Bail-outs

awip2062 · Post by **awip2062** » Fri Oct 03, 2008 11:50 am

Thing is with the market, you can make and lose large amounts in a short time, but really, it is over a long time that you need to be there if you really want to do well.

And, yeah, Zep's right, the life is not about our money, nice as the money can be, it is about relationships.

ElfDude · Post by **ElfDude** » Fri Oct 03, 2008 12:10 pm

"Anybody who says that money can't buy happiness doesn't know where to shop!"

-- Lovey Howell

Walkinghairball · Post by **Walkinghairball** » Fri Oct 03, 2008 12:19 pm

"Money can't buy happiness, but it can buy beer and hookers."~WHB

YYZ30 · Post by **YYZ30** » Fri Oct 03, 2008 1:05 pm

Walkinghairball wrote:"Money can't buy happiness, but it can buy beer and hookers."~WHB

Wot he said.

Walkinghairball · Post by **Walkinghairball** » Fri Oct 03, 2008 5:57 pm

CygnusX1 wrote:
Walkinghairball wrote:
CygnusX1 wrote:Maybe, they can throw an extra, say...$5,000 in there... to bail ME OUT of MY market losses?

Yeah, I've lost about 5k....I'm not ashamed to admit it.

BAIL ME OUT!

I haven't even looked to see where the 2k we have/had, has ended up.
Dude, you better pick up the phone.

I called my financial guy today.

I had 5k in it to start which at it's peak had grown to about $6,700. Right now it is at $5,700. I still have mah munny!!!!!

If I was to cash it out, I would pocket about $4,400. Taxes and penalties are a mofo.

awip2062 · Post by **awip2062** » Fri Oct 03, 2008 6:54 pm

Good for you, Bro!

Walkinghairball · Post by **Walkinghairball** » Fri Oct 03, 2008 8:49 pm

Oh yeah, and I have been doing the 401k at work for about a half a year now, so eventually I will roll them together.

ElfDude · Post by **ElfDude** » Mon Oct 06, 2008 9:03 am

Just got a surprise phone call from bill2112 (or whatever his screen name is on here). He just called to catch up, but we ended up talking a little about this mess going on.

Bill has been climbing the corporate ladder at Countrywide for a long time, and has a little bit of insight into what's been happening. He mentioned that the VP debate misrepresented what's happened, along with anyone who keeps blaming deregulation. In his words, "There's been no deregulation of the lending industry. Our states regulate the HELL out of us!"

So I asked him about the 1999 LA Times article I posted in here... the one that praises the Clinton administration for pressuring the industry to give mortgages to folk who normally wouldn't qualify. He laughed. He stated that that was absolutely true but that the industry actually liked it, because they saw it as the potential to make a lot more money. And for a while they did. Bill was a "risk manager" at the time and he stated that he was very vocal in his opposition to what was going on. And he predicted trouble in the future. Not global trouble like we're seeing now, but trouble for the company. But a lot of the top guys liked it because they made millinons on it. And it didn't hurt BIll either at the time. He said the bonuses were GREAT. He was able to take his girlfriend and her daughter on a great 10-day vacation to France with bonus money.

But it's coming back to bite everyone now.

awip2062 · Post by **awip2062** » Mon Oct 06, 2008 10:10 am

And it is biting hard!

Seen the headlines of what is going on in other nations as they are looking at our economy? Next thing we are going to see -- headlines that WE are to blame for their economies tanking.

Big Blue Owl · Post by **Big Blue Owl** » Mon Oct 06, 2008 10:29 am

It's a small world, after all.

ElfDude · Post by **ElfDude** » Mon Oct 06, 2008 10:39 am

Oh NO! You're not gonna get THAT song stuck in my head!!!

*cranks up the iPod*

awip2062 · Post by **awip2062** » Mon Oct 06, 2008 11:12 am

*belts out*

Iiiiiiiiiit's a Barack world after all!

ElfDude · Post by **ElfDude** » Mon Oct 06, 2008 11:14 am

*runs away with hands over ears*

*should have said "runs for the hills with hands over ears"*

YYZ30 · Post by **YYZ30** » Mon Oct 06, 2008 11:24 am

awip2062 wrote:
And, yeah, Zep's right, the life is not about our money, nice as the money can be, it is about relationships.

Tell that to my mortgage company!!!

awip2062 · Post by **awip2062** » Mon Oct 06, 2008 11:26 am

LOL Well, I think they think that money is happiness.