Wall Street Collapsing down to it's knees

"its," not "it's."

sorry, just absolutely appaling what these firms, investment banks as they were called have done to the prosperity of this nation.

Are you kidding me? Are you not following the news? Wall Street is taking the government money and paying themselves bonuses.

They already figured out the next rip off. Soon they will move onto another way to rape and pillage the people. When they do they will start spending again - coke, real estate, cars, etc, etc until they get caught or move onto to the next grift.

That is Wall Street USA and what you get an MBA to do.

i think the world is starting to catch on to the giant ponzi scheme wall street is and i would be surprised if the entire financial market here in the u.s. eventually got shut down for long period this summer as the conditions will worsen, and they should worsen!

all the wall streeters are trying to make a move into health insurance. that is the one other field where you can easioly rape and pillage the life long investments of american citizens. Just ask BJW.

the ones that were getting paid 7 digit bonuses represent a small fraction of wall st. majority of the ppl that work/worked in the industry live pay check to pay check. i dont think the general public really understands this and cant sympathize with the many joe schmo's that worked on wall st and lost or about to lose their job.

nyc could be in complete chaos within 12 months time. bloomberg should bring in the u.s. military to help control this city from riots and other madness that will follow the high unemployment and impoverished in debted territory upon we live.

all i can is bring in the United States Military to control the citizens in this city. I feel it could be dangerous to live here next year with high unemployment and a collapsed real economy. I really hope that Mayor Bloomberg starts bringing in U.S. military presence to Manhattan before things get too bad.

> majority of the ppl that work/worked in the industry live pay check to pay check.

$75k starting salaries for secretaries with no college education. IT folks in the hundreds of thousands.

Want to try that rationalization again?

yeah, 24 year old in tech got paid 195K this year from Wachovia...is this normal?

(happens to be our neighbors child)

"$75k starting salaries for secretaries with no college education. IT folks in the hundreds of thousands." - all these salaries financed by illegal raping and pillaging of America's life savings!

What a rewarding place to work.

Right NYCnewbie - most wall streeters aren't the 7 digiters. And most secretaries do not ever reach 75k. Try 35k starting.

No, it isn't normal or typical uppereastern2009.

Most of the people who are or will be out of work are the Joe Schmoes. Does that make anyone feel better?

"I feel it could be dangerous to live here next year with high unemployment and a collapsed real economy. I really hope that Mayor Bloomberg starts bringing in U.S. military presence to Manhattan before things get too bad."

Don't let the door hit your butt on the way out. Run for the hills.

the other thing on its knees right now are out of work wall streeters like NYC10022 and e villager trying to enough money that they lost in the stock market.

When did streeteasy turn into The Onion?

Goesaround,
What do you do for a living that won't be affected by real estate collapsing or the down going to 3000? You're living in a dream world if you think we're all not connected.

JuiceMan, some things are funny, some are absurdly funny, some are merely absurd.

Amen aboutready!

my grandfathers and parents are farmers up by albany. i came here to new york to create music and part time work in medical field.

i am absolutely appalled by what has happened, the way people have lived. far beyond there means in every regard without dignity for our population as a whole. Sure my parents maybe effected with their farm if the economy crumbles, but then maybe people will learn to have better morals, values and standards for a better world.

To tell me real estate and the stock market is fair priced, with the ethics and greed behind it even at these levels is absurb. My folks tell me don't climb a pyramid to see the top if you'll have difficulty getting down.

I have no problem with banking, real estate collapsing. I think it would be good and bring us all back to reality. This of course is my opinion. What i see and what i learn is all this quick money and scams across Wall Street have hurt us all. In so many more ways that one.

And yes, you can call me crazy but maybe the collapse won't only be good for us, but maybe also our environment which have all excessively abused to create "ponzi profits" during this credit bubble.

I got plenty of tractors, but don't count on my folks ever taking a resume from a former guy at Goldman, Morgan, Bear, Lehman, do i have to name anymore of the "failures"???

goesaround,

I think you may be throwing around the term "Ponzi scheme" a bit to liberally in your posts. There are very few true Ponzi schemes on Wall Street, simply because it's a very hard thing to do when you trade with lots of counterparties and have lots of employees. I think the catch-all term you are seeking is something like "bubble behavior," herding, free-for-all, land-grab, etc.

Pete,

Way to add value to the message boards. Classy as always.

Okay goesaround, you are crazy.

Actually, I think you are Rufus. If you aren;t, you need to get your meds changed. And by the way, there was plenty of greed from people who tried making money on RE and got themselves in over their heads and plenty of other people who bought WAYYY more than they could afford....they are adults and are responsible for their own bad decisions.

The problem with your reasoning goesaround is that every investor and apartment owner becomes a greedy person living beyond their means, not caring about other people and the environment.

I see that in the blogosphere daily "Yesterday I was reading on my favorite subject, flappers, and began reading about The Great Depression. What a wonderful time. People had real values then. take my great grandmother who was a poor woman...."

Most of our relatives were poor during the depression. My father romanticized it so much that my sister and I felt envious of him for being alive during it

There are real people suffering now because of the actions of those at the very top and people such as Bernie Madoff. There's nothing noble about being poor. Morals and values are something taught to you and/or you have them or don't have them. It's a parents job to teach a child to better the world

To want real estate and banking to collapse is envy, spite and to want complete chaos. I find the morals and values of people who wish for collapses to be appalling.

unfortunately only the true gravity, the law of science and nature will prevail in 2009. With that i maintain my position that strict governance needs to be enforced. if that means the entire banking system as we know it surrenders itself (meltsdown) then so be it.

goesaround is right!

"if we don't get a bailout the USA is going into Depression" all these threats from criminals who collapsed our economy so they can get fat bonuses out of tax payer money is a big sham. Bailout or not, NY will go into a severe multi-year Depression. Nobody can stop the forces from evolving.

you cannot rescue a 57 Trillion dollar CDS market from unraveling...

"you cannot rescue a 57 Trillion dollar CDS market from unraveling..."

Try a $1.2 Quadrillion interlinked Global Derivatives market according to the Bank of International Settlements.

JPM has estimated 10T exposure alone. Think 2008 was bad? Anyone here want to challenge the forces, the laws of science and nature then please place your bets.

I can't wait for a New York without those girl with their little dogs in their bags!!
Not far ago, dogs were accessories for girls with huge diamonds on their fingers, fiancee of a WALL STREET GUY! free the pets :)

The upcoming currency and credit default swap crisis will implode eventually, it's not a matter of why it's a matter of when.

"i am absolutely appalled by what has happened, the way people have lived. far beyond there means in every regard without dignity for our population as a whole."

That really has nothing to do with NY. The issue is that 90% of the Americans can't think for themselves and have a heard mentality. People are impressionable and they trust what people tell them way too much. Greed? Why only blame the banker? What about taking responsibility for your own actions? Why not blame the overleveraged idiot who bought a house 4x more than he could afford? What about the dipshits that took out HELOC's to buy boats and Hummers? I don’t understand people like you that place blame on the banker but not on the morons that got themselves into the mess in the first place.

NYinmyblood, very well put. I do not in any way want the destruction of our financial system. On the other hand, when I read on Bloomberg that the 50% reduction in MS bonuses puts them at the lowest level since ...... 2005, I've got to shake my head.

yeah, free the pets, poor things running around enslaved in 400 sq foot apartments and never see green backyards, parks, only hard cement and artificial women. sad, truly sad state we live in. we deserve what will unravel.

@ Juiceman, i agree with your comments. please let it be known that many of these people would never have been able to live this lifestyle if it were not for the bait, so called packaged products marketed to the uneducated masses. The bankers took advantage, although they did not give consent.

I have a feeling we'll see major hedge fund liquidations during upcoming months. People will eventually just throw in the towel on the market once they see the unemployment numbers tick up and Fed policy completely unable to control the crisis. There will be people just walking out of wall street offices and never returning.

@aboutready, i dont want a collapse, but i want strict global governance over these instutions and limits on risk=limits on compensation. for a better world!

Juiceman,
If someone is an idiot, will you take advantage of him? or you will feel like you are the one that should be in charge?

The bankers smiled to those Young couples, elderly etc.. and said"YES, you can afford it!". Everyone wants to achieve the American dream and if your banker say you can, you believe him (90% of the people will).

Goesaround, I'm completely appalled at your command of the English language. Have you no basic concepts of sentence construction or grammar? "Its" not "It's", "their" not "there." "We deserve what we unravel"???? Seriously? Pompous much? Is this how you pick up those artificial women you are bemoaning?

@lostintransit, will you at least give me a C in Spelling 101?

http://news.yahoo.com/s/afp/20081211/bs_afp/financeeconomyimf_081211233000

http://www.google.com/hostednews/afp/article/ALeqM5gE5lz1lFtMXzvnw0-CpG2CKb24lw

I fell like lostintransit picked up one of those artificial women and now he regrets :)

oh sorry ,feel :)

give me a b

will 2009 be the year?

switel, fair question, and no I would not. I despise people that take advantage of others and I agree that some of that did happen over the past few years. However, I feel that the majority of people knew exactly what they were doing and attempted to live a dream built upon the Jones', Flip that House, and Rich Dad Poor Dad. The victim defense only goes so far with me, at some point people need to take responsibility for their own stupidity.

so switel, you think I'm a guy? You are very perceptive.

"That really has nothing to do with NY. The issue is that 90% of the Americans can't think for themselves and have a heard mentality."

This from the moron who was caught up in the bubble mentality just 6 months ago.

maybe not, but you are missing the point of this conversation

JuiceMan, of course you are right. Way too many people lived high by borrowing on their futures, and the future upped and crapped on their doorstep. I was in the Saddle River, NJ area this weekend and desperation was in the air. McMansions with handlettered "Cashmere sale inside!" signs on their front lawns, vacant houses, for sale signs every twenty feet, and numerous vacancies on Route 17. I can't remember ever seeing significant vacancies on 17. This recession has hit hard and will last quite a while.

"This from the moron who was caught up in the bubble mentality just 6 months ago."

From the moron who argues with people based on what others say and is incapable of forming his own opinion.

2009 will be the year to buy for first time buyers

Right On goesaround!
Wall Street is down for good, it was massive fraud,,,it;s all on Ponzi scheme more or less. There are no more traditional investment banks anymore the outrageous pay and bonuses will not be tolerated anymore Wall Street has been transformed.
People got burnt by the dot boom so they lowered interest rates and created another phony economy by creating a housing boom which in itself created a ton of jobs. As long as you can keep this phony economy going this way it was great.By now we will have an economic collapse because all we did is borrow trillions of dollars, outsource jobs and manufacturing, blew all the money on consumption, we now can't pay the bills, all assets bubbles are now deflating due to reckless monetary policy, we now have to start saving to rebuild a real economy and actually rebuild our manufacturing base but there will be massive job losses in the meantime. Right now this massive fraud and deleveraging taking place is driving up the dollar so companies and hedge funds and the like can pay up their margin calls and bills. then the next collapse will be the dollar because of the massive debt we have....the world will not lend us anymore money!!!! So now where do you thing real estate prices are heading?
Let's not forget the unraveling of the one quadrillion derivatives ponzi scheme has yet to take place and the counter party risk will expose this massive collapse of the criminals like Madoff.

before the internet, goesaround and others were people standing at Union Square screaming about some crazyness. And 95% of people would ignore them and 4% would watch in amusement. Now here on the internet, they get an audience that is engaged trying to convince the angry and/or crazy guy to change opinions?

VWear, where was your soapbox?

banks don't trust banks, banks don't trust consumers, consumers don't trust retailers, INVESTORS SCARED OF BANKERS, INVESTORS SCARED OF WALL STREET, WORLD scared of BROKERS and their greed greed greed.

"if your banker say you can, you believe him "

This is what people say: "the mortgage person said I could afford it" and/or "it was a good loan".

Hey, the mtg person is a salesmen with low morals who only cares about his fees & commissions & doesn't care about the future travails of the homeowner, so why trust a salesmen with the largest financial decision of your life?

We hear these stories & I'm thinking "didn't ya do the math & see you can't afford it or that the ARM will shoot up in X years?"

Those who pushed the toxic mtgs (Wall St, Fanny/Freddy/the mtg sales people & others along the food chain) were like drug dealers, but people could have said "not thanks".

The whole thing disgusts me & now we all pay & it's ruining us.

goesaround - Sure, Ok Che