Will this be Black Friday? - 10/10/08

well im sure we the people watching this happen will be able to recover faster than others who have no idea whats going on.

The meteor has hit the ocean, the title wave is coming, we see it and are preparing for it, But everyone else doesnt see anything so they are jsut hanging out at the beach and they are the ones who will get blindsided.


We will have to deal with the mess, but we will be in a much better situation to move on with our lives than the others who ignore it.

reply to post by ghostlandseller




I have seen the economic downturn coming for a while being in the mortgage business.


In January 2007 reports started floating in that companies were putting a freeze on, that they were no longer purchasing subprime mortgages in the secondary market.

Guideline changes were implemented immediately making it twice as difficult for a borrower to qualify.

The next thing I knew giant mortgage lenders and bankers were closing down by the hand full. When a mega corp like New Century closed its doors I knew things were very bad.

But I dont think even Warren Buffet could have known what a tidal wave of negative commerce was about to hit.

People knew things were going to tighten down, but this is just madness what we are seeing right now.

Its looking like the European markets are showing some momentum in the downward direction. haha

I think they will go back under 10% pretty soon. there holding steady though too. Man if they have a further sell off before the US market opens they may easily end up down 15% which would b a nightmare.

Ugh, im so tired. have barely slept this week because of the market. Im so looking forward to the weekend!

Tomorrow morning when i watch the stock market fall, i will just chill out in my arm chair, get some beer and icecream, turn the volume down and turn this song up on repeat

What a Wonderful World
Louis Armstrong

I see trees of green, red roses too
I see them bloom for me and you
And I think to myself what a wonderful world.

I see skies of blue and clouds of white
The bright blessed day, the dark sacred night
And I think to myself what a wonderful world.

The colors of the rainbow so pretty in the sky
Are also on the faces of people going by
I see friends shaking hands saying how do you do
They're really saying I love you.

I hear babies crying, I watch them grow
They'll learn much more than I'll never know
And I think to myself what a wonderful world
Yes I think to myself what a wonderful world.

for some reason i woke up thinking "this is it, black friday"

i think ive read to much interweb lately though..

theirs been a steady week of drops in teh market and it doesnt seem to be changing .

300,000 uk savings accounts frozen in Iceland and tension between Britain and Iceland are mounting. Gordon Brown is threatening to freeze some of Iceland's assets in Britain, until the situation is sorted out.

Local authorities in Britain had money in Icelandic banks and may now need bail outs from the government so they can meet payments!

FTSE 100 is currently down 6.7%

(I love the language on the tee vee regarding the Iceland situation - they keep saying words like 'frozen' and 'freeze' with straight faces).

reply to post by ghostlandseller




Im not even going to bother doing any work today. Im going to sit back and watch the carnage unfold. I got a 12 pack of Moose Head and nothing but time on my hands.


I have a feeling people all around this globe will be doing some serious self medicating this weekend. The human spirit can only take but so much.

Imagine being 50 years old and knowing that you just lost your entire life savings. Bye bye to retirement. I hate to say it but if I were that guy I would seriously consider driving to Manhattan with a baseball bat and beating the crap out of the first Wall st A-hole that looked at me funny.

Its a real shame when you think of how many decent hard working people are getting screwed to the wall this week.

I work for a major bank in the credit department. I am not sure how long I will have a job.

I have a lot of paid time built up I haven't taken, now I feel like it's use it or lose it. I took the day off. Just called in. Gonna sit here and watch it unfold. As sad as it is, it is history unfolding.

PS I work in new accounts, so I didn't do this. Don't come after me with a ball bat !!!

Originally posted by seejanerun
I work for a major bank in the credit department. I am not sure how long I will have a job.

I have a lot of paid time built up I haven't taken, now I feel like it's use it or lose it. I took the day off. Just called in. Gonna sit here and watch it unfold. As sad as it is, it is history unfolding.

PS I work in new accounts, so I didn't do this. Don't come after me with a ball bat !!!

So . . . what's been going on at the bank where you work? Is credit being denied . . . are they suspending credit to existing customers?

What changes have you seen . . . maybe a bit of a chronological post of what you've seen leading up to this would help some of us get a better understanding of how this affects us 'little folk' who are pawns in this mess.

TOKYO - Japan is set to propose to the world's leading industrialized nations that a joint fund be set up to give emergency loans to nations hit by the growing financial crisis, the finance minister said Friday.


Japanese Finance Minister Shoichi Nakagawa said he is set to make the proposal at the Group of Seven meeting of finance and central bank officials that he is attending in Washington.

"Japan would like to see what it can do to work with other countries to ensure ample capital supply," he said on nationally televised NHK news.

He did not give details of the plan. But he said Japan's experience in dealing with its bad debt crisis in the 1990s may offer lessons for the other G-7 nations.

Yahoo



Dont look now....but Japan is now proposing a new bail out deal as well.


I guess it was only a matter of time. According to the story the proposal will be presnted today at the G7 conference. One more twist to the tale to keep an eye on.

well its 4:32 am now and I am tired and I wana go to bed. Gonna smoke a bowl and call it. When I wake is when the world will end Lol....

Gnight all

Originally posted by tensetek
well its 4:32 am now and I am tired and I wana go to bed. Gonna smoke a bowl and call it. When I wake is when the world will end Lol....

Gnight all

Good luck man, I dont know how anyone could sleep right now but I wish you well.


The opening bell is in less than 2 hours and something tells me today is going to be one for the history books.

Japan is set to propose to the world's leading industrialized nations that a joint fund be set up to give emergency loans to nations hit by the growing financial crisis, the finance minister said Friday.

The world's leading industrial nations are all running scared, covering their collective debt laden butts . . . now they're going to set up a 'joint fund' funded with the funds that they don't have to give emergency loans to nations (themselves) hit by the growing financial crisis.

Sounds suspiciously to me like . . . .

We're gonna print some more money because . . . well . . . WE AIN'T GOT NONE LEFT . . . and then we'll give it to ourselves disguised as a loan that we'll just throw on the growing dung heap of loans for the taxpayer, their children, their childrensl children, and their childrensl childrensl children and their childrens' childrens' childrens' children to pay off . . .

And so it continues. Using credit to fix a credit problem. And people don't believe we're headed off the cliff into the fiscal abyss.

reply to post by GoalPoster


About 2 months ago credit limits were cut across the board. I spent 2 weeks explaining to people why their purchase had not gone through and why it wasn't going to go through. I was talking to a lot of people who had 750 to 800 credit scores.

Our minimum credit score to open an new acct 6 monts ago was 610. Today it is 700.

So yes it has tightened severely.

reply to post by GoalPoster



This is the only answer they have for this mess because it has been their answer to the same issue for so long.


"I got it!! Let's print a GAGILLION JAJILLION BABILLION DOLLARS and then we can all pay our debts!!!"


More chicanery and stupidity from the same buffoons who got us in this mess to begin with.

The more I read and watch the more I believe nobody knows what the hell to do....and that my friend is scary.

Originally posted by seejanerun
reply to post by GoalPoster

 

About 2 months ago credit limits were cut across the board. I spent 2 weeks explaining to people why their purchase had not gone through and why it wasn't going to go through. I was talking to a lot of people who had 750 to 800 credit scores.

Our minimum credit score to open an new acct 6 monts ago was 610. Today it is 700.

So yes it has tightened severely.

Mortgage credit guidelines have soared as well. Thank god for FHA, otherwise nobody would be getting home loans right now.

My friend works for a local car dealership and he told me last week that if you dont have a 680 and in some cases a 700 FICO or above you can all but forget about buying a new car right now.

Aint gonna happen.

My dad's got a fund in bonds, should he cash that out or try to endure the storm?

I agree its like a bunch of retards trying to hump a door nob out there it's MADNESS. I know I said I was gonna go to sleep but hey I am smoking right now.... leave me alone lol


DK

President Bush is also scheduled to make a statement before the market opens about the financial turmoil. But, words are unlikely to stave off another brutal day, with futures pointing to a lower start.

According to Yahoo the Shrub is going to address the nation BEFORE the opening bell today.


Any likelihood they will suspend trading all together or is that even possible?

Its possible they will just run the dollar into the ground, then before SHTF they will attempt a switch to the AMERO. The Fed already printed 700bil, and an additional 300bil. Dollar deficit is at 11 trillion.

The line of thinking would be that even the most die hard patriot wont care about the dollar if its worthless.

reply to post by 44soulslayer




I honestly just dont believe in my heart that the American people will stand for it.

Maybe I am wrong...I sure hope not.


On a different note, if it does happen then they should pin a medal on the chest of Alex Jones. Like him or not, that guy has been literally screaming about this stuff for over a year now.