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10/01/2008 02:29:08 PM · #26 |
Originally posted by GeneralE:
I was wondering if anyone was going to label that comment as bush league ... |
I shouldn't take the bait, but sometimes the one-note hammering is just irritating. :-/ |
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10/01/2008 02:31:45 PM · #27 |
| Not to mention insulting. |
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10/01/2008 02:35:10 PM · #28 |
Originally posted by Spazmo99:
Brush up on my Chinese and go teach the Chinese all I know about engineering military hardware. |
Hmmmmm, the only problem with that is the large quantity of Chinese manufactured goods Americans will not be able to afford.
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10/01/2008 02:46:21 PM · #29 |
| I might have to settle on a 42" LCD HDTV instead of a 50". *sigh* |
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10/01/2008 02:57:20 PM · #30 |
Originally posted by vxpra:
Originally posted by Spazmo99:
Brush up on my Chinese and go teach the Chinese all I know about engineering military hardware. |
Hmmmmm, the only problem with that is the large quantity of Chinese manufactured goods Americans will not be able to afford. |
The U.S. is simply not a big customer of Chinese military hardware. |
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10/01/2008 03:03:05 PM · #31 |
Though it is deemed inappropriate to be pessimistic in any form, it is also foolish not to be thinking about a "Plan B" when it comes to the severity of the situation. This is no longer an issue isolated to the fat cats of Wall Street but an issue that will have some serious impact on many of the things we take for granted. I sincerely hope that the "package" will provide some remedy but am also well schooled enough to realize that extending credit to cover other credit has consequences of its own. It may buy some time for us to reevaluate the situation but its gonna take one heck of a paradigm shift to reestablish some normalcy.
The comment regarding the Chinese may appear as flippant but I feel it to be quite astute.
Geez this has turned into a big mess. |
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10/01/2008 03:08:31 PM · #32 |
Originally posted by Ivo:
The comment regarding the Chinese may appear as flippant but I feel it to be quite astute.
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While the Chinese hold some $1.5 Trillion in US Dollars. The Chinese people, typically, are very risk averse when it comes to their personal finance. On average, they have little personal debt and tend to save a much greater portion of their take-home pay. |
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10/01/2008 03:11:12 PM · #33 |
I work for a publicly-traded company, and our funds were pretty much exhausted on my last paycheck. We're scrambling for some financing, but it's not looking too good.
So I'm considering some new lines of work:
- illegal still operator
- road-kill gourmet
- run with the dingos
- hitch-hiker
- male prostitute
- manage a ring of orphan pick-pockets
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10/01/2008 03:12:31 PM · #34 |
Originally posted by Spazmo99:
Originally posted by Ivo:
The comment regarding the Chinese may appear as flippant but I feel it to be quite astute.
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While the Chinese hold some $1.5 Trillion in US Dollars. The Chinese people, typically, are very risk averse when it comes to their personal finance. On average, they have little personal debt and tend to save a much greater portion of their take-home pay. |
I am painfully aware of their influence the have on the US treasury and though the Chinese are considered risk averse on their personal finance, I believe the momentum of their expansive appetite has a voice of its own and possibly an agenda which may come to light soon enough.
Beautiful day though ya think? ;-) |
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10/01/2008 03:25:07 PM · #35 |
Originally posted by Spazmo99:
Originally posted by vxpra:
Originally posted by Spazmo99:
Brush up on my Chinese and go teach the Chinese all I know about engineering military hardware. |
Hmmmmm, the only problem with that is the large quantity of Chinese manufactured goods Americans will not be able to afford. |
The U.S. is simply not a big customer of Chinese military hardware. |
But, they still need a big supply of money to produce their military hardware. Although, isn't it interesting how governments have always seemed the find the abillity to buy weapons, not matter how bad their economy. |
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10/01/2008 03:26:22 PM · #36 |
Originally posted by HawkeyeLonewolf:
Originally posted by Strikeslip:
Assuming there is going to be another Great Depression. What are your plans?
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*IF* there were, which there is not, then I plan to just deal with it as it comes. Not much else that could be done.
Calling this a depression is insulting to those who truly struggled during the real one.
People now are not struggling. People now are merely inconvenienced and we're spoiled and don't like that.
I see crowds of people even now getting dinner out, shopping, etc. And oddly, they are still getting their CARS WASHED! Not by a machine, but by hand.
There were some bad loans made to risky people which drove up the value of homes irrationally... then the values went down.
That's it.
Most of the rest is ONLY consumer confidence. The economy must be bad because we keep getting told it is. |
Sounds like someone needs a hug. |
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10/01/2008 03:28:28 PM · #37 |
Originally posted by vxpra:
Originally posted by Spazmo99:
Originally posted by vxpra:
Originally posted by Spazmo99:
Brush up on my Chinese and go teach the Chinese all I know about engineering military hardware. |
Hmmmmm, the only problem with that is the large quantity of Chinese manufactured goods Americans will not be able to afford. |
The U.S. is simply not a big customer of Chinese military hardware. |
But, they still need a big supply of money to produce their military hardware. Although, isn't it interesting how governments have always seemed the find the abillity to buy weapons, not matter how bad their economy. |
Exactly, but the Chinese economy will feel much less the effect of the coming financial poopstorm and China will, thus be a more desirable market to sell one's services. Especially if those services are highly valued by their government.
Message edited by author 2008-10-01 15:28:54. |
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10/01/2008 03:32:48 PM · #38 |
Originally posted by Spazmo99:
Originally posted by vxpra:
Originally posted by Spazmo99:
Originally posted by vxpra:
Originally posted by Spazmo99:
Brush up on my Chinese and go teach the Chinese all I know about engineering military hardware. |
Hmmmmm, the only problem with that is the large quantity of Chinese manufactured goods Americans will not be able to afford. |
The U.S. is simply not a big customer of Chinese military hardware. |
But, they still need a big supply of money to produce their military hardware. Although, isn't it interesting how governments have always seemed the find the abillity to buy weapons, not matter how bad their economy. |
Exactly, but the Chinese economy will feel much less the effect of the coming financial poopstorm and China will, thus be a more desirable market to sell one's services. Especially if those services are highly valued by their government. |
Does your employer (or maybe the FBI) know your plans? And remember, my silence can be purchased. |
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10/01/2008 03:40:56 PM · #39 |
Originally posted by vxpra:
Originally posted by Spazmo99:
Originally posted by vxpra:
Originally posted by Spazmo99:
Originally posted by vxpra:
Originally posted by Spazmo99:
Brush up on my Chinese and go teach the Chinese all I know about engineering military hardware. |
Hmmmmm, the only problem with that is the large quantity of Chinese manufactured goods Americans will not be able to afford. |
The U.S. is simply not a big customer of Chinese military hardware. |
But, they still need a big supply of money to produce their military hardware. Although, isn't it interesting how governments have always seemed the find the abillity to buy weapons, not matter how bad their economy. |
Exactly, but the Chinese economy will feel much less the effect of the coming financial poopstorm and China will, thus be a more desirable market to sell one's services. Especially if those services are highly valued by their government. |
Does your employer (or maybe the FBI) know your plans? And remember, my silence can be purchased. |
There's not a lot they could do, they can't really restrict exporting what's in my head.
Message edited by author 2008-10-01 15:41:12. |
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10/01/2008 03:48:47 PM · #40 |
Originally posted by Spazmo99:
Originally posted by vxpra:
Originally posted by Spazmo99:
Originally posted by vxpra:
Originally posted by Spazmo99:
Originally posted by vxpra:
Originally posted by Spazmo99:
Brush up on my Chinese and go teach the Chinese all I know about engineering military hardware. |
Hmmmmm, the only problem with that is the large quantity of Chinese manufactured goods Americans will not be able to afford. |
The U.S. is simply not a big customer of Chinese military hardware. |
But, they still need a big supply of money to produce their military hardware. Although, isn't it interesting how governments have always seemed the find the abillity to buy weapons, not matter how bad their economy. |
Exactly, but the Chinese economy will feel much less the effect of the coming financial poopstorm and China will, thus be a more desirable market to sell one's services. Especially if those services are highly valued by their government. |
Does your employer (or maybe the FBI) know your plans? And remember, my silence can be purchased. |
There's not a lot they could do, they can't really restrict exporting what's in my head. |
Famous last words my friend, famous last words. :)
Message edited by author 2008-10-01 15:49:58. |
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10/01/2008 04:13:17 PM · #41 |
Seems to me that the US government would have done darn near anything to avoid this sort of blowup just weeks before a major election. I think the current rescue plan is just enough to calm nerves and try and stabilize things on a superficial level long enough for incumbents to get re-elected. In the longer term, it seems the only way for the government to finance this is:
1) Raise taxes, putting a further strain on the economy;
2) Issue more debt, but it is unclear to me who will buy this debt, even China seems to have it's fill of US monetary obligations;
3) Print new money nonstop, then you can look forward to inflation, perhaps even a small chance of hyperinflation.
I personally think taking a position in precious metals may be a smart move, even with gold at nearly $900/oz.
Stay tuned, 2009 is going to be a wild ride... |
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10/01/2008 04:27:36 PM · #42 |
I got an email with a wonderful solution.
I guess it's gonna cost $85 Billion to buy AIG. So the idea is to take that $85 billion and give it to every american 21 and older. If there are 330 million, about 200 million will be over 21.
That's a lot of money, so I suppose we can all pay tax on it, say 30%. That leaves $297,500 for every person age 21 and over in the US. $595,000 for a married couple.
With $595,000 my wife and I would pay off the mortgage and probably buy a house (or two) for investment purposes. So long housing crisis, so long mortgage crisis. That'd leave us some $250,000 still to deal with.
Well, good buy credit card debt, hello new car, new appliances, and some clothes, and yeah, that BIG screen TV I've always wanted. Boy, is the economy humming now!
And the remaining $150k would go into savings for college or retirement or some such. That fixes bank's liquidity, wall street would be pumping, etc.
As for AIG? Sell teh friggin thing at a yardsale. If you need insurance buy it elsewhere. If you need your claim paid, well, you just got $300 grand buddy, deal with it. The AIG employees would also be getting 297,500 each so they're doing fine.
And because we all pay the tax on this it only costs the Govt 59billion, not 80. And not $700 billion either.
So you can do the math if you don't believe me (i didn't believe the email either, but the math works).
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10/01/2008 04:33:07 PM · #43 |
| I'm going to finally live my dream of being a professional burden on society. |
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10/01/2008 04:37:50 PM · #44 |
Originally posted by Prof_Fate:
I got an email with a wonderful solution.
I guess it's gonna cost $85 Billion to buy AIG. So the idea is to take that $85 billion and give it to every american 21 and older. If there are 330 million, about 200 million will be over 21.
That's a lot of money, so I suppose we can all pay tax on it, say 30%. That leaves $297,500 for every person age 21 and over in the US. $595,000 for a married couple.
With $595,000 my wife and I would pay off the mortgage and probably buy a house (or two) for investment purposes. So long housing crisis, so long mortgage crisis. That'd leave us some $250,000 still to deal with.
Well, good buy credit card debt, hello new car, new appliances, and some clothes, and yeah, that BIG screen TV I've always wanted. Boy, is the economy humming now!
And the remaining $150k would go into savings for college or retirement or some such. That fixes bank's liquidity, wall street would be pumping, etc.
As for AIG? Sell teh friggin thing at a yardsale. If you need insurance buy it elsewhere. If you need your claim paid, well, you just got $300 grand buddy, deal with it. The AIG employees would also be getting 297,500 each so they're doing fine.
And because we all pay the tax on this it only costs the Govt 59billion, not 80. And not $700 billion either.
So you can do the math if you don't believe me (i didn't believe the email either, but the math works). |
I dont mean to bust your bubble, but if you divide 86 Billion by 200 million you get roughly 425 , yes. only 425 each. I think you might have added too many zeroes in that billion number. A bilion is only a thousand times a million. Not a million times a million. |
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10/01/2008 04:38:24 PM · #45 |
Originally posted by Prof_Fate:
I got an email with a wonderful solution.
I guess it's gonna cost $85 Billion to buy AIG. So the idea is to take that $85 billion and give it to every american 21 and older. If there are 330 million, about 200 million will be over 21.
That's a lot of money, so I suppose we can all pay tax on it, say 30%. That leaves $297,500 for every person age 21 and over in the US. $595,000 for a married couple.
With $595,000 my wife and I would pay off the mortgage and probably buy a house (or two) for investment purposes. So long housing crisis, so long mortgage crisis. That'd leave us some $250,000 still to deal with.
Well, good buy credit card debt, hello new car, new appliances, and some clothes, and yeah, that BIG screen TV I've always wanted. Boy, is the economy humming now!
And the remaining $150k would go into savings for college or retirement or some such. That fixes bank's liquidity, wall street would be pumping, etc.
As for AIG? Sell teh friggin thing at a yardsale. If you need insurance buy it elsewhere. If you need your claim paid, well, you just got $300 grand buddy, deal with it. The AIG employees would also be getting 297,500 each so they're doing fine.
And because we all pay the tax on this it only costs the Govt 59billion, not 80. And not $700 billion either.
So you can do the math if you don't believe me (i didn't believe the email either, but the math works). |
Good thing you aren't taking my math class, you'd get an F.
I already did the math and it doesn't work because $85 Billion divided by 200 Million people is $425/person. Or, to check, you can multiply $425,000 by 200 Million and you get $85 Trillion, 1000 times the AIG deal.
Snopes has debunked this as well.
As I posted earlier in this thread, taking the entire proposed $700B bailout and using Census Bureau estimate for the number of adults in the U.S. works out to $3060/person.
Message edited by author 2008-10-01 16:42:53. |
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10/01/2008 04:38:48 PM · #46 |
Indeed. In fact, the Spaz debunked this one several days ago. See this thread.
Spaz to the rescue once again!
Message edited by author 2008-10-01 16:39:33. |
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10/01/2008 04:43:29 PM · #47 |
Originally posted by Prof_Fate:
I got an email with a wonderful solution.
I guess it's gonna cost $85 Billion to buy AIG. So the idea is to take that $85 billion and give it to every american 21 and older. If there are 330 million, about 200 million will be over 21.
That's a lot of money, so I suppose we can all pay tax on it, say 30%. That leaves $297,500 for every person age 21 and over in the US. $595,000 for a married couple.
With $595,000 my wife and I would pay off the mortgage and probably buy a house (or two) for investment purposes. So long housing crisis, so long mortgage crisis. That'd leave us some $250,000 still to deal with.
Well, good buy credit card debt, hello new car, new appliances, and some clothes, and yeah, that BIG screen TV I've always wanted. Boy, is the economy humming now!
And the remaining $150k would go into savings for college or retirement or some such. That fixes bank's liquidity, wall street would be pumping, etc.
As for AIG? Sell teh friggin thing at a yardsale. If you need insurance buy it elsewhere. If you need your claim paid, well, you just got $300 grand buddy, deal with it. The AIG employees would also be getting 297,500 each so they're doing fine.
And because we all pay the tax on this it only costs the Govt 59billion, not 80. And not $700 billion either.
So you can do the math if you don't believe me (i didn't believe the email either, but the math works). |
Might want to check your math again on that equation- 85 billion divided by 200 million = 425.
ETA
man, I'm a bit slow..;)
Message edited by author 2008-10-01 16:44:41. |
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10/01/2008 04:55:34 PM · #48 |
Could you imagine if every american 21 year and older just suddenly had $300,000 free and clear cash?
It would be insanity. Pretty unlikely that people would just pay off their homes and set up college funds.
Some would, but tons of others would spend it foolishly. Look at lottery statistics to get some kind of idea. Many lottery winners end up in debt!
Do you think we would be better or worse as a society if everyone received a $300K check in the mail tomorrow? |
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10/01/2008 04:58:33 PM · #49 |
Originally posted by JaimeVinas:
Im moving to Australia and live in the outback to run with the dingos. |
It's not all beer and furry animals! |
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10/01/2008 05:41:14 PM · #50 |
| Yeah, also lots of poisonous snakes and spiders - the big hairy kinds, even the cutesy little blue-ringed octopus can kill you with one nip...have fun! I'm gonna stay here in Canada and take my chances with rabid wildlife and the local rednecks. |
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