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09-28-2008, 09:01 PM | #1 |
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Anyone affected by the Wall Street meltdown?
Tell us your story.
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09-28-2008, 10:48 PM | #5 | |
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09-29-2008, 06:47 AM | #7 |
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I expect my year end bonus to be effected so I'll probably take a 20-30% pay cut from last year, but the bank I work for is solvent and I expect to have a job for the foreseeable future so its not as bad as it could be.
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09-29-2008, 07:16 AM | #8 |
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No more $30k bonuses for i-bankers making $80k.
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09-29-2008, 09:00 AM | #9 |
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09-29-2008, 09:08 AM | #10 |
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Stated Loans are basically a mortgage where the issuer (lender) does not take the steps to verify the borrower's level of income. That is to say, they only require the borrower to "state" their income, and take it as their word. So before all of the turmoil in the housing market, anyone could have gotten a mortgage (poor lending standards) which led to the huge meltdown.
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"You will get there, but it is up to you and you alone. It is what you are willing to do, and how you are willing to get there. You must be relentless, you must be tireless, you must pursue at all costs, so that you are ready, when the time is right." -Dad
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09-29-2008, 09:19 AM | #11 | |
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09-29-2008, 09:22 AM | #12 |
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no your right, the two names are interchangeable. They refer to basically the same type of loan.
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"You will get there, but it is up to you and you alone. It is what you are willing to do, and how you are willing to get there. You must be relentless, you must be tireless, you must pursue at all costs, so that you are ready, when the time is right." -Dad
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09-29-2008, 10:35 AM | #14 |
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very good.
Since the money system is global it affects the whole world. Oil valued in dollars, weaker dollar, more expensive oil for everyone. Weaker dollar does mean USA exports more competitvely priced abroad which should lead to some kind of receovery as exports increased. |
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09-29-2008, 11:42 AM | #15 |
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You may always consider hedging your open positions with Proshare ultrashort funds. Naked short positions have been temp. unavailable. Try to look at the market more objectively and uncertain conditions should clear up. Due to recent volatility, I have been market neutral, and not expecting trending conditions to last. What has change for me is either trade mostly intraday or withstand wide ranging moves for longer term holdings. I'm positioned in both. Ouchy on the longer term so far.
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09-29-2008, 11:42 AM | #16 |
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Jaiman, glad to hear your bank is still solvent. Are there stricter regulations in Canada regarding debt / asset ratios / solvency?
Also, anyone try to get a loan recently??
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09-29-2008, 12:36 PM | #17 | |
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I'm also in the process of mortgage shopping and so far, beyond the elimination of the 0 down and the max 35 year amortization, I haven’t noticed any real difference. |
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09-29-2008, 03:21 PM | #19 |
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09-29-2008, 03:24 PM | #20 |
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agreed...lower level employees wont see as a significant cut (percentage wise) in their bonuses.
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"You will get there, but it is up to you and you alone. It is what you are willing to do, and how you are willing to get there. You must be relentless, you must be tireless, you must pursue at all costs, so that you are ready, when the time is right." -Dad
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09-29-2008, 03:35 PM | #22 |
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I think my bonus is toast and I don't want to review mine or my wife's brokerage statements.
There's a lot of people will find it hard to get credit - even Bimmer buyers. CEO of AN said they were turning away 15-20% of deals due to tightening standards - and we haven't even peaked on delinquencies for this cycle.
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