justcycling.myfastforum.org

cyclingtv · Joined: 22 May 2007 Posts: 3476

can't believe a thread on this topic hasn't popped up.. and why is that..
poorer than I was last year.. make that 5 years ago.. investments down..
house value down.. cash flow down.. core 'cost of living' up.. expenses up..
thinking I am the only one hurting and everything is just fine.. probably not..

Bro Deal · Joined: 03 Sep 2008 Posts: 753

I have definitely been affected. My blood pressure went through the roof when I found out the CEO of Lehman Brothers received $350+ million during the last five years for running his company into the ground. I may have to cut back on salt for the next few years.

I want to see perp walks.
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"Listen, my son. Trust no one! You can count on no one but yourself. Improve your skills, son. Harden your body. Become a number one man. Do not ever let anyone beat you!" -- Gekitotsu! Satsujin ken

sheeponabike · Joined: 10 Oct 2006 Posts: 3701 Location: France

What can we do about it? It's like a spate of bad weather - just get your head down and get on with it. Anyway, I reckon there's worse to come - maybe we're heading for total meltdown. We're living in Interesting Times.
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This old world keeps spinnin' round, it's a wonder tall trees ain't layin' down

Natasha · Joined: 03 Sep 2008 Posts: 1716 Location: USA

Bro Deal · Joined: 03 Sep 2008 Posts: 753

Natasha · Joined: 03 Sep 2008 Posts: 1716 Location: USA

Nolte · Joined: 15 Oct 2006 Posts: 2359 Location: irlande

can't say i've been really affect

small savings on deposit - covered by the limits which would be secured
no mortgage (living with mommy & daddy),
small fund with my bank has lost 20% of it's value though.
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Hi

Bro Deal · Joined: 03 Sep 2008 Posts: 753

Yup, we're fucked:

"But as new shocks hit earlier this week, Wang flew to Washington to meet with Treasury Secretary Henry M. Paulson Jr."

"Wang sought assurances that if the Chinese government were to encourage its companies to seek investments in the United States, the deals would not face the same political opposition that has undone past Chinese investment proposals."

"Andy Xie, an independent economist who was formerly Morgan Stanley's chief Asia economist, said the United States needs to accept that a large amount of U.S. assets must be transferred to other countries' ownership. "If the U.S. is not willing to accept that," Xie said, "they will have to print money and the dollar will fall. And we will be headed toward a global financial meltdown."
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"Listen, my son. Trust no one! You can count on no one but yourself. Improve your skills, son. Harden your body. Become a number one man. Do not ever let anyone beat you!" -- Gekitotsu! Satsujin ken

cyclingtv · Joined: 22 May 2007 Posts: 3476

Bro Deal · Joined: 03 Sep 2008 Posts: 753

cardinal guzman · Joined: 16 May 2007 Posts: 4248 Location: The moors.

This always happens as the bust cycle is a necessary part of ring-fencing the mega rich's riches.

As I heard the other day, it is a cruel but necessary lesson for anyone with a 125% mortgage. If you take out such a mortgage, the day you move in and are sat in your front room - someone walking along the street outside owns more of your house than you do!

The bourgeoisie pillage you then hide behind their law. Fuck em up if it takes your mind.

I have a mate who's been stockpiling for a while now. I prefer to rely on being well handy and adaptable.

SlowRower · Posted: Sun Sep 21, 2008 7:16 pm Post subject:

Yes...

One of my clients now worth less than the contents of my daughters' piggy banks.
Two more of my clients "merged" with each other. Another sold on the cheap (not to a client).

Very little sleep last week. Still, one firm's bankruptcy is another firm's opportunity. Interesting times indeed.

The issue of the transfer of $8b from Lehmans in London to Lehmans in NY minutes before they went down the pan should be more interesting than most.

Not that it will happen, but in my view, any senior manager in any of the companies that have gone down the pan, been compulsorarily taken over or bailed out by the gov't should be banned from holding any position in any company more senior than that of teaboy, and even then, after a long probationary period. Smile

But the most interesting thing of all is the thoughtful decision by US taxpayers to underwrite the bad investment decisions of non-US banks operating in the US.

God bless America!
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EPO is for wimps. Proper cyclists go faster on beer, curry and porridge.

kathy · Posted: Sun Sep 21, 2008 7:16 pm Post subject:

Yes, seeing as most of my income comes from the UK, the strength of the Euro against the pound is a real pain.
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"You can't win races with passion alone."

Fabian Cancellara (2008)

cardinal guzman · Joined: 16 May 2007 Posts: 4248 Location: The moors.

Jeff Malkmus · Joined: 03 Sep 2008 Posts: 502 Location: Yes

Here is how it affected me.

M brother-in-law was laid off less than a week after getting a big promotion last April. He worked for Lehman Bros.

I can't count how many friends and acquaintances have been laid off from various types of jobs.

In the weird irony of things, my old firm was a boutique that only handled business bankruptcies. The firm folded in March 2007 because there really is no significant business bankruptcies at the moment and business still really hasn't picked up much. Although we are on the brink of disaster, there was a ton of money in the economy keeping business afloat that really shouldn't be afloat. Now there is another 3/4 trillion in the economy to prop things up a bit until the Palin/McCain victory in November. Then all hell breaks loose or a loaf of bread goes up to $8.00. Take your pick. We are headed there in December.
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Ditch your car.

cyclingtv · Joined: 22 May 2007 Posts: 3476

bianchigirl · Joined: 10 Oct 2006 Posts: 4040

moving back to France plans on hold until 2010, when housing market predicted to have recovered - unfortunately, we really don't have any other money than what is in the house so we need to get as much as we can for it. And, like Kathy says, the strong euro is a pain. But I never have any spare cash anyway so having a bit less won't make a huge amount of difference - last year's winter boots and coat still fit Wink

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sheeponabike · Joined: 10 Oct 2006 Posts: 3701 Location: France

jdog · Joined: 12 Sep 2008 Posts: 483 Location: In the gutter

No mortgage and no debts but I have lost some money in mutuals but so far it's just paper loses.
So other than the hassle of insurance underwriters going broke, I haven't been affected.

Bro Deal · Joined: 03 Sep 2008 Posts: 753

I have made fun of gold bugs in the past. They always seem to be survivalist nutters who are convinced that the Fed is plotting to take over the U.S. But today I sold off some stocks and put a good chunk of money into gold ETFs. I will probably end up getting raped.

Now for the guns, ammo, and food. Very Happy

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"Listen, my son. Trust no one! You can count on no one but yourself. Improve your skills, son. Harden your body. Become a number one man. Do not ever let anyone beat you!" -- Gekitotsu! Satsujin ken