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Old 10-06-08, 06:07 AM   #1
patentcad
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The Good News and the Bad News

The Good News: oil is trading below $90 in some world markets today.

The Bad News: we all may get our cars repossessed and our homes foreclosed as the recession deepens.

Hey, more reason to ride your bikes.

Funny how changing circumstances can re-focus the mind. I haven't heard anyone say a word about high gas prices since the bank meltdown hit the news headlines.
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Old 10-06-08, 06:12 AM   #2
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Old 10-06-08, 06:18 AM   #3
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Ironic how rising oil prices cause gas prices to rise immediately but when oil prices lower, it "takes time" for gas prices to lower.
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Old 10-06-08, 07:13 AM   #4
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Ironic how rising oil prices cause gas prices to rise immediately but when oil prices lower, it "takes time" for gas prices to lower.
There's some of that, but also some legitimate supply/demand issues in the aftermath of Ike.
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Old 10-06-08, 07:22 AM   #5
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The Good News: oil is trading below $90 in some world markets today.

The Bad News: we all may get our cars repossessed and our homes foreclosed as the recession deepens.

Hey, more reason to ride your bikes.

Funny how changing circumstances can re-focus the mind. I haven't heard anyone say a word about high gas prices since the bank meltdown hit the news headlines.
I own both my vehicles and my home outright I owe the bank nothing (Thank goodness!) Not bragging as it was REALLY hard to do (just not impossible )
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Old 10-06-08, 07:25 AM   #6
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I think the key number is the Nymex RBOB Gasoline futures pricing

As of 5 minutes ago, that number was $2.1455/gal. Once the shortages in the aftermath of Ike ease, gas prices should drop significantly at the pump. Of course, the key word there was "should".
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Old 10-06-08, 07:35 AM   #7
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The deepening recession reinforces the need to stay as debt free as possible and to have a healthy, unused, line of credit at your disposal in case you lose your job. The fortunate people out there have enough liquidity to get them through a couple years worth of hardships. And yes, it's a good excuse to ride your bike more
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Old 10-06-08, 07:35 AM   #8
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$3.29/gal this morning near my house, down from $3.60 just after Ike. There's still a huge spread between regular and premium - 40 cents. But, this is because refiners are producing much less premium than they used to, since so few cars actually need it and nobody will pay a dime extra for better gas right now.

We'll find out in Q109 if and when a recession started. I know the economy grew in the first quarter, and the third quarter just ended, so we won't have growth numbers for another 3 months. I think there is a good probability one will occur given how hard we're trying to talk ourselves into it.
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Old 10-06-08, 08:18 AM   #9
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My car is paid of biatches!

And i live with my parents so there!

Good thing my bikes are paid off too.
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Old 10-06-08, 08:18 AM   #10
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The Good News: oil is trading below $90 in some world markets today.

The Bad News: we all may get our cars repossessed and our homes foreclosed as the recession deepens.
Who would buy them? The banks cant afford to have that inventory laying around and no one has any money to purchase.

My only question is why havent those responsible for this mess been drug from their posh digs by angry mobs and hung from the lamposts on Wall Street?
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Old 10-06-08, 08:42 AM   #11
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My only question is why havent those responsible for this mess been drug from their posh digs by angry mobs and hung from the lamposts on Wall Street?
Because there aren't that many lamp posts.

This problem has been in the making for a couple of decades. There's no one person to point the finger at. It's two decades of congress, policymakers, politicians, bankers, investors, home buyers, loan officers, lawyers, accountants, and people all over the world who are responsible for this mess. I was reading something this morning that cited some policy from way back in the Carter administration that was putting pressure on banks to make bad loans for the sake of low-income homeownership.

The collective denial by the majority of the world that it is not possible to sustain a lifestyle beyond one's means is mostly to blame, IMHO.
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Old 10-06-08, 08:55 AM   #12
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My car is paid of biatches!

And i live with my parents so there!

Good thing my bikes are paid off too.
well, that explains a lot.
And yeah, debt free is good, especially when there's no mortgage to cover.
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Old 10-06-08, 09:22 AM   #13
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Actually, i've been hoarding what i can for a big phat down payment on a house in the near future. I was pretty PO'd when the housing market took off after finishing school 6 years ago... Now i have a chance.
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Old 10-06-08, 09:30 AM   #14
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My car is paid of biatches!

And i live with my parents so there!

Good thing my bikes are paid off too.
Sucks for you.
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Old 10-06-08, 09:42 AM   #15
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It does kinda suck... Hence the reason i'm hoping to get out this year or early next.
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Old 10-06-08, 09:44 AM   #16
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Because there aren't that many lamp posts.

This problem has been in the making for a couple of decades. There's no one person to point the finger at. It's two decades of congress, policymakers, politicians, bankers, investors, home buyers, loan officers, lawyers, accountants, and people all over the world who are responsible for this mess. I was reading something this morning that cited some policy from way back in the Carter administration that was putting pressure on banks to make bad loans for the sake of low-income homeownership.

The collective denial by the majority of the world that it is not possible to sustain a lifestyle beyond one's means is mostly to blame, IMHO.
--edit- reworded to be neutral.
interesting article here that sort of predicts the current mess (from back in '99). The increased risk of expanding mortgage loans to low and moderate income people, the potential for a large problem in the event of an economic downturn, and the possibility of a government bailout on par with the savings and loan crisis of the 80's are also acknowledged.

Fannie Mae Eases Credit To Aid Mortgage Lending

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Old 10-06-08, 09:48 AM   #17
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it was clinton, at least for one of the surges to help low-income/poor credit families.

new york times article from september of '99
Fannie Mae Eases Credit To Aid Mortgage Lending
take your nonsense to P&R.
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Old 10-06-08, 10:28 AM   #18
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yeah, it's getting pretty bad.

last night i just watched a PBS nature show instead of the usual news. sometimes you just need an escape.
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Old 10-06-08, 10:35 AM   #19
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You guys are forgetting to point the finger at the American way of life. For decades now, we have been told that we must buy houses we can't afford, fill that house with junk we can't afford, fill the garage with cars we can't afford, put gas in those cars that we can't afford. It was a spending frenzy that was bound to crash sometime. Well, folks, here we have it: The grand crash. And it is still going and going. And people still aren't getting the picture.

There is a good reason why America has the highest standard of living: we buy what we can't afford.
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Old 10-06-08, 10:42 AM   #20
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You guys are forgetting to point the finger at the American way of life. For decades now, we have been told that we must buy houses we can't afford, fill that house with junk we can't afford, fill the garage with cars we can't afford, put gas in those cars that we can't afford. It was a spending frenzy that was bound to crash sometime. Well, folks, here we have it: The grand crash. And it is still going and going. And people still aren't getting the picture.

There is a good reason why America has the highest standard of living: we buy what we can't afford.
and it's even funnier (terrible) that the administration threw a stimulus package at us earlier in the year. i can almost hear that rock hitting the bottom of the well just about.... now.
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Old 10-06-08, 10:49 AM   #21
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and it's even funnier (terrible) that the administration threw a stimulus package at us earlier in the year. i can almost hear that rock hitting the bottom of the well just about.... now.
Naw....too soon. I figure it's going to be late January/early February before we bottom out.
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Old 10-06-08, 10:52 AM   #22
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Naw....too soon. I figure it's going to be late January/early February before we bottom out.
economy or stock market?
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Old 10-06-08, 11:11 AM   #23
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Cars are paid for and about 10 more years on my modest house that I could actually pay off with our cash savings if we needed to so I'm not too worried about losing it.
I am a little worried about my retirement. I've got about 18 years until I retire but I still think about it.
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Old 10-06-08, 11:20 AM   #24
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What is interesting is what fear is doing to the whole thing. I think the media is not helping keep things calmed down.
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Old 10-06-08, 11:20 AM   #25
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economy or stock market?
both.
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