$700B no more!
"Fear swept across the financial markets Monday, sending the Dow Jones industrials down as much as 705 points, as the financial bailout package was defeated by the House."
While I'm generally against bailing out asshats who caused this, I'm on the fence about what this will ultimately mean. Gonna be interesting, to say the least.
Asshole Nazi devil moderator out to get each and every one of you
Nothing in all the world is more dangerous
than sincere ignorance
and conscientious stupidity.
- Martin Luther King, Jr.
disce quasi semper victurus vive quasi cras moriturus
The return of MRA #321! Sponsored by Western Ambulance, Chicane Trackdays, and a very patient wife...
Gonna continue to be an interesting couple of years.
I really hope that the asshat CEO's of these mortgage companies are not walking with millions while the gov (read: taxpayers) bail out their companies to try and prevent the absolute collapse of our economy.
There better be some hell to pay for these fuggers.
'02 RC-51 - Street
'05 Pitster Pro 125 - Pitbike madness
Be polite. Be professional. But be prepared to kill everyone you meet.
"Motorcycles tell us a more useful truth: we are small and exposed, and probably moving too fast for our own good, but that's no reason not to enjoy every minute of the ride."
~Dave Karlotski
May I suggest removeing all your money out of your 401Kd, taking the 15% loss and buy gold...
MRA Racer No.427
The whole bailout concept makes me very uneasy. These companies gambled in very risky ways and lost. Deal with it. That's the nature of a free market. This whole "We have to act fast! Right now! We don't have time to think about it!" approach set off my bullshit detector something fierce.
I don't have a lot of sympathy for people who get burned with risky investments. They act like they are economic geniuses when they hit it on the upside but there is always a downside coming and most of them don't have enough sense to know it. The Internet bubble, house flipping, etc all examples of how you can get burned if you don't know what you're doing.
Dirk
Formerly MRA #211 - High Precision Racing
"A strict observance of the written laws is doubtless one of the high duties of a good citizen, but it is not the highest. The laws of necessity, of self- preservation, of saving our country when in danger, are of higher obligation. To lose our country by a scrupulous adherence to written law would be to lose the law itself, with life, liberty, property, and all those who are enjoying them with us; thus absurdly sacrificing the end to the means."
--Thomas Jefferson
You may, but I don't think it's what I'll be doing. Gold is near an all time high at $900 an ounce it only stands to decrease in value as the financial markets recover (which will happen)Originally Posted by Snowman
IMO - the better plan at this moment if you have some extra cash is to invest it in a Mutual fund or a stock that is a historically strong performer. There are a bunch of these out there right now that are (again IMO) undervalued and a good buy.
A bailout IS going to happen, just not under this particular plan. 700B IS going to get spent to save wall street, the real question is how much oversight is there going to be in allowing the plan to take effect. Once that happens the dip that the market took today will be replaced by a bump of equal or greater size and eventually the market will settle in the middle.
1. Go to work
2. Earn your money
3. Spend your money on local goods
4. ????
5. Profit
First rule of the internet: *bleep* you and everything you stand for. Second rule of the internet: FKZOR U AND RRYTHING U STND FR!
This really is the mystery step, isn't it!
Buy Guns and shit loads of AMMO
http://www.rapidfirebunker.com
$15 FFL TRANSFERS. $15 Private Transfers
Emergency Preparedness Store, Survival BULK Food, knives, Guns, Ammo, FREEDOM
Yea your rigth gold would be a bad move... So can any here give us some concrete places to move our 401K money into?
MRA Racer No.427
Depends on when you plan to retire.For my diversified, long-term approach this drop in the markets is a good thing.
Dirk
Formerly MRA #211 - High Precision Racing
"A strict observance of the written laws is doubtless one of the high duties of a good citizen, but it is not the highest. The laws of necessity, of self- preservation, of saving our country when in danger, are of higher obligation. To lose our country by a scrupulous adherence to written law would be to lose the law itself, with life, liberty, property, and all those who are enjoying them with us; thus absurdly sacrificing the end to the means."
--Thomas Jefferson
Bond funds.
~Brandon~
Aprilia RSV 1000 R Factory - "Gemma"
MV Agusta F3 800 - "Amy Lou"
Rattan Fat Bear Plus - "Lynda"
(720) 935-6438
I rarely think of motorcycles without a little yearning. They are about moving, and humans, I think, yearn to move – it’s in our cells, in our desires. We quiet our babies with cyclic movement, and we quiet ourselves by going.
Melissa Holbrook Pierson
I feel that congress says their voting for the American people, well let me see the numbers on the poll.......Oh I can't see it, yeah, because there isn't one. It's a freaking power trip by the congress men and women!!!! I don't think the average ''main street'' consumer understands the consequences if this bill does not pass.
In short, once these bad assets are bought by the govie, audited, scrubbed, re-packaged with proper ratings and guaranteed by the govie they will be bought and the profit will be sizable. I can only hope that the govie will be honest about the profits and cut each tax paying American a check for their slice of the pie.
This whole situation just sucks ballz, and I hope all the companies wanting to give credit to the people who prove they cannot manage their money learned a lesson, oh wait they did, most of them are OUT OF BUSINESS now. Unfortunately that left CEO's with big fat bank accounts and ''main street'' with far less jobs!!!
80/20 Stated W2'd with a 620 fico and 3% seller paid closing costs.............ah-ha-ha-ha....give me a break!!! I think some wholesale lenders would even allow below a 620.
4. STEAL UNDERPANTS!
Be assured that a walk through the ocean of most souls would scarcely get your feet wet.
I thought your #4 was "bet Rybo your entire 401K on the outcome of the MotoGP championship?"
Dirk
Formerly MRA #211 - High Precision Racing
"A strict observance of the written laws is doubtless one of the high duties of a good citizen, but it is not the highest. The laws of necessity, of self- preservation, of saving our country when in danger, are of higher obligation. To lose our country by a scrupulous adherence to written law would be to lose the law itself, with life, liberty, property, and all those who are enjoying them with us; thus absurdly sacrificing the end to the means."
--Thomas Jefferson
Unless you're planning on retiring in the next 2 years I'd probably leave it where it is. I like to think I'm a pretty savvy investor, and I do have some individual stocks in my portfolio, but I've been investing 19 years and I've beaten my 401K once and beaten my small list of mutual funds once. 2X in 19 years I've beaten the funds managers at picking the winners. I've lost WAY more times than that.
Treasury Bonds are a safe, but low yield investment that really only pay out over the long haul. Commodities (gold, silver, grain etc) have the same risks associated with them as individual stocks do.
To put it in perspective, if we say your 401K is invested in a diversifed way, then it will roughly follow the market. As of right now the market is down 7%. You will take a 15% hit (minimum) by ditching out of your 401K early, lose whatever matching funds your employeer has put in (assuming that you aren't highly vested) and then pay income taxes on that money at the end of the year (assume about 20%) and then pay some fees to re-invest it. Net loss, 30+% in one move.
My advice is to stick with what you've got, and if you can increase your contribution to it. The currently depressed market is a good thing for people who invest now and plan on a 20 year return.
These are all just my opinions, I'm not a certified financial advisor or anything like it. Just a guy who's done some investing over the years.
s
Cut and run causes problems when it is perpetuated throughout the market in large numbers. The advice given by the smart finance managers has always been to leave your investments where they are in a time of major market fluctuation.
First rule of the internet: *bleep* you and everything you stand for. Second rule of the internet: FKZOR U AND RRYTHING U STND FR!
"The Shock Doctine" http://en.wikipedia.org/wiki/Shock_doctrineThis whole "We have to act fast! Right now! We don't have time to think about it!"
Wait for a crisis, real or perceived, and use it to push through policies that would normally be very unpopular.
I too would like to see these morons choke on all the bad debt they bought, but everything I've read says that the consequences of not bailing them out to the global financial system would be really, really bad. A big depression, sky high unemployment, etc. etc.
My employer just switched benefits providers (401K along with it). I dumped mine into the money market option in the new 401k for the time being. I don't know if this is a good idea but I figured a guarantee of a small return is better than continued -10% returns. My 401k is quite small though.
do you think, with the greater ease of mass communications (the interwebs) that a depression could arise from this? Mass layoffs company closures, life savings lost, the dollar loses all value, soup lines, homeless middle class, that sort of thing?
First rule of the internet: *bleep* you and everything you stand for. Second rule of the internet: FKZOR U AND RRYTHING U STND FR!
Given that I started out to retire at 65, then saw it go up to 68 and now it’s 70 (and the way I ride sometimes) I really don’t think I’ll make it to retirement. Unless of course they preserve my head in a bottle at some point.
Let me just state that my knowledge about markets only rivals my knowledge about handguns.
However, why wouldn’t you move funds from a volatile commodity (stocks) into more stable ones (at this time), just to ride out the storm, saving you more money for when the stocks hit bottom so you can buy? Wouldn’t doing nothing lose you more money in this case?
MRA Racer No.427
My head was preserved in a bottle of Sailor Jerry's Rum this weekend in a dire attempt to dodge this financial crisis
"Its all about the motorbikes, always has been and always will be.". ~~ Ewan McGregor 2007
"It's hard to play the blues when nuthin's really wrong."~~ ---- Joe Walsh 2012
I.B.A. # 14748 124@X - YRMV
Time to purchase a LOT of foreign currency?
First rule of the internet: *bleep* you and everything you stand for. Second rule of the internet: FKZOR U AND RRYTHING U STND FR!
If you can reliably predict that time, you won't need to worry about retirement.
Dirk
Formerly MRA #211 - High Precision Racing
"A strict observance of the written laws is doubtless one of the high duties of a good citizen, but it is not the highest. The laws of necessity, of self- preservation, of saving our country when in danger, are of higher obligation. To lose our country by a scrupulous adherence to written law would be to lose the law itself, with life, liberty, property, and all those who are enjoying them with us; thus absurdly sacrificing the end to the means."
--Thomas Jefferson
DOW is down over 770 points this afternoon...
On the plus side oil is also down $10/barrel, so maybe congress finally lowered gas prices.
Asshole Nazi devil moderator out to get each and every one of you
Nothing in all the world is more dangerous
than sincere ignorance
and conscientious stupidity.
- Martin Luther King, Jr.
disce quasi semper victurus vive quasi cras moriturus
The return of MRA #321! Sponsored by Western Ambulance, Chicane Trackdays, and a very patient wife...
The only stock that performed well today.... Campbells Soup....
No matter our intentions, when we kill the innocent, we become the enemy.
Posting Permissions
Reply With Quote
http://www.facebook.com/pages/Chicane-Trackdays/89490667018
