| 6:04 am on Sep 19, 2008 (gmt 0)|
Im lucky in my line of work things go crazy in a down turn, already seen salary's leap 20% over last year and they keep on going up.
Yubba, yubba, yubba !
| 11:07 am on Sep 19, 2008 (gmt 0)|
What? You're an accountant?
| 11:14 am on Sep 19, 2008 (gmt 0)|
I do think it's possible to spend too much time worrying about such problems. Sure, it's good to be prepared, but, concentrate on your market, look for opportunities, and turn that business channel off. ;)
| 3:15 pm on Sep 19, 2008 (gmt 0)|
I've spent the last 9 years in preparation, living off what I can make on any given day. Meals for less than $1.00 a day aren't fun, but it can be done.
| 9:00 pm on Sep 19, 2008 (gmt 0)|
Home paid for, cars paid for - working on paying off my office within a year. Hope this tear in the fabric of the matrix doesn't derail my plans.
| 9:02 pm on Sep 19, 2008 (gmt 0)|
Am I the only one in the room that's seeing a major economic shift here?
When was the last time you saw all the world banks pumping hundreds of billions into the stock market to prop it up? My tin foil hat might be on a little tight, but this doesn't look like your regular garden variety downturn.
| 3:08 am on Sep 20, 2008 (gmt 0)|
Hahahaha...amatuers politicians with Monopoly money...not a "polite" clue...oh how they were so happy with their 10 years of pseudo expansion!
This will be proven to be the start of the shift towards the east's dominance.
| 5:47 am on Sep 20, 2008 (gmt 0)|
I think the shift started a while back. This could definitely hurry it along.
| 8:26 am on Sep 20, 2008 (gmt 0)|
At least our manufacturing will come back (although only temporarily), we'll be making all those cheap plastic doo-dads and particle board furniture (and gladly work barefoot for a bowl of wheat a day), and all the goods we make will be shipped to Asia so their middle class can buy them at Wal-Mart which, after being bought out in stock fire-sale is renamed "Zhou-Mart".
Pakistani and India will do all the tech and accounting work.
Europe will become a series of gated border police states.
The entire middle east will be wiped clean down to the sand "by accident"
By 2024, American's will be receiving emergency food from Africa which will have seen a massive influx of Asian capital primarily for weapons, then irrigation, then farming, then tourism.
Cuba will become a preferred travel destination of the Asian wealthy -- far enough away from those "dirty begging Americans", and not too far from a major land mass in case of emergency. Asia will allow Russia a government sponsored retreat at Guatanomo, for all those years of supporting Fidel.
All of N. Korea and some of S. Korea become a toxic waste dump after all the inhabitants who don't have radiation sickness are moved to Myanmar after Kim Jong-il presses the wrong button, (he thought he was turning on the air conditioning).
Apples!, Apples! -- 2 yuan a piece -- Who will buy my apples?
Brother can ya' spare a yuan?
| 1:35 pm on Sep 20, 2008 (gmt 0)|
imo, when the markets turn down there is only one thing to do...
B U Y !
| 12:27 pm on Sep 22, 2008 (gmt 0)|
BUY? Be warned.
That's what they said in 1929 when the Stock Market Crash reduced the Dow Jones to 198.6.
How wrong could they have been! The low was finally reached in 1932 when the Dow Jones stood at 41.22 in July.
| 4:54 pm on Sep 22, 2008 (gmt 0)|
|At least our manufacturing will come back |
Wrong, the EPA made it too costly to manufacture all that stuff using all those toxic chemicals in the first place which is why we pushed it offshore to pollute someone else's backyard and ground water.
| 5:44 pm on Sep 22, 2008 (gmt 0)|
Only on Wall Street can a known bad bet be considered an asset, and only in the good old US of A could you find the gamblers openly flocking to the feeding trough, expecting Uncle Sam to cover their losses.
The Piper will get his due. A $700 billion bailout "may" delay it, but I doubt it will prevent it in the longer term.
This is a debt crisis, hidden behind phrases such as "ill-liquid assets". Borrowing money to solve a debt problem is something that has become habitual in the United States. Until now it has only been problematic situationally. The systemic nature of the problem is now becoming evident.
"As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth -- not of existing wealth, but of wealth as it is currently produced -- to provide men with buying power equal to the amount of goods and services offered by the nation's economic machinery. Instead of achieving that kind of distribution, a giant suction pump had...drawn into a few hands an increasing portion of currently produced wealth...In consequence, as in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped...We sustained high levels of employment...with the aid of an exceptional expansion of debt outside of the banking system. This debt was provided by...the upper-income groups where taxes were relatively low... This debt...largely took the form of mortgage debt...consumer installment debt, brokers' loans, and foreign debt... The time came when there were no more poker chips to be loaned on credit..."
A modern day pundit speaking about today's financial difficulties? Hardly. The above was written by Marriner S. Eccles, who served as Franklin D. Roosevelt's Chairman of the Federal Reserve from November 1934 to February 1948.
"Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone" - John Maynard Keynes (1883 - 1946)
"Under capitalism, man exploits man. Under communism, it's just the opposite." - John Kenneth Galbraith (1908 - 2006)
Regarding buying stocks right now... After the crash of the market in 1929, the Dow did not regain its pre-depression high until 1954 - a short 25 years to recover.
"Anyone who bought stocks in mid-1929 and held onto them saw most of his or her adult life pass by before getting back to even." — Richard M. Salsman
[edited by: lawman at 5:59 pm (utc) on Sep. 22, 2008]
[edit reason] fix style code [/edit]
| 10:09 am on Oct 1, 2008 (gmt 0)|
I still made money from Google AdSense on the day of the crash, at least more than the markets.
| 4:34 pm on Oct 1, 2008 (gmt 0)|
Where were our regulators from the the Fed, Treasury, our esteemed Congressmen
and Senators when this train wreck was gathering steam?!
A blind man could of seen this coming. Houses worth 250,000. selling for
600,000 no money down, floating interest rates, etc.
Once again we trusted the goverment to watch out for our interest, once again they failed us.
I guess we never learn!...KF
| 5:00 pm on Oct 1, 2008 (gmt 0)|
Predatory lending practices need a "mark". The heart of the issue is greed, and no amount of regulation has proven effective against it.
Individuals who bought more house than they can afford should reasonably expect to lose their homes.
Lenders who relaxed regulations to accommodate these buyers (and themselves) deserve to suffer the consequences of their decision.
Institutions that bundled and traded this bad debt as an asset deserve to lose their shirts.
The issue isn't a lack of regulation, it's everyone who expects something for nothing.
This bailout deal is reckless and irresponsible. Printing 700 billion dollars out of thin air to purchase a bundle of toxic debt in an effort to protect greedy institutions and individuals FROM THEMSELVES has to be... predictable.
I guess you're right-we never learn.
| 5:59 pm on Oct 1, 2008 (gmt 0)|
Good post akmac.