How Low Can It Go?

[GMScud]

Looks like the FDIC is no longer solvent. It just gets better every day.

[GMScud]

Originally Posted by firstdown

I just wished that ever American had to sit down at the end of the month and write out a check to the federal and state to pay their taxes. This way its not hidden in each paycheck and people had to actually write out the amount and withdraw it over and over again from their check book. Now the goverment has the employeer do their dirty work and most people have no clue what they pay in taxes. All they care about is how much of a refund will they get at the end of the year. If they had to actually pay these taxes those refund checks they receive would start to look kind of small. I love when someone making 60,000 grand a year gets all excited at getting back $500 to $1,200 like they hit the jack pot. When I hear someone like that I look at them and ask them how much they paid in taxes. They usually get this dumb look on their face and say "I don't know". So who here knows what they pay in taxes each year without looking at you taxes or pay stub?

I'm way too obsessed with $$ not to know what I paid in taxes. I was also pleased to get a nice refund this year as well. One of the few things I miss about living in Florida is no state income tax. However if you travel anywhere by car within the state you'll pay out the ass for tolls.

[saden1]

This is relevant to the thread, no? I love the money shot at the end!

[saden1]

Originally Posted by firstdown

I just wished that ever American had to sit down at the end of the month and write out a check to the federal and state to pay their taxes. This way its not hidden in each paycheck and people had to actually write out the amount and withdraw it over and over again from their check book. Now the goverment has the employeer do their dirty work and most people have no clue what they pay in taxes. All they care about is how much of a refund will they get at the end of the year. If they had to actually pay these taxes those refund checks they receive would start to look kind of small. I love when someone making 60,000 grand a year gets all excited at getting back $500 to $1,200 like they hit the jack pot. When I hear someone like that I look at them and ask them how much they paid in taxes. They usually get this dumb look on their face and say "I don't know". So who here knows what they pay in taxes each year without looking at you taxes or pay stub?

Just because I pay it through my employer doesn't mean I don't notice..it's pretty hard not to notice the ~$2400 cut the feds take every month. You ain't special Mr. Firstdown for paying it yourself every month, no sir.

[70Chip]

Originally Posted by saden1

Just because I pay it through my employer doesn't mean I don't notice..it's pretty hard not to notice the ~$2400 cut the feds take every month. You ain't special Mr. Firstdown for paying it yourself every month, no sir.

My God man. You're one of those limousine liberals I've heard about. I mean, I could buy ma beer and ma pills for a whole year on what you give the government in one month.

[saden1]

Originally Posted by 70Chip

My God man. You're one of those limousine liberals I've heard about. I mean, I could buy ma beer and ma pills for a whole year on what you give the government in one month.

No, I'm just Tom Daschle's chauffeur.


FYI, liberals embrace their liberalism with pride now. Much like the gays we done come out of the closet and flipped the script on all ya'll.

[70Chip]

Originally Posted by saden1

No, I'm just Tom Daschle's chauffeur.

lol!

I found this chart to be interesting (If the market ends up down 89% from it's all time high of 14,000, then our friend Chimpy will have made monkeys out of all of us) The slightly scary thing is that it took Dow 25 years to get back to the 1929 high. So, once the market bottoms, we may not see a 90's style rocket ride back to 10,000 (which I think is what many of us are assuming, I think). It may be a more uneven climb. When people say "if you're in it for the long term", "long term" may be the rest of your working years.

The Dow and the Great Depression

• The Dow peaked at 381.17 on 9/3/1929
• Crashed on 10/28-29 falling from 301 to 230 or 23.6%
• One year after the peak (9/3/1930) the Dow closed at 237.54, down 37.3% from its peak (vs. the 39% drop we saw as of yesterday's close from the 2007 peak)
• Continued to slide until 7/8/1932 where it bottomed at 41.22, down 89.2% of its value over 2.5 years
• The Dow did not cross above 381 again until 11/23/1954, over 25 years after its 1929 peak

[saden1]

This information is not new to me but I wonder what would happen to the DOW if we let companies go out of business instead of bailing them out.

[CRedskinsRule]

Originally Posted by saden1

This information is not new to me but I wonder what would happen to the DOW if we let companies go out of business instead of bailing them out.

Just like how many licks it takes to get to the center of a tootsie roll tootsie pop - The world may never know

[Miller101]

Originally Posted by Buster

For reference:



Our Troubled Economy Is a Response to Barack Obama's Policies - WSJ.com

Are you really being serious? Obama has been in office for ONE MONTH!!! Not even Bush was able to crash an economy after ONE MONTH!!!

How low can it go.............I'm gonna say 4000. This will be known as The Great Recession when its all said and done. Thank you Mr. Bush. Thank you for screwing this all up! And THEN leaving your screw up for someone else to fix. You are to kind!

[CRedskinsRule]

Originally Posted by Miller101

Are you really being serious? Obama has been in office for ONE MONTH!!! Not even Bush was able to crash an economy after ONE MONTH!!!

How low can it go.............I'm gonna say 4000. This will be known as The Great Recession when its all said and done. Thank you Mr. Bush. Thank you for screwing this all up! And THEN leaving your screw up for someone else to fix. You are to kind!

why are you thanking Pres. Bush. Can we all please acknowledge it took both parties (the democrats in the congress and the republicans in the white house) to get us in this position. and also that a big part of this is a natural economic cycle? please?

[saden1]

Originally Posted by CRedskinsRule

Just like how many licks it takes to get to the center of a tootsie roll tootsie pop - The world may never know

That was a rhetorical question, we actually do.

Construction companies eliminated 104,000 jobs. Factories axed 168,000. Retailers cut nearly 40,000. Professional and business services got rid of 180,000, with 78,000 jobs lost at temporary-help agencies. Financial companies reduced payrolls by 44,000. Leisure and hospitality firms chopped 33,000 positions.

An economy built on consumption cannot withstand for long high unemployment. Once an economy collapses there is no quick fix, it takes years to start a successful business to re-employ the unemployment. Of course that all depends on investor confidence and the credit market, no one likes losing money and no one can start a successful business without being able to borrow.


The economy is organic, it can sustain damage, it can heal by itself, but I suspect applying an ointment, even if it's a placebo, is better than going all natural.

[Monkeydad]

Originally Posted by Miller101

Are you really being serious? Obama has been in office for ONE MONTH!!!

Have you noticed the market has ZERO confidence in his policies after the bailout...and it drops 200 points EVERY time he or his tax-cheat Treasury Secretary speaks? It's a reactionary downfall. With the President out trashing the economy daily, calling it a crisis to scare people into supporting his socialist agenda to get it pushed into law when it would not normally be accepted...and spreading the LIE that is "the worst economy since the Great Depression"...he is to blame for the current stock market crash. His big Government policies and his speeches are scaring investors.

It wasn't the worst economy since the Great Depression before, but we're heading there if mindsets in the White House do not change soon.

For the record, the worst economy since the Great Depression was during the Carter years with the sky-high inflation, interest rates and unemployment, with gas shortages. We may get there thanks to President Obama and this Congress, but it's a lie that we're already there.

[over the mountain]

Originally Posted by redskinjim

i have a friend who has made a lot of money and is retired he says now is the time to invest.cause the market always comes back.

yeah, the say at times like these the rich get richer, the poorer get poorer.

Im losing aprrox. 4k every 3 mos on my 401k. given that i am hesitant to throw any of my non-401k savings into the market. i really just dont know what to do right now.

should i take my savings and invest in some cheap but well known producing stock?

should i buy a new home (tax & penalty free as 1st time home buyer) by clearing out my 401k just so i dont continue to lose 3-4k every quarter?

im feel kinda screwed right now. i could have bought a house with no money down like every one else and have the fed bail me out b/c i dont know how to live within my means. But no, i played it smart, saved up enough to put 10-25% down so i wouldnt over-extend myself. now my 401k has been chopped in half and i am not in a good position to buy a home . . all these people who had no business thinking they could afford a home but did anyway may very well get "bailed out" . . . while i saved up only to have my life savings cut in half and still dropping.

i say the dow doesnt drop below 5800, no way it can go lower than that i hope.

go skins!!

[Monkeydad]

Originally Posted by CRedskinsRule

why are you thanking Pres. Bush. Can we all please acknowledge it took both parties (the democrats in the congress and the republicans in the white house) to get us in this position. and also that a big part of this is a natural economic cycle? please?

Can we please acknowledge that the economy was going great until the Democrats took over Congress?

You should. It's a fact.