what about this world wide financial crisis?
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eddyvluggen wrote:
whilst everybody participated
I've kept myself out of this mess for a good while, saving money and waiting for the end of this ridiculous bubble where people who couldn't afford to buy a house were pushing up the prices with ever more extended credit. I've got a good bit of cash saved up but of course now that the government has used my money to prop up the whole pyramid scheme the crash won't happen to the extent that it ought to. Never mind, for the first time in 5 years i'm adding money to the pot and it's becoming a greater percentage of the house price rather than continually diminishing. Russell
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You know two people who speak polari? and You claim to be straight! :laugh:
------------------------------------ "October: This is one of the peculiarly dangerous months to speculate in stocks in." - Mark Twain
Touché! Strangely, when I asked gay friends about it none of them had a clue about it. I wonder if a secret language is no longer so important now that it's not illegal, and in most circles not even an issue, to be gay.
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I was referring to the "you wouldnt expect a great nation with stable financial strategies can be the start or the cause of this worldwide market meltdown..." bit. That is clearly delusional.
Christian Graus Driven to the arms of OSX by Vista.
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what do you think of this financial crisis.. you wouldnt expect a great nation with stable financial strategies can be the start or the cause of this worldwide market meltdown... how it happens? why now? with all of the high tech computerization still things like economic worldwide meltdown can't be detected or anticipated?:rose:
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what do you think of this financial crisis.. you wouldnt expect a great nation with stable financial strategies can be the start or the cause of this worldwide market meltdown... how it happens? why now? with all of the high tech computerization still things like economic worldwide meltdown can't be detected or anticipated?:rose:
I know exactly what is causing the financial crisis. I can't say because the truth hurts people too bad and millions would argue. I can say, however, it isn't greed. It is something worse.
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Happiness in intelligent people is the rarest thing I know. -- Ernest Hemingway
Most of this sig is for Google, not ego. -
I know exactly what is causing the financial crisis. I can't say because the truth hurts people too bad and millions would argue. I can say, however, it isn't greed. It is something worse.
Need software developed? Offering C# development all over the United States, ERL GLOBAL, Inc is the only call you will have to make.
Happiness in intelligent people is the rarest thing I know. -- Ernest Hemingway
Most of this sig is for Google, not ego.Ennis Ray Lynch, Jr. wrote:
I know exactly what is causing the financial crisis. I can't say because the truth hurts people too bad and millions would argue.
Ah, go on, spill. To me, being no expert, it seems obvious that people who actually produce nothing tangible (i.e. most of the finance industry) cannot continue to extract huge amounts of money from a closed system (albeit global) and expect that nothing bad will happen. It's easy to think of these as small amounts but when you hear of one guy being paid $980,000,000 and multiply this by the number of leeches, over many years, then the total would be scary. Perhaps someone could explain the theory of mortguage defaulters to me - don't the banks simply re-possess the property to be re-sold? Where do they lose out? :confused: Rich
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Ennis Ray Lynch, Jr. wrote:
I know exactly what is causing the financial crisis. I can't say because the truth hurts people too bad and millions would argue.
Ah, go on, spill. To me, being no expert, it seems obvious that people who actually produce nothing tangible (i.e. most of the finance industry) cannot continue to extract huge amounts of money from a closed system (albeit global) and expect that nothing bad will happen. It's easy to think of these as small amounts but when you hear of one guy being paid $980,000,000 and multiply this by the number of leeches, over many years, then the total would be scary. Perhaps someone could explain the theory of mortguage defaulters to me - don't the banks simply re-possess the property to be re-sold? Where do they lose out? :confused: Rich
Rich Leyshon wrote:
don't the banks simply re-possess the property to be re-sold?
That's true. But one of the biggest problems right now is that the properties that are being foreclosed aren't worth anywhere close to what they were originally mortgaged for. Home values in the US - especially on the East Coast and West Coast, where most of the problems are - have been dramatically inflated for the last several years due to high demand for housing in certain areas. That's the bubble people have mentioned. About two years ago, that bubble began to burst as we reached a point of oversupply, and home values began to fall, in some cases as quickly as they rose. Now that those houses on which the lenders issued sub-prime mortgages (betting that the values would continue to rise) aren't worth as much, the lenders can't recoup their investments when the borrowers default. Ed
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what do you think of this financial crisis.. you wouldnt expect a great nation with stable financial strategies can be the start or the cause of this worldwide market meltdown... how it happens? why now? with all of the high tech computerization still things like economic worldwide meltdown can't be detected or anticipated?:rose:
Rose Wi-Fi Tech wrote:
with all of the high tech computerization still things like economic worldwide meltdown can't be detected or anticipated?
Denial, plain and simple. Some experts have been warning for the last couple of years that we were heading into a recession (or worse), but those in charge didn't listen until it was too late. Ed
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Rich Leyshon wrote:
don't the banks simply re-possess the property to be re-sold?
That's true. But one of the biggest problems right now is that the properties that are being foreclosed aren't worth anywhere close to what they were originally mortgaged for. Home values in the US - especially on the East Coast and West Coast, where most of the problems are - have been dramatically inflated for the last several years due to high demand for housing in certain areas. That's the bubble people have mentioned. About two years ago, that bubble began to burst as we reached a point of oversupply, and home values began to fall, in some cases as quickly as they rose. Now that those houses on which the lenders issued sub-prime mortgages (betting that the values would continue to rise) aren't worth as much, the lenders can't recoup their investments when the borrowers default. Ed
Thanks Ed, I see what you're saying but my problem is perhaps more fundamental. I assume (perhaps wrongly) that the total amount of wealth on the planet has remained roughly constant - I mean there aren't any massive crop failures, all the money that was in circulation presumably still is. So, if all the wealth (including cash) is still in existence and everybody is short of money, I want to know who's got it all? :confused: Rich
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what do you think of this financial crisis.. you wouldnt expect a great nation with stable financial strategies can be the start or the cause of this worldwide market meltdown... how it happens? why now? with all of the high tech computerization still things like economic worldwide meltdown can't be detected or anticipated?:rose:
It's been excellent for us just as the last one was. We make an application that makes a company more efficient and it always does noticeably better every time the financial markets take a downturn. Also the Canadian dollar is getting hammered for no appreciable reason since Canada is supposed to be better set up than nearly all of the g8 to weather this storm but we get paid in US dollars which are converted to Canadian so even a slight drop in the Canadian dollare vs the U.S. means thousands more dollars for us each month. Our sales have been so high that one of our marketing companies has contacted us saying a reporter doing stories on companies that do well in financial hard times wants to interview us. We said no of course, no good can come of that.
"It's so simple to be wise. Just think of something stupid to say and then don't say it." -Sam Levenson