A dark subject... the economy

[Motorhead350]

I and a few of you I bet are feeling the punch of our current economic situation. I have been effected by having to take a pay cut and probably will be out of a job in the next few weeks. Being that I need an internship for college isn't going to help with time for finding another gig. I've never had to face anything like this before with the band needing cash, having to pay my own bills, transporation, my addiction to cars, music and having parents that seem to be aging faster than ever before... it's a rough time right now. Has anyone else felt a punch or is it my generation that's really feeling it?

[imorb1994]

Im definitely feeling it, have been without a job for 2 weeks now. And job prospects are not all that great where I live. And my mother having sickness's that seem to come in waves, No job, bills, and the desire to get all of my vehicles running the way they should . Its getting pretty, tight and very worrisome as of late. But I am one of the same generation as Dom.

[Haggis]

The economy is like life it runs in cycles, we are in a down cycle at the time. In the stocks and business world this is called a "correction". The stock market like the housing market was like a balloon getting ready to bust every sine the 1990s, it can only go so high so fast and then we have a "correction". In a nother 5 to 10 yrs the stock market will hit another all time high and then we will have another "correction".

For those of you who are old enough remember the "correction" in 1987. We thought then that it was the end and the stock market was doomed. Guess what happened; 5 to 10yrs later we had an all time high around 15,000 for the DOW.

Hang in there for the long term and everything will be just fine, it is the short term (day traders) and spectulators that are being hurt the most. The long term investor is the one that will survive and make the money in the end.

That is my business advice for the day, thank you.
















All of this just until 12 Dec. 2012 when the end of this life cycle takes place. And that will be called Ragnarok.

[Vortech347]

I'm not really feeling any pinch right now.

I'm a Realtor and I'm just as busy as usual, infact I think this year is looking to be one of my better of 7 so far.

[O's Fan Rich]

spend your moldy money, Dom.... once your's hits the system... All issues will be solved.

[oldekid]

So, let me get this straight.

They want us to loan $700 + BILLION of our dollars to the people that normally loan money, because they are in trouble for freely loaning money to high risk borrowers. So, we give them our money, and take all of those bad loans away from them, and everyone will be happy. . . right?

But, the best part is. . . . we could actually make money by doing this? Trust me, if there was money to be made from these bad loans, I doubt that they would want to part with them. . . right?

The CEO of Washington Mutual has been on the job for three whole weeks, and is already guaranteed $18 MILLION dollars when he leaves. They go down the toilet and he pockets $6 MILLION for each of the long three weeks of loyal employment.

I was a loyal employee for over 35 years at the same company, not WEEKS!

I'm actually kinda pi$$ed about that (:mad2:), and for just that reason, I really don't want them to have MY money!!!!!

:beer:

[O's Fan Rich]

just remember that Congress passed laws that REQUIRED lenders to make bad loans...

and that for at least 5 years they (congress) have been warned about the issues involved AND possible fraudulent activities.

[FordNut]

If this bailout thing passes it is gonna cost us for at least a generation.

The facts are that THERE IS GOING TO BE A RECESSION at some point. The growth rates we have experienced recently are not sustainable. There has to be a correction and it will be called a recession. I say let's get it over with instead of making it an even bigger one...

[Leadfoot281]

This is what happens when you can list food stamps as income when looking to buy a home.

The solution to the whole problem is RENT!

I noticed they've stopped calling it a "bail-out". It's now being called a "rescue".

Wow. They must think we're really stupid.

[O's Fan Rich]

This is what happens when you can list food stamps as income when looking to buy a home.

The solution to the whole problem is RENT!

I noticed they've stopped calling it a "bail-out". It's now being called a "rescue".

Wow. They must think we're really stupid.

Yeah... they do think we're stupid.
They think that only the Government can solve our problems.....

[Joe Walsh]

just remember that Congress passed laws that REQUIRED lenders to make bad loans...

and that for at least 5 years they (congress) have been warned about the issues involved AND possible fraudulent activities.


Yeah... they do think we're stupid.
They think that only the Government can solve our problems.....

Term Limits!!

Because WE are too stupid to vote these idiots out of office!

[Motorhead350]

Term Limits!!

Because WE are too stupid to vote these idiots out of office!

I tried, but my parents lied to me. They said no one 18 can have an absent t vote, they must be around for the first time... everyone else at the college I was going to at the time said something different. :mad:

[O's Fan Rich]

just wait until they take our guns.

[baltimoremm]

its unfortunate that so many hardworking people are struggling. if i were you though, i would count yourself as fortunate for having a roof over your head, food on the table, and 3 cars. things will get better.

1. live below your means, even if it means giving up some beloved toys (not the marauder)
2. save as much as you can, whenever you can, more rainy days could be ahead
3. dont worry about the future, live it one day at a time
4. what goes down, will probably come up (and back down again, and then up and down...)

[blazen71]

Max out your 401k!

[oldekid]

Well guys, we are now one step closer to adding 700 Billion dollars to our national debt. :mad2:

[nomad]

Well guys, we are now one step closer to adding 700 Billion dollars to our national debt. :mad2:
Closer to $850 Billion, isn't it?

But,what's a few billion between crooked politicians.:mad2:

[glassman99]

just wait until they take our guns.

THEY will NEVER take our (MY) guns.

[oldekid]

Closer to $850 Billion, isn't it?

But,what's a few billion between crooked politicians.:mad2:What ever it is . . . it's just the tip of the iceburg.

Note how many senators stated that it wasn't a popular bill . . . duh! Guess what, they still voted for it, even though their phones have been ringing off the hook by people asking them to NOT pass it. I'm trying to figure out who they really work for. Us you think ? :shake:

[duhtroll]

You're forgetting. Some of them billions are bribes to get those who opposed the bill yesterday to vote for it tomorrow.

It'll pass, and soon.

And I guarantee we will do this all again in 20-25 years. Greed got control and greed's a tough ***** during a divorce.


What ever it is . . . it's just the tip of the iceburg.

Note how many senators stated that it wasn't a popular bill . . . duh! Guess what, they still voted for it, even though their phones have been ringing off the hook by people asking them to NOT pass it. I'm trying to figure out who they really work for. Us you think ? :shake:

[Vortech347]

Its all very stupid...

There were alot of Agents I knew "selling" people into homes. Its bull****. I help people buy homes and the process involved. I don't "sell" ****. I'm not a car salesman. Its this mentality from lenders and Realtors both that got everyone in trouble.

[Bigdogjim]

just remember that Congress passed laws that REQUIRED lenders to make bad loans...

and that for at least 5 years they (congress) have been warned about the issues involved AND possible fraudulent activities.

None other that Mr. George Bush himself in 2006 yes he warned us first.

Mr.Jimmy Carter started the required loans to low income, Mr.Bill Clinton help it along in his years.

[rayjay]

Ya know, I had to jump through hoops to get my mortgage in the mid 90's. I pay it every month and have never been late, not even once. How dare they make me pay for other people's mortgages that shouldn't have gotten one in the 1st place. Bloody CROOKS :mad2: Yep give them another $700 Billion to screw around with... Elitest FILTH.

[FordNut]

A lot of the politicians who are voting FOR this bailout even though all their constituents are telling them to vote AGAINST it should be replaced come election time. I know I've just changed my mind on my vote for senator(s) and will cross party lines to do it.

[High-C]

just wait until they take our guns.

....out of my cold, dead, hands....

[O's Fan Rich]

The same politicians who hung the ENRON guys and The Tyco guys and the other corporate Crooks out there are trying to make sure the crooks who did the same type of stuff at Fannie Mae and Mac get away clean.... and WE pay for it... well our kids, grand kids, great grandkids, great great grandkids, greatgreatgreat..... etc pay for it.

[oldekid]

This is poop wrapped in pork, and they're going to make us buy it! Here are just a couple of the sweeteners added to get this thing through the senate.

http://abcnews.go.com/images/site/img_bullet_orangedot.gif An excise tax exemption for producers and importers of certain types of wooden arrows used by children.
http://abcnews.go.com/images/site/img_bullet_orangedot.gif The extension of a tax break for makers of rum in Puerto Rico and the Virgin Islands. The tax measure initially expired in December 2007.

Our government at work. Both presidential candidates voted to do this to us. This is exactly what they have both been saying they would fight. A very good reason to stay home on election day.

[Dr Caleb]

"Aww crap, the Canadian is going to write something again . . ."

Sorry folks, but our economy is tied to your like a Siamese twin. Yours gets a cold, ours gets the sniffles.



But, the best part is. . . . we could actually make money by doing this? Trust me, if there was money to be made from these bad loans, I doubt that they would want to part with them. . . right?


Ahh, yes! If the overvalued property were worth something, you think they'd want to hang on to it. Want to bet, they'll buy the property(ies) back in a year after the bailout, once the market price drops? And hence their losses are 'externalized'. For those faint of heart, I'm going to use the 'C' word here (no, not that one! :P ):




"In general, markets have well-known inefficiencies. One is that transactions do not take into account the effect on others who are not party to the transaction. These so-called "externalities" can be huge. That is particularly so in the case of financial institutions. Their task is to take risks, and if well-managed, to ensure that potential losses to themselves will be covered. To themselves. Under capitalist rules, it is not their business to consider the cost to others if their practices lead to financial crisis, as they regularly do. In economists' terms, risk is under priced, because systemic risk is not priced into decisions. That leads to repeated crisis, naturally. At that point, we turn to the IMF solution. The costs are transferred to the public, which had nothing to do with the risky choices but is now compelled to pay the costs - in the US, perhaps mounting to about $1 trillion right now. And of course the public has no voice in determining these outcomes, any more than poor peasants have a voice in being subjected to cruel structural adjustment programs.

A basic principle of modern state capitalism is that cost and risk are socialized, while profit is privatized. That principle extends far beyond financial institutions. Much the same is true for the entire advanced economy, which relies extensively on the dynamic state sector for innovation, for basic research and development, for procurement when purchasers are unavailable, for direct bail-outs, and in numerous other ways. These mechanisms are the domestic counterpart of imperial and neocolonial hegemony, formalized in World Trade Organization rules and the misleadingly named "free trade agreements."


This is exactly what they have both been saying they would fight. A very good reason to stay home on election day.

I always encourage people to 'spoil' their ballots if they can't decide on a candidate. Staying home just shows up in the 'apathy' category. Spoiling a ballot (I don't know if you can do thata there) shows up in another - 'Angry citizen' category. Spoiling a ballot tells the PTB that you chose not to pick from a list of Tweedle Dumb and Tweedle Crooked, but that you decided to show up and let them know you are not amused.

After all, we elect the Government we deserve. :twocents:

[oldekid]

After all, we elect the Government we deserve. :twocents:Aha! that's exactly my point. If something hurts, then quit doing it.
:beer:

[O's Fan Rich]

if the bailout package is so vital.... why is so much crap attached to it that has nothing to do with the "problem"?

[Ken]

The economy is like life it runs in cycles, we are in a down cycle at the time. In the stocks and business world this is called a "correction". The stock market like the housing market was like a balloon getting ready to bust every sine the 1990s, it can only go so high so fast and then we have a "correction". In a nother 5 to 10 yrs the stock market will hit another all time high and then we will have another "correction".

For those of you who are old enough remember the "correction" in 1987. We thought then that it was the end and the stock market was doomed. Guess what happened; 5 to 10yrs later we had an all time high around 15,000 for the DOW.

Hang in there for the long term and everything will be just fine, it is the short term (day traders) and spectulators that are being hurt the most. The long term investor is the one that will survive and make the money in the end.+1.

Yes, The economy hurts us all, I lived through the downturn in 1981-82, Was out of work for 22 months. I hustled and did odd jobs, didn't spend any extra money, no unneccessary purchases. We paid off everything but the house; parked the car, rode a bike when possible, did "free things". If something is important to you, I.E. your MM, you'll find a way to keep it. (Words of wisdom from my Grandma)

When I went back to work, you can be sure that I/we didn't overextend ourselves so that I wouldn't get myself into that position again. Paid myself first, 401k, put away the maximum amount that I was able to. I could've stopped if absolutely necessary, and I wasn't living on every dollar that I made.

I've survived many downturns in the auto industry, with little pain, actually enjoying the breaks. Retired from FORD last year, but still have a seasonal job, mostly winter to keep me busy. The 401K took a hit but I've still got time before I plan on tapping it.

If you can go back to school, Go!

Off my soapbox.:soapbox:, Carry on Gents!

Ken

[duhtroll]

I always encourage people to 'spoil' their ballots if they can't decide on a candidate. Staying home just shows up in the 'apathy' category. Spoiling a ballot (I don't know if you can do thata there) shows up in another - 'Angry citizen' category. Spoiling a ballot tells the PTB that you chose not to pick from a list of Tweedle Dumb and Tweedle Crooked, but that you decided to show up and let them know you are not amused.

Yes, we can. Unfortunately, in the US people just assume you're incompetent if the ballot is spoiled. And 90% of the time, they'd probably be right.

I have volunteered as an absentee ballot courier and worked in retirement homes where people are voting while you wait. The law says that if they ask for help in filling out the ballot the courier may help them, (can't see, can't hold a pen or whatever) but not choose the candidates for them. Several times they have asked me nonspecific questions and I have known by the way they were marking things (from 20 feet away) that they were ruining the ballot, but since they didn't ask me specifically for help I had to say nothing and collect the ballot as-is. Otherwise someone might say I was tampering.