Nope. It isn’t that bad. I’ve lost my job so I’ve been personally affected but I’m pretty Zen about the whole thing. I’ve lost a lot of sleep over the years about money but not now. Something always comes through.
Hell yeah, sister! Same here!
tegra I love you more than fudge.
May I have some of what you are on? 
Is the country really as bad as this board makes it out to be???
Yes.
If you are older and have equity and years of retirements savings or a business or…
If you are in school or working in a low paying job and don’t own a home or have retirement savings probably not so bad
If you really want to understand the scope of the problem read up on credit default swaps
thanks for the chuckles.
Honestly, it is just a reflection of the lemming attitude in terms of the financial markets. I am investing more than ever right now despite most people cashing in. Why, because this happens every cycle.
For those who sit on the sidelines and enter the market when it starts to recover I say thank you. On average, you will miss out on 38% gain, and I will not.
I did the same when the economy tanked the last time and I remember most people saying that this time they are going to be patient and ignore the ups and downs but here we are again, the exact same thing is happening.
Five years from now, 5% of investors are going to talk about how much they made in the stock market decline of 2008/2009 and the rest will once again lament their panic and vow never to listen to the media again. Of course they won’t but it is an amusing cycle.
Anyone who claims *not *to have been personally affected simply doesn’t understand the time value of money and how it applies to their retirement and financial well being down the road.
It’s a mixed bag for me. Our team took it in the shorts in 2006 when the construction market started taking hits. We refocused and now we are doing very well, even hiring. But several family members are struggling right now.
I just got a note from one of the builders we work with. He just got laid off and described the problem they are having with the banks. This is a builder that did a great job weathering the storm for several years while many others were tanking. But it finally got to him as well. Here is how he described the current situation.
“The banks have really brought us to our knees by not funding speculative starts at a time we really need product for that first time homebuyer. I really can’t blame them because they all said they already had more real estate than they are “allowed” to have and any risk (even if it seems small to us) makes their bad situation even worse.”
Large builders live off spec homes. If they can’t do that, they become custom builders and their business model no longer works.
My guess is that everyone on this board lives better than at least 95% of the rest of the world and will continue to do so no matter what happens to our economy. I believe it was Casey who said that he wished that everyone could experience what it’s like to live under less fortunate conditions. I’d have to agree with him.
i think every this is fine,we are in a financial cycle just like we are in a climate cycle…everything will be fine…
WTF. Pull your head out!!!
I’m a conservative in CA and in real estate so what do you think?
I think you should move…
***I believe it was Casey who said that he wished that everyone could experience what it’s like to live under less fortunate conditions. I’d have to agree with him. ***
That’s a telling statement, and reflects the core difference between those that cherish economic freedom and those that do not.
Personally, I wish that everyone, no matter their current economic status, could experience what it’s like to live under more fortunate conditions.
Because of course, ‘more fortunate conditions’ means how much crap you can buy…
net on net, things are fine here. On the upside I work for a great private company, that is a conglomerate of companies inn industries that have weathered the storm well - conservative balance sheet has helped alot as has being a private company. We’ve been around for 80 years and will be around for another 80+, never had a lay off or downsizing in our history and won’t now either. Investments and accounts have been hit hard but I’m young enough for them to recover. Actually, I will pay less effective tax on capital gains than I have in probbably 20 +years. My houses are mostly paid for and/or sitting on long term fixed notes that are fine. Overall things are great for the P-Tex just getting alittle grumpy that Obama Claus wants more and more of my good fortune to go bail out those who were less responsible. rather than ridicule, i would just like a simple "thank you’.
What has happened to you personally which makes you feel this way??
Ok, I will bite:
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My 401(k) has lost about 40% of its value. Luckily, I will be working for another 25+ years, so, I should be able to recover.
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My mom cannot retire next year due to losses in her retirement account. Fortunately, the bulk of it is safe (she is a teacher with a state retirement fund), and her financial adviser is indicating that she will only have to extend 2 years to reach her retirement goals.
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My business is BOOMING, which isn’t necessarily a good thing b/c I am a management-side labor lawyer. When the economy goes to shit, I get really, really busy. Good for me in the short term. NOT good for me long-term b/c I could be losing a number of clients. Here is what I am seeing:
(a) Client A: 1200 employees. 125 will be laid off on March 15. 145 will be laid off on April 15. More layoff expected in June.
(b) Client B: 900 employees. Orders dropped 35% since January 1. 100 employees to be laid off on April 1. 100 more on May 1.
(c) Client C: 640 employees. Company to be closed by June and moved overseas.
(d) Client D: 56 employees. Company to be permanently closed by May 1.
(e) Client E: 125 employees. Company to be permanently closed by May 1.
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In addition, I have 8 pending court cases alleging one form of discrimination or another. All are b.s. All involve plaintiffs who were part of a large Reduction in Force (RIF) and are claiming discrimination.
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I field calls on a daily basis from clients panicing about pending legislation such as the Employee Free Choice Act and the Healthy Families Act.
So, yeah, it is pretty ugly out there right now.
That was a cheap shot. Maybe that’s your definition.
Because of course, ‘more fortunate conditions’ means how much crap you can buy…
Huh? I honestly don’t understand what you’re trying to say here.
I will add on a personal level:
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Wifey is now pretty much unemployed. She went from working full time to hoping she can get one day a week.
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I am the tax guy at my company. Owner was in my office yesterday asking about the tax increases that are being talked about and that he may have to just “hunker” down for awhile. What does that mean, it means he isn’t going to drill any more oil or gas wells since prices are down and even if he hits, he may not have alot of the tax advantages he used to have. Until he has a better idea of what is going on, why risk 10’s of millions of dollars. So no new exploration for awhile until we can assess what kind of disaster we are looking at when it come to new taxes. This also mean we will not be hiring people to work on rigs or maintain wells. All in all, a net job loss and less energy production.
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My daughters college fund is now less than half what it was 6 months ago.
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My retirement fund is now less than half what it was 6 months ago.
Those are my personal experiences. Fortunately my house has only fallen by about 2%.
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Honestly, it is just a reflection of the lemming attitude in terms of the financial markets.
Yes, everyone seems to invest on the basis of loss avoidance instead of greed. I just set up some automated “value investing” strategies, and buy weekly. Dollar cost averaging.
Of course this only works if you have cash or income, so I feel for people who don’t.
And the media seems so fixated on the day-to-day movements of the major stock indices. Every day the movement has to mean something, and have some specific cause (and the next day that cause of the movement disappears and is replaced by a new one). The truth is that day-to-day movements generally have no rational basis. Following daily fluctuations is just madness.
I’m going to…next door to you.