I have been reading every financial article I can find tonight. Is anyone else feeling very nervous about the downfall of Lehman and this Merril Lynch buyout? I feel like we are nearing a depression.
Espo22
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Re: NWR - Wall Street Woes
Posted by MrsDrinkh20
Posted by VickiR510
Seriously, but it always gets worse before it gets better. So hopefully we will begin the uphill climb!!!???
good attitude! I certainly hope so!
it is a normal process and this is a cycle that has happened before. There are even charts that show exactly how it happens and even when to expect it many times, and studies done on this. So it will go up but it will be some time. Some financial specialists are even able to predict that this can happen but many get greedy and ignore it.
One of my moms clients told them from a while ago this was going to happen, about a year before EVERYTHING started. What she did was sell all her corporate stocks and put it all into gold and oil, she was smart lol
shoegal68
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Re: NWR - Wall Street Woes
Posted by Espo22
Posted by beram63
Posted by Espo22
The other day all i thought was 'if this keeps getting worse, i am moving out of the US for 2 years or so' when Dh got home from work he said 'lets just move to europe' seems like we're on the same page if it wasnt for his job, i would do this
we talked seriously about moving to france. it seems more and more like an option.
here's the thing though--a crashing US market is going to affect the entire industrialized world. asian and european markets are feeling this as bad as we are, and in some cases, it's worse.
ETA: just heard on CNN that barclay agreed to buy a piece of lehman, which should save 10,000 jobs.
i honestly want to move to spain for a short period of time. The lifestyle is just so different, people in europe REALLY enjoy their lives. Its not all just spend your life working and then family 2nd. Family comes first in europe, and enjoying yourself too. You will have big cities like NYC but everyone is so nice, relaxed, ppl arent rushing and have that mentality. Its so nice and different.
Its sad but now its like you have to dedicate your life to working here, and family comes 2nd. Jobs expect more now from ppl, they want you to stay late, come in weekends if they need you. And god forbid you have a family its like they dont care. You spend anywhere from 8-12 hours a day at work, and some even more and then you have like 4-5 hours if that with your family and its not like its mostly quality time, you cook, clean have other things to do and then try to get some time with them. Thats why you see mostly 20-something people at large corporations.
It would be nice to do for a year or two.
i agree with you here. when i went to Italy EVERYTHING shut down for lunch for about 3 hrs they do know how to live & aren't as stressed as we are.
MrsInglima
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Member since
Re: NWR - Wall Street Woes
Posted by IrishBrideASmiling
Posted by beram63
i've been reading a lot of stuff about this and trying to wrap my brain around what that means for the US and the global market aside from obvious job loss. lehman is closing bc of the huge losses from the mortgage craze, right?
why were the financial institutions that are struggling now so willing to give mortgages away to anyone and everyone? this would have inevitably come down the pipe after lending money to people who can't really afford to pay you back i swear this is an innocent question; i'm just trying to understand the whole thing.
The reason for the mortgage boom was because houses were at an all time high, therefore people were borrowing more. Alot of mortgage brokers were offering a sub prime mortgage to these people. People thought this was a great idea. I mean if i were sitting in front of a broker with my credit score of 100 and I was offered a mortgage at a reduced interest rate, I might just jump on it myself without reading the fine print about fees, adjustable rates, etc.
OH and the best are these interest only mortgages. People would buy houses and only pay the interest, but alot of people forget that they eventually they have to pay the actual mortgage payment at some point.
I think the reason why these mortgages were given was to a. get people in homes and b. get their bonuses.
I used to work in Foreclosures and its really scary. The bank is taking houses left and right but they cannot get what is owed to them since the houses are not worth what they were when they lent them to people when they got their mortgages 5-6 years ago. They end up either holding onto the house which costs the bank more money or sells it at a lower price than what is owed to them and they lose money.
You realize this is similar to a HUGE reason why the Great Depression happened? It was the introduction to the idea of buying things on credit and so they gave it out to tons of people then realized that not there wasn't a set system in place for how to deal with it, on top of a lot of people eventually not being able to pay it off. So things collapsed. It really scares me.
