Financial Meltdown (1 Viewer)

[nmrocks]

http://news.bbc.co.uk/2/hi/americas/7655178.stm

Thought you guys might like this story

This ain't nearly over yet, we are just getting the first reverburations from europe and asia, as they grown under the weight of this issue and they hold a ton of bad debt, it will further weaken the situation here. and there ain't enough money in the entire world to hold up this house of cards.
Thats why this bailout is such a crock, it won't fix anything, just make it more muddled.
Ray

 

[Njja]

I haven't added anything mainly because once the bill passed it was pointless.

Nothing more we can do but hold on!

With bank interest basically in the toilet people were forced to put their Money in the market.

Since most people were uninformed they chose Mutual Funds, or had their
401's invested that way.

With the market tanking people are really taking a bath, so they are pulling
their investments out and putting the money under the mattress, or in the
banks now "protected" (with what 45 Billion?) to $250K per account.

Problem with few people actually investing in Companies rather then Funds
there is little confidence in the market.

We could be facing a long term Bear Market which will make it difficult for
companies to borrow capital, and grow.

I'm already cutting way back on my limited expenses and getting ready to
head to the bunker......and I'm living like its the 1970's as it is.

 

[bromhead]

Speaking of Waxman, and I know nothing about him at all, except he is one scarey looking dude! How can anyone so ugly be elected?
That's why I'm voteing for Sarah Palin!
Gary

checkout a still of Lon chaney,phantom of the opera,,im voting for tina fey

 

[jazzeum]

I'm already cutting way back on my limited expenses and getting ready to
head to the bunker......and I'm living like its the 1970's as it is.

I'm of the same mind regarding discretionary income and since this is a toy soldier forum, that's one area I'll be significantly cutting back.

Any room in that bunker?

 

[Ragnar]

Speaking of Waxman, and I know nothing about him at all, except he is one scarey looking dude! How can anyone so ugly be elected?
That's why I'm voteing for Sarah Palin!
Gary

I dont know what is about Sarah Palin but she is sexy....
maybe it was that pic of her in the swimwear and Gun...
Anyway might have to live like Rats to fund my toysoldier hobby

 

[jazzeum]

Was that Palin or Tina Fey?

 

[Njja]

I'm of the same mind regarding discretionary income and since this is a toy soldier forum, that's one area I'll be significantly cutting back.

Any room in that bunker?

Well there is that spot on the bicycle.....to power the generator.

 

[Ragnar]

Was that Palin or Tina Fey?

Google Palin there plenty of pics on the net

 

[Njja]

What a change for Vice President!

The natural evolution of things!

Watch out for Putin...........he will defect.

 

[OzDigger]

OMG, some of you guys are scaring me even considering popularity over substance. But then popularity seems more important with forums, so why not political leaders as well

 

[bromhead]

photo shop uber alles

 

[Spitfrnd]

...With the market tanking people are really taking a bath, so they are pulling their investments out and putting the money under the mattress, or in the banks now "protected" (with what 45 Billion?) to $250K per account.
...

No one takes a bath from the market tanking until they sell and if they take their money out for so called safer investments that is what they will do.

 

[jazzeum]

This is an interesting article for those of us graying a little bit, http://finance.yahoo.com/focus-retirement/article/105905/Lowering-the-Bar?mod=retirement-lifestyle

 

[Combat]

I'm still not ready to cue the ghost of Tom Joad, but this is brutal:

Retirement accounts have lost $2 trillion
WASHINGTON - Americans' retirement plans have lost as much as $2 trillion in the past 15 months, Congress' top budget analyst estimated Tuesday.



http://www.youtube.com/watch?v=1DEtA5fhk4k&feature=related

 

[Njja]

No one takes a bath from the market tanking until they sell and if they take their money out for so called safer investments that is what they will do.

True but some people simply have little choice. Its a little easier if you are

young because you have time on your side. People facing retirement are a

different story. I know several people that currently are beside themselves

because they have lost money they were counting on to retire with.

They don't have another 5 or 10 years to build it back up!

They face the decision no one should have to make after years of hard work.

Cut their loses today and save something........or watch even more of their

retirement money disappear.

Personally I would rather see the "Bailout Money" go to assist people that

have lost their retirement.....then see it used to reduce the principal on some

freeloader that bought a house he new he couldn't afford.

They are talking about:

1. Offering these people interest only loans for 5 years. Or
2. Reducing principal so payment meets 34% of income. Or
3. Relocating them to another home.

This is nonsense, like refunding all the money the lottery winner spent

when he complains "I'm Broke"

 

[jazzeum]

Unfortunately, John's story applies to me (I'm hoping to retire in six years) and I'm afraid I'm just one of many. We got our September statement and like I said previously it wasn't a pretty picture. However, to convert these things to cash would lock in the losses, which I am loath to do. On the other hand, what will the October statement look like? These are difficult questions for many, many people. It's no wonder then that my hobby money will be slashed to next to nothing.

 

[Njja]

Unfortunately, John's story applies to me (I'm hoping to retire in six years) and I'm afraid I'm just one of many. We got our September statement and like I said previously it wasn't a pretty picture. However, to convert these things to cash would lock in the losses, which I am loath to do. On the other hand, what will the October statement look like? These are difficult questions for many, many people. It's no wonder then that my hobby money will be slashed to next to nothing.

Brad:

Sorry to hear that! No one that hasen"t faced it can really understand. A friend of mines wife worked for Lucent for 30 years. She had $300K in her
retirement account and they planned to buy a retirement home in the mountains. After Lucents fall she walked out with $3,000.

People work hard their entire life, they don't need to see a lifetime of work wiped out in a week or two.

I have never been a fan of Mutual Funds, and 401Ks invested in Funds.

This is why.

 

[nmrocks]

Personally,
I will never again put the bulk of my retirement funds into the market. Since I cannot purchase individual stocks with my 401K, I don't trust ANY investment house. The guy who handles my account makes 6 figures, his boss makes bigger figures and so on up the chain into the multi-millions and I'm lucky to make anything on my money?? No our grandparents were right, put your money into something real, not some companies promises. As far as I'm concerned Wallstreets greed and killed the goose that lays the golden eggs.
Ray

 

[Spitfrnd]

Well I think what we are seeing is a short term market dislocation. Will it be over in a week or month, likely not. That said I do believe the value will be restored and it will not take anywhere near 10-15 years; 2-3 is a more reasonable outside target. Quality will always vindicate itself in the end and this is hardly the first stock market decline.

 

[theBaron]

That is a very good point, and one I make, when people around me freak out at the latest shrillness from the media. "The Dow lost 400 points today!" OK, are you going to cash out your 401K today? In 20 years? OK, then there's no need to panic. The stock market still has a net history of positive growth, since it's inception.

"...if you can keep your head, when all about you are losing theirs..."