US's credit rating downgraded. First time in History.

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blazerboy30 said:
Those of us in the younger generation that still have a work ethic and are trying to be successful in earning for ourselves are angry about the completely broken government and the ludicrous spending.

Those others in the younger generation who don't want to work and have been raised with the I-deserve-things-to-be-given-to-me attitude will direct their anger at these so-called "hoarders of wealth"... which is actually just the group I mention above who were willing to work for things instead of expecting gifts.
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Well-said! People who work hard and pay their own way through life usually believe in smaller government. On the other hand, an amazing number of people seem to think the government exists just to provide for their needs . . . an attitude I have never understood.
 
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Denny Crane said:
Lol. Insurance doesn't work when the company spends the pooled money on some other social program.
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Social security holds domestic debt, essentially an investment in the US. They do not directly fund other programs, that is up to the Goverment to decide. I am sorry I have to rehash this too, but it's not just "social programs" that "waste money". Goverment is free to chose what they want to spend money on, "Pay down debt or go to war?", "Give tax cuts or pay down debt?"

Lots of insurance companies take your money & invest it into different instruments. Sometimes they don't actually have the money to pay out(e.g. AIG).
 
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blazerboy30 said:
Those of us in the younger generation that still have a work ethic and are trying to be successful in earning for ourselves are angry about the completely broken government and the ludicrous spending.

Those others in the younger generation who don't want to work and have been raised with the I-deserve-things-to-be-given-to-me attitude will direct their anger at these so-called "hoarders of wealth"... which is actually just the group I mention above who were willing to work for things instead of expecting gifts.
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Well said. I would rep you if I did that sort of thing
 
Klinky said:
Well, I guess insurance can't work either under your logic. The idea that people contribute to a pool of money, some of whom will not receive full or any benefit from is ludicrous! Almost as ludicrous as saying that someone who's paid into something is getting it for free.
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Wow, do you not understand insurance. The probability of my house burning down is much lower than my probability of living to 65 and beyond. Furthermore, insurance is risk-adjusted. If I'm more likely to make a claim, then my rates go up. Fuck, my SS has been capped for years, even as I get older. It's almost the opposite of insurance. It's an annuity.
 
Klinky said:
Social security holds domestic debt, essentially an investment in the US. They do not directly fund other programs, that is up to the Goverment to decide. I am sorry I have to rehash this too, but it's not just "social programs" that "waste money". Goverment is free to chose what they want to spend money on, "Pay down debt or go to war?", "Give tax cuts or pay down debt?"

Lots of insurance companies take your money & invest it into different instruments. Sometimes they don't actually have the money to pay out(e.g. AIG).
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The govt. IS AIG. Too big to fail with nobody big enough to bail it out.

You can use faulty logic that the the govt. didn't directly spend the trust funds, but it found a way to make those funds fungible with the general fund and spends $2 for every $1 in it.

I don't want a govt. that spends 40% of GDP. Do tell what kind of tax increase is needed to go from 20% to 40%. The clue us DOUBLE every tax the govt. puts on us now.
 
LOL at CNN saying the sell off is an overreaction and everything is fine. :biglaugh:
 
what about obama's speech today? fucking horrible. this guy is unfit to manage a mcdonalds.
 
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It's going to take a hell of a comeback for Obama to be a two-term president at this point. It almost doesn't matter who runs against him. In fact, it may be better for him to pull an LBJ.
 
My gold has doubled, so I appreciate the over reaction.

I will never be rich with gold, but I like my retirement chances with it
 
Dow got crushed today. Good time to buy?

I "stocked up" when the Dow was below 10,000. I swore when it was in the 11,000 range that if it ever dropped below 10,000 again, I'm all in (really 80% but all in sounds better). I swore whatever the situation, if it goes below 10,000 I'm going on a shopping spree. But got to say I'm nervous about buying right now.

I guess the Dow wouldn't be this low if people thought it was a good time to buy. Really the only way the Dow is going to go below 10,000 is on terrible economic news . . . but who wants to buy during a bad economic times and bad economic news . . . but if you beleive in the market, it will always come back . . . but then there is Obama . . . oh what to do?
 
Treaty_of_Batum said:
Dow got crushed today. Good time to buy?

I "stocked up" when the Dow was below 10,000. I swore when it was in the 11,000 range that if it ever dropped below 10,000 again, I'm all in (really 80% but all in sounds better). I swore whatever the situation, if it goes below 10,000 I'm going on a shopping spree. But got to say I'm nervous about buying right now.

I guess the Dow wouldn't be this low if people thought it was a good time to buy. Really the only way the Dow is going to go below 10,000 is on terrible economic news . . . but who wants to buy during a bad economic times and bad economic news . . . but if you beleive in the market, it will always come back . . . but then there is Obama . . . oh what to do?
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I would also be nervous, I would wait a bit to see where we bottom out.

Obama does not have any solutions so far. He hinted at maybe some tax and entitlement reform today.
 
BofA looks incredibly cheap. They're supposedly going to be sued for $billions though.
 
10 billion suit from AIG

Fannie and Freddie got downgraded too, and BofA is heavily involved in mortgage securities.

fell 20% today. bleh..the bleeding has just started.
 
AIG shouldn't even be in business.

I don't think BofA is going out of business at all. They've been a strong bank for years, even back in the days when south american countries were defaulting on their debts.

Unless I'm missing something, they're a buy and hold and you could 5x your money in time.
 
well, they are "too big to fail".

however they are still holding a bunch of bad mortgages and when the rates go up we're going to have a revisit of foreclosuremania.
 
Treaty_of_Batum said:
Dow got crushed today. Good time to buy?

I "stocked up" when the Dow was below 10,000. I swore when it was in the 11,000 range that if it ever dropped below 10,000 again, I'm all in (really 80% but all in sounds better). I swore whatever the situation, if it goes below 10,000 I'm going on a shopping spree. But got to say I'm nervous about buying right now.

I guess the Dow wouldn't be this low if people thought it was a good time to buy. Really the only way the Dow is going to go below 10,000 is on terrible economic news . . . but who wants to buy during a bad economic times and bad economic news . . . but if you beleive in the market, it will always come back . . . but then there is Obama . . . oh what to do?
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Well I guess I won't have to cross this bridge as the Dow is up over 400 today. I was even going to start buying at 10,500. Maybe just a bounce today.
Damn, should have gone all in last time.

Those who don't beleive in the US economy should be quick to sell right now . . . quick, cash out.
 
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