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Thread: Yikes

  1. #1
    Peloton Dog patentcad's Avatar
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    Yikes

    Forget all that bike schwag if the global banking system starts unraveling. The only liquidity left will be in the Wall Street bars.

    You are all F'd.

    Hey, me too. You moderators think this is politics? Get a grip. This is life. Enjoy that bike schwag while it lasts. Hey, at least you can ride it. You'll need to when gas is $5/gallon and you're unemployed.

    Have a great day!

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    Senior Member hos13's Avatar
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    "Don't give up, don't ever give up" jimmyv

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    Peloton Dog patentcad's Avatar
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    Let's hope not.

    The scary thing about the Bear Stearns story? From all indications, this bank was going belly-up and DID NOT SEEM TO KNOW IT until the past couple of weeks. Double Yikes. Hold onto your wallets weenies.

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    Senior Member hos13's Avatar
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    Don't worry PCAD in June I will get my 600 bucks and I will spend it to save the world. Probably only afford water bottles by June, but it will be a symbolic victory.

    On a side note I have friend that got laid off last week after putting in 20 years with Sprint. While that company continues to crumble their VP's are fatting their pockets. Here is how fun it is. My friend said at the company meeting when they announced lay offs they also announced an increase in the VP's and managements bonus since they are able to cut the burn rate in Q1. Go figure.
    "Don't give up, don't ever give up" jimmyv

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    Pwnerer Wordbiker's Avatar
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    Better spend that $600 on American-made products...like ammunition.
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    Ski, bike and wish I was gay.

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    Chairman of the Bored catatonic's Avatar
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    Nah, if it ends up being a new wild-west...it's the clever man with the knife that gets all the free ammo&guns.

    Chaotic Evil for the win.
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    Villainous huerro's Avatar
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    Quote Originally Posted by patentcad View Post

    The scary thing about the Bear Stearns story? From all indications, this bank was going belly-up and DID NOT SEEM TO KNOW IT until the past couple of weeks. Double Yikes. Hold onto your wallets weenies.
    No. I guarantee you many of the boys upstairs knew.

    The trick is to lie through your teeth long enough for you and your buddies to sell off stock at $50 a share and cash out before everything goes to **** and the fresh faced young analysts and guys in the mail room have to sell their shares for $2.

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    Kicked out of the Webelos bluebottle1's Avatar
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    Quote Originally Posted by huerro View Post
    The trick is to lie through your teeth long enough for you and your buddies to sell off stock at $50 a share and cash out before everything goes to **** and the fresh faced young analysts and guys in the mail room have to sell their shares for $2.
    Hey, it worked for Enron.
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    tired donnamb's Avatar
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    Quote Originally Posted by patentcad View Post
    Forget all that bike schwag if the global banking system starts unraveling. The only liquidity left will be in the Wall Street bars.

    You are all F'd.

    Hey, me too. You moderators think this is politics? Get a grip. This is life. Enjoy that bike schwag while it lasts. Hey, at least you can ride it. You'll need to when gas is $5/gallon and you're unemployed.

    Have a great day!
    I understand, Pcad, and I totally agree with you. It's ok in here so long as discussion of the root causes stay apolitical.

    So, what are people doing to batten down their hatches?
    "Real wars of words are harder to win. They require thought, insight, precision, articulation, knowledge, and experience. They require the humility to admit when you are wrong. They recognize that the dialectic is not about making us look at you, but about us all looking together for the truth."

  10. #10
    Villainous huerro's Avatar
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    Quote Originally Posted by bluebottle1 View Post
    Hey, it worked for Enron.
    Exactly.

    The other option is to lie through your teeth/project profits/ massage books long enough for you and your buddies to meet your performance goals and collect your bonuses before everything goes to **** and the fresh faced young analysts and guys in the mail room have to sell their shares for $2.

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    Chairman of the Bored catatonic's Avatar
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    The key is to remain economically viable...when nobody cares about computers, but instead cares about food....can you grow it, or harvest/process/deliver it?

    There will always be an economy...it's just our needs will become far mroe basic, and those that cannot deliver basic services, will probably starve.
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  12. #12
    Gears? CliftonGK1's Avatar
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    Quote Originally Posted by catatonic View Post
    The key is to remain economically viable...when nobody cares about computers, but instead cares about food....can you grow it, or harvest/process/deliver it?

    There will always be an economy...it's just our needs will become far mroe basic, and those that cannot deliver basic services, will probably starve.
    As long as the sun doesn't burn out, I've already got a year 'round garden.
    "I feel like my world was classier before I found cyclocross."
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    The Improbable Bulk Little Darwin's Avatar
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    Quote Originally Posted by hos13 View Post
    When I saw this, it reminded me of a scene from Water World (I watched part of it this weekend...

    A person was working down in the bowels of the tanker ship and saw the flame quickly coming at him from the distance and his last words are "Thank God!"
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    more ape than man timmhaan's Avatar
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    big 'ole mess out there for sure. but, rest assured, there will be opportunities out of the wreckage.

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    You Know!? For Kids! jsharr's Avatar
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    Quote Originally Posted by catatonic View Post
    The key is to remain economically viable...when nobody cares about computers, but instead cares about food....can you grow it, or harvest/process/deliver it?

    There will always be an economy...it's just our needs will become far mroe basic, and those that cannot deliver basic services, will probably starve.
    My viability plan
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    Quote Originally Posted by colorider View Post
    Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.

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    The Improbable Bulk Little Darwin's Avatar
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    Quote Originally Posted by donnamb View Post
    So, what are people doing to batten down their hatches?
    I am not really doing much... I bought a house a few months ago, so I guess that would count.

    I am continuing my periodic retirement investments in market related funds, since I believe that the dollar cost averaging is a healthy way to invest for the long term.

    I have some plans to make my home "greener", which will help in the long term, but the implementation will hurt a little financially in the short term (looking to make my home more energy efficient). I will have to consider the plans to see when I can weather the short term costs to get that long term benefit.
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  17. #17
    JF1
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    Quote Originally Posted by donnamb View Post
    So, what are people doing to batten down their hatches?
    Absolutely nothing. My portfolio is set up for the long haul. I live a modest life and have an almost paid for modest home. No car payments and no credit card debt.
    J
    Good times.

  18. #18
    more ape than man timmhaan's Avatar
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    Quote Originally Posted by JF1 View Post
    Absolutely nothing. My portfolio is set up for the long haul. I live a modest life and have an almost paid for modest home. No car payments and no credit card debt.
    +1

    definitely a good time to be out of debt.

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    Debt= me

    I am not prone to paranoia. However, I am continuing to pay off my debts and live within my means.
    I am so buried in debt that getting out of said debt is more like a 10 year plan for me.

    If I get layed off, I go on unemployment. If I do not find a new job I go bankrupt. Simple as that.

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    Kicked out of the Webelos bluebottle1's Avatar
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    Quote Originally Posted by JF1 View Post
    Absolutely nothing. My portfolio is set up for the long haul. I live a modest life and have an almost paid for modest home. No car payments and no credit card debt.
    Bingo. Got a decent cash reserve that won't be invested in anything too much until things calm down a bit. No car payment; no credit card or other debts. The mortgage is still there, but it's getting reduced at an accelerated rate.
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  21. #21
    Peloton Dog patentcad's Avatar
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    Quote Originally Posted by huerro View Post
    No. I guarantee you many of the boys upstairs knew.
    That simply doesn't add up. All indications are that by the time these bankers discover the skeletons in the closet it's too late to stop the ship from sinking. And that is far scarier than some executive malfeasance. Sort of like your airplane's pilot discovering he needs glasses by flying into the mountain.

  22. #22
    gz_
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    Still waiting for the Great Hedge Fund Crash to occur, surely there's more to come.

  23. #23
    more ape than man timmhaan's Avatar
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    in hindsight, it's easy to see how this could happen. the trick is to be able to act apropriately ahead of time to save the ship. however you look at it, the fact remains that the level of risk in these secruities were poorly understood and\or completely ignored. and to think some of these guys are walking away with upward of $50 million dollar packages.

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    Villainous huerro's Avatar
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    Quote Originally Posted by patentcad View Post
    That simply doesn't add up. All indications are that by the time these bankers discover the skeletons in the closet it's too late to stop the ship from sinking. And that is far scarier than some executive malfeasance. Sort of like your airplane's pilot discovering he needs glasses by flying into the mountain.
    Did they know when it was going to fall apart? Probably not and they probably didn't think it would fall apart so spectacularly.

    Did they know that buying and selling debt on overpriced mortgages given to risky borrowers under the name "High-Grade Structured Credit Enhanced Leveraged Fund" was polishing a turd? Someone did (my bet is a lot of someones did) and they went ahead and did it anyway. Is that criminal? We'll see. Is it malfeasance? To my mind, yes.

    I may be wrong, but I bet when this is all over and the whistle blowers and lawsuits have shaken out we will find that there was collusion between execs and rating agencies and that people within the company knew they were headed for a fall were ignored. It might not be the full Enron, but it will be close. As I said, I may be wrong.

  25. #25
    Chairman of the Bored catatonic's Avatar
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    The thing was it was obvious things were going down the tubes when we became a debt based economy.

    It's just know-it-all analysts kept smokescreening the populace into believeing that an economy that functions by having people owing others is the way to go, when in fact it's just another indicator that the porsche is fishtailing too hard and will soon be having intimate relations with a tree.

    Basically in a debt based economy, there are only two classes....those that have the wealth, and those that owe it. Guess who 98% of the people are? Also guess who's SOL when things hit the fan? Exactly. That's why I despise the credit system and no longer take part in it in any form. If I need money, I have it....reason why is I haven't been burning it all up on interest payments and the such.

    Sure, it means you don't get flashy stuff sooner...but it also means you are living within your means, which is far more important than anything else. It's easy to get eyeballs deep in debt, and it's easier for goods to inflate in price when people are quick to borrow money.

    How an economy is supposed to work is you have money...you need to spend that money to keep the economy flowing...so what they need is the right blend of saving and spending. Credit came to as a means to accelerate the savings process, while creating additional income. In truth it sped things up for the company, but slowed it down for the comsumer. However, the consumer can handle the payments, so they take in more debt....and the mountain forms.
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