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 Post subject: 700 points
PostPosted: 29 Sep 2008, 16:06 
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Gone in a day :eek:

Riots and bread lines might be coming


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 Post subject: Re: 700 points
PostPosted: 29 Sep 2008, 16:15 
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Anon wrote:
Gone in a day :eek:

Riots and bread lines might be coming


People are overreacting we're just going through a depression, although technically it's not even a recission [fuck spelling]. Shit will bounce back wether it be in a year or in a decade. Economic cycle, yo

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 Post subject: Re: 700 points
PostPosted: 29 Sep 2008, 16:34 
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thats what i think too.


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 Post subject: Re: 700 points
PostPosted: 29 Sep 2008, 18:50 
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i might wanna go grab a few tv's from downtown...

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 Post subject: Re: 700 points
PostPosted: 29 Sep 2008, 22:16 
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or sell off some gold you have laying around and use the money to reinvest in stocks once they start to swing back up.... it's a damn good low to be buying in right now.

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 Post subject: Re: 700 points
PostPosted: 29 Sep 2008, 22:47 
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yea thats what I said a week ago. I'm gonna hold off for now.


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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 06:05 
Have you tried turning it off and on again
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Fear wrote:
Economic cycle, yo


Exactly...

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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 10:50 
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Its all pretty scary to me though. I do have to admit that I dont understand fully all of whats happening right now. I need to read up on whats really going on. Unless you guys want to save me from reading countless crap on the net, yall can school me on it real quick :-)

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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 12:24 
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dont invest in banking. but dont sell your stuff unless you really need the cash now for something like a down payment on a house.

basically what is happening is the credit market is tightening, which is slowing the economy, which is making it harder to pay back these loans + keep jobs, which is sending the market in the tank.


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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 13:07 
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ok thanks.
I guess Im not as off as I thought. That I actually did know. Im interested to learn exactly how close we are to a recession and exactly what that will mean for my everyday life.

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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 13:13 
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depends, what industry you are in.... leasing prolly isnt too bad an industry to be in, but if you are a realtor it might be a hard time.

as far as recession/depressions are concerned. even if it gets worse, you only get hurt if you lose your job or your stocks go down too much.


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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 14:19 
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yeah, thats what I was thinking. I am actually in the legal field (the title co is just on the side) so I should be fine. I dont think people will stop suing the insurance companies anytime soon!

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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 14:30 
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no but ppl might end up dropping insurance (like idiots, since its not a big screen)

really there shouldnt be this kind of a problem. i think its more perpetuated by the mass media than anything. theres a " housing crisis". i know this as a buyer. theres just no one selling their home, which is CAUSING the crisis. its not that their homes are all of the sudden worthless assets. people are just afraid of a 5% hit on the value, even though if they moved up they would get a 10% discount


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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 14:32 
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Anon wrote:
if you lose your job or your stocks go down too much..... or your boss looses too much in the stock market and has to lay you off.
fixt

From what I understand smaller companies are really getting the bind because many of them rely on a line of credit to operate, and the banks just don't have the money to keep these lines of credit open.

The other nice thing I found is that is if your retirement fund/401K etc. happens to be with AIG (like me) or some other investment fund (which pretty much means anyone with retirement plan) your shit is tanking HARD. I contributed $3000 to my retirement last quarter, my employer matched that contribution...my net value increase was $3200... so effectively I lost almost half of what I contributed last quarter. I am waiting to see if this "bail-out" of AIG actually helps me or pays me back in any way. I'm not holding my breath... :ugh: :squint: :ugh:

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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 14:34 
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It is getting difficult to actually GET a loan to buy a house because the credit scores needed are back-lashing (not to say it was right before, but the correction may be a bit paranoid

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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 14:48 
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as far as credit goes, i make dick per hour, but i am able to get a large loan. This is because I've had a credit card since I was 18 and Ive never been late on a payment, which in turn puts my credit score in the high range.

you just need to have 20% down and good credit and you can get a loan, everyone else doesnt need a loan for a house, some people need to rent til they can actually afford it


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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 15:03 
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Or you could be the opposite like me and have never bought anything on credit, have a violent allergy to paying interest, make a rather nice salary, and cant get a loan because I have "No Credit"

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 Post subject: Re: 700 points
PostPosted: 30 Sep 2008, 15:07 
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well, thats why ya gotta get a credit card bud. see the post about how a credit card is better than a debit card in this forum. its very important and insightful for people who want to know how to save $$


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