|
Post by AggieGroove on Sept 20, 2008 9:46:19 GMT -5
Ladies and gentleman, we are officially in a mess....because... 1. No credit is flowing among big business and individuals. 2. Consolidation of large financial firms is occurring. 3. White folks could not borrow as well as others (us, Latinos, Mexicans, Puerto Ricans)... 4. Feds took over because bad mortgages we weighing down the banks portfolios.... Damn you Bush and Greenspan....u put us in this mess I think we have hit rock bottom with the mortgage mess in there is nowhere to go but up...almost like the A&T FB team!
|
|
|
Post by Aggie One on Sept 20, 2008 15:17:32 GMT -5
All I can say is I'm glad my house is paid for and I kept out of the stock market.
|
|
DECKS
Official BDF member
2008 Poster of the Year
Charter Member of the BDF
Posts: 10,394
|
Post by DECKS on Sept 22, 2008 13:30:43 GMT -5
Than goodness I work for a commercial bank.
|
|
|
Post by captaggie on Sept 22, 2008 16:28:14 GMT -5
I'm glad for you Decks.
I hope you commercial banks don't go to the other extreme in restricting credit.
|
|
|
Post by aggiejazz on Sept 22, 2008 17:07:02 GMT -5
I'm praying. I should have taken my money out the market in June. Oh heck, I am wishing to be clairvoyant.
|
|
|
Post by dj98 on Sept 22, 2008 21:49:39 GMT -5
so people like me who pay their mortgage on time is SOL!!! people who did not pay mortgage on time will get rewarded!!!! Ain't that some !@#$%^&*
|
|
|
Post by AggieGroove on Sept 29, 2008 20:35:53 GMT -5
todays events were huge(stock markets losses, no bailout plan) ....and I tried to tell you several days ago about a meltdown is still possible.....hold on for tomorrow!
|
|
DECKS
Official BDF member
2008 Poster of the Year
Charter Member of the BDF
Posts: 10,394
|
Post by DECKS on Sept 29, 2008 23:29:30 GMT -5
What a difference a day makes. I just found out today that my position is going to be eliminated. Thank God I have options.
|
|
|
Post by Aggie One on Sept 30, 2008 7:03:14 GMT -5
Sorry to hear that Decks but I think we are now officially into a very long and very deep recession.
Unemployment will reach near 9 percent by January, consumer credit will be impossible to get unless you have a house that is paid for to use as collateral which would be a huge mistake. Major purchases will be the exception rather than the rule and the manufacturing industry will tank for large items. Small businesses will fail at a rate of 70 percent or higher because of lack of credit availability.
IRAs will be virtually worthless and gas will drop to near or below $2.25 per gallon because Americans won't be able to afford to buy gas, travel, or perform routine maintenance to their automobiles because they will have to choose food over gas. Oil was already trading for less than $89 dollars a barrel on the overseas markets last night and dropping like a rock.
College enrollments will drop, service jobs will be in high demand because of unemployment forcing many illegal aliens back across the border (no immigration reform necessary) and the U.S. economy will become a debtor society for the next two to three years before these markets settle and liquid assets will replace bank credit advancement as the mechanism for financial transfers between major businesses.
Everyone and every business in this country will be on a "pay as you go basis" for the next term of whomever wins the presidential race - a lesson my parents taught me very well many years ago as they both lived through the depression and the FDR reconstruction years.
Prepare yourself now for the big credit squeeze if you haven't already and tighten up on your overall household expenses to only those things that are totally necessary for your familiy's livelihood.
This is just the tip of the iceberg.
|
|
|
Post by Bornthrilla on Sept 30, 2008 7:48:33 GMT -5
Watchout Dooms, Aggie One is trying to take your title. LOL!
|
|
|
Post by DOOMS on Sept 30, 2008 8:03:55 GMT -5
Laugh all you want. I watched Palin’s interview with Couric last night and I have a sneaking suspicion that the republicans have no desire to win the election. McCain is nominee by default. He only got the nod because they had no one else. The choosing of Palin is a disgrace and if the republican machine was serious about the election neither McCain nor Palin would be running. I am starting to believe that the republicans have no desire to win the election because they understand what A-1 posted will probably occur. As the American public has very short memories, it is very likely that while we will initially blame this mess on Bush the blame will ultimately fall on whoever replaces him. And if the guy that replaces him is an honest, stand up guy he will take the blame. Obama will blame Bush now but he will not blame him when he gets into office. History will eventually tell a very different tale from what we know is true. Personally, I’m in a very good place because I now have a government job and no longer have to chase clients for my livelihood (no matter how much more it paid). I’m also in a very bad place because my financial advisor always told me to buy buy buy and ride out the waves. Thanks to listening to that advice I’m in a very bad place. But I’m in a better place than he is, because I still have a job today. I suggest anybody reading this start reading Proverbs on a regular basis for sound advice, and read up on the great depression. We’re in for a ride my friends. Our attitude is going to determine how comfortable the ride will be. Decks, you can always move in with your mother-in-law if things get tight
|
|
|
Post by Bornthrilla on Sept 30, 2008 8:17:26 GMT -5
Worst comes to worst, I can always make side money as a pool hustler. Or, if things really get bad, I will start throwing rent parties like they used to do on Good Times.
I'll be the MC, Dooms can do the celebrity impressions like Bookman, and we'll get getupramz to do a dance routine like Thelma.
|
|
|
Post by DOOMS on Sept 30, 2008 8:34:30 GMT -5
I don't think I'd be interested. Like I said, I have a secure job. You and Getup can "twerk" with each other if you like.
|
|
|
Post by SixtiesAggie on Sept 30, 2008 9:30:34 GMT -5
Worst comes to worst, I can always make side money as a pool hustler. Or, if things really get bad, I will start throwing rent parties like they used to do on Good Times. Don't make fun of those rent parties. I have attended a few in New York and DC. Man, what horrible memories.
|
|
|
Post by SixtiesAggie on Sept 30, 2008 9:40:00 GMT -5
The theory that Obama is being setup is intriguing. It is somewhat similar to Blacks getting head coaching and manager positions in football and baseball with teams on the bottom or on the way down.
|
|