No Bankers Left Behind

Discussion in 'The Club House' started by Quasi, Sep 29, 2008.

  1. Quasi

    Quasi New Member

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    It's looking like, despite overwhelming public opposition to the bailout bill, Congress is going to pass it. So much for representative democracy; the so******m of Wall Street is here.

    I'm going to go out on a limb and summarize some economic predictions:

    * Banks get some relief (most likely temporary)
    * Dollar tanks, oil rises, gas prices rise to over 5$ a gallon
    * Treasuries are sold, yields rise, mortgage rates rise, maybe as high as 10% eventually
    * Fed cannot cut rates because of inflation pressures
    * National debt/Balance budget becomes huge problem. Normal income taxes must rise by 1/3rd or more
    * Incomes are reduced further, higher mortgage rates, lower incomes, no one can buy a house, problem gets worse.
    * Banks need another bailout.
    * Economy weakens dramatically

    Conclusion:

    * Save as much money as possible
    * Look for ways to deal with currency weakness (i.e. commodities, foreign currencies, tradeable goods)
    * Expect your taxes to go up significantly
    * Expect to pay over $5 a gallon within a year for gas.
    * Expect economic activity to weaken dramatically within 24-36 months
    * Expect this weakness to drag on for many years
    * Job losses will be heavy over time


    Basically, we're boned and so are our children due to inflation and higher taxes.
     
    Last edited: Sep 29, 2008
  2. bkt

    bkt New Member

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    Yup. This stinks out loud.
     

  3. Musket

    Musket New Member

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    ditto.

    I am furious that they continue, despite vocal opposition from constituents. Legislators have long given the public a collective pat on the head "we know better than the little sheeples", but this is a new low.

    If I were in office, and my phone and email was being flooded with NO WAY!!!!!! by the majority of my constituents, you better believe that I would take notice.

    I have to say that I really do not feel that this bailout will be the big panacea they believe it to be.

    I hope I am wrong--but I am looking at buying bullion this week to hedge what is left of my money. (my 401k just got sucked down the toliet, and my CDs are not making any notable interest).

    shall we start a pool on which bank/business will fail next? :(
     
  4. dango

    dango Active Member

    Invest in cardboard.It.s affordable,light wieght,reasonable insulator,decent strength-to-weight ratio,and might make a fine home.I.ll let you know.:(
     
  5. SheGUN

    SheGUN New Member

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    Why is the word s-o-c-i-a-l-i-s-m censored?!?!?
     
  6. azalps

    azalps New Member

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    Well it didn't pass,but we need a fix. This has been a long time coming, no sense in panic like we have been made to believe. It was just a way for the politicians and big money people to get us to save their asses. Let's get rid of all incumbents that have ties to lobbyists and start with a fresh government.
     
  7. Dillinger

    Dillinger New Member

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    because it contains C-I-A-L-I-S which is a common spam item. Being a small web forum, you don't get much spam traffic, but once you reach some prominence, your spam traffic goes thru the roof.

    The Admin, notdku, set up the spam monitors to help keep the morons and the spambots out of all the threads here so the discussion can, hopefully, remain on topic.

    JD
     
  8. azalps

    azalps New Member

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    That would make a fine home in AZ where it never rains. In fact, I've seen quite a few.
     
  9. genie

    genie New Member

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    Having lived in AZ over 20 years, I must say there were certainly times when we wished it DIDN'T rain there..........
     
  10. user4

    user4 New Member

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    Bailout failed. Disaster averted...but what does THIS mean? I r confoozeled.
     
  11. bkt

    bkt New Member

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    For now. Pelosi and Reid won't give up easily. They will come back with another proposal.

    Good question. Maybe 1929 redux, maybe nothing much at all (as far as we're concerned).
     
  12. Mark F

    Mark F New Member

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    DITTO. My 401K isn't worth the toilet water it sits in. 10 year CD's aren't making squat...
     
  13. Quasi

    Quasi New Member

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  14. Mark F

    Mark F New Member

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    Hopefully, the bailout will go bust this Friday...
     
  15. BigO01

    BigO01 New Member

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    Well I am amazed at how little people have paid attention to the government and their lying BS even with all of this going on .

    Back on the 18th or so they started with this garbage of how they just had to have all of this crap pass by Monday or businesses wouldn't be able to make their payroll obligations yada yada BS .

    Well we made it through last week just fine and of course come about Thursday they started the exact same crap they had the week before .

    It just had to pass , they would be having midnight sessions to make sure it did or all the doom and gloom would hit when the markets opened on Monday the 29th .

    Well it didn't and here we are and Tuesday is almost history and the sky hasn't fallen for anyone but some of the Bankers who made the bad loans .
     
  16. bkt

    bkt New Member

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    Yes, exactly! Granted, much of the information was not easily available and the news media didn't really cover it until everything blew up. But this is dry stuff and people are far too distracted with trivial nonsense.

    Right again! The people who played a big role in making bad decisions were wrong again.
     
  17. user4

    user4 New Member

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    Not sure which thread someone mentioned this in, but I checked my 401K and it is down only $1300 for the month. It blows, but someone said they lost half? I'd murder kittens if I lost half.
     
  18. Dillinger

    Dillinger New Member

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    I'd murder kittens for a hell of a lot less than that. As a matter of fact, I just had a conversation with my General Field Foreman this morning, ray of sunshine that he always is, and I am ready to murder him AND a box of kittens just to get through the morning.....:mad:

    JD
     
  19. Quasi

    Quasi New Member

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    The market is down 15% just in the last week since the bailout, which was essentially the nuclear option that was supposed to save everyone's 401K's.

    This morning pre-market there was a global .50 basis point coordinated rate cut. The markets turned positive for about 20 minutes, and futures are now down big. This is really bad. I was previously optimistic that we saw the bottom yesterday, but now there is a good chance we see a real crash.

    Time to hope for the best, but prepare for the worst.
     
  20. Musket

    Musket New Member

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    Asian markets took a serious beating last night, and the fed moved to an emergency rate cut this morning (in concert with global banks doing the same). Seems the Fed is honestly spooked.

    Today is going to be a wild ride. Bad enough we closed down 508 on the Dow last night.

    So lets see if the people believe the actions of last night will help. (keeping my fingers crossed it goes up, but I am not very optimistic).

    My retirement and investments are killing me. At this rate I am going to need to work until I am 153. :(