US Economic Meltdown - Chicagoland Sportbikes
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post #1 of 29 (permalink) Old 09-15-2008, 09:39 AM Thread Starter
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US Economic Meltdown

Wow, this is going to be an interesting week. I work in the financial sector and everyone if freaking out. They are comparing this to the stock market crash of 1929. That does seem a little extreme, however, I sure hope they are wrong.

On a side note, I hope that the fed is going to be able to offset some of these issues, but I don't know enough about it to really say for sure.

Does anyone have more insight into this? Is it really not that bad (I can't imagine that based on what I have heard this morning)?
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post #2 of 29 (permalink) Old 09-15-2008, 09:44 AM
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I hope not or I'm gonna loose some money in the market.

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post #3 of 29 (permalink) Old 09-15-2008, 09:54 AM
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It's been on a downward spiral for a while. i think it's expected. I wrote about this months ago based on conversations I have had with one of my old major clients. It's going to be a rough year - everyone should be prepared for that already. This trend will continue well into next year.

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post #4 of 29 (permalink) Old 09-15-2008, 09:56 AM
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September usually sucks ass anyway and there's nothing to look forward to (yet) for a spring up later...

Welcome to boat anchor national debt.

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post #5 of 29 (permalink) Old 09-15-2008, 09:59 AM Thread Starter
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Yep, I figured the economy was on a downward trend, but I wasn't expecting it to be this bad so soon. On the other hand, I haven't really followed the economy for a few months so this is probably not a huge surprise.
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post #6 of 29 (permalink) Old 09-15-2008, 10:07 AM
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I heard the Bull was bought by ever growing BOA this morning.
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post #7 of 29 (permalink) Old 09-15-2008, 10:09 AM
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Unless you are expecitng to pull out of your investments this could be good news for you.

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post #8 of 29 (permalink) Old 09-15-2008, 10:37 AM
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Manufacturing is still experiencing lots of business.
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post #9 of 29 (permalink) Old 09-15-2008, 10:45 AM
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BTW, did you see that Dresdner sold to Commerz last week and Old Mutual was downgraded? It's spreading globally.

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post #10 of 29 (permalink) Old 09-15-2008, 11:04 AM
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The fallout in the financial sector is still ongoing. My corp is actually a subsidiary of Lehman Brothers, so myself & my coworkers are freaking out. Thankfully, we're part of their more profitable equities division, and have had buyers knocking on our door for months now. Numerous institutional brokers have a vested interest in keeping us alive, if they want to continue trading. The big question for my corp, is whether we can legally sever ties with Lehman quickly and easily, and sell ourselves to someone else.

But yes, this weekend was definitely a historic one. And with AIG also tanking, the financial consequences on Wall Street will be significant this week.

It's said "may you live in interesting times." I'll settle for "quiet and boring times" thank you very much.
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post #11 of 29 (permalink) Old 09-15-2008, 11:47 AM
I'd rather be railing :)
 
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Yeah, I'm hoping unverified rumors dont spread to the general public and create runs on banks. However, I think the stock market needs to come to grips with the situation pretty quickly before people start panicking and really accelerate the downward spiral.

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post #12 of 29 (permalink) Old 09-15-2008, 12:31 PM
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See, I'm all set. It's all how you look at the market and investments. Since I figured the market was going to tank and not really rebound till 2010 I decided that if I was going to invest in a depreciating asset this year I'd by a Z06. At least it puts a grin on my face as it costs me $$$.

There is nothing firm, nothing balanced, nothing durable in all the universe. Nothing remains in its original state, each day, each hour, each moment, there is change. Change is the essence of life. Embrace change as you do life. To fight change is to live in the past.
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post #13 of 29 (permalink) Old 09-15-2008, 12:46 PM
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Quote:
Originally Posted by Blade Runner View Post
See, I'm all set. It's all how you look at the market and investments. Since I figured the market was going to tank and not really rebound till 2010 I decided that if I was going to invest in a depreciating asset this year I'd by a Z06. At least it puts a grin on my face as it costs me $$$.
Sadly I have to give you a big +1 for that!
Smartest investment move ya could have made
and normally a car (other than a ferrari) isn't much of an investment... but... I was having this same discussion with the wife the other day.. I should have yanked 40k out of my 401k and bought a 1098R.. I'd have spent the same amount.. but had a bike.. Rather than the x% drop in value.. (I'm with you.. I'd rather have the bike than the big non-writeoffable drop in value)...

Hindsight for me.. foresight for you.
Bravo!
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post #14 of 29 (permalink) Old 09-15-2008, 01:35 PM
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don`t forget the dip we always get when a new pres takes office

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post #15 of 29 (permalink) Old 09-15-2008, 01:36 PM
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don`t forget the dip we always get when a new pres takes office
That's funny on many levels.

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post #16 of 29 (permalink) Old 09-15-2008, 01:39 PM
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Quote:
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That's funny on many levels.
I don't think we could possibly get a bigger dip than the last 2 times!

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post #17 of 29 (permalink) Old 09-15-2008, 02:58 PM
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Lehman down to .18 after the bk. Dow is off 426 today... Wamu is almost down to $2. It's getting pretty scary out there, especially if you're in the financial sector.

The housing sector needs to turn around or this will get worse. They should have a rule that if your bank files bk, you don't have to pay your mortgage. That would pump some personal liquidity back in to the market.




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post #18 of 29 (permalink) Old 09-15-2008, 03:23 PM
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Quote:
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Hindsight for me.. foresight for you.
Bravo!
Foresight!? Naaa, just the best bit of rationalization I've done in ages. You should see the rest of my investments...

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post #19 of 29 (permalink) Old 09-15-2008, 03:26 PM
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Quote:
Originally Posted by Mort82 View Post
Manufacturing is still experiencing lots of business.
In what sector? The only manufacturing sector I can see growing is the folks that make the ropes that form lines in the unemployment line?
One industry that I see growing is the shipping business that brings in containers from Asia, seriously.
Dow down 500 pts today. Remember how hundreds of years ago Rome was the worlds superpower with unlimited wealth.......Well I think we are experiencing the fall of the US empire right now, hope someone is documenting it so unlike the fall of the Roman empire ours will be documented.

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post #20 of 29 (permalink) Old 09-15-2008, 03:28 PM
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Dow down 500 pts today. Remember how hundreds of years ago Rome was the worlds superpower with unlimited wealth.......Well I think we are experiencing the fall of the US empire right now, hope someone is documenting it so unlike the fall of the Roman empire ours will be documented.

Under200
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post #21 of 29 (permalink) Old 09-15-2008, 03:34 PM
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Quote:
Originally Posted by under200 View Post
In what sector? The only manufacturing sector I can see growing is the folks that make the ropes that form lines in the unemployment line?
One industry that I see growing is the shipping business that brings in containers from Asia, seriously.
Dow down 500 pts today. Remember how hundreds of years ago Rome was the worlds superpower with unlimited wealth.......Well I think we are experiencing the fall of the US empire right now, hope someone is documenting it so unlike the fall of the Roman empire ours will be documented.

Under200
Once those ships get to the states we need to transport them, and do so with mainly rail. We supply parts that make up freight cars.
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post #22 of 29 (permalink) Old 09-15-2008, 03:40 PM
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In what sector? Well I think we are experiencing the fall of the US empire right now, hope someone is documenting it so unlike the fall of the Roman empire ours will be documented.

Under200

Not an empire. We don't conquer and occupy. We catch and release.

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post #23 of 29 (permalink) Old 09-15-2008, 03:44 PM
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Quote:
Originally Posted by under200 View Post
Dow down 500 pts today. Remember how hundreds of years ago Rome was the worlds superpower with unlimited wealth.......Well I think we are experiencing the fall of the US empire right now, hope someone is documenting it so unlike the fall of the Roman empire ours will be documented.

Under200
I'm sure that's what some said in 1929 when things were a LOT worse than they are now. What we are experiencing is nothing like that.

That's also what some said in 1987 when the market crashed due to the S&L debacle.

Then there was the drop in September, 2001. Lots of people said it was the end of the "US Empire" as well.

The mortgage mess is just another drop in the US market. It will recover just like it always does.

There will always be fear-mongerers crying "the end is nigh." Its not. If you think it is head out to Montana. We've got a zombie-proof bunker you can stay in.

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post #24 of 29 (permalink) Old 09-15-2008, 03:46 PM
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post #25 of 29 (permalink) Old 09-15-2008, 03:50 PM
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post #26 of 29 (permalink) Old 09-15-2008, 03:52 PM
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Quote:
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Manufacturing is still experiencing lots of business.
Export has kept manufacturing strong. Some of our customers are still seeing double digit growth. Also, US infrastructure improvements and repair has kept things healthy. In addition, low material prices now, such as nickel, will hopefully bring windfall profits later in 2009.

"includes 10 used-car dealers or auto repair shops, 11 liquor stores and bars--two of which advertise lingerie fashion shows and a third billed as a "gentlemen's club"--three cut-rate motels and one trailer park. The squat, brick municipal building is next to a currency exchange and a few steps from an adult video store. The bars open at 10 a.m. and close at 6:30 a.m."

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post #27 of 29 (permalink) Old 09-15-2008, 04:42 PM
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Quote:
Originally Posted by CHI1000RR View Post
The housing sector needs to turn around or this will get worse. They should have a rule that if your bank files bk, you don't have to pay your mortgage. That would pump some personal liquidity back in to the market.

now all the banks are having to sleep in the bed that they made by giving crazy loans to people who had no business getitng a loan or a home. to bad they have to drag every one with them.


i agree on the mortgage thing. you need risk and reward on both sides of a loan for it to work.

-Nick
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post #28 of 29 (permalink) Old 09-15-2008, 04:45 PM
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Quote:
Originally Posted by under200 View Post
In what sector? The only manufacturing sector I can see growing is the folks that make the ropes that form lines in the unemployment line?
One industry that I see growing is the shipping business that brings in containers from Asia, seriously.
Dow down 500 pts today. Remember how hundreds of years ago Rome was the worlds superpower with unlimited wealth.......Well I think we are experiencing the fall of the US empire right now, hope someone is documenting it so unlike the fall of the Roman empire ours will be documented.

Under200
A bit..... melodramatic..... don't you think?

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post #29 of 29 (permalink) Old 09-15-2008, 04:54 PM
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