DOW just hit the 6000's...

[280plus]

And, continuing with my musical theme for the thread...

"Gloom, despair, and agony on me
Deep, dark depression, excessive misery
If it weren't for bad luck, I'd have no luck at all
Gloom, despair, and agony on me" 

 

[tokugawa]

We are sunk. And we have not yet seen the half of it. Wait till the CC and auto defaults start coming on. And they are going to have a hard time selling enough treasuries - Japan just had a 47% decline in exports, China is coming to pieces, and exactly why are they going to want to buy questionable bonds, even IF they had the money? One of these days our treasury sales are gonna fail, and we are going to "monetize the debt" aka print $ like hell. Hello, hyperinflation.   Lenin-"Grind the middle class between the millstones of taxation and inflation".
  By the time O is done, the middle class in this country will be extinct. I fully expect the nationalization of 401K's, Ira's, etc.  A populist socialist with superb oratory and wide support, saving us by bringing all the benefits of communism to us.  And the retiring boomers will kiss his ass for it- they have no savings, no home equity, no pension, in the middle of a severe depression,where else are they gonna turn? Their entire financial edifice has been destroyed.
 
 

[Matthew Carberry]

Been posted before but...

The Argentina postings on Frugal Squirrel.  A little "survivalist-y" but they talk about a real SHTF situation without the actual "complete societal collapse" element, which I think is more realistic for what might be coming down the pike, if anything.

http://billstclair.com/clairewolfe.com/wolfesblog/arg.html

[RevDisk]

And, continuing with my musical theme for the thread...

"Gloom, despair, and agony on me
Deep, dark depression, excessive misery
If it weren't for bad luck, I'd have no luck at all
Gloom, despair, and agony on me" 

 

Are you friggin kidding me?  Part of this recession is a necessary correction. 

Credit was too cheap for too long.  People got stupid, and thought prices were going to go up forever.  Because...  well, because.  Speculation combined with stupid optimism caused housing prices to grow 45% in ten years.  That's completely unsustainable pricing increases.  Stocks got overvalued as well.  Bunch of reasons for that, but part of that was due to businesses using cheap credit to act as their internal cash flow.  That's penny wise, pound foolish to the extreme.  A recession is necessary to correct the problems.

When Obama announced his insane series of bailouts for irresponsible behavior, he punished the next generation.  He is giving my generation with a staggering debt, unsustainable housing pricing, and businesses privatizing profit, socializing losses.   

Still, people will get their debt level in line, keep their purchases in line with their income, etc.

[280plus]

Easy Rev, I was only kidding... 

[Frank Castle]

Iraq Dinar .00084

I bought 1 million Dinar for 850.00 USD

Why...............

1# Iraq is sitting on the second largest oil reserve in the world.

2# Look at OPEC country's exchange rate 3 to 1. 3 USD TO 1 of there's.


I think this safer then the stock market! :|

[280plus]

Maybe this fits better?

"Oh Lord, won’t you buy me a Mercedes Benz ?
My friends all drive Porsches, I must make amends.
Worked hard all my lifetime, no help from my friends,
So Lord, won’t you buy me a Mercedes Benz ? "

 



 

Bunch of reasons for that, but part of that was due to businesses irresponsibly using cheap credit to act as their internal cash flow.

I used cheap credit to build and sustain my business. Every extra penny I made went toward "the nut" and I was doing well at it until the housing work dried up completely, which is ok, I understand things sway back and forth, when things are lean I pay the minimums, when times are good I pay as much as I can, but THEN, when the banks start having their troubles, the first thing they do is find any excuse to jack those cheap rates and stick it to me good until they decided they didn't even need a reason anymore they could just do it without cause because the business climate is getting tough. This, of course, leads to bigger minimums. You learn who your friends are in the credit business real quick. CITI and BOA are not your friends. Navy Federal Credit Union, there's a friend. So anyways, ow I have to dig into my savings to pay off those ones that got jacked from 8% to 22%. And also of course, savings are down. Fortunately, I'm able to scrape work together and just about keep up. People are renovating their houses and commercial expansion still seems to have some life in it. And spring is coming. Spring is a good time for HVAC. february is usually not but I've been working so,,,

[Harold Tuttle]

http://www.youtube.com/watch?v=AutxFgxTshM

[RevDisk]

Easy Rev, I was only kidding... 

Heh, tis ok, I swear I wasn't foaming at the mouth more than usual.  This recession was looking to be a good thing (long term), and now it's looking like a nightmare once you factor in the bailouts.

Bunch of reasons for that, but part of that was due to businesses irresponsibly using cheap credit to act as their internal cash flow.

I used cheap credit to build and sustain my business. Every extra penny I made went toward "the nut" and I was doing well at it until the housing work dried up completely, which is ok, I understand things sway back and forth, when things are lean I pay the minimums, when times are good I pay as much as I can, but THEN, when the banks start having their troubles, the first thing they do is find any excuse to jack those cheap rates and stick it to me good until they decided they didn't even need a reason anymore they could just do it without cause because the business climate is getting tough. This, of course, leads to bigger minimums. You learn who your friends are in the credit business real quick. CITI and BOA are not your friends. Navy Federal Credit Union, there's a friend. So anyways, ow I have to dig into my savings to pay off those ones that got jacked from 8% to 22%. And also of course, savings are down. Fortunately, I'm able to scrape work together and just about keep up. People are renovating their houses and commercial expansion still seems to have some life in it. And spring is coming. Spring is a good time for HVAC. february is usually not but I've been working so,,,

Good catch.  Using credit intelligently is very good business.  I was moreso referring to people that used their daily internal "cash" in the form of cheap, easy credit in order to survive.  No reserves, no positive cash balance anywhere.  And they weren't always sticking their extra bucks towards paying off long term debt either.  Lot of businesses that kept zero cash in reserve ran into a brick wall when the credit dried up.   

I'm really glad I found a good CU (for my primary banking) and a good local bank (for the misc stuff).  I honestly have no idea, with fractional reserve banking, why certain banks have to be so blatantly rude.  The largest regional bank in my area charges a hefty monthly service fee unless you keep $1k in your checking account (which pays only a fraction of a percent in interest).

[Nick1911]

Iraq Dinar .00084

I bought 1 million Dinar for 850.00 USD

Why...............

1# Iraq is sitting on the second largest oil reserve in the world.

2# Look at OPEC country's exchange rate 3 to 1. 3 USD TO 1 of there's.


I think this safer then the stock market! :|

That's actually... interesting.

[Manedwolf]

Iraq Dinar .00084

I bought 1 million Dinar for 850.00 USD

Why...............

1# Iraq is sitting on the second largest oil reserve in the world.

2# Look at OPEC country's exchange rate 3 to 1. 3 USD TO 1 of there's.


I think this safer then the stock market! :|

Middle Eastern currencies have a history of revaluing and becoming worthless.

I've got several million in Turkish lira from the 80's that cost me about...a dollar. :D

2008 — 1 U.S. dollar = 1,550,000 (old) lira = 1.55 new lira

[mtnbkr]

The largest regional bank in my area charges a hefty monthly service fee unless you keep $1k in your checking account (which pays only a fraction of a percent in interest)

BOA, everybody's favorite bank to hate, doesn't charge fees if you have a checking and savings account (with at least $300 in savings) and direct deposit.  I keep less than $600 in both accounts combined and the only time I get charged a fee is when I use a non-BOA ATM.

Chris

[HankB]

Middle Eastern currencies have a history of revaluing and becoming worthless.

I've got several million in Turkish lira from the 80's that cost me about...a dollar. :D

2008 — 1 U.S. dollar = 1,550,000 (old) lira = 1.55 new lira

African, too.

I have a couple of $10 Zimbabwe notes that cost me about $2 US when I exchanged them in the 90s.

Unless I've lost count, to get to today's equivalent US dollar value, you'd have to move the decimal point 23 places to the left.

So that "old" $10 Zimbabwe note is now worth about US $0.00000000000000000000002 . . .

And if I'm off by a couple of zeroes . . . does it really matter?  :rolleyes:

[Frank Castle]

I understand what your say and yes there is a risk. I look at this way if it works great, if it doesn't all well, it only 850.00. I still think it's safe than the stock market. Every time Obama talks the DOW drops!

Also, Iraq already changed out the old notes. The old Dinar had Saddam Hussein picture on them.

I have the new Dinar, that came out in 2003.




   

[K Frame]

All this talk about Dinar is making me hungry...

[Manedwolf]

All this talk about Dinar is making me hungry...

It takes a lot of dinar to buy a falafel.

[Balog]

It was 6727 when I checked a few minutes ago. Small loss, perhaps it's stabilizing. Until the Glorious Leader opens his mouth again and sends it into the 5k's. :rolleyes:

Also, I suddenly have a hankering for some hummus and pita bread.....

[280plus]

Heh, tis ok, I swear I wasn't foaming at the mouth more than usual.

[MicroBalrog]

Also, I suddenly have a hankering for some hummus and pita bread.....

Mmm... *substitutes your hummus with thina*

*watches you cringe*

[Balog]

Thina?

[grampster]

Well, this morning our Leader said that he compares the Dow Jones to a political poll....It goes up it goes down, no big deal.

[MicroBalrog]

Thina?

Apparently you know it as Tahini.

[Headless Thompson Gunner]

Well, this morning our Leader said that he compares the Dow Jones to a political poll....It goes up it goes down, no big deal.

I'm reminded of a quote from a few years ago.  Dick Gephardt, I believe.  I forget the particulars, but he was caught gleefully saying that the Democrats gained one extra seat for every 100 points the stock market dropped.

They knew it then, Obama knows it now.  Obama's a lot better at putting it into practice, though.

[Balog]

Apparently you know it as Tahini.

Is that bad? Never tried it.

[MicroBalrog]

Is that bad? Never tried it.

It is... different. Some of the brands are extremely sour.