[Archive] Market Meltdown!?!?!

Archive [Archive] Off-Topic Discussion
1

Grimstonefire:

I wouldn’t normally open a thread to discuss boring real world things like economics, politics etc (unless its GW ;)), but what the **** is happening to the global markets atm??

Iceland nearing bankrupcy as a country :frowning:

Markets crash in Russia, close to crashing in Brazil

Virtually every major market down 7%+ on monday, heavy losses today (and some last week).

This is getting REALLY bad, and were not even close to the bottom yet. :sick

2

Willmark:

The best statement i have heard of this yet is this: “The car crash happened last year, all that is left is to count the bodies”.

I was on a forum that shall remain nameless and many of the posters there  about a year to two years ago were bascially wishing for this to happen, well there ya go.

This is getting REALLY bad, and were not even close to the bottom yet. :sick

Grimstonefire
Not sure about this thou, is it bad: yes. Is in bottom: no one know, it might be it might not.

3

Swissdictator:

Thank goodness I have one semester left after this one… as student loans may become more scarce from what I’ve heard.

I’m just glad I have minimal debt, and plan on living within my means…

This problem has brewed for a long time, so the list of “guilty” people is extensive… so I don’t want any blame games going around at this point.

If I remember correctly, hasn’t the world economy basically operated on the trading of debt for decades now?

4

Kera foehunter:

well all i have to say is i will know what my grand parents went thew!!!

they can take my job and the land but they will never take my freedom!!!

5

Willmark:

well all i have to say is i will know what my grand parents went thew!!!!!

Kera foehunter
This isn't remotely close to what the Depression Generation went through, not by a mile. Those news outlets comparing it are making for good sound bites and headlines.

20 Banks have failed... the entire economic and to some degree social system collapsed in the Depression, people literally lost all the money they had, house foreclosed at a rate that makes this look like nothing at all, people were homeless, breadlines, soup kitchens, etc... At one point Roosevelt had to close the banks due to the run on money. Germany experienced hyper-inflation that pales to anything since, and maybe before. It took nearly a decade to correct itself.

This more like the 70's with high oil prices (until recently), super crappy car mileage, over extended credit, stagflation coupled with inflation. That too took a decade to correct itself.

Swiss- you are also right, there is plenty of blame for this to go around and pointing fingers is useless at this point.
6

Swissdictator:

Swiss- you are also right, there is plenty of blame for this to go around and pointing fingers is useless at this point.

Willmark
Yeah, thank you.

Going with you've been saying Wilmark, I think while in the 70's those factors (from what I remember) were largely in the US... it strikes me this is more global... which is an interesting detail for me being a history student. I wonder a few things, such as was the Euro a little out of whack with its strength (no offense intended to our European friends of course).

Don't get me started on gas guzzlers, I get furious about them. So having diverted that potential rant, I'm grateful I have a nice cobalt! :) Though I must admit it is nice to see people finally being a little smarter and carpooling more, for example. Though I guess I can't complain that much as those of us in the states still pay a lot less then others.

I've been writing my grandfather who was born in 1911 (I was born in 1985), he doesn't seem to worried. He's a little disappointed a couple stocks he has went down as he was hoping they'd be lucrative for when he passes so his children/grandchildren will have something nice. Though he doesn't seem to worried about them either.

I wonder if we have started using the term "recession" a little freely even if they were light ones, so when a significant one comes we panic somewhat.

Everything is on a delay, that is true. So even measures we take now won't be noticed for some time, but they (in theory) would make it less problematic.

I'm just glad that when I graduate I'll owe less then $12,000 in student loans... it's not as bad as some of my friends.
7

Xander:


Heh.
8

demonicprince20:

haha tiny massasive global recession XD pretty damn funny and very true

9

Swissdictator:

Thanks Xander, that helps even if mildly embellished.

10

Canix:

D is for Derivatives!

It amazes me that the main stream media doesnt cover the true cause and extent of the current debt .IMHO this will be worldwide and worse than the great depression ,we shall see:hat

11

cornixt:

You just have to ride it out. Unless you work in the financial sector, jobs are still there for the most part, you still have somewhere to live, you’re not dying from disease. My pension took a dive, but it should pick up in time for me to retire in 30-odd years.

12

Maul:

My wife and I pulled money out of our retirement account to buy a 40 acre (16.2 ha) farm. I am glad for it because the stocks that I WAS in are down %50+ for the year and farm land has only gone up in value. Trust me, we did not take it all out, and that money still in the retirement account has been severely smacked down. I see some good buys out there in the markets, but my spare cash has been going strait into growing the farm business.

13

Swissdictator:

Hmmm I graduate in a year, and will hopefully have a good job set up. If I do, and it goes well… after a year I might do some investing with the hopes that I can sell them for a good profit when the price goes up in 20-30 years. Though I’ll only invest what I can afford.

Maul I hope that you pulled enough out to be secure and all, and I’m glad you’ve been hurt less then you would be.

Edit: When I graduate colledge that is.

14

two_heads_talking:

if you have money invested and don’t need it for the next 5 years, which I imagine none of us will, leave it in and let it ride. If you need it in the next 5 years, then you might want to think about other options.

this happens about every 20-30 years.

Globally this is similar to what happened in the US in the 70’s.

And to finish it off, it’s always interesting to hear what teenagers perspectives are on this… Most of them are just a bit pissed because mom and dad can’t by them a new ipod or get that new video game.

15

Godbob and his jolly rogers:

thank xander now i know (a little) of whats going on:hat off

And to finish it off, it’s always interesting to hear what teenagers perspectives are on this… Most of them are just a bit pissed because mom and dad can’t by them a new ipod or get that new video game.

two_heads_talking
that’s what i’m worried about no christmas present for Godbob :h

16

Kera foehunter:

well this is not the same as the 70 or 80

there was good paying job was 27.50 in the 70s the same job pays 8.50

it on your point of view!!

but for us starting out we don’t enjoy the same view this last 4 years sucked!!! i had to move home so i can pay off my schooling !!!

i doing better than most of my piers i start a new job monday !!yea!!!

17

Maul:

I am thinking about selling some Necrons so I can go buy some battered stock on my watch list :cheers  … Well I do have 4000 points plus

Best to make the most of the situation.

18

Willmark:

Kera this actually eerily reminiscent of the 70’s in all honesty. I was a born in 73 so obviously I don’t really remember this. Stocks go up and down and unless you are retiring within the next few years its a non-issue.

Those that have never seen this happen are the ones panicking and yanking their money from the stock market, it is a good lesson about living within ones means thou.

19

Grimstonefire:

Kera this actually eerily reminiscent of the 70's in all honesty. I was a born in 73 so obviously I don't really remember this. Stocks go up and down and unless you are retiring within the next few years its a non-issue.

Those that have never seen this happen are the ones panicking and yanking their money from the stock market, it is a good lesson about living within ones means thou.

Willmark
Unless the company you invested in goes into administration, or the company managing a bond related directly to your mortgage starts to look shaky. Or if you had to exercise an Option or lose the money. Or the company you work for gets a hostile takeover and you're made redundant.

I agree that generally speaking you only lose money if you sell too early, but there are lots of reasons why its still an issue even if you don't want to sell just yet.
20

Auretious Taak:

well this is not the same as the 70 or 80
there was good paying job was 27.50 in the 70s the same job pays 8.50
it on your point of view!!
but for us starting out we don't enjoy the same view this last 4 years sucked!!!!! i had to move home so i can pay off my schooling !!!
i doing better than most of my piers  i start a new job monday !!yea!!!

Kera foehunter
Kera,

Where abouts in the world are you from? I ask because your English is a bit disjointed and I'm curious. It's nota bad thing, I've played online MMORPG's where I was the only Australian/English speaker in an entire alliance of 20 people all speaking Turkish and very little english, so don't take it as anything other then curiosity.

What I find interesting having no real understanding of economics, is that our debt/borrowing is about 10 times what it was in the Great Depression. It's kind of freakish to tell the truth and I'm at the age now where it all actually starts to mean stuff so I have mixed views here.

Damn it, 9:05pm, I gotta finish this assignment now!

Auretious Taak.