Bill 700 vetoed

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    PTFlea
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    Bill 700 vetoed

    Post by PTFlea on Mon Sep 29, 2008 4:57 pm

    http://www.cnn.com/

    Big problems with the Bailout Bill 700 being vetoed. Who knows where to start, but this is going to crush a lot of innocent bystanders. Some will argue that they need to learn their lessons, some will argue that it's all about confidence. Get people back to trading ASAP, but regardless of your stance, there are a lot of people in the line of fire here.
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    PKC
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    Re: Bill 700 vetoed

    Post by PKC on Mon Sep 29, 2008 5:25 pm

    If you have a moderate amount of money invested in the market, now would be the time to start hitting the panic button. Without launching into a massive spiel about market forces and the impact it has on regular investors, I will say that this is going to have an effect on us. Maybe not tomorrow morning, or this week, but it will absolutely have an effect on us.

    The Dow Jones already dropped about 700 points I believe.
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    Re: Bill 700 vetoed

    Post by PTFlea on Mon Sep 29, 2008 5:27 pm

    PKC wrote:If you have a moderate amount of money invested in the market, now would be the time to start hitting the panic button. Without launching into a massive spiel about market forces and the impact it has on regular investors, I will say that this is going to have an effect on us. Maybe not tomorrow morning, or this week, but it will absolutely have an effect on us.

    The Dow Jones already dropped about 700 points I believe.

    Indeed it has. Panic is settling into the US right now - and the trickle down effect will be fairly substantial here as well.

    700 points...imagine that...only a week after it dropped 600 points.
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    Re: Bill 700 vetoed

    Post by Cronie on Mon Sep 29, 2008 7:55 pm

    700 points?!?! Jebus!
    Well, I'll be renewing our mortgage for at least another 5 years, and I'll need a new lease for a new car, so something tells me that I should be doing that sooner rather than later!

    Speaking of leases: we were looking at a Dodge journey, and the lease rate, no matter WHAT the term was a whopping 14%!!! MY jaw hit the floor!
    Times will be getting tougher it seems.
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    Re: Bill 700 vetoed

    Post by PTFlea on Tue Sep 30, 2008 12:03 am

    Cronenbergfan wrote:700 points?!?! Jebus!
    Well, I'll be renewing our mortgage for at least another 5 years, and I'll need a new lease for a new car, so something tells me that I should be doing that sooner rather than later!

    Speaking of leases: we were looking at a Dodge journey, and the lease rate, no matter WHAT the term was a whopping 14%!!! MY jaw hit the floor!
    Times will be getting tougher it seems.

    Why is that I wonder? With gas prices the way they are they should be giving away cars. Bastards.
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    Re: Bill 700 vetoed

    Post by Cronie on Tue Sep 30, 2008 8:07 am

    Tell me about it.

    Apparently, GM and Dodge are getting out of Leasing (it seems they are losing money; although some could argue it's not because of leases but rather their lack of quality in their products). Whereas at VW or Honda, their lease rates are phenomenal!

    Something scary is coming, and that's why I'm glad I just renewed my mortgage for a kick-Donkey rate...
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    Re: Bill 700 vetoed

    Post by PKC on Tue Sep 30, 2008 9:45 am

    I'd honestly look at a Nissan if I were you. The standards of their cars has gone so high up since even 10 years ago, that they are barely recognizable compared to their ascendents.
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    Re: Bill 700 vetoed

    Post by shabbs on Tue Sep 30, 2008 9:52 am

    This is some pretty scary stuff going on down there... in the absence of some sort of bail-out package, the US economy is going to continue to tank and will affect us for sure. I was quite surprised that the bill did not pass yesterday but I guess some people felt that these companies need to fend for themselves and fix their own problems. It's a nice idea, but this problem has gotten so huge that it's affecting the entire US economy and beyond. I hope they do get some sort of package together that makes sense and can stop the downward spiral or else it's going to be very hard times.

    For those with investments... it's a scary time but don't hit the panic button. Talk to your financial advisor and remember it's about the long term. This may end up being a good time to buy.
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    COLLAR UP
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    Re: Bill 700 vetoed

    Post by COLLAR UP on Tue Sep 30, 2008 10:06 am

    PKC wrote:If you have a moderate amount of money invested in the market, now would be the time to start hitting the panic button. Without launching into a massive spiel about market forces and the impact it has on regular investors, I will say that this is going to have an effect on us. Maybe not tomorrow morning, or this week, but it will absolutely have an effect on us.

    The Dow Jones already dropped about 700 points I believe.

    On the contrary...if you have disposable income...now is the time to BUY...BUY...BUY...

    The market is at its lowest...and people are panicking and selling low...

    over time...it will go back up...
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    Re: Bill 700 vetoed

    Post by Cronie on Tue Sep 30, 2008 10:26 am

    PKC wrote:I'd honestly look at a Nissan if I were you. The standards of their cars has gone so high up since even 10 years ago, that they are barely recognizable compared to their ascendents.

    Thanks PK. Will do. Smile

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    Re: Bill 700 vetoed

    Post by Guest on Tue Sep 30, 2008 10:48 am

    COLLAR UP wrote:
    PKC wrote:If you have a moderate amount of money invested in the market, now would be the time to start hitting the panic button. Without launching into a massive spiel about market forces and the impact it has on regular investors, I will say that this is going to have an effect on us. Maybe not tomorrow morning, or this week, but it will absolutely have an effect on us.

    The Dow Jones already dropped about 700 points I believe.

    On the contrary...if you have disposable income...now is the time to BUY...BUY...BUY...

    The market is at its lowest...and people are panicking and selling low...

    over time...it will go back up...

    Absolutely, if you have some cash you can make a fortune in this type of market. Patience and smarts makes big $$$. Like anything else though, you have to have some $$$ to make some $$$.
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    Re: Bill 700 vetoed

    Post by Cronie on Tue Sep 30, 2008 10:54 am

    exactly.

    A friend of mine bought up a HUGE chunk of Menu foods stock during that massive recall and he made out like a bandit. Their stock has since rebounded quite nicely.

    Naturally, I would think he's thinking of doing the same thing with Maple Leaf Foods too.

    Patience, $$ and a few ulcers later COULD either get you MORE shirts or completely LOSE your shirt... LOL
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    Re: Bill 700 vetoed

    Post by smash88 on Tue Sep 30, 2008 1:20 pm

    Cronenbergfan wrote:Tell me about it.

    Apparently, GM and Dodge are getting out of Leasing (it seems they are losing money; although some could argue it's not because of leases but rather their lack of quality in their products). Whereas at VW or Honda, their lease rates are phenomenal!

    Something scary is coming, and that's why I'm glad I just renewed my mortgage for a kick-Donkey rate...

    Yeah this really sucks, cause we are looking for our first house... It's probably the worst time to be doing that now...
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    Re: Bill 700 vetoed

    Post by smash88 on Tue Sep 30, 2008 1:22 pm

    COLLAR UP wrote:
    PKC wrote:If you have a moderate amount of money invested in the market, now would be the time to start hitting the panic button. Without launching into a massive spiel about market forces and the impact it has on regular investors, I will say that this is going to have an effect on us. Maybe not tomorrow morning, or this week, but it will absolutely have an effect on us.

    The Dow Jones already dropped about 700 points I believe.

    On the contrary...if you have disposable income...now is the time to BUY...BUY...BUY...

    The market is at its lowest...and people are panicking and selling low...

    over time...it will go back up...

    Yeah your definitely right about that! Lots of money to me made for those who have it and are patient...
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    Re: Bill 700 vetoed

    Post by Acrobat on Tue Sep 30, 2008 10:47 pm

    This is all my opinion:
    Several people (so called experts) have pointed out a few things that are reassuring, even without the bailout passing:

    • Bear sentiment is at its highest point ever - about 37% - and typically, each massive downturn has begun to level and then reverse soon after bear sentiment crosses 30% (this was true even for the Great Depression, however my argument to this is that the reversal in that case only came one J.P. Morgan and his band of "richies" set up the Fed (no, the Fed is not directly controlled by the US government, but was set up by the banks to oversee the banks; nice, huh?); we have no evidence that a similar process is happening now)

    • P/E ratios are now lower than historical averages, and in fact are lower than each of the six deepest downturns since 1900

    • we are now seeing headlines that mirror those seen in each of the deepest three downturns since and including the Great Depression (mirror in terms of degree of panic, hyperbole, and high-level government "blame")

    • the variability in the market indices, as well as individual stock, that we are seeing in recent weeks, is typically seen only at the extremes of the "cycle" (poor term, but will use it for now) - recall that during the tech boom, and during the recent good years it was consistently up but in much smaller increments until the bottom was about to fall out, then suddenly it started to whip-saw


    I've done a ton of reading on this (my kids' RESP and my RRSP was all in US stocks and doing great up until this), but I'm certainly no financial expert myself, so all this is based on what I've read. What the consensus seems to be is to:
    1. Invest with a long-term horizon; if you need the money short term, then you are taking your chances either way (in or out)
    2. Do not leverage - no buying on margin as it will only accentuate any losses that may come in, and will potentially force you to sell before you want to
    3. There are stocks that are bargains (Berkshire Hathaway, if you have $4500 per share, otherwise Coke, Pepsi, J&J, PG, etc) - at least if these don't go up for a while, they will pump out dividends, which you can reinvest)
    4. Tough to call where house prices in Canada will go (probably flat, not down), but interest rates will likely go up; plan mortgages and car loans accordingly


    Finally, keep in mind that Bush and family huge stock-holders, and they were hit hard by this, so was McCain, and to a lesser extent so was Obama. Most of the members of the House and Senate is also fairly wealthy, and thus was hit hard. More importantly, they all get $$ from these companies that may not exist come the next election, if they don't act appropriately. So they have their own self-interests to defend.

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