Question about the Economy - Page 9

Question about the Economy

This is a discussion on Question about the Economy within the Off Topic & Humor Discussion forums, part of the The Back Porch category; The failure of the bailout to pass has already caused a trillion dollar loss on the US stock market (that is todays equity wipe out), ...

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  1. #121
    Member Array alfack's Avatar
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    The failure of the bailout to pass has already caused a trillion dollar loss on the US stock market (that is todays equity wipe out), a 5% loss on the Australian stock market, a 4+ % loss on the Japanese market, and this will roll across the entire world and keep on rolling down hill until folks on the hill come to their senses.
    That's just wall street trying to pressure the govt. to force the bail out.

    I actually hope they don't do the bail out so I can buy up a lot of stock at bargain prices with the money I have saved that is not tied up in investments. I know that all of these corporations, with the exception of financial institutions, are not going to fold, just because their stock price is low today. When life gives you lemons, make lemonade.


  2. #122
    VIP Member Array farronwolf's Avatar
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    Hopyard, as long as the feds and the states want everyones tax dollars I should be fine, since I do tax and accounting work.

    I don't foresee them eliminating the income or sales taxes anytime soon. After all if they do come through with some help in the next couple of weeks, they will need more tax dollars for their bail out plan.

    So, I guess I am good for now. If my business does fail for some strange reason, I will find something else to do. Maybe I will start up a cash advance business, that might be something that is needed if things go really bad.
    Just remember that shot placement is much more important with what you carry than how big a bang you get with each trigger pull.
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  3. #123
    VIP Member Array sgtD's Avatar
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    I really don't worry about this crap too much. I have been in my own great depression for about 4 years now, so I've been well trained to do just fine on nearly nothing. I was born poor and if I die poor so be it. Can't take it with you anyway. I'll just try to keep laying up my treasures where they're supposed to be.
    When you've got 'em by the balls, their hearts & minds will follow. Semper Fi.

  4. #124
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    Quote Originally Posted by alfack View Post
    That's just wall street trying to pressure the govt. to force the bail out.
    No, the market is not WS. The markets hate uncertainty, and that's what drove it today, with a big dose of panic.

    Quote Originally Posted by alfack View Post
    I actually hope they don't do the bail out so I can buy up a lot of stock at bargain prices with the money I have saved that is not tied up in investments. I know that all of these corporations, with the exception of financial institutions, are not going to fold, just because their stock price is low today. When life gives you lemons, make lemonade.
    Ditto!

  5. #125
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    Quote Originally Posted by farronwolf View Post
    Maybe I will start up a cash advance business, that might be something that is needed if things go really bad.
    Yea, but the Dems hate that business too - it'll be hammered after they move on to something new.

    I be a tax fella too, small world.

  6. #126
    Member Array alfack's Avatar
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    I took a few years of accounting and used to work for Arthur Andersen, before they went down in flames.

    Let me ask you this. Don't you think the bail out plan above is a gross violation of GAAP? I.e. the same person being in charge of receivables and payables, no checks and balances etc..

  7. #127
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    Great plan if....

    Quote Originally Posted by alfack View Post
    That's just wall street trying to pressure the govt. to force the bail out.

    I actually hope they don't do the bail out so I can buy up a lot of stock at bargain prices with the money I have saved that is not tied up in investments. I know that all of these corporations, with the exception of financial institutions, are not going to fold, just because their stock price is low today. When life gives you lemons, make lemonade.
    That is a great plan, and great planning, and will work wonderfully for you if anyone has purchasing power left to keep the corporations profitable. Buying depressed stock is a wise move if you can afford the gamble that the company won't keep sinking, go into bankruptcy, and your stock value will disappear.

    In my very limited experience, depressed stocks are too often selling above where they should be. When they reach a "right price" a hostile takeover happens. But today, there aren't going to be any leveraged buyouts as no one can get the credit.

  8. #128
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    I thought of that too

    Quote Originally Posted by farronwolf View Post
    Hopyard, as long as the feds and the states want everyones tax dollars I should be fine, since I do tax and accounting work.

    I don't foresee them eliminating the income or sales taxes anytime soon. After all if they do come through with some help in the next couple of weeks, they will need more tax dollars for their bail out plan.

    So, I guess I am good for now. If my business does fail for some strange reason, I will find something else to do. Maybe I will start up a cash advance business, that might be something that is needed if things go really bad.
    No, tax accounting isn't going away, though there will be continued pressure from computer programs and maybe even Uncle will finally come up with some better on-line stuff. And I take it that means you are no Huckabee fan.

    As for the cash advance business, I had actually thought of trying that myself. I've hesitated because I know that the "banking laws" are complex and I don't know enough to not accidentally turn a private loan business into a bank.

    THe other issue with a cash advance business is, it is high risk. Still, I think done right you can turn a nice profit. Were I more of a gambler, and not pretty ill right now, I would consider that.

  9. #129
    VIP Member Array farronwolf's Avatar
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    Actually I wish Huckabee would have gotten the Rep nomination. It would have been a "slam dunk" for the party in Nov.

    Even if their was a "fair" tax which isn't fair at all, there would still have to be an IRS to collect the money. Even Texas which doesn't have an income tax has a comptroller, and large department which he is over. All other states have dept of revenue or finance or someone who collects sales tax, which is essentially what the "fair" or unfair tax would be.

    As long as gov entities want individuals money there will always be a job for someone to figure out how much has to be sent in. Regardless of if it comes from the individual or the business.
    Just remember that shot placement is much more important with what you carry than how big a bang you get with each trigger pull.
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