[nyczyang27]

So what do you financial guys think? Did we bottom out from the bear stearns deal? Are we seeing a bounce back? or this is just the beginning? Give me your intellectual thoughts..

[!Xoible]

i dont have your answers, im far from being an expert on the economy but i thought i'd share something i was reading earlier this morning

http://www.american.com/archive/2007...ession-of-2008

[Kiemyster]

its been around for at least 6 months in the NY-LI area. it will stay around for another 2.5 years, and will pull up.

nows the time to buy bitches!

[Kiemyster]

Originally Posted by cars4lyfe

I HOPE I'm wrong.

well... ur not... sorry to tell you that

[batchelorc]

All i know is I'll soon be looking to buy a house and hopefully I'll score a great deal!

[Kiemyster]

Originally Posted by batchelorc

All i know is I'll soon be looking to buy a house and hopefully I'll score a great deal!

i think it would be impossible not to ahah

[Bobby_Light]

No where near the bottom. Check out 'Peter Schiff' on youtube. Guy has predicted this entire scenario and even wrote a book about it called "Crash Proof."

The government will continue to fiddle with the economy which will only lead to more bleeding. Let the market correct itself alreday. Repeated intervention is NOT the answer, and they will only delay the inevitable economic collapse.

[txusa03]

this is a buyer market and not a seller market. If you sell your house in this time, you are screw if you are buying a house in this time, you should get a great deal on house.

[TurboFan]

I agree with most of what cars4lyfe says about the economic issues. I don't fully agree with the political points, but that's another thread.

I don't think we are at the bottom, I do think housing will continue to slide in the hottest markets. Others will meander within a few % of their current levels for a few years.

Housing could NEVER sustain those gains, and people who thought they could were nuts. The other issue here is the value of the dollar. It's going to help us in the long run to have a weaker dollar, but it is a bit painful for the debt markets right now. This contraction will eventually be good for the long term economic health of the country, but I think it will be another painful couple of years.

I am on the fence on the govt intervention. One side of me says get the pain over with, gov't stay out. The other side says the social fall-out would be devastating, and most Americans would not weather it well in the short-term.

I do know that "free trade" hasn't been so free. We've paid a steep price here, shown mostly in consumer gluttony. That is going to haunt us for some time.

[Kiemyster]

all i can say, is everyone echange your US savings into a foreign currency, and put it in a far far away island. Ie. trinidad or cayman islands. doing this wont help america, but for your own sake.....

this isnt just going to be a couple of years. no no, examine the financial pyramid of society. we saw that this all started with 200 mortgage lenders shut down, and the chain reactions have been insane. the thing is, theres no end to them. one thing will lead to another. America is in for some shit. Speaking with intel based from new york's real estate market, i think this will last no less than 5-7 years. good luck to you all. this is going to be a tough fucking time.... for everyone. i was gonna move back up... but im having second thoughts. Trinidad's market is falling through also, but we still have natural gas. so its all good. the cost of living here is 1/2 of in the states.

but back to teh market... the government is only making it worse, but essentially a weaker dollar in the long run will make things easier. inflation might be a serious problem, as prices for everythingn will raise, but the money that jobs pay wont. with that imbalance, will trigger a cross country turmoil. we could very well be entering a new era, and we could just possibly see one of the greatest nations (well, tehy think they are anyways) fall on its knees.

can u imagine whats gonna happen when all the foreigners come to invest on american soil on masses? America will essentially loose its structural integrity and take a fall that they will never be able to rise back up agian because they will be at the mercy of foreign economical control.

fuck, its going to be one big pile of shit.

[its ray den]

the economy is always cyclic. what goes up, must come down, and what comes down will go up again. if people were willing to look to the long term in times like these, i think we'll be ok. it's the short sighted people, who are pulling money out of their investments, that are also making things worse for the economy. but don't be stupid. pull out of your bad investments and put into strong ones.

as for govt intervention, i'm not sure if it's helping or not. it can either prolong the inevitable depression, or support the economy to sustain itself until this a balance is reached once again. i don't know how to judge..

[McLuVan]

its here guys

[txusa03]

Originally Posted by Kiemyster

all i can say, is everyone echange your US savings into a foreign currency, and put it in a far far away island. Ie. trinidad or cayman islands. doing this wont help america, but for your own sake.....

this isnt just going to be a couple of years. no no, examine the financial pyramid of society. we saw that this all started with 200 mortgage lenders shut down, and the chain reactions have been insane. the thing is, theres no end to them. one thing will lead to another. America is in for some shit. Speaking with intel based from new york's real estate market, i think this will last no less than 5-7 years. good luck to you all. this is going to be a tough fucking time.... for everyone. i was gonna move back up... but im having second thoughts. Trinidad's market is falling through also, but we still have natural gas. so its all good. the cost of living here is 1/2 of in the states.

but back to teh market... the government is only making it worse, but essentially a weaker dollar in the long run will make things easier. inflation might be a serious problem, as prices for everythingn will raise, but the money that jobs pay wont. with that imbalance, will trigger a cross country turmoil. we could very well be entering a new era, and we could just possibly see one of the greatest nations (well, tehy think they are anyways) fall on its knees.

can u imagine whats gonna happen when all the foreigners come to invest on american soil on masses? America will essentially loose its structural integrity and take a fall that they will never be able to rise back up agian because they will be at the mercy of foreign economical control.

fuck, its going to be one big pile of shit.

if what you predict is true, this could affect your smoking habits as well

[nusevad]

Originally Posted by txusa03

if what you predict is true, this could affect your smoking habits as well

Haha yea i was gonna say that too, but you beat me to it.

I think his bud has gotten to his head too much, it wont be as bad as that. But its not going to be good.

[TheLegacy]

Things are shit now indeed. I went to the local "outlet" to find some spring clothes. I've noticed a lot of tourist there and always have been because the "designer" stuff is less $ here. I've heard of tours from NYC going to woodbury commons in Monroe NY, so they have buses and buses of tourist from overseas going to outlets like this because of the sales

we should get more of this shit going because what better way but to have foreigners buy a bunch of shit in America to boost sales

and i can see more jobs cut but you will NEVER be out of the job if you have the right skills and choose the right jobs

some jobs and people are always in demand

[Island Snow]

check this site before you buy a house...very informative
http://patrick.net/housing/crash.html#news

[highwaystardoritos]

^ shoot if thats the case, I'll just go rent a apartment and get the M3 lol

[Year's_End]

Good god this is a depressing topic.

[darkcloud]

My job isn't going anywhere. 28 years ago my Dad started a business that is in prime territory right now. Its called legal delivery. The service of summons, court orders, divorces and FORECLOSURES. We get stacks upon stacks out of the court daily. This 10 year shit storm is rolling dough right in our front door. Businesses like mine and Foreclosure attorneys will be standing at the top at the end. So I don't mind one bit. Personally I hope it gets worse, if everything goes well for me and I can save and make some good decisions then I'll be partly retiring by 35-40 y/o. I'm 25.

[TurboFan]

Originally Posted by cars4lyfe

Turbofan, unfortunately the politics is directly related to the economics

Bush is not without blame, but Clinton simply milked the investments made during the Regan administration. Clinton did nothing to ensure the prosperity during his administration, he just rode the coat tails of others.

Originally Posted by Island Snow

check this site before you buy a house...very informative
http://patrick.net/housing/crash.html#news

Lots of opinion in his posts, and many of his "facts" are out of context or incomplete.

I think there are great buys out there, but it all depends on what city you are in. SoCal? Keep renting. You haven't seen the bottom. Cincinnati? Lots of deals to be had, and in some areas, prices are on the rise again. In general, I'd stay out of the market in major metro areas unless you really understand the dynamics, but in the second tier cities, there are deals to be had.

His argument about 5% or 7% interest? Are you shitting me? Historically, 7% interest is still damn cheap money. People have been spoiled the last 10 years by cheap money. Ask people buying houses in the late '70's - they were paying 15% or more!

[TurboFan]

Originally Posted by darkcloud

My job isn't going anywhere. 28 years ago my Dad started a business that is in prime territory right now. Its called legal delivery. The service of summons, court orders, divorces and FORECLOSURES. We get stacks upon stacks out of the court daily. This 10 year shit storm is rolling dough right in our front door. Businesses like mine and Foreclosure attorneys will be standing at the top at the end. So I don't mind one bit. Personally I hope it gets worse, if everything goes well for me and I can save and make some good decisions then I'll be partly retiring by 35-40 y/o. I'm 25.

Originally Posted by cars4lyfe

darkcloud, I hope to God you change your views. Hoping things get worse for millions of people just because it benefits your dad's line of business is selfish and I hope God destroys people like you from the face of the Earth.

It's one thing to wish your business thrives and it's another to wish hardships on millions just so you can benefit. Every business needs a demand. It's already there for you, but apparently your lazy ass doesn't know how to fish for it. You prefer desperate people looking for you with their problems.

I hope all good people prosper. I believe it's possible for the entire world to prosper as a whole without the need for a group of people(s) to suffer financially.

Darkcloud, some day you'll see that what may be good for one in the short term is bad for you in the long term.

I will say that in any market condition there is money to be made, if you are in the right place. But rejoycing in the misery of others is simply immature and selfish.

[darkcloud]

Originally Posted by cars4lyfe

darkcloud, I hope to God you change your views. Hoping things get worse for millions of people just because it benefits your dad's line of business is selfish and I hope God destroys people like you from the face of the Earth.

It's one thing to wish your business thrives and it's another to wish hardships on millions just so you can benefit. Every business needs a demand. It's already there for you, but apparently your lazy ass doesn't know how to fish for it. You prefer desperate people looking for you with their problems.

I hope all good people prosper. I believe it's possible for the entire world to prosper as a whole without the need for a group of people(s) to suffer financially.

I'm sorry but no need to be an asshole. I'm not exactly hoping for hardship but I also don't mind the current position things are in either. We had a great business before hand, it's even better now. I guess I spoke too strongly, but to hope "God destroys people like me", simply put GO FUCK YOURSELF. Talk about an unnecessary comment.

Originally Posted by TurboFan

Darkcloud, some day you'll see that what may be good for one in the short term is bad for you in the long term.

I will say that in any market condition there is money to be made, if you are in the right place. But rejoycing in the misery of others is simply immature and selfish.

I've seen what you are talking about. I'm am being neither selfish or immature. I am also not rejoicing in the misery of others. I understand it suck and feel very bad for them, I also see that almost 75% of the properties being foreclosed in my area area 2nd, 3rd or even 4th properties. When the primary house is the foreclosure you can see clear as day that the people should not be living in that house. They clearly overextended and are living well beyond their means.

We've served mansions with brand new Porsche's in the driveway and the people can't pay their electric bill. When they open the door they are clearly not laid off CEO's or anything like that. Sad, Yes but they were the start of their own problem.

My business was created well before this problem ever came up. We just happened to be positioned in the right line of business when this wave came in. We didn't start this business to capitalize on peoples problems nor did we hope for it like you may think. Which there are plenty of businesses that have started up to try and do what we do due to foreclosures.

This is an unfortunate problem for many but to hope things upon me because my business happens to capitalizing off this is wrong as well. I apologize for how I spoke before and didn't mean to sound as cold hearted as I did.