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      09-29-2008, 04:04 PM   #23
Neurorad
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I haven't been affected, and here's my story:

All the stocks I own are in 401K, so I won't be touching those for 30 years.

I don't plan on changing houses for 20 years, unless I get a better job offer in another city.

I've never relied on a bonus for anything.

There is nothing I really need to buy, except maybe a car with better MPG.

I know that material possessions don't bring happiness (only fleeting).

The ones losing their jobs are in the economics sector.
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      09-29-2008, 04:10 PM   #24
Atny286
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Not much (going to be) affected, I guess... Get my salary in USD and EUR...
Also put all my USD in my car: the value of my M3 E90 will be less affected than the cash in the banks or stock...

No loans, nor savings: Spend all you got, but not more!
That's the way I live...
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      09-29-2008, 04:12 PM   #25
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As long as I keep my job (or, should I lose it, if I can get another one quickly), I don't think I will be affected all that much.
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      09-29-2008, 04:33 PM   #26
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Quote:
Originally Posted by Atny286 View Post
Not much (going to be) affected, I guess... Get my salary in USD and EUR...
Also put all my USD in my car: the value of my M3 E90 will be less affected than the cash in the banks or stock...

No loans, nor savings: Spend all you got, but not more!
That's the way I live...
Quote:
Originally Posted by Neurorad View Post
I haven't been affected, and here's my story:

All the stocks I own are in 401K, so I won't be touching those for 30 years.

I don't plan on changing houses for 20 years, unless I get a better job offer in another city.

I've never relied on a bonus for anything.

There is nothing I really need to buy, except maybe a car with better MPG.

I know that material possessions don't bring happiness (only fleeting).

The ones losing their jobs are in the economics sector.


You 2 are hitting on something that is the root cause of this crisis is that you 2 are apparently spending within your means.

The root cause of these defaults and subsequent devaluation of the subprime mortgage tranches and the credit default swaps is people cannot pay for their purchases or were silly to get fooled by ARMs with a big ass increase in rates.

The tightening of credit and the increase cost of borrowing is going to hit us all at some point.

I can't help but think about numerous posters here that are barely scraping by paying for their cars.
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      09-29-2008, 04:33 PM   #27
Voltigeur
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Everyone is affected in one way or another: even if you don't access credit the costs in the system have gone up, for companies from whom you buys goods and services. Sure, if you don't need to access the retirement account for decades you can ride it out: but it takes more than 10% up to recover from 10% down (geometric returns).

This is a systemic shock that has not even fully played out.
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      09-29-2008, 04:45 PM   #28
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I work for a non-profit, and we invest very conservatively, so we should be ok. The big problem for us will be inflation over the next few years as the treasury can't seem to turn off the money presses lately.
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      09-29-2008, 04:48 PM   #29
Voltigeur
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Quote:
Originally Posted by T Bone View Post
The tightening of credit and the increase cost of borrowing is going to hit us all at some point.

I can't help but think about numerous posters here that are barely scraping by paying for their cars.
Yep. I too make it a point to live w/in my means and that also means owning most of my home, the quaint notion of equity.

I too think there's some posters who will be stretched and some for whom financing will not be available (or at onerous rates).

Even have second thoughts myself: should I trim my desired ride, not because it's not do-able but because my natural inclination is to want to make up for investment losses ...
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      09-29-2008, 08:51 PM   #30
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Quote:
Originally Posted by blue-coupe View Post
I work for a non-profit, and we invest very conservatively, so we should be ok. The big problem for us will be inflation over the next few years as the treasury can't seem to turn off the money presses lately.
Which non profit do you work for?

Sad to say, If you work for a charity that gets funded from donors, your non profit may be affected as well...

The stock market impact will be felt by all people when they check their brokerage account or 401 K tomorrow.

I work in retail and this is going to be one of the worst holiday seasons for consumer spending. My budget for new projects and expenses have already been cut by 40% Luckily, no layoffs yet, but when companies start tightening the belt, the effects are not good for anyon - less contracts, less money being paid out....

I'm sort of sickened by this whole mess...
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      09-29-2008, 09:28 PM   #31
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yeah a loan that lenders should not have been giving to people that cant afford it and do not have a stable job/careers. So now its hard to get a loan from banks/lenders
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