and that is the really sad part about all of this. Personally, this recession/possible-soon-to-be-depression is great for me. I maintain the same amount of profitability by jacking my rates up to match inflation. I don’t own anything really, and I don’t have any money invested anywhere. So the price of real estate is going to tank. good for me I’ll be looking to buy in about a year or two when it will probably hit rock bottom. same with the stock market. It’s going to tank, but it will rebound fairly quickly, so it will be a great opportunity to get in on the ground floor. it’s the already established/worked all their lives and are getting ready to retire people that are going to get fucked.
^Truth!!! Anyone that is 24-35 age bracket is in pretty good shape as far as the markets go. but once this is over and we are entrenched this need not happen again for 60 years. or else i am going to start keeping my money in a bible in my house.
Hopefully people that were very close to retirement had options like money market funds or bonds where they would have lost minimal (compared to stocks). I’ve decided to just not look at my current 401k value.
My measly 401k is down about 20%
pray to your god they give you a loan.
or are you baller like foxrus and will pay cash?
All a sudden i am baller…Thanks for the label Shaggy
this shit cracks me up. the banks are still going to be lending. that’s how they make their money. don’t believe all that bullshit. the silver lining in this whole debacle is that we fucked up SOOOOO bad that the rest of the worlds economies are tanking as well so were not really losing ground to anyone.
and look at the bright side. you can buy yourself a share of Ford for like $2.00
wow… consider that for yourself.
there is so much bullshit going around with this whole bail out… i’ll be happy when this election is over so people can stop pretending to understand ‘pressing issues’ and can go back to being uneducated idiots like you’ve always been!!!
ok…
Banks always restrict lending in times of severe economic retraction, they did in the great depression and they are right now.
Loans will most likely be at much higher rates when they again become widely available.
restrict? yes. abstain? no. but then again they were giving mortgages to people with bad credit and no job so I guess just about anything would be more restrictive than what its been like.
banks will keep putting out loans will just be more stringent. i hope we enter a severe depression. shit needs to be regulated and we need to stop rewarding companies for greed. wish we wouldnt have bailed out aig.
FYI - I just successfully got a loan on Friday… no questions and no problems.
I say hold people accountable for defaulting on loans… fuck people that don’t have any personal responsibility.
If you try to diffuse a bomb after it’s gone off, you waste precious energy.
The fact is people are scared and the only thing they’re doing is selling.
I’m not selling or scared. What happens will happen. I got plenty of time to recover from this if the end is not nigh.
And, if the end is nigh and people start getting all apocolyptic and shit…I’ve got the skills and hardware to get to a safe place where I can live, feed my family and what not.
Which tells me that panicking is the wrong thing to do now and it’s not quite apocolypse yet.
Also, if everyone was selling the market would be 100% illiquid.
Anyone care to guess who’s buying? Probably the Oracle of Omaha snagging up severely undervalued companies at cut-throat cheap prices now.
Correct… I haven’t pulled money or sold anything.
Me either. Looking at the Yahoo Dow chart, from Sept 28. 1987 to Nov. 30, 1987 it dropped 33%. In a span from 1973 to 1975, it dropped 44%.
From Sep. 26, 2008 to Oct. 10, 2008 it dropped 24%. Even if you look at the peak from Oct. 2007 of around 14000, it’s gone down 33%.
I’m not trying to downplay what’s going on, but there have been similar drops in the past. And yes, I understand that we may not be at the bottom of this decline yet.
Things will rebound. Pretty much all of us have nothing but time to ride it out and our 401k’s will regain stability. I do feel bad for a few guys I work with that hit 65 and plan to retire this year. They have lost a nice chunk of change.
My friend is still flipping houses for a living, and has a bidding war between two people to buy one OVER listed price. I think Pittsburgh is in a lot better shape, having not had nearly as much of a housing boom as the rest of the country.
Are these $5k homes that banks are selling because they’re trashed? I mean a $6k offer on a $5k house I can see, but if your buddy is paying $150k for homes listed at $125k, he isn’t going to be in business very long.
re-read my post a little more sloooooooowly. or i can clarify.
My friend bought a house. Fixed it up.
Listed it at (for sake of argument) $125k.
Two people want it, and are bidding OVER $125k for it.