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Old 09-29-2008, 05:41 PM
 
Location: Texas
835 posts, read 1,197,111 times
Reputation: 173

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Quote:
Originally Posted by Summering View Post
CNSNews.com - Dow Closes with Largest One-Day Point Drop in History (http://www.cnsnews.com/public/content/article.aspx?RsrcID=36531 - broken link)

Whatever kind of loss. It doesn't sound conducive to a thriving America, and the predictions are not too good either.
You don't want to freeze your economy and your growth.
We will have a recession leading to a depression, if someone doesn't sign some savior bill quickly.

Yes they keep saying that but have not proven that....lending is up 7% how in a frozen market...When someone tells you they have a great deal for you but you have to act now it is a better deal for them than for you!
They do not know the value of what they are asking us to buy....they are asking us to bail out foreign investors, they knew the risk why are we bailing them out....they have done nothing to address The Sarbanes-Oxley Act of 2002 which put us in this mess....a band aid will not fix the problem and we will return to this mess in our near future if we do not address Sarbox.

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Old 09-29-2008, 05:59 PM
 
72,000 posts, read 72,020,102 times
Reputation: 49561
ill take a guess but ill say you have no or next to no money invested or else id think it strange about your comments
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Old 09-29-2008, 06:01 PM
 
Location: Sunshine N'Blue Skies
13,320 posts, read 20,163,327 times
Reputation: 11645
No time to worry about Sarbanes-Oxley now. Moving forward we have to worry about people getting paychecks, not loosing jobs, homes, and having basic needs.
Its too late to go back and change the mess these bankers put us in, shame on them.
Right now, we need to not have Americans loose their retirement funds, be able to work and thrive.
Its a mess, but you don't want a depression..........so sign the darn saving grace.......even though we Americans are not happy about it in the least.
There need not be any political games for gosh sakes. ( dragging out my cookie jar for whats left )
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Old 09-29-2008, 06:03 PM
 
Location: Sunshine N'Blue Skies
13,320 posts, read 20,163,327 times
Reputation: 11645
Quote:
Originally Posted by mathjak107 View Post
ill take a guess but ill say you have no or next to no money invested or else id think it strange about your comments
I'm betting...
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Old 09-29-2008, 06:10 PM
 
72,000 posts, read 72,020,102 times
Reputation: 49561
a recession has always been part of the cycle and downturns followed prosperity like day follows night. this is not your typical business recession, this is a collapse of the global finance system and may spell deflation/depression if not handled correctly.... it could be 1929 all over again in certain ways... thats why this is soooooo different from the past
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Old 09-29-2008, 06:10 PM
 
Location: Polish Hill, Pittsburgh, PA
30,260 posts, read 67,427,470 times
Reputation: 15919
As usual MermanMike and I are in 100% agreement on this issue. When I was born in 1986 Greater Pittston was a tight-knit, working-class, down-to-earth area where people genuinely looked out for one another and lived in relative humility. Flash forward to 2008 and living in Greater Pittston is increasingly becoming a case of "I have more toys than you do!" as residents retire to their $300,000 townhomes after exiting their BMWs. I see people only a few years my senior living a caviar lifestyle on what one would assume should be a shoestring budget. Inevitably we have become a "plastic" culture---one more obsessed with upstaging one another with showing off our materiality as opposed to practicing fiscal conservatism and learning to enjoy the simpler things in life. Our nation's current generation of greedy Baby Boomers has bred my even more materialistic fellow Echo Boomers---the types who are already shopping around for Lexuses before even graduating from college.

If entering another depression is what it takes to snap millions of Americans back into fiscal reality, then so be it. When my own parents earn a pretty nice income combined and have less "stuff" than neighbors who never went to college and work in relatively low-wage jobs, then you know something is wrong. Only in Greater Pittston would you see a high school hall monitor driving a Jaguar and a high school librarian driving a Mercedes-Benz.
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Old 09-29-2008, 06:13 PM
 
Location: Texas
835 posts, read 1,197,111 times
Reputation: 173
Quote:
Originally Posted by mathjak107 View Post
ill take a guess but ill say you have no or next to no money invested or else id think it strange about your comments

Are you talking to me?
I have a pension from my old employer, 401K for both myself and spouse from old employers, Roth Ira's for both that are added to monthly, Education 529's for three kids that are added to monthly and we own stocks and are invested with a firm in a mutual fund. I've lost 20% in my RothIra the kids funds are down 15% and my wife shreds the info on the pension and 401K without opening....our mutual fund was up 12% YTD prior to today now???? Overall 55-60% of my value is invested in high risk aggresive accounts. I am not panicking....I'm not looking at all my statements because I don't want to rock in a corner in the fetal position...but I am fine those investment have made more than they have lost thus far. I bought my first stock when I was 15 as I was forced to by my father 5 shares of AT&T that re-invests the dividends, been investing ever since.
I own my own company and am heavily invested....I am young and the money is there long term and the mutual fund is liquid. I have made more in the last 8 years then I have lost....you have to ride the highs and lows and not panic. A bad bill or plan that does not address the problem does nothing more than throw us further into the pits of a recession.
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Old 09-29-2008, 06:20 PM
 
Location: Sunshine N'Blue Skies
13,320 posts, read 20,163,327 times
Reputation: 11645
Quote:
Originally Posted by mathjak107 View Post
a recession has always been part of the cycle and downturns followed prosperity like day follows night. this is not your typical business recession, this is a collapse of the global finance system and may spell deflation/depression if not handled correctly.... it could be 1929 all over again in certain ways... thats why this is soooooo different from the past
As usual I agree with Mathjak.........
And for the record I personally don't live on plastic. My home is paid for which took a lot of years of hard work. I worked at that goal.

Its not about what is happening in one town, in one place.

We lost One trillion today! Per Stuart Varney. We now have to try for peoples personal survival, the damage is done.
Banks really were irresponsible in their lending practices......
The people didn't do wrong, the banks did.
Its gotta' pass or we will be really going to have a financial breakdown .http://www.42explore2.com/depresn.htm
http://www.shambhala.org/business/goldocean/causdep.html (broken link)

Last edited by Summering; 09-29-2008 at 06:24 PM.. Reason: add
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Old 09-29-2008, 06:24 PM
 
Location: Texas
835 posts, read 1,197,111 times
Reputation: 173
Quote:
Originally Posted by Summering View Post
As usual I agree with Mathjak.........
And for the record I personally don't live on plastic. My home is paid for which took a lot of years of hard work. I worked at that goal.

Its not about what is happening in one town, in one place.

We lost One trillion today! Per Stuart Varney. We now have to try for peoples personal survival, the damage is done.
Banks really were irresponsible in their lending practices......
The people didn't do wrong, the banks did.
Its gotta' pass or we will be really going to have a financial breakdown.

Maybe it has to pass and maybe not....the present bill should not pass as it does nothing but put a band aid on a severed artery. 3 Nobel peace prize winners and top economic gurus have said this bill is not good donít rush it on CNN/FOX today.
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Old 09-29-2008, 06:27 PM
 
Location: Polish Hill, Pittsburgh, PA
30,260 posts, read 67,427,470 times
Reputation: 15919
Quote:
Originally Posted by Summering View Post
As usual I agree with Mathjak.........
And for the record I personally don't live on plastic. My home is paid for which took a lot of years of hard work. I worked at that goal.

Its not about what is happening in one town, in one place.

We lost One trillion today! Per Stuart Varney. We now have to try for peoples personal survival, the damage is done.
Banks really were irresponsible in their lending practices......
The people didn't do wrong, the banks did.
Its gotta' pass or we will be really going to have a financial breakdown.
The problem, my dear Summering, is that those of us who have been living financially responsible lives---"not biting off more than we can chew"---are going to inevitably be paying dearly to finance the mistakes of others if a revised version of this bail out should happen to pass. Excuse me for being rather callous right now, but when I see NYC transplants to the Poconos whining on WNEP about how they were "deceived" into buying homes they couldn't afford I just shake my head in disbelief. If you're a single mother making $40,000 per year as a receptionist in Brooklyn, then why on Earth would you think you could feasibly afford a $250,000 home in Monroe County? If you don't read the "fine print," then you're just asinine and deserve NO sympathy from the rest of us that did our homework and educated ourselves about our financial situations.

I'm sure Dan or someone will chime in with a "you're still in mommy's basement" comment, but regardless I earn $15,000 per year and live within a budget. A year from now it is very likely that I will be earning at least $40,000 per year as an accountant. Am I going to rush out and buy a McMansion in the suburbs like many of my peers wish to do? No. I'll likely buy a small three-bedroom, 1.5-bath, 1,500 square foot home on a 40' x 140' city lot for perhaps $100,000. Will I run out to buy an Audi TT Roadster? No. I'll run out and buy a Honda Civic or a Ford Focus. For far too long millions of Americans have been charging and charging like drunken sailors, and now that the time has come to "pay the piper" everyone is crying. Why should the rest of us bail them out? Let them live on the streets for all I care!
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