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  1. #1
    undrgrnd's Avatar
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    Tonights presidential speech

    did anyone else notice that when dubya said that this mortgage crisis was going to be a major challenge he pronounced it "shallenge" I've said it on occasion but the speech was one of the most decent I've heard from him. this solution isn't a great idea but there aren't many to choose from.

  2. #2
    js's Avatar
    js
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    I caught bits and pieces of it....

    My opinion...


    We're on the brink of total meltdown... I'm pissed that my tax money is going bail out the rich and their retirement savings. Especially since I have no retirement savings... (401K, etc.) I, like many other Americans are getting screwed pretty bad.

    But, if the government does nothing... we enter the next Depression. A buddy of mine who works for Morgan Stanley says that is exactly what's going to happen if the feds don't step in. He put it simple terms.... If you own a house, banks and mortgage companies that are in trouble will start calling in notes.... and if you can't pay, you lose your house period. That is why congress is trying to put that clause in any bail out bill, to protect home owners from that very real possibility.

    I also believe we are on the verge of something much worse as well.

    When you have an ex-vice president calling for civil disobedience... something very bad is around the corner.
    NEW YORK (Reuters) - Nobel Peace Prize winner and environmental crusader Al Gore urged young people on Wednesday to engage in civil disobedience to stop the construction of coal plants without the ability to store carbon.

    The former U.S. vice president, whose climate change documentary “An Inconvenient Truth” won an Academy Award, told a philanthropic meeting in New York City that “the world has lost ground to the climate crisis.”
    “If you’re a young person looking at the future of this planet and looking at what is being done right now, and not done, I believe we have reached the stage where it is time for civil disobedience to prevent the construction of new coal plants that do not have carbon capture and sequestration,” Gore told the Clinton Global Initiative gathering to loud applause.

    “I believe for a carbon company to spend money convincing the stock-buying public that the risk from the global climate crisis is not that great represents a form of stock fraud because they are misrepresenting a material fact,” he said. “I hope these state attorney generals around the country will take some action on that.” …
    Last edited by js; 09-25-2008 at 12:49 AM.
    "bing bang boom! hair out...hamburger time" - William Murderface

  3. #3
    TOF's Avatar
    TOF
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    Bottom line is we are screwed no matter what we do.

  4. #4
    js's Avatar
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    Quote Originally Posted by TOF View Post
    Bottom line is we are screwed no matter what we do.
    Between 2 wars....

    30 million illegal mexicans sucking the system dry.

    complete country wide financial meltdown and failure.

    an ex vice president calling for civil civil disobedience.

    rising unemployment

    racial tensions

    700 billion dollar bail out... that may work, or not.

    Yeah, we're screwed.
    Last edited by js; 09-25-2008 at 01:00 AM.
    "bing bang boom! hair out...hamburger time" - William Murderface

  5. #5
    kev74's Avatar
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    I didn't hear the speech last night, but I've noticed the last few time the President did major addresses (State of the Union, etc.) it seems like he's been slurring his words quite a bit. I don't have tv in the house, so I only heard him speak on the radio, so maybe my perspective is off a bit, but it makes you wonder.
    Especially since I have no retirement savings... (401K, etc.) I, like many other Americans are getting screwed pretty bad.
    And all this time I thought you were living it up like a rock star on all that Handgunforum.net ad revenue.

    In all seriousness, anyone who isn't saving for their future should reevaluate their priorities - especially now. With all the doom and gloom predictions going around, the long term forecasts for the US economy (20 - 30 years) is still positive. Open an IRA and put some money in a low fee index fund and add some more when you get a chance. Then in 2 or 5 or 10 years when we get over this mess, your savings will get a nice little head start. A buddy of mine who does investment planning likes to say that stocks are on sale now.

  6. #6
    tekhead1219's Avatar
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    Quote Originally Posted by js View Post

    complete country wide financial meltdown and failure.

    an ex vice president calling for civil civil disobedience.

    rising unemployment

    racial tensions...
    Sounds like you're describing a South or Central American country....

  7. #7
    TOF's Avatar
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    Quote Originally Posted by tekhead1219 View Post
    Sounds like you're describing a South or Central American country....
    El Presidente Chavez is watching closely from the South. If we are not very carefull he along with others may end up owning what we used to.

  8. #8
    tekhead1219's Avatar
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    Quote Originally Posted by TOF View Post
    El Presidente Chavez is watching closely from the South. If we are not very carefull he along with others may end up owning what we used to.
    yessir...him and the Chinese and the Indians and the etc, etc.

  9. #9
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    A buddy of mine who works for Morgan Stanley says that is exactly what's going to happen if the feds don't step in. He put it simple terms.... If you own a house, banks and mortgage companies that are in trouble will start calling in notes.... and if you can't pay, you lose your house period. That is why congress is trying to put that clause in any bail out bill, to protect home owners from that very real possibility.

    Not to be the bearer of good news, but this is not going to happen. The last thing banks want is more homes they have to get rid of. Why would they call in a note that is making them money each month. They know if they call in the note that they will just end up foreclosing on a home, which costs them money, and then trying to sell a home, which costs them money, and ultimately they end up sitting and waiting on a home to sell, which once again costs them more money. Why do this when all they currently have to do is sit there and make 6% on the money they lent?

    The truth is that just like everything else the news is blowing it way out of proportion. The stock market has made money 100% of the 10 year periods in its history. If you want to make money then start dumping as much cash as you can spare into good quality growth and income mutual funds. The stock market is on sale right now, just ask Warren Buffet. Do you think he would invest billions into a company if he though he would lose it?

    In 6 months to a year everyone will be back making money and we will be looking for the next crisis.

    Tom

    PS. JS you really should think about getting some retirement savings together. go to www.DaveRamsey.com. He is a good guy and gives sound advice. Give it a try.

  10. #10
    Ptarmigan is offline Member
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    One can debate what caused the 1929 Crash all one wants and probably never come to solid conclusion on what actually made it happen. One thing, however, is for sure, a big part of the problem was that people, driven by panic, made some poor financial choices, which in turn made the entire thing worse.

    I am of the mindset that this is a time to sit back and consider investing some money. I see this as an opportunity to buy low, which means that when the market comes back around, I will make a nice profit. As long as I can pay my montly bills etc. I plan to increase my retirement contributions as soon as I can.

    I am confident that we are not going to have a lot of people losing everything they own and end up in the street. This is, however, not the time to think about buying a lot of stuff on credit.

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