Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
A deep economic recession (or depression) is coming soon and the experts on TV tell us to hunker down. TV financial experts are telling us that we are going to lose our jobs, our investments are going down fast and we may lose our homes---------------unless we plan for the upcoming economic problems.
Do not buy that fancy television set, do not go on that vacation to Europe, keep the old car going, eat at home, and wear your old shoes a little longer. Save, do not spend money unless absolutely neccessary.
Is this good advice?
Always has been,good times or bad.Not that I follow it myself.
I am! I bought a house! (Don't worry, great rate, fixed, 30-year). I bought about $25,000 under equity.
Which is an interesting point.
If credit is drying up, why do we keep getting credit card offers in the mail?
Just my opinion... I don't think that credit is drying up nearly as much as they would have us to beleive. I think alot of this "news" is just propaganda so that this administration can gain support for their bailout plan.
Jim is ok but he's a little dramatic. How can he tell you to sell your stocks and he has no idea whats in your portfollio?
I own great solid stocks and I WILL NOT be selling anything. All secotrs are not doing bad.
A stock does well based on the individual company and how it is managed. Focus on the individual companies not the Dow,SnP and some TV guy that does not know you and your situation.
At the end of the day,when push comes to shove-the Stock market is a
Ponzi scheme-when folks really start wanting their money -you get
"credit crunches", liquidly problems etc etc and what stock is irrelevant.
Why would a sane person think giving their money to the most greedy
people on the planet is a good idea?
If you are not educated people will do anything. People who give their money blindly or are not actively involved with managing it deserved to get slaughtered like sheep. I am not one of those people.
Another thing is, if you are buying retail stocks, you have a good chance of not making any money, not always. I always buy wholesale.
Also you are making huge assumptions about " most greedy people on earth".
How's your portfollio doing?
Quote:
Originally Posted by Alt Dach
At the end of the day,when push comes to shove-the Stock market is a
Ponzi scheme-when folks really start wanting their money -you get
"credit crunches", liquidly problems etc etc and what stock is irrelevant.
Why would a sane person think giving their money to the most greedy
people on the planet is a good idea?
The crammer can be entertaining, but some of his ideas are a bit off-the-wall. Buy McCormick spice stock because more people will be eating at home? Uhh, so the food in restaurants doesn't use spices? Besides, I shop for price and haven't bought a McCormick spice in years. Badia and other brands are far cheaper than the pumped up prices of McCormick, which sits on grocer shelves and grows old. Heck, I'd SHORT McCormick.
The more I consider the "crisis" the more I think that a bailout is to protect the type of economy that sucks value out of the common person. We, as taxpayers, bail out banks, so that they can then LEND us back our own money, at a profit to them, so that we can buy a new car, or send kids to overpriced colleges, or buy a home that is too big to support on any REAL income. WTF??? Anything the bailout does above that is only to serve the wants of the special interest groups.
The bailout comes down to a simple point. Is the fairyland we have lived in sustainable by continued market manipulation, or will it fail? Eventually, it must fall apart. Complex systems tend to be self-correcting for a while, and then have catastrophic failure. How many high performance car engines that have sand tossed into the works last long? Compare that to the old "hit-n-miss" engines that don't have as much instant power, but keep chugging along for decades of abuse with little more than oil changes. If our high performance economic and banking engine doesn't fail now, it will soon.
A deep economic recession (or depression) is coming soon and the experts on TV tell us to hunker down. TV financial experts are telling us that we are going to lose our jobs, our investments are going down fast and we may lose our homes---------------unless we plan for the upcoming economic problems.
Do not buy that fancy television set, do not go on that vacation to Europe, keep the old car going, eat at home, and wear your old shoes a little longer. Save, do not spend money unless absolutely neccessary.
Is this good advice?
whoa, you used Jim Crammer and "experts" in the same post? Just wow *not that we are not in deep doo doo*
Just my opinion... I don't think that credit is drying up nearly as much as they would have us to beleive. I think alot of this "news" is just propaganda so that this administration can gain support for their bailout plan.
I just got an FHA mortgage...my mortgage broker resold it to....
Countrywide!
It was a zero down loan.
When we first applied my husband was bringing home $725. He switched jobs and was bringing home $400.
Do you know what FHA said? NO PROBLEM!!!!! Threw the money at us!
Now they are backing a Countrywide Loan.
We get Bank of America, Citibank offers all the time, not to mention the stores.
I just got an FHA mortgage...my mortgage broker resold it to....
Countrywide!
It was a zero down loan.
When we first applied my husband was bringing home $725. He switched jobs and was bringing home $400.
Do you know what FHA said? NO PROBLEM!!!!! Threw the money at us!
Now they are backing a Countrywide Loan.
We get Bank of America, Citibank offers all the time, not to mention the stores.
THEY ARE FULL OF IT!!!!!
Yep. Because they want your money! Like Washington Mutual is offering like 5.5% CDs. Well duh. They're getting ready to tank, so of course they want deposits. Same with Wachovia Bank. I'm leary of guys offering "great" interest right now. Heck, I'm leary of everything!
And, I STILL see commericals on television from crooks like Cobalt Mortgate or whomever, advertising no money down loans and 450K mortgages. I mean, is ANYONE taking these guys seriously?
Yep. Because they want your money! Like Washington Mutual is offering like 5.5% CDs. Well duh. They're getting ready to tank, so of course they want deposits. Same with Wachovia Bank. I'm leary of guys offering "great" interest right now. Heck, I'm leary of everything!
And, I STILL see commericals on television from crooks like Cobalt Mortgate or whomever, advertising no money down loans and 450K mortgages. I mean, is ANYONE taking these guys seriously?
Good point harry. I remember the last crash around 2001 when the DOW sunk to 7,200 points. There were no panic, fear, impending world end, etc., at least not anywhere near what we are seeing today. And there was no demand for bailout by the government. The difference is the financial industry has political ties to Washington whereas the tech. industry didn't. Many government officials worked in the banking industry. It's only natural they will try to protect their buddies. These companies will go on doing what they have been doing if they get the bailout.
What really bothers me is that the masses are buying this stock/company connection hype the bailout cheerleaders want them to believe. As Alt Dach said earlier, the stock market is just one big legal Ponzi scheme where new "investors" keep the market stable so company insiders and old "investors" can sell. Money does not grow on trees here. If you make any money in this game, that gain comes out of the pocket of new "investors" (mostly mutual fund and 401K money) and eventually the losers. I know it's an unpleasant and brutal thought, but it has to be told. Company insiders hold vast amount of stocks (for little or nothing); thus, they have a vested interest in keeping the flow of money going in. It's not the little guys they are trying to protect.
Last edited by davidt1; 09-25-2008 at 11:12 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
