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  1. #1
    vinylmartyr
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    Default So

    Someone break down whats happening with the stock market.

  2. #2
    Member Quadromarshia's Avatar
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    "Beer summit '09"

    Quote Originally Posted by Alchemy View Post
    Incase you can't find it, it's called Obamachusetts.
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  3. #3
    vinylmartyr
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    Default Re: So

    I want to hear it from a coachella board members perspective.

  4. #4

    Default Re: So

    i got my happy birthday message today.

    my birthday was two months ago!

    thank you coachella
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    [innergorilla] anyone like adrian sherwood?
    [innergorilla] he's got this album, 'never trust a hippy'....its good.
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  5. #5
    Member Quadromarshia's Avatar
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    Default Re: So

    This reminds me of when all those banks were bought up and consolidated during the depression. Of course there aren't a whole lot of small banks these days.

    A couple weeks ago, would anyone even had the passing thought of a big bang like Washington Mutual being bought?
    "Beer summit '09"

    Quote Originally Posted by Alchemy View Post
    Incase you can't find it, it's called Obamachusetts.
    State Tree: The Man-Eating Tree.
    State Bird: The Dragon.
    State Song: Bring Da Ruckus.
    Population: Awesome.
    Abortions: Yes.

  6. #6
    Coachella Junkie chairmenmeow47's Avatar
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    Default Re: So

    these giant drops are almost becoming normal. people panic, the media buzzes about it for a few days, and then things go back to normal.
    Quote Originally Posted by malcolmjamalawesome View Post
    It's when we discuss Coachella that we are at our collective dipshittiest.

  7. #7
    Coachella Junkie Pixiessp's Avatar
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    Default Re: So

    i am as in the dark as you are. I used to have my 401k with Merrill Lynch. I guess it is a good thing I don't anymore. Although their stock is up because of the buyout by BofA.
    Quote Originally Posted by insbordnat View Post
    If you're in a relationship that causes Ancestry.com to crash, it's probably inappropriate.

  8. #8
    vinylmartyr
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    Default Re: So

    so the stock market being down 500 points is no big deal?

  9. #9
    Coachella Junkie Blinken's Avatar
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    Default Re: So

    Shit it is down 504 today. Basically the banks are falling because of bad debt, and that sector is where the majority of the loss is happening right now. WAMU is plumminating, and everyone is getting out the financial stocks right now, hell Merrill Lynch was bought for 50 Billion this weekend, that is a rediculissly low amount compared to what they worth a year ago. It is going to get alot worse before it starts to get better.
    Quote Originally Posted by TomAz View Post
    The Smiths - makes me think bin Laden has a point.

  10. #10
    Coachella Junkie Pixiessp's Avatar
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    Default Re: So

    my company is up for grabs. It's a scary time for me.
    Quote Originally Posted by insbordnat View Post
    If you're in a relationship that causes Ancestry.com to crash, it's probably inappropriate.

  11. #11
    Coachella Junkie chairmenmeow47's Avatar
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    Default Re: So

    Quote Originally Posted by vinylmartyr View Post
    so the stock market being down 500 points is no big deal?
    well, it's down even further than it was earlier today. earlier today it was at 250, and i can think of a few instances in recent history where that has happened. i'm not an expert though. 500 is a big deal, but i have a feeling the market will correct itself. there is just so much volatility these days, these types of swings are becoming the norm. which isn't "good", it's just becoming more normal. today is definitely getting worse though; didn't realize were down to 500 now. but major changes like lehman's bankruptcy & lynch being bought out tend to trigger a lot of activity. i'll definitely be tuning into marketplace tonight for the full report of what happened
    Quote Originally Posted by malcolmjamalawesome View Post
    It's when we discuss Coachella that we are at our collective dipshittiest.

  12. #12
    old school downingthief's Avatar
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    Default Re: So

    Quote Originally Posted by vinylmartyr View Post
    so the stock market being down 500 points is no big deal?
    Yes, and no. It is definitely magnified due to what industry (banking) is being hit the hardest right now. It's a credit driven economy. If banks won't lend money, or even worse...don't have the money to lend, that spells trouble for consumers and businesses alike.

  13. #13
    Member Quadromarshia's Avatar
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    Default Re: So

    Panic is the last thing that the economy needs, and the media doesn't help. If we see widespread panic- people taking all their money out of banks, selling all their stocks, etc, that's going to hurt the economy even more.
    "Beer summit '09"

    Quote Originally Posted by Alchemy View Post
    Incase you can't find it, it's called Obamachusetts.
    State Tree: The Man-Eating Tree.
    State Bird: The Dragon.
    State Song: Bring Da Ruckus.
    Population: Awesome.
    Abortions: Yes.

  14. #14
    Member Cpt. Funkaho's Avatar
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    Default Re: So

    Basically, the instability of the mortgage lending industry is spreading to the big financial lenders/brokerages... the essential problem is the same as it was in 1929, only with regard to different things: lenders are very poorly regulated, and though we would hope they would act responsibly without the government making them, in practice they don't. They lend money to people who have no hope of paying it back, and do so many times beyond their actual financial reserves. It isn't a problem until you get past the tipping point of not having enough cash to cover the bad bets you made that are coming back to bite you in the ass.

    The problem is that once it starts, it runs away with itself- no one wants to be stuck on board a sinking ship, so once word gets out that, say Merrill Lynch is unstable, investors panic and pull their capital, which exacerbates the problem. A lender which might have been able to make it through somehow is suddenly worse than broke. Enter Bank of America, who has purchased Countrywide and Merrill Lynch, as well as other defaulting lenders.

    So far there haven't been too many effects on the layperson (at least direct effects, as there have been many derivative effects), but it all trickles back down to us. It's going to get worse before it gets better.
    Quote Originally Posted by youguysallsuckfatcock View Post
    now you guys are really pissing me off. especiall you walrus fucker

  15. #15
    Coachella Junkie chairmenmeow47's Avatar
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    Default Re: So

    i've got a solution! let's go to war with iran!
    Quote Originally Posted by malcolmjamalawesome View Post
    It's when we discuss Coachella that we are at our collective dipshittiest.

  16. #16
    zeezus amyzzz's Avatar
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    Default Re: So

    LET'S START A WAR!! ANY WAR!!! I SAY RUSSIA!

    USA!
    USA!
    USA!
    Quote Originally Posted by guedita View Post
    Because fucking millenials that's what

  17. #17
    Coachella Junkie Blinken's Avatar
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    Default Re: So

    to hell with Iran, I say Germany. Got us out of one depression, lets do it again.
    Quote Originally Posted by TomAz View Post
    The Smiths - makes me think bin Laden has a point.

  18. #18
    Coachella Junkie chairmenmeow47's Avatar
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    Default Re: So

    Quote Originally Posted by amyzzz View Post
    LET'S STAR A WAR!! ANY WAR!!! I SAY RUSSIA!

    don't worry, palin's got that covered
    Quote Originally Posted by malcolmjamalawesome View Post
    It's when we discuss Coachella that we are at our collective dipshittiest.

  19. #19
    old school Jon Blazed's Avatar
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    Default Re: So

    It means layoffs.

  20. #20
    Coachella Junkie Pixiessp's Avatar
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    Default Re: So

    Quote Originally Posted by chairmenmeow47 View Post
    don't worry, palin's got that covered
    http://www.youtube.com/watch?v=HfrEoXWAU5Q
    Quote Originally Posted by insbordnat View Post
    If you're in a relationship that causes Ancestry.com to crash, it's probably inappropriate.

  21. #21
    Young blood
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    Default Re: So

    death.

    The time is upon us. I told ya'lls this was going to happen.

  22. #22
    Member Quadromarshia's Avatar
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    Default Re: So

    Quote Originally Posted by chairmenmeow47 View Post
    don't worry, palin's got that covered
    She outta know, Alaska is near Russia.
    "Beer summit '09"

    Quote Originally Posted by Alchemy View Post
    Incase you can't find it, it's called Obamachusetts.
    State Tree: The Man-Eating Tree.
    State Bird: The Dragon.
    State Song: Bring Da Ruckus.
    Population: Awesome.
    Abortions: Yes.

  23. #23
    The Fro PassiveTheory's Avatar
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    Default Re: So

    I think WAMU will actually be bought, which kinda sucks since they're currently my bank.
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    Quote Originally Posted by TomAz View Post
    Cara. Don't judge a man for not being able to formulate a coherent thought. On an internet forum of all places.

  24. #24
    Young blood
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    Default Re: So

    WAMU is next weeks casualty.

  25. #25
    The Fro PassiveTheory's Avatar
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    Default Re: So

    Quote Originally Posted by Young blood View Post
    WAMU is next weeks casualty.
    I blame you... Okay, I don't, but I'll have some sort of illogical attachment to the line of thought that it's somehow your fault.

    I figure removing oneself from society's ills is how my generation will cope with everything. "It's not my fault" --> The motto of youth.
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    Quote Originally Posted by TomAz View Post
    Cara. Don't judge a man for not being able to formulate a coherent thought. On an internet forum of all places.

  26. #26
    The Encyclopedia bmack86's Avatar
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    Default Re: So

    I'm surprised I found a job as quickly as I did with all the recent economic turmoil.
    Quote Originally Posted by canexplain View Post
    Remember Hitler? I don't but here we are again .. cr****

  27. #27
    Member Cpt. Funkaho's Avatar
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    Default Re: So

    Quote Originally Posted by bmack86 View Post
    I'm surprised I found a job as quickly as I did with all the recent economic turmoil.
    Try to hold onto that job. The job market is probably going to get tighter in the near future.
    Quote Originally Posted by youguysallsuckfatcock View Post
    now you guys are really pissing me off. especiall you walrus fucker

  28. #28
    old school downingthief's Avatar
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    Default Re: So

    I'm thankful that I have a pretty steady job. Being in Sales does have its advantages. If you hit your numbers, you have solid job security.

  29. #29
    Young blood
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    Default Re: So

    There are stories floating around that if you go into any WAMU and ask for over $3,000 even if you have it in your account, they wont be able to give it to you because they don't have enough cash on hand.

    panic.

  30. #30
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: So

    #1 is the Top Reason, but also special attention to 3 & 4

    1. Fed Funds Rate was kept at historic lows…for too long (Starting in the mid-90s, and again in the early 2000s).

    2. Because rates were kept at historic lows for too long, inflation has gone through the roof…and the value of the dollar sank through the floor.

    3. With such low interest rates, people who previously could not afford ‘things’ were able to afford them…for too long. People bought homes they couldn’t afford, boats, SUVs, vacations, swimming pools, vacation homes, condos to speculate on, etc…People also for some reason, assumed that rates would stay at historic lows forever and did not plan for scenarios where they could no longer afford such luxury items. Just because housing appreciated at 30% / year for a couple years, people assumed that it would continue forever. Now, Banks, Investment Banks, and other Investors are stuck with bad loans that people just feel it’s OK to walk away from.

    4. People migrated from ‘value-added’ jobs to jobs that provided little-to-no value to the overall economy. Instead of learning something valuable to the economy, people ‘flipped houses’, became real-estate agents or loan officers, Vegas boomed, and the entertainment industry grew through the roof—all things that added back no overall value to the economy.

    5. Instead of investing in the technological innovation, people spent money and dedicated their time to worthless endeavors.

    6. Housing Supply was overbuilt in the last 15 years by over 5 Million units relative to increasing demand (increase in population).

    7. Now it’s hard to get a loan and therefore demand on Real Estate, Cars, etc… is lower than ever.

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