Couldn't agree with you more on this Cam.CameronPoe wrote:
Well, well, well. Some senators and congressmen finally showed some balls. That bailout was nothing but fucking window dressing. You can't magic yourself out of a market correction. Ultimately it would have amounted to printing more dollars because a) the American public would not have been taxed extra to cover the cost and b) public spending would not have been reduced sufficiently to cover $700bn. This is a victory for Americans, even though it might not seem so for the next year or two. Let the free market do its thing - society isn't going to collapse.
Every top client I have has already said the correction is going to take about two years. Prior to last couple weeks unfolding.{M5}Sniper3 wrote:
Couldn't agree with you more on this Cam.CameronPoe wrote:
Well, well, well. Some senators and congressmen finally showed some balls. That bailout was nothing but fucking window dressing. You can't magic yourself out of a market correction. Ultimately it would have amounted to printing more dollars because a) the American public would not have been taxed extra to cover the cost and b) public spending would not have been reduced sufficiently to cover $700bn. This is a victory for Americans, even though it might not seem so for the next year or two. Let the free market do its thing - society isn't going to collapse.
Last edited by topal63 (2008-09-29 12:12:05)
I don't care about some John Do in the US losing his home, which he never should have had in the first place. I don't care about the value of the homes in general either: as long as you don't have to sell it you 're fine.CameronPoe wrote:
This shit needs to sort itself out. Artificially propping up a house of cards will only lead to bigger pain in the longer term. No amount of asset sales could possibly recoup the colossal ocean of worthless debt that tax money would have been used to buy.Pierre wrote:
So in the not so long run this will have effect on employment.
I do care however about the confidence between banks and companies. This is a financial crisis, and it has to be dealt with. What the US needs in the long run is more regulation, but now it needs money in the system instead of financial institutions going broke.
You cant build your attic in steel enforced concrete when your foundation is made of playing cards ... it would only last so long ... you want to just give the people that gambled away your money a new load o fcash to play with ??Pierre wrote:
I don't care about some John Do in the US losing his home, which he never should have had in the first place. I don't care about the value of the homes in general either: as long as you don't have to sell it you 're fine.CameronPoe wrote:
This shit needs to sort itself out. Artificially propping up a house of cards will only lead to bigger pain in the longer term. No amount of asset sales could possibly recoup the colossal ocean of worthless debt that tax money would have been used to buy.Pierre wrote:
So in the not so long run this will have effect on employment.
I do care however about the confidence between banks and companies. This is a financial crisis, and it has to be dealt with. What the US needs in the long run is more regulation, but now it needs money in the system instead of financial institutions going broke.
Wait behind the line ..............................................................
Here are some faces and details of those receiving golden parachutes.
Makes me wonder how they sleep at night. How to they explain to their kids an wives how they destroyed the economy.
http://articles.moneycentral.msn.com/In … -show.aspx
Makes me wonder how they sleep at night. How to they explain to their kids an wives how they destroyed the economy.
http://articles.moneycentral.msn.com/In … -show.aspx
Last edited by ATG (2008-09-29 12:19:20)
I'd sleep pretty fucking well if I had 10M in the bankATG wrote:
Here are some faces and details of those receiving golden parachutes.
Makes me wonder how they sleep at night. How to they explain to their kids an wives how they destroyed the economy.
http://articles.moneycentral.msn.com/In … -show.aspx
If i had re-invested it in the market though I'd probably be shitting bricks
http://moneycentral.msn.com/detail/stoc … ?Symbol=WB
Wachovia down 81%
Wamu stocks no longer for sale, crashed to 0.16
Wachovia down 81%
Wamu stocks no longer for sale, crashed to 0.16
financial expert on cnn is telling people ten years from retirement to pull their monies out? and keep cash on hand?
-711 after thaat
-711 after thaat
What I didn't understand was how you can commit to having that type of money being made available without have more oversight in place beforehand. Isn't that a long overdue given?
Xbone Stormsurgezz
I know, but do you have another option? And I assume there will be some form of control over the money? Sure the US congress can not be that dumb??? Can it?Varegg wrote:
You cant build your attic in steel enforced concrete when your foundation is made of playing cards ... it would only last so long ... you want to just give the people that gambled away your money a new load o fcash to play with ??Pierre wrote:
I don't care about some John Do in the US losing his home, which he never should have had in the first place. I don't care about the value of the homes in general either: as long as you don't have to sell it you 're fine.CameronPoe wrote:
This shit needs to sort itself out. Artificially propping up a house of cards will only lead to bigger pain in the longer term. No amount of asset sales could possibly recoup the colossal ocean of worthless debt that tax money would have been used to buy.
I do care however about the confidence between banks and companies. This is a financial crisis, and it has to be dealt with. What the US needs in the long run is more regulation, but now it needs money in the system instead of financial institutions going broke.
Ouch...Locoloki wrote:
financial expert on cnn is telling people ten years from retirement to pull their monies out? and keep cash on hand?
-711 after thaat
Oooo tis a good thing I've been out the market for awhile now.
Last edited by topal63 (2008-09-29 12:30:17)
Who do you think gave John Do those loans? The banks and companies like Fannie Mae and Freddie Mac buying those junk loans. Bad investments = bad business = failure, you cannot reward banks and financial institutions for playing around with no name, no income, no ID, sub-prime loans aka "affordable housing ".Pierre wrote:
I don't care about some John Do in the US losing his home, which he never should have had in the first place. I don't care about the value of the homes in general either: as long as you don't have to sell it you 're fine.CameronPoe wrote:
This shit needs to sort itself out. Artificially propping up a house of cards will only lead to bigger pain in the longer term. No amount of asset sales could possibly recoup the colossal ocean of worthless debt that tax money would have been used to buy.Pierre wrote:
So in the not so long run this will have effect on employment.
I do care however about the confidence between banks and companies. This is a financial crisis, and it has to be dealt with. What the US needs in the long run is more regulation, but now it needs money in the system instead of financial institutions going broke.
The free market will sort itself out, it will take awhile but it will be better. Now I just hope that the Fed doesn't do anything stupid like lowering interest rates.
It's back to selling butt scratchers for me.
Xbone Stormsurgezz
You have too much faith in the free market. Free market led your country to this situation: everyone wanted to make profit, even to the extent they wanted to commit fraud.{M5}Sniper3 wrote:
Who do you think gave John Do those loans? The banks and companies like Fannie Mae and Freddie Mac buying those junk loans. Bad investments = bad business = failure, you cannot reward banks and financial institutions for playing around with no name, no income, no ID, sub-prime loans aka "affordable housing ".
The free market will sort itself out, it will take awhile but it will be better. Now I just hope that the Fed doesn't do anything stupid like lowering interest rates.
So should I be going over to the ATM right now to get all my money?
Good job.. let them fail.
noHurricane2k9 wrote:
So should I be going over to the ATM right now to get all my money?
but it would be depressing to see your 401k/investments drop 10%
Last edited by Locoloki (2008-09-29 12:51:08)
No, things like this makes the situation even worse.Hurricane2k9 wrote:
So should I be going over to the ATM right now to get all my money?
That's what I've always heard but why exactly?ELITE-UK wrote:
No, things like this makes the situation even worse.Hurricane2k9 wrote:
So should I be going over to the ATM right now to get all my money?
(excuse my ignorance; my school fucking fails when it comes to teaching us this stuff)
Last edited by Hurricane2k9 (2008-09-29 12:52:44)
if everyone goes to the bank and tries to get their money out, the banks wont have enough money on hand for everyone and then bank will have to sell off its vestments to get the cash you need... i thinkHurricane2k9 wrote:
That's what I've always heard but why exactly?ELITE-UK wrote:
No, things like this makes the situation even worse.Hurricane2k9 wrote:
So should I be going over to the ATM right now to get all my money?
(excuse my ignorance; my school fucking fails when it comes to teaching us this stuff)
Its not a market crash
Its a market correction and one that is long overdue
These guys on wallstreet were going to take our tax money and use it to bubble up commodities and oil.
Now demand for paper oil contracts is going to dry up because the speculators have to leave the market for lack of money.
Notice that oil is down $11 and dropping, if it reaches $50 that will be a huge economic stimulus.
The price of houses should also drop because the credit markets are no longer going to support that bubble either.
These are not bad things that are happening, but, I guess there won't be tax payer funded xmas bonuses on wall street this year.
Sorrrrrrrry no Jag for you this year
EDIT: and the dollar should continue to gain strength because we are not going to print a bunch of money, that should reduce the price of imports too.
Its a market correction and one that is long overdue
These guys on wallstreet were going to take our tax money and use it to bubble up commodities and oil.
Now demand for paper oil contracts is going to dry up because the speculators have to leave the market for lack of money.
Notice that oil is down $11 and dropping, if it reaches $50 that will be a huge economic stimulus.
The price of houses should also drop because the credit markets are no longer going to support that bubble either.
These are not bad things that are happening, but, I guess there won't be tax payer funded xmas bonuses on wall street this year.
Sorrrrrrrry no Jag for you this year
EDIT: and the dollar should continue to gain strength because we are not going to print a bunch of money, that should reduce the price of imports too.
Last edited by Diesel_dyk (2008-09-29 12:58:15)
It's coming back to me now... I remember some teacher of mine telling us how when your money is in the bank it's not necessarily sitting right there for you but rather in a mass collection of money that the bank uses to lend to others. The idea being that unless there's a bank run, you'll always have access to your funds. And if there's a bank run then the banks have to call in their loans, but the debtors can't pay up, so the banks fail.Locoloki wrote:
if everyone goes to the bank and tries to get their money out, the banks wont have enough money on hand for everyone and then bank will have to sell off its vestments to get the cash you need... i thinkHurricane2k9 wrote:
That's what I've always heard but why exactly?ELITE-UK wrote:
No, things like this makes the situation even worse.
(excuse my ignorance; my school fucking fails when it comes to teaching us this stuff)
pretty much correct +1Hurricane2k9 wrote:
It's coming back to me now... I remember some teacher of mine telling us how when your money is in the bank it's not necessarily sitting right there for you but rather in a mass collection of money that the bank uses to lend to others. The idea being that unless there's a bank run, you'll always have access to your funds. And if there's a bank run then the banks have to call in their loans, but the debtors can't pay up, so the banks fail.Locoloki wrote:
if everyone goes to the bank and tries to get their money out, the banks wont have enough money on hand for everyone and then bank will have to sell off its vestments to get the cash you need... i thinkHurricane2k9 wrote:
That's what I've always heard but why exactly?
(excuse my ignorance; my school fucking fails when it comes to teaching us this stuff)
Small hourglass island
Always raining and foggy
Use an umbrella
Always raining and foggy
Use an umbrella
Okay then... but why the hell are news broadcasters telling people to pull their funds out of the banks?!
In the US, I believe you are only covered for the first $100k. People in a situation with more than that in savings in a bank that is suspect, are at risk.Hurricane2k9 wrote:
Okay then... but why the hell are news broadcasters telling people to pull their funds out of the banks?!