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[Poll]
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Affected by economic "crisis"?
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| Yes, I have gone from "OK" to "hurting" |
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| No, life goes on as normal |
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| Slightly (explain) |
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Total Votes : 38
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(last vote on : 10/15/2008 10:18:10 PM)
(Poll will run till: -- )
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Affected by economic "crisis"? - 10/11/2008 2:23:51 AM
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ManimalX
Posts: 1277
Joined: 10/25/2005
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I keep hearing about this economic "crisis" but I'll be darned if I know anyone who's life has been dramatically changed.
Personally, I still make as much money as I did 2 months ago.
I still pay the same house payment.
I still pay the same car payment.
I still pay the same grocery bill.
I still pay the same for medical insurance.
No, I don't use a 401k plan and never have except for an involuntary one when I worked for Wal-Mart.
No, I didn't try to get into a house I couldn't afford by getting an ARM.
No, I don't rely on credit cards to sustain my family month to month.
So..... who exactly is being "hurt" besides some financing companies that have nothing to do with my life? Are any normal people like me being devastated somehow?
Why exactly is it such an important campaign issue?
_____________________________
"But the day of the Lord will come like a thief, and then the heavens will pass away with a roar, and the heavenly bodies will be burned up and dissolved, and the earth and the works that are done on it will be exposed." - 2nd Peter 3:10
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RE: Affected by economic "crisis"? - 10/11/2008 4:05:29 AM
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Rufas2000
Posts: 1320
Joined: 4/12/2005
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Do you mean the specific stock market and finance problems of the past couple of weeks or the sagging economy in general.
I have a retirement plan at work I imagine isn't going swimmingly at the moment and I didn't receive a raise this year so I would go with slightly. More definitively if we include the whole economic picture and not just the big headline issues.
Since the housing market is down is it possible that some who may not have a huge amount of money to work with but have done very well with what they have access to by saving it and building a stellar credit rating might benefit from a down housing market (lower demands drive prices down)?
_____________________________
Be my friend!
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RE: Affected by economic "crisis"? - 10/11/2008 6:51:42 AM
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SonInMe1
Posts: 3370
Joined: 4/16/2005
From: my mom by God
Status: offline
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Nothing has changed for me.
_____________________________
You adulterous people, don't you know that friendship with the world is hatred toward God? Anyone who chooses to be a friend of the world becomes an enemy of God.
James 4:4
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RE: Affected by economic "crisis"? - 10/11/2008 7:45:08 AM
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_jjp_
Posts: 506
Joined: 10/25/2007
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I have seen changes, i make as much as i did before and now the gas prices are much lower so i save some money there. I am hoping that the bailout fails to prop up the artificially inflated housing market (created by a demand built on the backs of people who couldn't afford their homes) so I can buy a home for a reasonable price.
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RE: Affected by economic "crisis"? - 10/11/2008 10:29:37 AM
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Lizahana
Posts: 1072
Joined: 4/20/2005
Status: offline
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Um, well, I just saw my 401K plummet 30%. My husband's workplace has laid off 10 people in the last week. My workplace laid off 4 people (it's smaller) and where I work is pretty slow as well. Perhaps you own 9 house as well? 
To insinuate that things are fine and dandy is totally disrespectful for those who have lost their jobs; people who were about to retire,but can't because they lost A LOT of their retirement thru the loss of their 401K....the people that were laid off that both my husband and I know have families! You didn't read about people being evicted because the person who owned the house didn't make payments?! Please! ...but, keep drinking the 'the fundamentals of our economy are sound' koolaid that McCain said only weeks ago! Oh, wait, I guess McCain sold one of his 9 houses, so he came out and said it is now an economic crisis! Whew! Now it's down to 8 houses...wow, what I crisis for him, eh?!
I guess your motto must be...'leave 'em to Heaven, we're doing fine!' ?
Peace and God bless,
< Message edited by Lizahana -- 10/11/2008 10:40:15 AM >
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RE: Affected by economic "crisis"? - 10/11/2008 10:33:20 AM
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Longfingers1
Posts: 444
Joined: 9/11/2008
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This is economic crisis is what McCain called it, remember he referred to it as he said he was going to suspend his campaign until there's a deal signed for this crisis. Anyway, just because the problem isn't affecting you and some of those around you, doesn't mean it's not affecting a larger portion of Americans?... 
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RE: Affected by economic "crisis"? - 10/11/2008 10:39:59 AM
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Rufas2000
Posts: 1320
Joined: 4/12/2005
Status: offline
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quote:
Personally, I still make as much money as I did 2 months ago.
I still pay the same house payment.
I still pay the same car payment.
I still pay the same grocery bill.
I still pay the same for medical insurance.
No, I don't use a 401k plan and never have except for an involuntary one when I worked for Wal-Mart.
No, I didn't try to get into a house I couldn't afford by getting an ARM.
No, I don't rely on credit cards to sustain my family month to month.
Let me itemize:
Salary: Not down, thank God but I didn't receive any sort of raise, CoL adjustment or step increase (which is customary). I'm not whining, I'm thankful I'm still making the same (including benefits) but the slowing economy did cost me a small increase in pay, no way around it.
House: I rent, has not gone up, Landlord has pledged will never go up. We'll see in April.
Car: Same, only one more payment.
Grocery bill: about the same, a few items have gone up
Insurance: Same
401 K: I probably have one through the school. I definitely have a retirement plan. I'm sure its not doing great right now.
Mortgauge: None
Credit Cards: Between medical bills & some irresponsible spending I have a bit of debt (under $6,000) but now that the car is paid I can pay down that debt even more.
So there it is.
_____________________________
Be my friend!
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RE: Affected by economic "crisis"? - 10/11/2008 10:43:13 AM
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_jjp_
Posts: 506
Joined: 10/25/2007
Status: offline
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quote:
ORIGINAL: Longfingers1
This is economic crisis is what McCain called it, remember he referred to it as he said he was going to suspend his campaign until there's a deal signed for this crisis. Anyway, just because the problem isn't affecting you and some of those around you, doesn't mean it's not affecting a larger portion of Americans?...
It isn't negatively affecting anyone i know (except in the temporary sense that their 401k is down) and i know people in a large variety of industries all over the country.
Anyway just because the problem is affecting someone you know doesn't mean it is affecting a larger portion of Americans.
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RE: Affected by economic "crisis"? - 10/11/2008 10:50:35 AM
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-J-
Posts: 59
Joined: 10/6/2006
Status: offline
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I voted "Slightly"
As a freelance Graphic Artist I have noticed the purse strings tighten on some of my clients. THough rather then put the bulk of my investments in the Market, I invested in property at a time before the property values became ridiculous, And the renters have pretty much paid for the mortgages (which are now paid off)... Although the Taxes where I reside are the highest in the country (I learned that last week... had no idea). I am a bit concerned that I may lose tenets if a few get laid off, then the taxes will sting a bit. But I love where I live and the proximity the City I love so I'm happy...for now. I voted "Slightly"
Aside from all that I lead a very frugal lifestyle, by choice not force. and I'm relatively young (or at least I'd like to think so  ) So I'm not stocking up on canned goods and ammo yet. But I have been toying with the idea of investing in a large freezer and buying beef in large quantities, also Hunting season is right around the corner.... Yummmm Venison!
Anyways... I didn't mean for this response to be that long...
Take care all,
-J-
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RE: Affected by economic "crisis"? - 10/11/2008 10:58:40 AM
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-J-
Posts: 59
Joined: 10/6/2006
Status: offline
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To add to my long post up there... I would like to say that my mothers boyfriend had lost close to 150K in the last 6 months or so which was in his 401K.
He had mentioned to me the other day that he planned on retiring next year (at the age of 66), and now there is no way he can afford to do it. I can see the frustration in his eyes and hear it in his voice. He is scared.
Makes me sad in a way, here is a good honest man, who did everything "right", Served his country, put his kids through school, commutes 4 hours a day to and from work for the 9-5 grind, and now he feels as though he has had the american dream pulled out from under him.
I don't know.... If the global markets continue the way they are, I fear more warfare (not just for the US) in the near future.
.... Now I'm all depressed... I'll be sobbing in the corner if anyone needs me.
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RE: Affected by economic "crisis"? - 10/11/2008 11:14:14 AM
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garsyt
Posts: 2238
Joined: 4/12/2005
From: the bottom of the laundry basket
Status: offline
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quote:
Personally, I still make as much money as I did 2 months ago.
Hubby is making the same amount of money as a couple months ago - But from Late April to mid July he was unemployed and we are still catching up from that.
quote:
I still pay the same house payment. We still pay about the same house payment. Ours typically goes up every October or November for a couple months because our taxes and insurance come out of our house payment and we need to build up the difference before property taxes are due.
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I still pay the same car payment. We have one car that is paid off and one that we have 8 months left to pay on. But our eldest is soon to be reaching driving age Which means our insurance will go up even with his good grades.
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I still pay the same grocery bill. When milk has gone up from $2.50 something a gallon to nearly $4 a gallon in some places, fresh veggies and fruit have gone up 20%. Eggs have rising from an average of $.89 cents a dozen to around $1.80 per dozen in the last 2 years. My grocery bill has gone up roughly about $20 a month. Actually it has gone down a little bit the last couple of months due to the kids being back in school, but it really doesn't matter since now I'm putting money into school lunch accounts every month as well as packing lunches.
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I still pay the same for medical insurance. We have medical insurance - but it didn't help when my hubby had to be hospitalized during the time he was laid off and COBRA hadn't kicked in and then two weeks later he was back to work - recalled. We didn't qualify for state health coverage because we hadn't been out of work long enough. So now we are, in addition to all the other bills that are going up, paying medical bills.
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No, I didn't try to get into a house I couldn't afford by getting an ARM. We also do not have an ARM. THANK GOD!
quote:
No, I don't rely on credit cards to sustain my family month to month. Nor due we.
quote:
So..... who exactly is being "hurt" besides some financing companies that have nothing to do with my life? Are any normal people like me being devastated somehow?
For us it's not the finance companies that are hurting us financially. It's the fact that my husband's employer isn't getting the orders for new circuit boards because folks can't get loans for new homes or to even refurbish their old homes and thus not needing furnaces or air conditioners. Thus they layoff folks. Thankfully hubby missed the layoff this time around.
Prices go up and income stays static - thus requiring more of our money to just do the everyday things.
Blessings,
Garsy
_____________________________
My Blog: www.moredayslikethisplease.wordpress.com
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RE: Affected by economic "crisis"? - 10/11/2008 11:47:53 AM
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LivingParadox
Posts: 819
Joined: 2/28/2007
Status: offline
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It hasn't affected me much. But don't get me wrong, we will be paying for this run of greed for a long time. Now for the historia on Wall Street...that's people letting their fear take over. The ones losing the most are the ones acting from fear. Word: CHILL FOLKS.
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RE: Affected by economic "crisis"? - 10/11/2008 11:56:30 AM
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Consecrated2God
Posts: 4982
Joined: 4/4/2005
From: Formerly Jesus Land
Status: online
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So far, life has gone on as usual for us. We don't have any money in stocks and don't own a home at this point, and we live in a parsonage. My husband's job is pretty secure--they are happy with him as a pastor. The only part that could affect us is if things are bad enough for church members that they cannot afford to keep us on full time anymore. Then it would affect us.
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<--Plantation house in Louisiana
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RE: Affected by economic "crisis"? - 10/11/2008 12:28:38 PM
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GregandJenny
Posts: 616
Joined: 2/16/2006
From: Near Seattle Washington
Status: offline
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quote:
When milk has gone up from $2.50 something a gallon to nearly $4 a gallon in some places, fresh veggies and fruit have gone up 20%. Eggs have rising from an average of $.89 cents a dozen to around $1.80 per dozen in the last 2 years. My grocery bill has gone up roughly about $20 a month. Actually it has gone down a little bit the last couple of months due to the kids being back in school, but it really doesn't matter since now I'm putting money into school lunch accounts every month as well as packing lunches.
I think this in interesting Garsy. I really think by this statement that some parts of the country are feeling it rougher than others. for instance, I Moved in to my own Apartment in 05. I bought a gallon of milk and it was 3.94 cents for the gallon and that was on sale. I wonder if part of what's happening is that in areas like food some of the areas have been higher for a long time and now some of you are just catching up (so to speak) to where some of us have been for a while. So while some of us are seeing huge increases some of us are only seeing slight increases because they are already paying the high prices. hmmmm
G
_____________________________
It does not have to be well with my circumstance to be well with my soul!
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RE: Affected by economic "crisis"? - 10/11/2008 12:33:34 PM
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csl7037
Posts: 1775
Joined: 3/24/2008
Status: online
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I said "slightly". Dh took a pay cut but that was to get out of a miserable job. He came really close to getting laid off but dodged that bullet and decided to get out anyway...that would've been a serious blow. God is good.
Our grocery bill is up but I'm having a ball with that playing TheGroceryGame.com. Gas has been killing us! That's getting better (or we're adjusting to it). We've tightened up but we also started Financial Peace University so, yes, we're feeling the crunch but it's self-imposed.
The only real thing we can contribute to the economy is our investments...the 401K has bombed! Trying not to think about that.
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RE: Affected by economic "crisis"? - 10/11/2008 1:05:27 PM
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Dubya
Posts: 1017
Joined: 10/25/2006
From: Texas
Status: offline
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quote:
ORIGINAL: -J-
To add to my long post up there... I would like to say that my mothers boyfriend had lost close to 150K in the last 6 months or so which was in his 401K.
He had mentioned to me the other day that he planned on retiring next year (at the age of 66), and now there is no way he can afford to do it. I can see the frustration in his eyes and hear it in his voice. He is scared.
Makes me sad in a way, here is a good honest man, who did everything "right", Served his country, put his kids through school, commutes 4 hours a day to and from work for the 9-5 grind, and now he feels as though he has had the american dream pulled out from under him.
I don't know.... If the global markets continue the way they are, I fear more warfare (not just for the US) in the near future.
.... Now I'm all depressed... I'll be sobbing in the corner if anyone needs me.
I wouldn't be too depressed over this, really.
Let's be real honest, if a drop in value of 150K makes the difference in retiring now or later, he really can't afford to retire now anyway.
Another thing, as others have pointed out, he hasn't really lost anything until he cashes out. The reality is that his 401K has temporarily dropped in value, which happens all the time. It is likely to rebound in the next few weeks or months - probably not as quickly as it dropped - but it is unlikely to remain as low as it is. Panic has caused the market to become oversold and looking at many of the companies whose stock has dropped so much, their fundamentals are very strong and they will recover.
Considering the low prices, if you have cash available, now is the time to consider bargain hunting.
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RE: Affected by economic "crisis"? - 10/11/2008 1:18:15 PM
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ManimalX
Posts: 1277
Joined: 10/25/2005
Status: offline
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quote:
ORIGINAL: Lizahana
Um, well, I just saw my 401K plummet 30%. My husband's workplace has laid off 10 people in the last week. My workplace laid off 4 people (it's smaller) and where I work is pretty slow as well. Perhaps you own 9 house as well?
To insinuate that things are fine and dandy is totally disrespectful for those who have lost their jobs; people who were about to retire,but can't because they lost A LOT of their retirement thru the loss of their 401K....the people that were laid off that both my husband and I know have families! You didn't read about people being evicted because the person who owned the house didn't make payments?! Please! ...but, keep drinking the 'the fundamentals of our economy are sound' koolaid that McCain said only weeks ago! Oh, wait, I guess McCain sold one of his 9 houses, so he came out and said it is now an economic crisis! Whew! Now it's down to 8 houses...wow, what I crisis for him, eh?!
I guess your motto must be...'leave 'em to Heaven, we're doing fine!' ?
Peace and God bless,
Lizhana, why are your posts always so angry and accusatory? And then you close with, "Peace and God Bless" 
I have no diabolical purpose as you seem to believe. I am not "insinuating" anything maliciously. I am merely asking questions. I have a large family and many friends spread out over 5 states. Just my family: Mom and step-dad, Dad and step-mom, 4 brothers, 4 sister-in-laws, 2 sisters, 2 bro-in-laws, 20 or so nieces and nephews, not to mention grandparents, and dozens of aunt, uncles, and close cousins.
Not ONE person is suddenly having financial woes because there is this supposed "crisis". Some 401k values dropped, but not beyond the possibility of recovering (many of them already are). This is the extent of the effect of the "crisis" through the large number of people I know.
I keep saying "crisis" in quotes, because even though I can't turn on a news channel or talk radio station without hearing about the "economic crisis", I can't find any actual evidence of anything but a small speed bump. That is the reason I am asking, to see if I am missing something. I see people losing houses that they couldn't afford in the first place. That isn't necessarily a bad thing, as they can now get into a place to live that is actually not above their means. My next door neighbors had an ARM that ballooned, and they had to move out and start renting somewhere. While I was sorry to see good neighbors go, the fact was that with the jobs they had they shouldn't have bought a house in this neighborhood. I don't know anyone who is out of a job. I don't know anyone who is suddenly broke. I know many people who are buying luxury items like new TVs. I am going to buy a new gun next week and I just bought Iron Man on DVD, LEGO Batman to play with the kids on the 360, and placed my pre-orders for the COD 5 and Fallout 3 games.
And, before I get accused of being an evil rich person, I make about 50k/year and my wife works on the weekends. We don't live off of credit cards and my wife has us on a responsible budget.
Since you say you know people that have lost their jobs, can you specify? What kind of jobs were they, and were they directly effected by the credit slow down?
_____________________________
"But the day of the Lord will come like a thief, and then the heavens will pass away with a roar, and the heavenly bodies will be burned up and dissolved, and the earth and the works that are done on it will be exposed." - 2nd Peter 3:10
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RE: Affected by economic "crisis"? - 10/11/2008 1:36:37 PM
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-J-
Posts: 59
Joined: 10/6/2006
Status: offline
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quote:
ORIGINAL: Dubya
quote:
ORIGINAL: -J-
To add to my long post up there... I would like to say that my mothers boyfriend had lost close to 150K in the last 6 months or so which was in his 401K.
He had mentioned to me the other day that he planned on retiring next year (at the age of 66), and now there is no way he can afford to do it. I can see the frustration in his eyes and hear it in his voice. He is scared.
Makes me sad in a way, here is a good honest man, who did everything "right", Served his country, put his kids through school, commutes 4 hours a day to and from work for the 9-5 grind, and now he feels as though he has had the american dream pulled out from under him.
I don't know.... If the global markets continue the way they are, I fear more warfare (not just for the US) in the near future.
.... Now I'm all depressed... I'll be sobbing in the corner if anyone needs me.
I wouldn't be too depressed over this, really.
Let's be real honest, if a drop in value of 150K makes the difference in retiring now or later, he really can't afford to retire now anyway.
Another thing, as others have pointed out, he hasn't really lost anything until he cashes out. The reality is that his 401K has temporarily dropped in value, which happens all the time. It is likely to rebound in the next few weeks or months - probably not as quickly as it dropped - but it is unlikely to remain as low as it is. Panic has caused the market to become oversold and looking at many of the companies whose stock has dropped so much, their fundamentals are very strong and they will recover.
Considering the low prices, if you have cash available, now is the time to consider bargain hunting.
I completely agree with you, He was panicking when this began, I'm guessing he's worried that he will lose everything, if things go into the can.
As for investing, I was considering that — Planning on waiting another week or so to decide on a course of action in that department. Any advice or suggestions would be appreciated.
Cheers,
-J-
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RE: Affected by economic "crisis"? - 10/11/2008 2:00:13 PM
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Dubya
Posts: 1017
Joined: 10/25/2006
From: Texas
Status: offline
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quote:
ORIGINAL: -J-
I completely agree with you, He was panicking when this began, I'm guessing he's worried that he will lose everything, if things go into the can.
As for investing, I was considering that — Planning on waiting another week or so to decide on a course of action in that department. Any advice or suggestions would be appreciated.
Cheers,
-J-
Two stocks to watch, IMHO, are Chesapeake (CHK) and Apple Computer (AAPL).
CHK is a natural gas company which has good fundamentals and is a very forward looking company. I have followed them for years. Currently their price is very low and I expect it to drop a little more before it bottoms out. It may take a while for this one to come back up because much of their expected growth is based on capital projects which require borrowing. As I understand it, they are being hit hard by the credit crunch.
AAPL on the other hand is cash rich - very little dependence on the credit market. Their stock price touched $200/share around the first of this year and remained well above $150/share until recently. This past week it dropped as low as $86/sh and has recovered somewhat to $96/share at closing yesterday. The only thing I can see which brought this price so low is panic selling and the "weight" of the overall market falling.
I am not a professional, but like your mother's boyfriend, I would like to retire soon so I am watching the market very closely and trying to educate myself as much as possible so I can minimize the losses in my IRA. Notice I said MINIMIZE - I have taken quite a hit but not as bad as many because I have tried to anticipate the movement of the market.
Good luck,
Dubya
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RE: Affected by economic "crisis"? - 10/11/2008 3:29:25 PM
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HighPlainsDrifter
Posts: 1295
Joined: 9/22/2005
From: The Great Sioux Empire
Status: offline
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quote:
Um, well, I just saw my 401K plummet 30%. My husband's workplace has laid off 10 people in the last week. My workplace laid off 4 people (it's smaller) and where I work is pretty slow as well. Perhaps you own 9 house as well?
To insinuate that things are fine and dandy is totally disrespectful for those who have lost their jobs; people who were about to retire,but can't because they lost A LOT of their retirement thru the loss of their 401K....the people that were laid off that both my husband and I know have families! You didn't read about people being evicted because the person who owned the house didn't make payments?! Please! ...but, keep drinking the 'the fundamentals of our economy are sound' koolaid that McCain said only weeks ago! Oh, wait, I guess McCain sold one of his 9 houses, so he came out and said it is now an economic crisis! Whew! Now it's down to 8 houses...wow, what I crisis for him, eh?!
I guess your motto must be...'leave 'em to Heaven, we're doing fine!' ?
Not to worry, Lizahana, I'm positive all these people you know will be getting a "green" job sometime real soon. And, I wouldn't despair over the fact that the Pelosi congress has done zip for two years, they're probably working up to something.
_____________________________
Molon Labe
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RE: Affected by economic "crisis"? - 10/11/2008 3:42:01 PM
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-J-
Posts: 59
Joined: 10/6/2006
Status: offline
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quote:
Two stocks to watch, IMHO, are Chesapeake (CHK) and Apple Computer (AAPL).
CHK is a natural gas company which has good fundamentals and is a very forward looking company. I have followed them for years. Currently their price is very low and I expect it to drop a little more before it bottoms out. It may take a while for this one to come back up because much of their expected growth is based on capital projects which require borrowing. As I understand it, they are being hit hard by the credit crunch.
AAPL on the other hand is cash rich - very little dependence on the credit market. Their stock price touched $200/share around the first of this year and remained well above $150/share until recently. This past week it dropped as low as $86/sh and has recovered somewhat to $96/share at closing yesterday. The only thing I can see which brought this price so low is panic selling and the "weight" of the overall market falling.
I am not a professional, but like your mother's boyfriend, I would like to retire soon so I am watching the market very closely and trying to educate myself as much as possible so I can minimize the losses in my IRA. Notice I said MINIMIZE - I have taken quite a hit but not as bad as many because I have tried to anticipate the movement of the market.
Good luck,
Dubya
Sage advice, thank you Dubya. You hit the nail on the head IMHO. Educate yourself.
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RE: Affected by economic "crisis"? - 10/11/2008 3:49:23 PM
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rcjames
Posts: 5691
Joined: 7/15/2005
From: Oklahoma
Status: offline
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Life goes on.
I have not lost any money on my investments (because I am not going to sell off in a bear market).
I had a paper profit, now I have a paper loss, and in a year or two I will have a paper profit again; then I might sell.
Now the Church offering have been down as of late, but since I do not draw a salary it does not affect me.
Thanks
RC
_____________________________
Just a country Preacher's humble opinion
Read the first chapter of my latest book here;
http://www.deliveranceofsara.com
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RE: Affected by economic "crisis"? - 10/11/2008 4:03:41 PM
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Lizahana
Posts: 1072
Joined: 4/20/2005
Status: offline
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quote:
ORIGINAL: _jjp_
quote:
ORIGINAL: Lizahana
Um, well, I just saw my 401K plummet 30%. My husband's workplace has laid off 10 people in the last week. My workplace laid off 4 people (it's smaller) and where I work is pretty slow as well. Perhaps you own 9 house as well?
People lose jobs in the best of economies. If you are not retiring in the near future then the temporary loss of your 401k is not even an issue.
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To insinuate that things are fine and dandy is totally disrespectful for those who have lost their jobs; people who were about to retire,but can't because they lost A LOT of their retirement thru the loss of their 401K....but, keep drinking the 'the fundamentals of our economy are sound' koolaid that McCain said only weeks ago! Dramatic much? 401ks go up then they go down, then they go up. always have always will. Sorry if i am not prone to pessimism and negativism.
People are losing jobs at a much faster rate now.
I don't know if you're aware of this or not, but the drops in the past week have been the worst since 1933:
"U.S. Stocks Tumble, Sending S&P 500 to Worst Drop Since 1933
By Eric Martin
Oct. 11 (Bloomberg) -- U.S. stocks plunged, sending the Standard & Poor's 500 Index to its worst week in 75 years, on concern the credit crisis will spread from banks to consumer companies and energy producers, triggering a global recession.
Financial firms in the S&P 500 fell to an almost 12-year low, led by Morgan Stanley, on speculation they're running short of money as lending markets freeze. General Motors Corp. and Ford Motor Co. slid more than 45 percent as S&P said the carmakers may be forced into bankruptcy. Exxon Mobil Corp., the largest energy company, lost a fifth of its value as oil prices dropped below $78 for the first time in a year.
The S&P 500 dropped 200.01, or 18 percent, to 899.22, the lowest since April 2003. The Dow Jones Industrial Average lost 1,874.19 points, or 18 percent, to 8,451.19 for the biggest weekly slide in the history of the 30-stock index. The Russell 2000 Index of small-company stocks fell 96.92, or 16 percent, to 522.48. The MSCI World Index of 23 developed countries lost 20 percent, the most since records began in 1970. ..."
http://www.bloomberg.com/apps/news?pid=20601103&sid=a5TmAvb4NL9k&refer=us
Can you try to imagine what it would be like if you were about to retire, and just saw 30% of your retirement disappear?!
And, here's a little hint - there are no more investment banks on Wall Street for the first time since the depression. Do you realize what this means? Companies used to use these banks for small-time loans to do everything from making payroll to adding onto the company. But now these are gone and commercial banks are tightening their belts. Do you know what this means? Job losses like we are seeing and I bet there are more to come. But, nice try, sugar coating everything!
Peace and God bless,
< Message edited by Lizahana -- 10/11/2008 4:15:52 PM >
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