<p>Well there is a way. They could not cover their commerical paper which was due. GE is largest commerical paper issuer.</p>
<p>And you are an expert because they are TOO BIG?</p>
<p>Was Lehman or Bear too big? How about Merill which was close and the reason they got bought up?</p>
<p>And how is GE’s stock looking these days that you are so sure they weren’t close? I am close to bond market and they were on edge believe me</p>
<p>Have you even bothered to study history shoe? Saying it can’t happen and things will improve just cause they always had doesn’t cut it.</p>
<p>Again look to Japan, look to the great depression. Now am I sure we won’t improve in a reasonable amount of time? No, I think we can but to say WE MUST is sticking your head in the sand.</p>
<p>Tell me odds you had on Lehman, Merrill, Bear STearns, WAMU not existing by October 2008 at January 1, 2008?</p>
<p>How about Citi being 75% off its high and trading in single digits? And how many years, if ever, will people who held onto Citi cause their broker said “don’t worry its a great company” need to wait to just break even off this decline?</p>
<p>You have a guy in Paulson running this who was behind many of the lobbying for deregs that got us in this mess. Then he puts in charge another crony from Goldman who has NO BANKING EXPERIENCE to run this.</p>
<p>Inspires great confidence. See the lines forming just for part time holiday sales work? 1 in 48 chance of getting a job are some reports. The P/E dropped to 7 in 1973-74. If this is only as bad then we have maybe 30-40% more on downside.</p>
<p>Maybe all these fools will get this right and the world we absorb all this excess debt overnight (that was done over years and year and years) but it is unlikely.</p>
<ol>
<li> All those companies you named were investment companies. I’m not suprised they went. GE, on the other hand, spreads across multiple industries that as long as the basic man requires a lightbulb or a fridge, they’re going to keep going.</li>
<li>The current market isn’t rock bottom. It isn’t even close. To say that there’s a huge chance of another depression or something like Japan is naive. Do you look at history? The events leading up to the depression pointed right to a depression: everyone was being hit, and no one had any back up plan. The rich were simply rich because of investment. Today, lots of people have stronger financial situations. That, and plenty of people have yet to even be affected yet, beyond the standard loss in some stocks.<br></li>
<li> Everyone’s stock sucks these days, except for some random companies and those being fueled by the war. Just because GE’s stock is low, doesn’t mean anything. I’d love to know where you heard the bankruptcy rumor.</li>
<li> Maybe you should study history and some economics. The market is downhill due to a lot of bad loans, thus putting people in the situation of spending less and losing their houses, therefor costing the banks. Everything will settle out, eventually. But maybe your glass is permanently half-empty.</li>
</ol>
<p>What I don’t get are all of the Gov’t bailouts. AIG is coming in for its third round of handouts. I heard on the news that the Feds have given more to AIG than the company is worth.</p>
<p>AIG has repeatedly used the money for trips to expensive resorts. Congress needs to get it together and force AIG to have some fiscal responsibility.</p>
<p>Haha, Barrons. I wish I read your silly post earlier in the week. Give me break! We all laughed when we read that article written by a Yalie who isn’t even a member of the Yale Club of NY. He opines without quoting actual members. If it wasn’t for Dartmouth’s and UVA’s members, the Yale Club would have gone down long time ago. If they didn’t need us and didn’t think we were ‘worthy’, they wouldn’t have invited UVa alumni to join their clubhouse in the first place - a move that required a vote from the YC Board. They could have easily invited Duke or Stanford long time ago, but they chose UVa and gave us residency and office space for our executive director and volunteers. (That’s much more than Duke gets from the Cornell Club.) If there are snooty grumblings, they probably come from the old Yalies – the same members who were peeved when they allowed women to join in ‘80’s and were belligerent to gay alums who wanted to have events at the Club. I remember a joint board meeting between the 3 schools many years ago. The board members from Yale and Dartmouth were all old white men. UVA’s board was young, half of which were women, a quarter were minorities, and an eighth were gay. We had the cool ideas and events (and the cute members. Yale and Dartmouth guys always seem to talk about the hot UVa girls), and happily, the Yale Club has learned from us. Thankfully, the overall Clubhouse is much cooler now, and the UVa Club have more members than Dartmouth.</p>
<p>Hmmm…I wonder what great club Wisconsin has been invited to join?</p>
<p>Barrons, you should really start reading your school paper more. UW is not as insulated as you think. The Badger has highlighted for some time now the [economic</a> problems](<a href=“http://badgerherald.com/news/2008/10/20/economic_crisis_hits.php]economic”>http://badgerherald.com/news/2008/10/20/economic_crisis_hits.php) in Wisconsin, the [forced</a> cutbacks](<a href=“http://badgerherald.com/news/2008/10/17/deficit_will_likely_.php]forced”>http://badgerherald.com/news/2008/10/17/deficit_will_likely_.php) at UW, and the [lagging</a> of state money](<a href=“http://badgerherald.com/news/2008/09/24/state_funding_of_uw_.php]lagging”>http://badgerherald.com/news/2008/09/24/state_funding_of_uw_.php). </p>
<p>I think UVa will come out fine after this economic crisis is over. I think these are the key points from [Leonard</a> Sandridge’s letter](<a href=“http://www.virginia.edu/uvatoday/newsRelease.php?id=6980]Leonard”>http://www.virginia.edu/uvatoday/newsRelease.php?id=6980):</p>
<p>
</p>
<p>
</p>
<p>
</p>
<p>I’d rather be cutting back from a $500 million base than $167 Million (before this year’s cutbacks). Sure most states are in deep do-do right now. But Wisconsin is not NYC either which faces a major depression vs a recession. Virginia will have a similar outlook to Wisconsin with its more balanced economy. Since 2000 UW has received an increase of about $100 Million from the state. Virginia is virtually unchanged at $167 million or so.</p>
<p>Glad to hear things are good in club world–all those out of work and waiting to be fired Ibankers must be keeping the bar busy. Tell me how great NYC is again. Right now most of the country would vote to tie Manhattan to a big tug and take them far out to sea followed by a small nuclear explosion. Enjoy the depression. NY earned it.</p>
<p>Regarding the ridiculous discussion of The Yale Club “article”: the source, The New York Post, is pretty close to a tabloid newspaper. Had a more mainstream newspaper been reported on this story, I’d believe it. I tried to find a more reputable source, but I couldn’t. All I found was coverage of The Post story by [the</a> New York Magazine](<a href=“http://nymag.com/daily/intel/2008/11/expensive_exclusive_ivy_league.html]the”>Expensive, Exclusive Ivy League Club Accused of Snobbery - Slideshow - Daily Intel) and [the</a> IvyGate blog](<a href=“http://www.ivygateblog.com/2008/11/the-first-rule-of-yale-club-is-get-the-hell-out-of-my-yale-club/]the”>http://www.ivygateblog.com/2008/11/the-first-rule-of-yale-club-is-get-the-hell-out-of-my-yale-club/). Both point out that the outraged person cited shares their name with a architecture firm upstate. </p>
<p>There is no story there.</p>
<p>
I’m speechless.</p>
<p>Take a look at the difference between the Yale Club and the Virginia Club. </p>
<p>Us: [Virginia</a> Club of New York City](<a href=“http://www.uvanyc.org/index.html]Virginia”>http://www.uvanyc.org/index.html)</p>
<p>Them: [Yale</a> Club of New York - About the Club](<a href=“Login - Yale Club of New York”>Login - Yale Club of New York)</p>
<p>damn. Michigan is up though!! [University</a> of Michigan endowment grows to $7.6B - Chicago Tribune](<a href=“Chicago Tribune - Chicago News, Sports, Weather, Business & Things to Do”>Chicago Tribune - Chicago News, Sports, Weather, Business & Things to Do)</p>
<p>Here’s an interesting article that speculates on what’s happening with the Investment Managers of several University Endowment Funds, including UVa’s. I’m not sure to what extent it’s true, since there’s a significant lack of transparency in many of the areas that Hedge Funds operate.</p>
<p>[Is</a> Harvard’s endowment crushing stocks? - BloggingStocks](<a href=“http://www.bloggingstocks.com/2008/11/19/is-harvard-crushing-stocks/]Is”>http://www.bloggingstocks.com/2008/11/19/is-harvard-crushing-stocks/)</p>
<p>Fiscal year ending on June 30, 2008 tells the story about Michigan.</p>
<p>The local weekly, The Hook, just did a major article on the subject. </p>
<p>[The</a> Hook - COVER- Missing billion: how UVA’s investment strategy worked… until it didn’t](<a href=“http://www.readthehook.com/stories/2008/11/20/COVER-uva-endowment-D.aspx]The”>http://www.readthehook.com/stories/2008/11/20/COVER-uva-endowment-D.aspx)</p>