Just got laid off from a top firm on wall street... Sucks big time...

Just got laid off from a top firm on wall street... Sucks big time...

Oh jeez, that sucks man. I hope you got a decent package.

 

3 months pay

 

Prepare for a recession my friends, I wouldnt be in any US equities right now or through 08

3 months pay

 

Prepare for a recession my friends, I wouldnt be in any US equities right now or through 08

Well, as a long term investor who isn't retiring any time soon, market corrections and down markets are just buying opportunities for me. But I am fortunate. Others are not.

 

3 months pay

 

Prepare for a recession my friends, I wouldnt be in any US equities right now or through 08

Its been a while coming, might be a bit longer. Anyway I've been looking for a top to short the futures market for a while.

 

If I had more cash for draw down I probably would have already sold.

Edited January 9, 200818 yr by max power

Only 77 stocks are up YTD in the S&P 500.

 

173 stocks are down MORE THAN 10%.

 

50 DMA broke 200 DMA. Another confirmation we are in a bear mkt.

 

We've had what? 6 or 7 days of trading? YTD is meaningless at this point.

Only 77 stocks are up YTD in the S&P 500.

 

173 stocks are down MORE THAN 10%.

 

50 DMA broke 200 DMA. Another confirmation we are in a bear mkt.

 

 

We've had what? 6 or 7 days of trading? YTD is meaningless at this point.

What? Aren't we all supposed to be running around screaming the sky is falling?

What? Aren't we all supposed to be running around screaming the sky is falling?

That's not the sky. It's the blue painted ceiling in your neighbors' recently foreclosed upon house.

That's not the sky. It's the blue painted ceiling in your neighbors' recently foreclosed upon house.

And I'm supposed to feel sorry for people who got stuck with more then they could ever REALLY afford? You don't buy s*** that you can't really have with some sort of gimmick and not pay for it later. Anything that is too good to be true, usually is.

 

I think for s***s and grins I should go back and find that thread where some folks were talking about ARMS being the greatest thing ever... ummm, hmmmm...

And I'm supposed to feel sorry for people who got stuck with more then they could ever REALLY afford? You don't buy s*** that you can't really have with some sort of gimmick and not pay for it later. Anything that is too good to be true, usually is.

 

I think for s***s and grins I should go back and find that thread where some folks were talking about ARMS being the greatest thing ever... ummm, hmmmm...

 

Don't worry, we will be subsidizing all of those people through higher taxes and interest rates. Yeah.

Don't worry, we will be subsidizing all of those people through higher taxes and interest rates. Yeah.

Oh exactly, and some wouldn't have it any other way. I should have been so irrresponsible so I could have the government bail my ass out, too.

 

That's not the sky. It's the blue painted ceiling in your neighbors' recently foreclosed upon house.

 

I guess thats what happens when people buy a home they cannot afford, during a sellers market. One of my neighbors bought a $650,000 condo. Totally can't afford it, now blames everyone but himself.

Did people not sit down and see what their payments would be when (not if) their ARMs adjusted?

Did people not sit down and see what their payments would be when (not if) their ARMs adjusted?

If they did...they figured they could sell the house and make a profit because housing prices were going to go up forever and ever and ever.

 

Some were simply naive consumers, often seduced by some very unscrupulous loan tactics. Others knew exactly what they were doing and just were stupid investors.

Keep talking BOOM BOOM, the more you talk the higher gold goes. Up $100 dollars on gold futes in 2 1/2 weeks. Keep cutting rates baby.

B of A buys Countrywide. Not really a surprise, but now its announced.

 

Countrywide Financial Corp. founder Angelo Mozilo, one of the nation's highest-paid chief executives, stands to reap $115 million in severance-related pay if his troubled company is acquired by Bank of America Corp., regulatory filings show.

 

Free rides on the company jet are also included in Mozilo's departure deal, and the company will pick up his country club bills until 2011.

Failing upwards. Yeesh.

Another 300 pt. drop today

Yeah not going to be a good day here either.

 

Will be the 10th day in a row our market will be going downwards, the only question is how much?

Yes, because the economy is based SOLELY on the DJIA.

 

I really need to go back and find that thread about how GRAND and GREAT those "easy credit" mortgages are for people. You can't get anything for free, people, and this is the best lesson of that.

OVERALL, the economy is in decent shape. Let's put it this way - we'd be in a lot more of a world of hurt with this if the economy wasn't in decent shape. We're able to sustain this pretty well BECAUSE the economy isn't bad right now.

 

BTW, the market rocketed back up pretty quickly off of the lows, back nearly to the 10% - so there is some resisitance there.

Heh. I remember getting bashed because I thought the economy was in bad shape about 6 months ago.

And don't forget this one...

 

The economy is really strong right now. It should be getting more press.

Heh. I remember getting bashed because I thought the economy was in bad shape about 6 months ago.

I'll say EXACTLY what I said before. If the overall economy wasn't in good shape THEN or NOW, we would be in a deep recession. You have one sector that is dragging down the whole shooting match, and if the other pillars weren't doing pretty well, we'd all be a lot worse off.

 

I'll say EXACTLY what I said before. If the overall economy wasn't in good shape THEN or NOW, we would be in a deep recession. You have one sector that is dragging down the whole shooting match, and if the other pillars weren't doing pretty well, we'd all be a lot worse off.

I disagree. We wouldn't need the president to propose an economic stimulus package if the economy was in good shape.

It'll be interesting to see how our congress based presidential candidates vote on this.