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      10-17-2008, 02:16 PM   #1
esscolab
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Is the credit crunch getting you down?

Tough times ahead.

Work for a Hedge Fund, never know I have a job to go back to next week.

Worst case, sell the 135i!!!

Any1 else feeling the pinch ?
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      10-17-2008, 05:07 PM   #2
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50% of hedge funds wont make it thru the year...thast what i heard, tough one. i trade FOREX now, the EUR/USD pair in particular and its so easy...have you looked into that, keep the 135!
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      10-17-2008, 09:55 PM   #3
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Question: What is the difference between an investment banker in today's market and a pigeon?

Answer: The pigeon can still make a deposit on a BMW.

; -)
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      10-21-2008, 07:15 PM   #4
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Well, we had a meeting today at work and the boss gave the old: ,You don't have to worry about being laid off," speech.

Maybe I'm just pessimistic, but I took it more like an, "If profits don't go up, or the economy doesn't improve," speech.
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      10-22-2008, 03:15 AM   #5
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Had exactly the same speech last week, the fact they are having to give it concerns me more.
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      10-22-2008, 04:12 AM   #6
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Much of my employer's income is provided from the Fed via fighting forest fires, once a stable source, now, I'm not planning any purchases other than food, gas and paying existent debt.
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      10-22-2008, 06:29 PM   #7
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Quote:
Originally Posted by Mega Man View Post
Well, we had a meeting today at work and the boss gave the old: ,You don't have to worry about being laid off," speech.

Maybe I'm just pessimistic, but I took it more like an, "If profits don't go up, or the economy doesn't improve," speech.
i'm having to give that stupid speech every week. i hope my bosses or the economy don't make me into a liar later on.

anyway, bttt - i'll be fine as long as i still have a job. i have no credit card debt and live well below my means. taking serious losses on a 401k and a personal stock portfolio, but i don't need the money for a long time so as long as i have my income i'll survive
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      10-22-2008, 06:39 PM   #8
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yes
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      10-23-2008, 02:25 AM   #9
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No but my 401k is take a big beating and I am generally angry at the speculators and financial industry. They knew what was coming; I spoke to Countrywide employees and they knew loans were being pushed onto people who could't afford. Today's testimony on capitol hill further strengthen what we have guessed all along. Reckless behavior of people on Wall st. putting the nation's and people's well being in jeopardy.

Here's an email transcript saved between two analyst.

Quote:
"It could be structured by cows and we would rate it," one analyst said.

In another internal exchange, a Standard & Poor's analyst in 2006 told a co-worker, "Let's hope we are all wealthy and retired by the time this house of cards falters."
I am lucky that I still have 20-30 years before retirement so my 401k can recover but the baby boomers who were going to retire in the next 5 years are going to have it rough. Who will pay for their health care? Is government to step in again with universal healthcare? Who will foot the bill in the future? Us those who are in our 20-30s.

That's my rant. I am done.
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      10-23-2008, 03:36 AM   #10
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We are having similar issues in the UK. We are now officially in a recession according to the BOE. I put of moving house until mid Nov, have to wait until we know if our investors stay with us or take their money and go elsewhere.
Everything is very uncertain in the city, fueled by paranoia and lack of trust with the UK's/US economy.

Everyone here is angry as the poor old tax payer is footing the bill, while the fat cats in the banks still get their huge bonuses at the end of year for their complete mismanagement.
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      10-23-2008, 01:12 PM   #11
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My college fund has tanked $20,000 in the past 5 weeks. I am very sad.
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      10-23-2008, 01:13 PM   #12
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Not really, being that I've no intention of borrowing money any time in the near future. In fact i've been paying down debt as much as possible...the only thing I owe money on is the car and it might be going before long too.

IRA is taking little hits here and there of course, but at my age what happens in 2008 is of little day-to-day relevence anyway.

People should probably be getting rid of as much debt as possible and be putting some cash away in case the credit crunch turns into a job crunch.
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      10-23-2008, 02:44 PM   #13
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401K is getting raped.. but should recover in 5 years. Don't know how much my house has depreciated. Again, hope to be in it for awhile. Don't think my government contracting job will go away but you never know. Would probably not have bought my 1'er if I had known this was coming just out of basic paranoia and deal hunting.

Sympathies to those at risk and feeling the pain of this. It's going to be tough but if you're smart enough to be in this forum, I'm thinking you're going to ultimately do well. I have great confidence in you.
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      10-23-2008, 09:21 PM   #14
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I don't have any money in the market at all right now, but about 90% of my company's business is with auto manufacturers and their suppliers. We build expensive custom assembly equipment (starting around $50k, up to around $5 million). We've got solid orders through the end of the year, but after that it's starting to look a little thin. Most of the stuff we've got going now was already in the works before this whole mess really hit, and I'm guessing our slowdown will just lag theirs by 6 months. I'm expecting to be layed off before summer, and am planning accordingly. Not much else you can do. Maybe I'll be able to draw unemployement through the summer concert season
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      10-23-2008, 09:50 PM   #15
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My IRA has made 4% since March. 'Doing quite well and as an employee of the DoD, I have excellent job security. On the other hand, I get sent to Iraq every 12 months. We all have issues of one sort or another.
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      10-24-2008, 04:22 AM   #16
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The layoff is coming. Unemployment is always the lagging indicator, so as soon as market bottoms companies will start laying off workers. I have no debt and no major expenses but I am doing mba part time and in a market for a house. Worst comes I will sell the 135i for tuition but I hope we don't have to come to that.
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      10-24-2008, 04:56 AM   #17
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The company for which I work recently signed contracts with the Italian forest service, the Australian forest service, plus, NASA, with any luck, those agreements should keep the hot rod in the garage. Where's the crossed-fingers smiley?:wink::biggrin:
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      10-24-2008, 03:44 PM   #18
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Luckily, our clients are utility companies like electric power, gas and water which will be least impact by tough time like this. I feel sorry for those who are loosing their jobs and wish them luck. In a tough time like this, we all just have to keep our spirit up and look for a better day tomorrow.
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