| View previous topic :: View next topic |
| Author |
Message |
Woodenpaddler
Coal
Joined: Jul 29, 2008
Posts: 16
|
 Posted: Thu Oct 09, 2008 2:23 pm Post subject: Re: Crashing? |
  |
|
America is pitiful; Though we're entering an enormous and rapid change in our world when I open up my web browser the Yahoo home page up comes up with headlines about Beyonce and the Cowboys end zone.
I'm the only one in my office right now that understands this will be potentially bigger than even I can understand now. |
|
| Back to top |
|
 |
Cashmere
Light Sweet Crude
Joined: Mar 27, 2008
Posts: 1971
|
| Posted: Thu Oct 09, 2008 2:24 pm Post subject: Re: Crash |
|
|
| AlCzervik wrote: | | The '87 crash was 25% in one day. We are nowhere near that. Luv, M$M pundits |
25% in one day. 25% in 7 days. A distinction without a difference.
_________________
Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group. |
|
| Back to top |
|
|
neocone
Heavy Crude
Joined: Sep 23, 2006
Posts: 252
|
| Posted: Thu Oct 09, 2008 2:29 pm Post subject: Re: Crashing? |
|
|
For whoever has a 401k: You can take a loan against it OR just cash it in... and if at the end of the year you roll it in another plan you can still be covered and not pay taxes the following year.
Technically there is a murky mark at 60+ days after the withdrawal... but I am sure you could argue with the IRS that you acted to protect your nest egg and convert it to cash before putting back the money dec 31st. |
|
| Back to top |
|
|
Olaf
Heavy Crude
Joined: Sep 09, 2004
Posts: 410
Location: Upstate New York, U.S.A.
|
| Posted: Thu Oct 09, 2008 2:30 pm Post subject: Re: Crashing? |
|
|
I believe I've just watched the house I was planning to build next year disappear in a puff of smoke.
Folks that jest about this can go Fark themsleves. This is not a game.
_________________
"I went to the woods because I wished to live deliberately, to front only the essential facts of life, and see if I could not learn what it had to teach, and not, when I came to die, discover that I had not lived." - Henry David Thoreau |
|
| Back to top |
|
|
gnm
Expert
Joined: Jul 08, 2004
Posts: 2721
Location: plundering eco-villages
|
| Posted: Thu Oct 09, 2008 2:31 pm Post subject: Re: Crashing? |
|
|
| neocone wrote: | | Technically there is a murky mark at 60+ days after the withdrawal... but I am sure you could argue with the IRS that you acted to protect your nest egg and convert it to cash before putting back the money dec 31st. |
Yeah, watch the IRS come back and say "You kept it in cash while the fund dropped another 40%? Thats profit! Lets tax it!"
-G
_________________
I Have and will continue to vote against ANY politician who supports the various bailouts. Curse you for selling out our future for status quo now! |
|
| Back to top |
|
|
heroineworshipper
Intermediate Crude
Joined: Jul 14, 2006
Posts: 734
Location: Calif*
|
| Posted: Thu Oct 09, 2008 2:36 pm Post subject: Re: Crash |
|
|
We're all gonna die! The cannibals & zombies R coming. The 50,000 watt firehose of money that is US is dead. Heaven forbid an asteroid hit Earth.
_________________
People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions. |
|
| Back to top |
|
|
frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4863
Location: Southwest WI
|
| Posted: Thu Oct 09, 2008 2:37 pm Post subject: Re: Crashing? |
|
|
Olaf- Sorry to hear that. A lady i know is down, well after today, maybe $150K since a week ago Monday... That could send all her grand kids through a state college.
_________________
Clothing should be optional. |
|
| Back to top |
|
|
frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4863
Location: Southwest WI
|
| Posted: Thu Oct 09, 2008 2:41 pm Post subject: Re: Crashing? |
|
|
Jason- Its amazing your dad listened to you. My mom got out back in 2000, but the rest of my family thinks i'm nuts whenever i bring anything even remotely pessimistic up about the future.
I've known something was going to happen a long time ago. Its why my wife and I have never had a cent in the market. We just buy what we want and put whatever in savings. U can only prepare so much for the future, and you need to enjoy today, because tomorrow you could get crushed by a semi.
_________________
Clothing should be optional. |
|
| Back to top |
|
|
smallpoxgirl
Moderator
Joined: Nov 08, 2004
Posts: 6359
|
| Posted: Thu Oct 09, 2008 2:41 pm Post subject: Re: Crashing? |
|
|
| Olaf wrote: | I believe I've just watched the house I was planning to build next year disappear in a puff of smoke.
Folks that jest about this can go Fark themsleves. This is not a game. |
There's no sense getting all freaked out about it. What's gonna happen is gonna happen. Any psychologist will tell you that people laugh as a way of relieving tension. It's the reason that soldiers and medical people are always telling morbid jokes. If people around here can't joke about this stuff, they're gonna have a stroke or go postal or something. I seriously doubt anyone fails to understand how serious this is. Well...maybe Lorenzo. He's pretty clueless, but the rest of us get it.
_________________
"So while you sit and whistle Dixie with your money and your power.
I can hear the flowers a-growin in the rubble of the towers.
I hear leaders quit their lying
I hear babies quit their crying.
I hear soldiers quit their dying, one and all." - OCMS |
|
| Back to top |
|
|
charliebrownout
Heavy Crude
Joined: Apr 17, 2008
Posts: 291
|
| Posted: Thu Oct 09, 2008 2:49 pm Post subject: Re: Crashing? |
|
|
| smallpoxgirl wrote: | | Olaf wrote: | I believe I've just watched the house I was planning to build next year disappear in a puff of smoke.
Folks that jest about this can go Fark themsleves. This is not a game. |
There's no sense getting all freaked out about it. What's gonna happen is gonna happen. Any psychologist will tell you that people laugh as a way of relieving tension. It's the reason that soldiers and medical people are always telling morbid jokes. If people around here can't joke about this stuff, they're gonna have a stroke or go postal or something. I seriously doubt anyone fails to understand how serious this is. Well...maybe Lorenzo. He's pretty clueless, but the rest of us get it. |
Agreed. We "lost" about $30,000 back during the tech downturn--mainly because jobs were scarce and we used to to cover medical bills and living expenses (trying to keep out of debt). Now we're in debt by about 20K instead of having a 20K mutual fund.
On the bright side, I guess, even if we'd been able to keep it back then, we would've lost it now. I hear you, though. Believe me, I hear you. |
|
| Back to top |
|
|
gnm
Expert
Joined: Jul 08, 2004
Posts: 2721
Location: plundering eco-villages
|
| Posted: Thu Oct 09, 2008 2:55 pm Post subject: Re: Crashing? |
|
|
| charliebrownout wrote: | Agreed. We "lost" about $30,000 back during the tech downturn--mainly because jobs were scarce and we used to to cover medical bills and living expenses (trying to keep out of debt). Now we're in debt by about 20K instead of having a 20K mutual fund.
On the bright side, I guess, even if we'd been able to keep it back then, we would've lost it now. I hear you, though. Believe me, I hear you. |
Maybe hyperinflation will help eliminate your debt - That would help me, I've got some medical bills to deal with now thanks to my company switching to a crappy ppo.
-G
_________________
I Have and will continue to vote against ANY politician who supports the various bailouts. Curse you for selling out our future for status quo now! |
|
| Back to top |
|
|
Madpaddy
Expert
Joined: Jun 25, 2004
Posts: 2128
|
| Posted: Thu Oct 09, 2008 3:00 pm Post subject: Re: Crashing? |
|
|
Yes bring on hyperinflation.
I'm going to need a second wheelbarrow to carry the money to buy my popcorn.
_________________
www.askaboutenergy.com |
|
| Back to top |
|
|
frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4863
Location: Southwest WI
|
| Posted: Thu Oct 09, 2008 3:04 pm Post subject: Re: Crashing? |
|
|
Comment from MW reader:
| Quote: | Can't even log onto the LARGEST pension/retirement fund of all: TIAA-CREF
When I phoned, they said the system was overwhelmed by "sell" orders -- many did not get executed so they are in the queue for tomorrow. And those (which are in mutual funds and variable annuities also invested primarily in common stocks) get executed at the end of the day, so the managers must put in enough sell orders of the underlying stocks at the end of the day. What do you think that will do to tomorrow's close even if the intermediate day has been up? |
Someone else
| Quote: | | Sold 2024 shares of Wal Mart stock, some of which I have had since my wife and I were married. Much of it accumulated when I worked for Wal Mart in the 80's and 90's. I was told by my CPA mother that was an idiotic move, that my tax bill will be well over $7000 for that sale and I'm just panicky. Fast Forward to Wednesday, I sold at 55, Wal Mart closed today at 51.39. My $7000 tax bill was covered by the amount of losses incurred since Monday |
This can't end well...
_________________
Clothing should be optional. |
|
| Back to top |
|
|
killJOY
Fission
Joined: Feb 21, 2005
Posts: 2510
Location: ^NNE^
|
| Posted: Thu Oct 09, 2008 3:19 pm Post subject: Re: Crashing? |
|
|
I've been preaching doom how long, and I'm still shocked.
I spent the night performing CPR on a vomiting woman. I didn't realize she was the world economy!
Oh, and she died.
_________________
"By the time individuals discover that remaining resources will not be adequate for the next generation, the next generation has already been born. " David Price |
|
| Back to top |
|
|
charliebrownout
Heavy Crude
Joined: Apr 17, 2008
Posts: 291
|
| Posted: Thu Oct 09, 2008 3:19 pm Post subject: Re: Crashing? |
|
|
| gnm wrote: | | Maybe hyperinflation will help eliminate your debt - That would help me, I've got some medical bills to deal with now thanks to my company switching to a crappy ppo. |
Ha! Yeah, that's the only bright side to hyperinflation. I could take the toilet paper rolls in the garage to the creditors and pay everything off :D
We've had ins. changes, plus the hubby worked contract IT positions for years, so we suffered under that. No one wanted to hire full "employees" just contract. One switch over happened and the day after I broke my hand and couldn't get an ortho to look at it. Had to have a busted hand for months wrapped in an ace bandage. Luckily it healed reasonably well. Bastards.
We've been trying to fix it by getting education in a different direction--good luck there, that's just more $$ right??
Anyhow, not to start a bitching session, but I have to say, I take the downturn seriously. I feel badly for the folks out there who have been trying to do the best they can and are getting blindsided right now. |
|
| Back to top |
|
|
|
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
