Kevin Daly
YES I ran the fatty over!!
Actually, the economy has not affected me yet. we are going to refi now but our house value is still up considerably from when we bought it almost 5 years ago.
How are those employed doing in this economy ?
- Thread starter rhody
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This poll is somewhat flawed IMO. Who keeps any amount of money in either checking or savings accounts? If you include investments and retirement accounts (IRAs, 401k's), then I think everyone has to be down some.
Personally, I managed to get a lot of my 401k moved out of mutual funds and individual stocks into money market and bonds about 2 years ago, so have softened the blow somewhat. I'm a veteran in the Healthcare industry, and even we are feeling the squeeze some. Hospitals are being far more frugal with their capital purchases than in the past, which effects us as a vendor/supplier. But I personally work in our service business, which is rolling along just fine, actually taking up some pf the slack from sales, since those same hospitals and clinics have to maintain their older equipment off warranty.
Here's what irks me. The company that I work for still turned a very, very healthy profit last year. Larger than the GDP of many small countries. They actually grew total revenue by 6%, but because the earnings were 19% lower than the prior year, the stock is now down 82% over the past year. Fer Christ's sakes people, it's not like they actually lost money. I am convinced the market (and economy) is driven solely on illogical investor emotions.
Personally, I managed to get a lot of my 401k moved out of mutual funds and individual stocks into money market and bonds about 2 years ago, so have softened the blow somewhat. I'm a veteran in the Healthcare industry, and even we are feeling the squeeze some. Hospitals are being far more frugal with their capital purchases than in the past, which effects us as a vendor/supplier. But I personally work in our service business, which is rolling along just fine, actually taking up some pf the slack from sales, since those same hospitals and clinics have to maintain their older equipment off warranty.
Here's what irks me. The company that I work for still turned a very, very healthy profit last year. Larger than the GDP of many small countries. They actually grew total revenue by 6%, but because the earnings were 19% lower than the prior year, the stock is now down 82% over the past year. Fer Christ's sakes people, it's not like they actually lost money. I am convinced the market (and economy) is driven solely on illogical investor emotions.
SouthernCruizer
Is it Beer:30 yet?
I agree Fred, the market moves in directions that defy logic at times. Some days you hear great news on a certain company, and the stock declines...later one, bad news on same company, and the stock advances. Sometimes I feel like a trip to the casino would be more productive!
For that reason, I concentrate my investments in mutual funds, to spread the risk, and only "play" with money I can afford to lose on individual stocks.
Well, enough of this..time to take the ole bike for a spin! Ride on!
For that reason, I concentrate my investments in mutual funds, to spread the risk, and only "play" with money I can afford to lose on individual stocks.
Well, enough of this..time to take the ole bike for a spin! Ride on!
jmdaniel
Has A Well Known Member
aaaahhh... I do?!? My major savings account, at 2.7% interest, isn't beating inflation, but it's FDIC insured, and is beating the silly a** stock market by miles...
I agree with your point on how a lot of this issue is driven by investor emotions, IMO, driven by the media.
v65
ouch
I don't get it. Why wouldn't you savings account guys buy CDs? Or are you counting those as savings accounts?
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airboss
Well-known member
That's where you're wrong Fred.
The market is driven by my Aunt Harriet and her weegee board.
jmdaniel
Has A Well Known Member
Flexibility. Online savings accounts are pretty much at or above CD rates, especially for banks that need cash, and need it NOW, and you can move the money from the comfort of your PC. I have used HSBC, Countrywide Bank, and GMAC Bank in the last couple of years, moving the cash when the interest rate got below what was offered at others, and I have never set a foot outside my own domicile. Bankrate can be your friend.....
SilverHound
Well-known member
+1 CD rates suck so why tie your money up in them when you don't have to? I just had a six month CD come due and simply rolled it into my savings which at the time was at 3% (now 1.95%) but still better than losing money with my 401k. I mentioned in an earlier post that I cut my 401k contributions in half and am now putting that money in my savings too. Why keep putting money into a bucket with a hole it it?
Rolavine
Well-known member
My house is now worth about what we paid for it. My bank (no I don't own it, sheesh) was purchased by a slightly less insane bank for a song. But what is most alarming is the lack of anger amonst the general public. You see, I correctly predicted this recession based on uncontrolled rampant greed and the selling of 'snake oil' motgage backed securites with the related 'cures all' credit default swaps. But I vastly overestimated our response to these crimes by rich irresponsible criminals, so I'm pretty sure my 'ultimate hedge' of 10,000 Guillotine Futures is also heading for the bottom.
T/a Pierre
Well-known member
Well here in SA even if you are employed you still struggle to survive! Reading here about peeps loosing their jobs and working for 50% less salary and still surviving is mind blowing!!
Savings........what savings?? 95% of all here do NOT have any savings. They live on credit cards and debt. If you have a savings account you are part of the elite.....no jokes!
Our interest rates are sky high. The repo rate is at an all time high, people are loosing their cars and houses like crazy!
Our Banks are now trying to implement some sort of plan NOT to take back houses and cars, and rather to help the people. Reason being is there is no more storage space for the cars! People are also not buying them at Auctions cause they do not have money.
I'm still surviving and going on as always, but there are peeps out there who lost their cars, house and don't have food for money, living with family.....
The economy needs to change, and fast! Otherwise we will hit the point of no return here........
Savings........what savings?? 95% of all here do NOT have any savings. They live on credit cards and debt. If you have a savings account you are part of the elite.....no jokes!
Our interest rates are sky high. The repo rate is at an all time high, people are loosing their cars and houses like crazy!
Our Banks are now trying to implement some sort of plan NOT to take back houses and cars, and rather to help the people. Reason being is there is no more storage space for the cars! People are also not buying them at Auctions cause they do not have money.
I'm still surviving and going on as always, but there are peeps out there who lost their cars, house and don't have food for money, living with family.....
The economy needs to change, and fast! Otherwise we will hit the point of no return here........
MsLilly
Well-known member
I work in a hospital pharmacy so I'm not too worried about my job. Our company built a lovely, huge, new facility this year and is now utilizing the old and the new facility. I was not surprised to learn that they are having some financial "issues". So, they have started laying off people. BUT, the people they are laying off are the management who don't have direct patient contact. Plus, the managers that are not being laid off are taking a pay cut. So far, the grunts like myself are not affected. And I have enough seniority that I don't think I'll be affected. My husband owns his own auto repair business in a small town. We have noticed more people are opting to repair their old car versus buying a new one. All in all, we're doing well but trying to be careful.
Murph
Well-known member
I sell tampons and I'm the same ... maybe somewhat better. But I keep waiting for the other shoe to drop. I guess I watch the news too much. <_<
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rhody
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Hmmmm, interesting comments from all over..... my take on the whole mess is quite simple.
When the economy finally does turn around, (I am in mid 50's) I plan to convert all my 401K funds invested in stocks, money market funds, etc.... back into fixed income and leave it there for quite some time.
My magic formula is simple.... when the stock value hits 70 - 75% of its highest value in the past 5 years I am going to pull the trigger and be grateful. I can live with that because I doubt the market will be approaching 100% of it was in the next 5 years or so.
I could be dead wrong, but when I see the likes of Warren Buffet, Bill Gates, Jim Cramer taking a bath at even greater losses than myself I don't feel so dumb after all. I remember reading about Bill Gates SAT scores, damn near the top of the scale, and I think his math scores were perfect. (OK, you Google freaks, have fun with this statement) While this proves little, it does prove to myself that success does not rest on IQ alone. Common sense, and a lot of luck have a great deal to do with it.
Any comments ??? :huh:
When the economy finally does turn around, (I am in mid 50's) I plan to convert all my 401K funds invested in stocks, money market funds, etc.... back into fixed income and leave it there for quite some time.
My magic formula is simple.... when the stock value hits 70 - 75% of its highest value in the past 5 years I am going to pull the trigger and be grateful. I can live with that because I doubt the market will be approaching 100% of it was in the next 5 years or so.
I could be dead wrong, but when I see the likes of Warren Buffet, Bill Gates, Jim Cramer taking a bath at even greater losses than myself I don't feel so dumb after all. I remember reading about Bill Gates SAT scores, damn near the top of the scale, and I think his math scores were perfect. (OK, you Google freaks, have fun with this statement) While this proves little, it does prove to myself that success does not rest on IQ alone. Common sense, and a lot of luck have a great deal to do with it.
Any comments ??? :huh:
mdisher
formerly Renegade, get used to it.
Amen...
- There are Book Smarts and Street Smarts.
- Some people have one or the other, some people sadly have neither, and it's extremely rare that people have both.
jmdaniel
Has A Well Known Member
I've often found that the people that mention the two:
- never have Book Smarts.
- exaggerate their Street Smarts.
YMMV.
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Geezer
Parsimonious Curmudgeon
Playing in equities these days is pretty much pure gambling. Success has little to do with intelligence or hard work.
However, I am an optimist and the market has been in the green for three days in a row, so maybe now is the time to place your bets. :unknw:
ionbeam
2 FUN
Yes, does your avatar show quarks, hadrons, Gauge bosons and leptons or is it a representation of the quest for the god particle? :blink:
Odot couldn't crash a thread any worse than this off topic bomb.
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rhody
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ionbeam,Yes, does your avatar show quarks, hadrons, Gauge bosons and leptons or is it a representation of the quest for the god particle? :blink:
Odot couldn't crash a thread any worse than this off topic bomb.
In a word, yes it shows a simulated collision, exposing a higgs boson (god particle), which may be found in the LHC at Cern, once they works the bugs out of it, and it goes to full collision energies approaching 14 TEV, that is if it doesn't create a micro black hole first, and then suck us all to oblivion in a few short minutes/seconds...
There, if that doesn't kill this thread for good, I don't know what will....
rhody
:dribble:
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