Credit Crunch

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Posted: Fri Oct 10, 2008 2:12 am

Because of my wife's hobby I figure I have enough horse meat to make it through the Great Tribulation.

Posted: Fri Oct 10, 2008 2:13 am

I'll ask Lovey!

Baiting Guru Joined: 31 Jan 2007 Posts: 12237

Things are getting ugly this evening (US time). NIKKEI down over 10% now. I am heading for my bunker.

Posted: Fri Oct 10, 2008 3:09 am

I've always liked shiny things:

Posted: Fri Oct 10, 2008 3:25 am

I went thru my life's jewelry, picked out things that were broken or didn't care for, etc. Took it in (890.00oz) and I came home with 350.00. jump_4_joy

There was some that wasn't marked and wasn't sure. Believeyoume, most was real. Very Happy

BTW, Now days most stones are not real, she checked them and they were. I came home with 3 rubies and 2 blue topaz. I may not ever do anything with them, but why not!

Posted: Fri Oct 10, 2008 12:07 pm

I read back thru this tread and I can tell you that I have been there and done that. I am older than a lot of you and it does get better when you get my age, because you start to see the end of the tunnel as far as mortgage and such.

We have always pinched pennies and that is how I am able to say that we are OK. We don't pay full price for things that we want, if it doesn't go on sale or I'm not able to get their price down, I don't buy! I can live without it.

To all of you that are having it rough, I'll keep you in my prayers. Wink

BTW, lovey said that we weren't going to this big car show down the road, because of the price of gas. I fussed a bit, he said that I was spoiled rotten and in denial. Surprised

Baiting Guru Joined: 11 May 2004 Posts: 2163

Stock exchanges take another huge hit today Crying or Very sad

Posted: Fri Oct 10, 2008 1:41 pm

I am also on Social Security Disability and have been for several years. I have become a master of a frugal life style. Recently switched from high speed internet to mid-speed. Saved enough to donate to 419eater. Happy about that.

I anticipate in the near future higher costs on the basics of life. When all this economic turmoil rolls down to the average citizen.

Can't see where to cut except my internet cable (noooooooo) Crying or Very sad

don't have TV cable. Haven't watched broadcast TV for years, that thing will rot your mind! Smile

I know however I am not as bad off as many out there who will face the possible loss of everything.

Posted: Fri Oct 10, 2008 1:54 pm

Well I'm very sure that my retirement savings are evaporating as I type this, but I figure on 15 more years before retirement. When I checked Kitco the Dow was down 218 or something like that.

I keep telling myself that it has to stop somewhere, but somewhere keeps being below where I thought it would be.

I'm not usually one to panic, but I am very concerned.

EDITED TO ADD: I see that oil is now below $80/bbl. The oil traders must be figuring that no one will have money to drive anywhere.

Posted: Fri Oct 10, 2008 2:29 pm

The world of higher education, luckily for me, is pretty out of sync with the rest of the world right now. Believe it or not, our enrollments here were actually at a historic high and we lost very few students in the "summer melt". Since we had so many more students than we budgeted for, we had extra cash, and the powers that be actually gave every employee a $200 bonus, recently. My retirement account has taken a bit of a hit, but lucky for me, I took the "conservative" approach, much of my money is "guaranteed", and I'm not even going to be contemplating retirement for more than two decades. I can look at the bright side and hope dollar cost averaging works out in my favor in the long run.

I've always been a "don't borrow if you don't absolutely have to, credit cards are only a convenience, not free money, pay them off each month, buy cheaper, use coupons" sort anyway. I don't really buy lots of things I don't need. I find I'm generally happier without a lot of "stuff" to worry about, store and maintain, anyway.

Also a semi-bright spot for me, the local home prices have actually come back down to semi-reasonable levels. I might could actually afford a decent one without living on bread and water for ten years or getting a second or third job, soon. For the last decade or so, you really had to wonder what these real estate agents had been smoking when you looked at the asking prices on many of the houses close to my workplace.

Posted: Fri Oct 10, 2008 2:29 pm

Quote:

Credit Crunch

Haven't seen much of it, but as a farmer you make (your own) food, fuel is cheap and the newspaper at least a week old by the time I get it. (if I get it)
I discovered that everything goes on, even if you're not watching it on TV so I have a lot of spare time and no TV.
Just hoping that it will boost the grain prices and it usually does and if it doesn't, it's still enough, no debts, no credit, no mortgage.
I feel sorry for people with credit cards, mortgages and teenage kids, but I'm way past that in age, so we'll sit this one out, just like the other ones.
Don't worry about it, it's just money, you can always go work for it, if you need it. Laughing

Posted: Fri Oct 10, 2008 3:34 pm

I've put 3 gallons of gas in the tank rather than fill it.

Informed the spouse this "trophy wife" title of hers isn't gonna work out this season.

Her christmas job completely fell thru. (we figure the company hired non-union locals rather than bring her in as a high paid specialist this yr, something we'd come to depend on)

I told her to apply for holiday retail help.

My health insurance has dropped us. We are flying without. (coulda done COBRA but at $575 a mo. each I thought we could self pay for less)

got my last unemployment check this week.

completely cashed out of the market except for IRAs.

Posted: Fri Oct 10, 2008 3:36 pm

I wonder what all this economic downfall will do to our lads? Will they get less money from their victims? Or, will the victims be more willing to help the lads because they think they will be getting money to help in their crisis? Crying or Very sad

Not quite a Newb Joined: 25 Mar 2008 Posts: 74

um, personally I and my family are doing ok. We (I, hubby and our little son) are struggling a bit with the raising interests in our mortgage but we'll manage.
My in-laws' savings are all in state bonds, so they're not affected.

On the other hand my boss at work is a tad nervous - the house where the company is located is owned by a sub-branch of an Icelandic bank.... Shocked

Posted: Fri Oct 10, 2008 3:57 pm

^^I'm very afraid that the last thing will happen, gambling always runs high in economic low periods.
That's a good reason to grasp another lad with the same story and keep him busy too.

Posted: Fri Oct 10, 2008 4:22 pm

Big mortgage, zero savings, two kids... Scared.

Baiting Guru Joined: 07 Jan 2007 Posts: 2922

^^^

Donato wrote:

My advice... borrow this from your local library.

Posted: Fri Oct 10, 2008 4:37 pm

FTSE closed 8.85% down, a loss of approx 250 Billion this week! All other markets heading down as well. Guess I'll have to buy a second hand tinfoil helmet when I need a new one.

Baiting Guru Joined: 08 Jul 2004 Posts: 11857 Location: UK

I don't understand any of this financial stuff at all, where does all the lost money go Confused

I suppose now would be a good time to buy shares and sell them when prices go back up again?

Posted: Fri Oct 10, 2008 4:52 pm

^^It could be a great time to buy. If you buy shares in a company at rock bottom price and over time that companies business improves you could make a nice lot of cash. If the company goes bankrupt you'd loose all the money you invested in it. No one seems to know what is a safe bet at the moment, there are rumours that GM (yes, General Motors) aren't far from bankruptcy.

Posted: Fri Oct 10, 2008 5:00 pm

@ Goldry Bluszco
That's very sad to hear, my friend, I have not even advice for you.
When they pushed the Euro through I knew things were getting more difficult and I left Europe. Saved me bundles. I have no dime to spare, but no matter what, I can keep my (low) status of living going at the same level.
For you, try to figure out what you can do and what the economic result would be if... then make a decission, you might have to step back a lot to save some, but that might just be your bad luck (together with lots of others). Selling now and go back to renting is a hard step and you'll probably loose some value there, but if it keeps going down, it might be the right step if you can stay ahead of things.
Sub-letting/renting would be a solution too if your house will allow it and you're in the right area, but get it on paper and fool proof, they will get poorer too!
It's all a gamble and all my info only comes from the Internet, get informed and talk to your mortgage company before you're in trouble, negotiations are so much easier then. (lengthen the running period could bring some relief)
In the end the only important thing is your family and their health, the rest is getting used to new circumstances.
I'm sorry I can't be of any use here.
Bill

Master of Master Baiters Joined: 06 Feb 2008 Posts: 720

Gold My arse ,Tulips I say Tulips!!!!

http://en.wikipedia.org/wiki/Tulip_mania

Baiting Guru Joined: 31 Jan 2007 Posts: 12237

I'm putting my tinfoil hat back on. Dow -452.95 13:10 CST.

Posted: Fri Oct 10, 2008 6:31 pm

I hate seeing my retirement account lose money. However, I have a LONG time before I retire. So, I just see this as buying shares at a really low price. I'm actually thinking about investing in one of these bottoming banks. Might be risky, but they can't really go that much lower.

Posted: Fri Oct 10, 2008 6:38 pm

I work for GM and the stock is only at 5 bucks a share but beleave me the co. is alot stronger than you think. right now is the right time to buy stock in GM (I placed a buy order for 1000 shares just yesterday.
if it hit zero Im out 5 grand. I can live with that. But if it goes up just a little I make money. it hits 10.00 I doubled my money and it will hit 10.00.
EDIT for many typos.