometimes on old man Kudlow’s show. He is such a pugnacious, self-assured little f*ck.

    I haven’t seen Kudlow & Company in months, so that critter might be roadkill by now and you guys and gals think I have been Westburying all weekend.

  89. wilson says:

    hmmm… got our tickets for Muswellbrooks? gonna wear no sock and shoes. makes the 70s look benign and the dan look prescient.

    toodles

  90. Mich(^IXIC1881) says:

    Am I reading this correctly — Dow and S&P futures are now positive??

    Not according to Bloomberg. Dow is down 300+ points. All indexes are 2.5+% down.

    I am still not sure what 3:00pm will look like tomorrow, my brain short circuited with triple news.

  91. Rob p says:

    In an Emergency announcement, the FED says it will pay Americans (and anyone else) -3% to take dollars and or invest in the equities market! They will also take MBS, CDO, creme pies, and donuts as backing.

  92. Maj Tom says:

    Low on S&P just after the open as 1215.50… We are less than two points from that and remember, lock limit down is down 70 or so for first trigger.

  93. KJ Foehr says:

    I’ve got SKF in three accounts, and SRS, SMN and EEV.

    Holding until VIX = 40.

  94. Eric Sebille says:

    What a great nite, holding a large SKF position and bought a small MER position to hedge on Thursday. I have to think COF comes down hard in the next couple of weeks.

  95. Jeff M. says:

    @CNBC Sucks: You mean Jerry Bowyer? I’ve actually engaged him in a number of email battles over the past year, but not recently. It’s a lot of fun. You should try it. Just google him. His email address is right there. He almost always takes the bait. He’s as big a prick on email as he is on TV.

  96. NJ says:

    Would Don Luskin be a buyer on the dip tomorrow?

  97. leftback says:

    Be careful, guys, whichever way you decide to trade tomorrow. This group in power has no love of shorts and a complete disregard for free markets. They will take every chance they can to kick the can down the road by any means possible. So keep your eyes open and trade what you see.

    There is EVERY possibility that they will fudge something by the open and they are completely capable of buying index futures. If Uncle Ben has a rate cut ready you will walk into a buzz-saw on Tuesday. But if they do ease then they are almost out of bullets, and that will be the last rally before the deluge.

  98. jock gunter says:

    When Treasury Secretary Gramm explains to VP Palin that we’re in a financial crisis, she’ll shoot first, and ask questions … well, maybe she won’t ask questions …

  99. Maj Tom says:

    New low on S&P, 1215.00 down 43.50.

  100. NJ says:

    All you guys are clueless. The only CNBC people who really understand what’s going on out there are Jerry Bowyer, Don Luskin, and Dennis Kneale. This market is a screaming buy right now.