Editor's Note: After some 2.5 years, this will be my last Opening Bell. One can only take so much sleep deprivation, after all. On the other hand, getting reminded and abused about typos never really gets old. Unfortunately I don't really have any advice or words of wisdom to leave you with, since I'm pretty tired. It's been a blast and hang in there. With some Googling and some deduction, you'll be able to figure out where I'm going to show up next. And feel free to get in touch at jnathan (AT) gmail (DOT) com. (Does writing it out like that really prevent spam? We'll see.)
Update: Right after we did our last look around and went out for coffee, the news came out. Wells Fargo is now acquiring Wachovia for $15 billion. This is pretty wild news, and it might even inject a little confidence. Wells isn't taking an FDIC backstop and they just straight up outbid Citi. And of course in a way, this is Warren Buffett doing his thing again, since he's a 9 percent shareholder in Wells. On the other hand, the markets aren't up that much, so don't lose your hat just yet.
US Government bailout plan to be passed by Congress (Intrade)
This one is about the odds of a bailout being passed by the end of October, and Intrade has it at .95. Then again, it was in the high .80s for September and look how that turned out. We're still perplexed as to how any Republicans that didn't vote for the first one vote for this one. But politics works in mysterious ways.
2008 Presidential Election Winner (Intrade)
So lazy, two stories from one page. Yeah, she did just fine -- came off as likable and smart and articulate, even if the "aw shucks", "gosh darns", "doggone its" and the like seemed a little, how shall we put it, intentional. We're not going to purport to be a "real American" (we're Jewish, NYC media elite). But we have "real American" friends, and they don't talk like that. Anyway, it didn't seem to do too much. John McCain is still mired below .35 on the dollar
Euro Money-Market Rates Rise to Records on Bailout-Plan Concern (Bloomberg)
But even if a bailout passes, will it do any good? We still don't see it, even theoretically and nobody's been able to explain it to us in a way that makes sense. On the other hand, we've seen plenty of anti-bailout arguments, some which have persuasively made the point that this will be worse. So we'll see. Oh! The article. Yeah, the markets aren't optimistic as evidenced by European interbank rates.
Manhattan apartment sales drop further (AP)
Question: Why is it that Manhattan apartment sales apparently keep dropping each quarter, and yet prices aren't going down. And it's not like they're not building new inventory (they are). Anyone care to enlighten us on this one.
JGBs climb on Nikkei slide, ECB rate cut signal (Forbes)
Sounds like an unhappy night overseas, with more pain in Japan. The Nikkei is now back to where it was back in Spring 2005 (so is the NASDAQ, as of yesterday). If your worldview is very simple and straightforward, you might argue that those last three years of our lives are now just gone. Erased from the history books.
Waterfront Media to Merge with Revolution Health Network Establishing the Everyday Health Network as the Preeminent Online Health Destination
Just so you know what this is... Revolution Health is Steve Case's (ex-AOL) online healthcare company that was supposed to, well, revolutionize the healthcare industry, from finding a doctor, dealing with insurance, getting diagnosed, etc. Instead, it basically became a second-tired WebMD clone. That's what you get for naming your company revolution. Anyway, now it's merging into the aether, er with NY-based Waterfront Media, which is #2 behind WebMD. Sic transit.
Libor Mystifies Americans as Mayor Reads `Doomsday' (Bloomberg)
Oh Americans! They don't even know what Libor is. We do. In fact, we once got the answer right at Pete's Candy Store Trivia Night. The question was : What is Libor, and we were the only one in the whole bar to get the right answer. Who knew that just 9 months later, it would become the centrail measure facing our economy. Evidently one unemployed, 27-year old Los Angelino thought Libor was a pill. Those must've been happier days.
WSOPE Main Event: Juanda Victorious (PokerVerdict)
No Daniel Negreanu, John Juanda (Juanda Man) won the World Series of Poker Europe Main Event. Kinda of a quiet dude, but that's cool, we like him. The guy won £868,800 and if we were him, we'd be converting that immediately out of GBP.
Posted by guest , Oct 03, 2008 7:25AM
Wells Fargo and Wachovia have agreed to merge.
Posted by guest , Oct 03, 2008 7:27AM
First volume drops, people can't sell, so they lower the price. With all the massive condo projects coming online in the next couple years, we are in for a long long period of hurt. Look at what's happened to other cities in the past two years and we are in a lot worse shape then they are now.
Posted by guest , Oct 03, 2008 7:30AM
You didn't even mention the WFC/WB merger? What a useless opening bell. Way to go.
Posted by guest , Oct 03, 2008 7:38AM
Mayo!
Posted by guest , Oct 03, 2008 7:40AM
WTF happened? Wasn't WB bought over by C?
I thought that was a done deal?
Posted by AJ , Oct 03, 2008 7:52AM
Always loved the opening bell. Thanks and good luck Joe!
Posted by Joe Weisenthal , Oct 03, 2008 7:54AM
Thanks much AJ.
Posted by american bandersnatch , Oct 03, 2008 7:55AM
Likewise, it was a great summary and you had some good insights. Best of luck!
Posted by guest , Oct 03, 2008 8:03AM
I loved reading my poker news with my morning market info. I hadn't read Tao of Poker till you posted it here on Dealbreaker.
Best of luck Joe.
Posted by guest , Oct 03, 2008 8:10AM
bess consolidates power. nicely played, madam. good luck joe.
Posted by bittergreen , Oct 03, 2008 8:14AM
I love the job you've done on opening bell. Best of luck to you Joe.
Posted by guest , Oct 03, 2008 8:14AM
Damn...everyone is heading for the door at DB...what the fuck is going on over there.
Take care Joe. You wouldn't happen to be the "Joe Six-Pack" would ya?
Posted by guest , Oct 03, 2008 8:20AM
congrats on the new gig at milfhunter.com.
Best of luck.
Posted by guest , Oct 03, 2008 8:22AM
Opening Bell has been an important part of my morning crawl for news for as long as you've been doing it, and I've always enjoyed it, typos and all.
Sometimes the typos were so egregious that I thought it was just your schtick.
Take care Joe.
-Lee D
Posted by guest , Oct 03, 2008 8:22AM
another scum msm rip off of db:
http://www.nytimes.com/2008/10/03/business/03sweetener.html?_r=1&oref=slogin
Posted by guest , Oct 03, 2008 8:27AM
Think you Joe four your diligense covring the braking newz itch mourning.
Good luck in your next endeavour!
Posted by guest , Oct 03, 2008 8:28AM
@13...Joe is this true? Please advise. ASAP>
Posted by guest , Oct 03, 2008 8:29AM
Its like this:
1) If you own Manhattan real estate that you do not live in, its likely that you have a high net worth and you can hold on as long as you want.
2) In the meanwhile the rental market is kicking so you can keep you apartment generating cash for entertainment in the meanwhile.
Thanks.
Posted by sales rep , Oct 03, 2008 8:31AM
I always ripped you for typos, but there was a reason I jumped on DB before I did anything else: the Opening Bell.
...Although I'm disappointed you didn't go out with something pithy like Carney.
"There's the Opening Bell; my work here is done."
Posted by guest , Oct 03, 2008 8:36AM
But Joe Gregory and Erin Callan just sold their appartments for $4.4mm and $11.8mm, respectively. So all is well with former LEH employees
Posted by ab , Oct 03, 2008 8:48AM
Will definitely miss you Joe...this was the best part of DB.
Posted by guest , Oct 03, 2008 8:55AM
Sorry that you're leaving Joe. I've also always enjoyed the Openning Bell. Unfortunately, people will always be a-holes, particularly when they post anonymously without fear of reprisal and even in the face of you doing a thankless job quite well. Best of luck in your future endeavors.
Posted by guest , Oct 03, 2008 9:03AM
Most condo (and that, along with prime pre-war coops, is the higher end of the market) sales that closed this past quarter were for units that had been in contract for some time, often over a year. I think there are still a few more big ones coming up this quarter, maybe next, then some down time.
Once the Rushmore's, etc., finish their initial closings, you'll really see what's happening.
Posted by guest , Oct 03, 2008 9:11AM
Say it ain't so Joe!
All the best, O/B won't be the same w/o you.
Posted by guest , Oct 03, 2008 9:13AM
you're the worst writer on this site...
Posted by guest , Oct 03, 2008 9:17AM
what is this? everyone is leaving dealbreak? but good thing i dont read the opening bell
Posted by guest , Oct 03, 2008 9:19AM
Best of luck Joe, although I'll miss your morning commentary. What's up with DB's turnover?
Posted by guest , Oct 03, 2008 9:20AM
DB is falling apart --- when is Bess heading for the exit!?
Opening Bell was always a good primer in the morning --- good luck to you Joe and thanks!
Posted by guest , Oct 03, 2008 9:28AM
Will miss you Joe - before this mess started, yours was usually the only post before 11am.
Posted by Bulging Bracket , Oct 03, 2008 9:35AM
Well that's how it goes and Joe I know you're getting anxious to close. So thanks for the cheer.
I'll keep my eye on The Stalwart for news, always loved the Opening Bell.
Posted by beentheredonethat , Oct 03, 2008 9:37AM
Is not anyone else disturbed by Schwarzenegger's request for $7 billion form the US Treasury to meet payroll? Any sailors out there know what a turtle is? Beginning to feel like one's coming up.
Posted by guest , Oct 03, 2008 9:40AM
i thought keith hahn had been doing the opening bell??
Posted by Joe Weisenthal , Oct 03, 2008 9:47AM
Wow, a lot of comments for an Opening Bell. Had no idea anyone read it.
Posted by Bulging Bracket , Oct 03, 2008 9:48AM
Too much information, didn't comment.
Posted by guest , Oct 03, 2008 9:52AM
Ah doggone, Joe. There you go and leave us. Well, bless your heart. I'll send you some mooseburgers.
-- Sarah Palin
Posted by guest , Oct 03, 2008 9:54AM
Great job Joe. Will miss your opening bells.
Posted by MarshallStack , Oct 03, 2008 10:00AM
sleep is a sign of weakness
good luck -
Posted by Bugs Meany , Oct 03, 2008 10:02AM
To quote Ned & Stacey, best of luck on future projects.
Posted by guest , Oct 03, 2008 10:27AM
Good riddance
Posted by girl , Oct 03, 2008 10:36AM
Opening Bell always complimented my Flavia burnt columbian brew quite nicely.
Anyway, I think everyone who ever got to work early felt like you were with them in spirit. Best of luck.
Posted by guest , Oct 03, 2008 10:44AM
i read it brosef, and enjoyed it, we all did, just some of us were doing our day's half-hour of work at the open.
congrats on your new job at intrade.
good luck. have fun with kudlow.
-retail
Posted by Joe Weisenthal , Oct 03, 2008 10:49AM
I WISH I were going to work for Kudlow. Or even Intrade.
Posted by guest , Oct 03, 2008 10:52AM
What? Wachovia is being bought by Wells? How is Drexel doing? Kidder Peabody, are they part of this?
The reason all those condos are coming on line was due to a tax benefit that meant you had to start construction before a date certain. All the developers put a shovel in the ground to get the benefit and thats also why we had cranes falling from the sky. Too many jobs at once and not enough skilled crane workers and sound cranes.
It's a perfect storm. Ahhh, I hate myself. If I hear someone use the term perfect storm again I'll go postal.
NYC coop boards are Nazis. It's so much fun to see them lose power in a down market.
Posted by Finnegan , Oct 03, 2008 10:05PM
Best wishes Joe at the other website and in your future endeavors. The opening bell was always good reading.