SIRI Intraday Thread: Thursday, March 26th

[SiriusHope]

The guy was a complete IDIOT. I was the one that had to educate him, and on a toyota, they only had XM available, but since I already have Sirius, I am going to see if I still get the discount for an additional account.

Thats typical of most salepersons in auto and retail...Mel needs to get a special crew out to them with SIMPLE educational material.

[Newman]

There are a lot of issues and the Banks hoarding is one of them. A guy on Bloomberg the other day said that 98% of loans on the books are current. So how many loans are actually toxic? Will relaxation of Mark-to-Market regs ease the situation? Are banks hoarding cash in case they need to make large markdowns

I have been saying this for a LONG time. I don't know if you know this or not guys, but from what I have been researching, THE BANKS ARE STILL MAKING MONEY!! It is all media spin. Remember how the media was saying that in Q3, Sirius lost 5.3 billion or what ever the number was? That figure was all hype. It is NUMBERS. In cash flow, Sirius had positive cash flow, and only lost like 300 million, but their VALUATION of XM had to be written down, which is nothing but a number that means absolutely nothing.

The banks are doing the same thing. They are writing down the VALUE of the loans outstanding, but that does not mean that any of those loans have lost money or defaulted. It just means that they are readjusting the VALUE of those loans (or the property/security behind the loans to be more specific).

[bananaz]

I dunno, Bana, I just bought a car yesterday, and they could not wait to give me a loan. Though I must say that the credit numbers here are excellent. I don't know for borderline people.

Underway made an excellent point. The problem isn't you, it is the people with marginal scores, which wern't considered marginal two years ago but are now..

[choirgirl]

Same here. Even our rentals are paid, I was born and raised the very conservative way only to buy what you can afford, never took a loan, I even pay the credit card bill in full every month. Only problem, without a credit history in this country, you are considered a weirdo, not creditworthy at all.

There are a lot of issues and the Banks hoarding is one of them. A guy on Bloomberg the other day said that 98% of loans on the books are current. So how many loans are actually toxic? Will relaxation of Mark-to-Market regs ease the situation? Are banks hoarding cash in case they need to make large markdowns?

Is this the same scenario as with the S&C crisis where the lending rules swung hard the other way for a few years? A caller on a sirius show claimed to have a credit score of 804 and BMW turned him down for a loan and required a minimum of 810. This may be B/S but depending on the bank, may be true. I don't know because I haven't borrowed money since 1987 and have no need to now. I own my house and pay cash for cars. I could afford bigger and better but it feels good to be debt-free.

[terrymr]

The banks are doing the same thing. They are writing down the VALUE of the loans outstanding, but that does not mean that any of those loans have lost money or defaulted. It just means that they are readjusting the VALUE of those loans (or the property/security behind the loans to be more specific).

Right, securities have to be on the books at the price you could sell them for today - but nobody's buying so their book value is almost nothing. Most of them will still pay off in the long term. Only whole loans that haven't been broken up and resold can valued according to actual performance.

[mogami]

Hi, Since I have never borrowed any money or used a credit card I am considered a credit risk.
If I want something I save money till I can buy it. I pay my bills rather then buy things.

[dmo2424]

Same here. Even our rentals are paid, I was born and raised the very conservative way only to buy what you can afford, never took a loan, I even pay the credit card bill in full every month. Only problem, without a credit history in this country, you are considered a weirdo, not creditworthy at all.

I find it very interesting choir girl that you are so conservative about loans and paying bills on time yet you are one of the most heavily invested into a VERY risky stock like SIRI... very fascinating how you reconcile your admirable conservative financial day to day with your very risky stock market plays... i mean i hope we all win out in the long term but it's a huge risk to trade siri short term

[exilejeff]

I am new to the board but have been reading the threads for a few months and never registered. I really appreciate all the knowledge i've obtained from watching day to day, the board is a true asset to me. I'm a n00b investor and bought my first share of stock July 1st, 2008, it just so happened to be SIRI (157 shares at $1.9), i bought again 460 shares at $1.63 later in the month, lol.......rode it down to the bottom then bought 3000 at .1488 earlier this month.....

My brokerage account was with USAA and i was unaware that the fees for purchasing increase .01 per share over 1000 shares so it is pretty pointless to make any purchases i plan on selling on the short term, especially large quantities with that account, i opened a zecco account which is only $4.50 a trade and have been buying there since, but i still have the 3000 shares in the other brokerage as well as some other stocks that i have gotten beaten up on.....i recently sold the first lot of SIRI i bought and now showing a $907 loss, do you think it would be beneficial to transfer the account ($75 fee) or just sell off the shares and transfer the proceeds to the other account, cutting my loss down a bit for tax reporting, and just rebuy what i want to keep a position in

my position in siri now is 3829 shares at .19......so i am technically still in the red, but the green is more psychologically soothing on my portfolio tracking lol

[imromo24]

I hate to say it guys and gals, but were boing boing bouncing of .37 like we did .40 and .38, im no expert but that doesn't sound good, unless your planning to buy low soon....again im no expert. Maybe someone here can explain

[trippingthespeculatingpos]

hi im pretty much some1 who had no credit but in august i was able to get financed through gmac, but i did put 6000 down :O