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Re: bailout fails [Re: adrug]
    #9003934 -

adrug said:
Its pretty obvious that something must be done.


I like to think the best thing to do is sit by and watch the
economy collapse, wanna bail out a bank, let the politicians
that voted to deregulate banking and insurance dig into their
pockets, let the lobbyists that pushed for it come off the
hip, let the dumbasses that tied up millions in banks and
mortgage lenders bear the brunt of BAD INVESTMENTS.

prior to the sale of all my stock I was loaded heavily with
bank of america due to a couple of mergers, almost 80% of my
portfolio, the dividends were paid in stock as opposed to cash
I sold everything including the utilities and oil so now
instead of crying about how I might have lost truckloads of
money I'm saying to myself "I'm so glad I bailed while I still
had my shirt"

natural selection needs to occur in the business world as well


--------------------
California Has Legalized Child Prostitution

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Re: bailout fails [Re: badchad]
    #9003936 -

Thats good for you, but for a lot of other people they're going to be stuck in their debt for a looong time.

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Re: bailout fails [Re: Prisoner#1]
    #9003946 -

Are you remaining completely liquid? That seems pretty dangerous too.

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Re: bailout fails [Re: Prisoner#1]
    #9003953 -

I'm pretty sure this is going to effect everyone in the long run, even those of us without debt (myself included).

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Re: bailout fails [Re: Irradiated_Feces]
    #9003960 -

Irradiated_Feces said:
don't forget interest rates sky rocketing on credit


for the same sub prime borrowers as were seeing foreclosures,
the rates border usury at 24.99% and if you hold off a while
they'll bring it down to 14.8%, fuck the banks, they like to
change the rules or handling your money at their whim, I
remember when banks would pay interest on savings accounts of
3% now you're lucky to see .3%, they're using your money to
make money, where's your cut...


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California Has Legalized Child Prostitution

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Re: bailout fails [Re: Irradiated_Feces]
    #9003965 -

Irradiated_Feces said:
Are you remaining completely liquid? That seems pretty dangerous too.



no, real estate... whens the best time to buy?

correct answer, right now. pay cash.


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California Has Legalized Child Prostitution

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Re: bailout fails [Re: adrug]
    #9003966 -

adrug said:
I'm pretty sure this is going to effect everyone in the long run, even those of us without debt (myself included).


It will without a doubt, everyone said, "Dont panic", Everyone panics...

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Re: bailout fails [Re: adrug]
    #9003970 -

adrug said:
I'm pretty sure this is going to effect everyone in the long run, even those of us without debt (myself included).



I dunno if you've noticed, it's already affecting everyone


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California Has Legalized Child Prostitution

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Re: bailout fails [Re: Prisoner#1]
    #9003976 -

Prisoner#1 said:
Irradiated_Feces said:
Are you remaining completely liquid? That seems pretty dangerous too.



no, real estate... whens the best time to buy?

correct answer, right now. pay cash.


Good plan. I'm actually selling my place right now at a decent profit. We arent going to get hit as hard up here but I think I will hold out and rent for a few months and see what happens with the market. It's definitely leveled off if not starting to drop. Maybe an investment property in the US is a good idea right now too.

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Re: bailout fails [Re: Prisoner#1]
    #9003980 -

Actually, I have not really been directly affected as of yet. But I don't have any stock, savings, or debt, and I already have a decent job with a company that is in no immediate danger of failure. Not saying that's going to last...but for now I'm doing okay.

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Re: bailout fails [Re: Prisoner#1]
    #9003990 -

i feel it. after gas to get to work i can barly aforrd to feed myself. rice, beans, and patatos... i wanted a block of cheese the other day and it was $10 it blow my mind. times are tuff espesaly for those living paycheck to paycheck... ie... me

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Re: bailout fails [Re: adrug]
    #9004014 -

adrug said:
Actually, I have not really been directly affected as of yet.


you probably will see it minimally, I know nothing has changed
for me and probably wont outside of normal inflation and price
increases, well as normal as they have been in the last several years


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California Has Legalized Child Prostitution

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Re: bailout fails [Re: SyeinStrife]
    #9004027 -

SyeinStrife said:
i feel it. after gas to get to work i can barly aforrd to feed myself. rice, beans, and patatos... i wanted a block of cheese the other day and it was $10 it blow my mind. times are tuff espesaly for those living paycheck to paycheck... ie... me


that has more to do with the trucking industry and oil
companies than insurance/banking, it's been going on for the
last 7 years because petroleum prices have been on the rise


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California Has Legalized Child Prostitution

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Re: bailout fails [Re: Prisoner#1]
    #9004039 -

Prisoner#1 said:
adrug said:
Actually, I have not really been directly affected as of yet.


you probably will see it minimally, I know nothing has changed
for me and probably wont outside of normal inflation and price
increases, well as normal as they have been in the last several years



Agreed. I think my bank/portfolio will remain relatively stable considering the majority of the members are in the military and we aren't losing our jobs anytime soon.


--------------------
Give me silence, water, hope;
Give me struggle, iron, volcanoes...

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Re: bailout fails [Re: Prisoner#1]
    #9004082 -

Prisoner#1 said:
adrug said:
Actually, I have not really been directly affected as of yet.


you probably will see it minimally, I know nothing has changed
for me and probably wont outside of normal inflation and price
increases, well as normal as they have been in the last several years


This is why I haven't run for the hills yet.  I haven't been affected.  My job is secure, and if it gets to the point where I can't afford food and necessities, there are going to be people in much worse shape than I.


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436

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Re: bailout fails [Re: Prisoner#1]
    #9004756 -

Prisoner#1 said:
natural selection needs to occur in the business world as well


:thumbup:




From the article OMR linked:

Quote:
Bankruptcy does not mean the company disappears; it is just owned by someone new (as has occurred with several airlines). Bankruptcy punishes those who took excessive risks while preserving those aspects of a businesses that remain profitable.

In contrast, a bailout transfers enormous wealth from taxpayers to those who knowingly engaged in risky subprime lending. Thus, the bailout encourages companies to take large, imprudent risks and count on getting bailed out by government. This "moral hazard" generates enormous distortions in an economy's allocation of its financial resources.



--------------------
Welcome evermore to gods and men is the self-helping man.  For him all doors are flung wide: him all tongues greet, all honors crown, all eyes follow with desire.  Our love goes out to him and embraces him, because he did not need it.

~ R.W. Emerson, "Self-Reliance"

:heartpump:

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