Rolling US Economy Into The Shitbin Thread

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rolling gff personal finances into the shitbin thread, ha

gff, Monday, 22 October 2007 18:01 (twelve years ago) link

This will give you a boner Tombot

http://nymag.com/guides/money/2007/39952/

Dandy Don Weiner, Wednesday, 31 October 2007 11:30 (twelve years ago) link

the economy increased by 3.9% this quarter! bull market forever, baby. economy's better than ever. golden age.

yet me and so many people I know are getting laid off next month. granted we're all in the writing/design field, but urhhhhh. gggg.

burt_stanton, Wednesday, 31 October 2007 14:58 (twelve years ago) link

http://nymag.com/guides/money/2007/catastrophist071105_560.jpg
http://nymag.com/guides/money/2007/catastrophist071105_2_560.jpg

^^^ lol

most of that guy's scenario is not really news to regular bigpicture/CR readers I don't think. But #5, the "we don't pay attention" thing, yeah, well, evidently the awareness campaign is underway, but hell if the big players are paying attention.

He also leaves out the approaching demographic catastrophe as millions of inexperienced thirtysomethings and even some late-twenties kids are forced to move into arguably tougher jobs that the boomers have been holding for two decades. Beyond the social security and healthcare costs associated with mass retirement, I don't really know if this generation has the work ethic and definitely not the rolodex to just start filling in and not fuck up royally. too busy updating their linkedin pages.

El Tomboto, Wednesday, 31 October 2007 15:11 (twelve years ago) link

can someone explain what "being upside down on your mortgage" means, in plain English?

Tracer Hand, Wednesday, 31 October 2007 16:14 (twelve years ago) link

essentially, owing more than your home is worth.

Dandy Don Weiner, Wednesday, 31 October 2007 17:10 (twelve years ago) link

also Tombot I'm not going to blame this generation as much as I blame their parents.

Dandy Don Weiner, Wednesday, 31 October 2007 17:11 (twelve years ago) link

isn't that the way people buy homes? by paying for the privilege of a loan?

Tracer Hand, Wednesday, 31 October 2007 17:12 (twelve years ago) link

When you enter into a contract with a bank for a mortgage, both you and the bank assume that the property value will not plummet. The bank doesn't want you to default any more than you want to default. But if for whatever reason you need to sell your home, and you can't get what you owe on it, then you will owe the difference to the bank. And the bank knows that when that happens, you probably will not have enough assets to cover the difference.

Predatory-type loans (which seems like a nebulous description to me) typically compound the problem because they have higher transaction rates (points, etc.)

Dandy Don Weiner, Wednesday, 31 October 2007 17:17 (twelve years ago) link

oh certainly! well played baby boom letting healthcare slide for the 20 years you've owned the electorate

El Tomboto, Wednesday, 31 October 2007 17:18 (twelve years ago) link

yeah Tracer it's also called "negative equity"

El Tomboto, Wednesday, 31 October 2007 17:19 (twelve years ago) link

Not to mention saddling us with ridiculous expectations. Why do I have to be the one to tell my PARENTS "No, I can't make a living doing whatever I want."

Hurting 2, Wednesday, 31 October 2007 17:20 (twelve years ago) link

I know several people who live in homes that cost more than $500K that signed unbelievably stupid loans.

Dandy Don Weiner, Wednesday, 31 October 2007 17:27 (twelve years ago) link

Today the news is telling me the economy is going great - no need to worry. about anything. I'm glad all this mess is finally, somehow, over.

burt_stanton, Wednesday, 31 October 2007 17:28 (twelve years ago) link

I love how the financial press keeps reporting that the subprime crisis is *not turning out to be as bad as we thought* when it hasn't even come near its peak. No one could have predicted the levees wouldn't hold, etc.

Hurting 2, Wednesday, 31 October 2007 17:36 (twelve years ago) link

No one could have predicted that Bin Laden was determined to strike inside the United States!

Tracer Hand, Wednesday, 31 October 2007 18:04 (twelve years ago) link

No one could have predicted that he would use planes as missiles!

Tracer Hand, Wednesday, 31 October 2007 18:04 (twelve years ago) link

Dear US economy,

I love you. Send money. Thanks loads. Ta!

Aimless, Wednesday, 31 October 2007 18:07 (twelve years ago) link

oh certainly! well played baby boom letting healthcare slide for the 20 years you've owned the electorate

Yeah, that's something, among numerous other socio-political phenomena that baffles me. Does that mean that all that "hippies done sold out and became heartless, vacuous yuppies" stuff is true?

dell, Wednesday, 31 October 2007 22:03 (twelve years ago) link

sure, whatever that means.

El Tomboto, Wednesday, 31 October 2007 22:05 (twelve years ago) link

side note: the word "yuppie" did once have a specific meaning. I'm a little tired of it just signifying everyone upper-middle class and below retirement age.

Hurting 2, Wednesday, 31 October 2007 22:06 (twelve years ago) link

how funny will it be when affluent boomers need their money to pay for their own lifestyle instead of being able to just throw it away on their kids' rent and shit?

El Tomboto, Wednesday, 31 October 2007 22:08 (twelve years ago) link

It once meant a specific kind of douchebag, now the term encompasses too many douchebag subcategories.

xp

Abbott, Wednesday, 31 October 2007 22:10 (twelve years ago) link

I agree, Hurting, Abbott...I think that "yuppie" is about as useful a word as "hipster" (or arguably, "hippie"). But, I'm thinking of all the press about baby boomers -> "yuppies" that was the subject of Time and Newsweek, etc., cover stories when I was growing up in the eighties.

dell, Wednesday, 31 October 2007 22:11 (twelve years ago) link

Not all that funny, if it also means my already-rent-paying ass has to start supporting my parents, which is already a situation I have a small reason to worry about (xpost)

Hurting 2, Wednesday, 31 October 2007 22:14 (twelve years ago) link

Yeah but overall pretty funny, right?

El Tomboto, Wednesday, 31 October 2007 22:14 (twelve years ago) link

even that's pretty funny - the last 50 years of not giving a shit about our elders are something of an aberration, no?

milo z, Wednesday, 31 October 2007 22:16 (twelve years ago) link

also funny because my brother is way more successful than me and any duties are going to fall on him. haha

milo z, Wednesday, 31 October 2007 22:16 (twelve years ago) link

gotta get back to my law school applications...

Hurting 2, Wednesday, 31 October 2007 22:17 (twelve years ago) link

This is where repeated viewings of the movie "Disorderlies" becomes inspiration for a lucrative career path, I guess...

So, are there any nurses or people going to nursing school or working towards related professions in this bitch?

dell, Wednesday, 31 October 2007 22:17 (twelve years ago) link

Dollar is now at a 26-year low against the pound after that rate cut. $2.08!

stet, Wednesday, 31 October 2007 22:43 (twelve years ago) link

i'll never save up enough money to move back to the uk at that rate.

Gukbe, Wednesday, 31 October 2007 22:56 (twelve years ago) link

Hurting, when the financial press say that sub-prime is not turning out as bad as expected, what they're really talking saying is: it's not turning out as bad as expected for the big financial institutions. No doubt, a lot more *individuals* are going to start defaulting when they come off teaser rates, but the investment banks have already marked to market the securities backed by them so, in theory, they have no exposure left to them.

aaaaaaaaaaaaaaaaaaaaaaaaaa, Wednesday, 31 October 2007 23:43 (twelve years ago) link

The judge said the church's financial statements, sealed earlier, could be released to the plaintiffs.

Ooooooooh! I want to see these.

Who the hell lawyers for PhelpsCo.?

Abbott, Wednesday, 31 October 2007 23:57 (twelve years ago) link

The weak dollar is also driving up the cost of oil since the leading petroleum nations trade oil in US currency and buy most of their durable goods in Euros.

earlnash, Thursday, 1 November 2007 01:09 (twelve years ago) link

god hates the us economy xp

tremendoid, Thursday, 1 November 2007 01:25 (twelve years ago) link

Dollar is now at a 26-year low against the pound after that rate cut. $2.08!

-- stet, Wednesday, 31 October 2007 22:43 (Yesterday) Link

i have so many unwatched US dvds from the last few months, but they're giving them away.

That one guy that hit it and quit it, Thursday, 1 November 2007 09:34 (twelve years ago) link

when the financial press say that sub-prime is not turning out as bad as expected, what they're really talking saying is: it's not turning out as bad as expected for the big financial institutions. No doubt, a lot more *individuals* are going to start defaulting when they come off teaser rates, but the investment banks have already marked to market the securities backed by them so, in theory, they have no exposure left to them.

I've heard this explanation before, but I'm still not sure it makes sense to me -- how can the holders of those securities know exactly how bad the fallout is going to be when more of the mortgages reset? Like do they know exactly how many people are going to default? What if it's a lot more than expected because other economic conditions are worse than expected?

Hurting 2, Thursday, 1 November 2007 14:34 (twelve years ago) link

The markets sure weren't expecting the UBS writedown this morning. I think it is unravelling worse than expected.

Ed, Thursday, 1 November 2007 14:35 (twelve years ago) link

I added the google DJI chart to the top so we can watch shit meet fan

El Tomboto, Thursday, 1 November 2007 14:41 (twelve years ago) link

today looks like it's going to be pretty exciting

El Tomboto, Thursday, 1 November 2007 14:41 (twelve years ago) link

I'VE BEEN WAITED SO LONG TIME.. THE BEGINNING IS JUST NOW

El Tomboto, Thursday, 1 November 2007 14:46 (twelve years ago) link

This is where repeated viewings of the movie "Disorderlies" becomes inspiration for a lucrative career path, I guess...

Get real fat and become a rapper?

joygoat, Thursday, 1 November 2007 14:47 (twelve years ago) link

A point that I've seen made on some of these goldbug blogs but which still seems pretty OTM is that the stock market actually HAS been falling for the last several years, basically since the summer of 2000, if you measured US stock prices in, say, pounds sterling, or Euros, or gold. The decline of the dollar as meant that even if your stock stays steady, its "actual" (?) value has decreased.

Tracer Hand, Thursday, 1 November 2007 14:48 (twelve years ago) link

It 'as meant, gun'nor, wot wot

Tracer Hand, Thursday, 1 November 2007 14:48 (twelve years ago) link

i.e. http://www.financialsense.com/Market/allison/2007/0430.html

Tracer Hand, Thursday, 1 November 2007 14:50 (twelve years ago) link

So, are there any nurses or people going to nursing school or working towards related professions in this bitch?

i know several people who have switched to nursing/public health/related fields within the past two years or so.

lauren, Thursday, 1 November 2007 14:59 (twelve years ago) link

oil = $96/barrel
dollar = £2.08

has the dollar really fallen eight cents in the past, what, three weeks??

Tracer Hand, Thursday, 1 November 2007 15:51 (twelve years ago) link

No, not quite 3 weeks

http://newsvote.bbc.co.uk/2/shared/fds/hi/business/market_data/currency/img/77+X_SGBPUSD+bbc-big_thick-line+one_month.png

http://newsvote.bbc.co.uk/2/shared/fds/hi/business/market_data/currency/11/12/img/77+X_SGBPUSD+bbc-big_thick-line+three_month.png

Also semantic pedantry, the dolalr can't fall by cents it has to fall by pence. the pounds has gone up by 8 cents.

Ed, Thursday, 1 November 2007 16:06 (twelve years ago) link

Unless a dollar really is worth 92 cents.

Ed, Thursday, 1 November 2007 16:07 (twelve years ago) link

Yes, I am concerned the longer this goes on, the more losses banks will face. Large banks have more capital than they had before the 08 crisis, but not enough. 1/2

— Neel Kashkari (@neelkashkari) June 19, 2020

Dirty Epic H. (Eric H.), Friday, 19 June 2020 20:20 (two weeks ago) link

They should stop paying dividends and raise capital to increase their resiliency. They can essentially inoculate themselves from COVID and should do so now. 2/2

— Neel Kashkari (@neelkashkari) June 19, 2020

Dirty Epic H. (Eric H.), Friday, 19 June 2020 20:20 (two weeks ago) link

i smell a moral hazard

if only these banks had some real skin in the game

mookieproof, Saturday, 20 June 2020 03:16 (one week ago) link

Senior Trump economic advisor Kevin Hassett is leaving. A second senior advisor, Tomas Philipson, is leaving, too:

https://www.washingtonpost.com/business/2020/06/24/white-house-economist-philipson-departure/

And the market is getting skittish again:

I hope everyone is watching this. There’s not much left they can do before the bottom falls out of the market.https://t.co/UkJXeUYUhq

— Angry Staffer (@AngrierWHStaff) June 25, 2020

I don't know, but I think the economy might be in pretty bad shape.

Josh in Chicago, Thursday, 25 June 2020 17:43 (one week ago) link

Has anyone else read this? Not any new information, really, but pulls together a fair amount of date, synthesizes it, and makes its case pretty well...

https://newleftreview.org/issues/II123/articles/robert-brenner-escalating-plunder?fbclid=IwAR2hj5SYEErcjs0rW6YHtMFpjX5laUuYQi5DMIknsoFY1qib1LweqyhzW3s

blue light or electric light (the table is the table), Thursday, 25 June 2020 19:00 (one week ago) link

Has anyone else read this? Not any new information, really, but pulls together a fair amount of date, synthesizes it, and makes its case pretty well...

https://newleftreview.org/issues/II123/articles/robert-brenner-escalating-plunder?fbclid=IwAR2hj5SYEErcjs0rW6YHtMFpjX5laUuYQi5DMIknsoFY1qib1LweqyhzW3s🕸


Yep. Very good read. Basically capitalism now cannot survive without an unlimited government back stop. This can’t be sustainable.

Boring, Maryland, Friday, 26 June 2020 02:54 (one week ago) link

i think from now on sic should post the little spiderweb after those, like he is spiderman trying to stop up the web channels from funneling our information out

j., Friday, 26 June 2020 03:34 (one week ago) link

xp it was ever thus. governments create and sustain markets etc etc

methinks dababy doth bop shit too much (m bison), Friday, 26 June 2020 04:00 (one week ago) link

Cirque du Soleil filing for bankruptcy, so there's your silver lining.

brooklyn suicide cult (Dr Morbius), Thursday, 2 July 2020 19:20 (yesterday) link

lol it's like the backbone of the economy of Quebec

Boring, Maryland, Thursday, 2 July 2020 22:50 (yesterday) link

but they infected us too

brooklyn suicide cult (Dr Morbius), Thursday, 2 July 2020 23:19 (yesterday) link


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