Entry level recession profiteering

[Korbal]

hahahaha.. wow. Yes, yes it is.

[Camerous]

well you guys can take it for what it's worth.

Yesterday we had a builders meeting. There were people there that are
multi-millionaires and heads of companies netting 100 million + a year. Every SINGLE one has lost over a million dollars already this year. The housing market here is so devastated that it may never recover. Yes I know... a small section of the country does not reflect the whole and all that. But here is the thing... as we sat there talking it occurred to me.. if these men in this room who have made billions of dollars don't see an end to the current situation and are being told by their accountants to quietly remove all their liquid assets to other countries to prevent their money from being lost in the backlash that is coming... what is the common person going to do?

What are they going to do when businesses close down and fire all of them? When it is going to be so you can't even get a loan to buy a car to replace the one that just blew up on you? When you can't get a loan to replace equipment that is broken or worn out?

My father went to get a loan for a new loader and was denied because the bank informed us they were not loaning any money out at all. That the existing loans they had were being defaulted on so much that their parent bank had put a freeze on their loan department... and this was my father who has taken out million dollar loans before... and yet he couldn't even get 50k for a new loader? And you think the common man is going to get some cash when he couldn't?

You are in denial if you think that we are almost to the bottom of how far this is going to drop. I just hope that when it is all said and done we have a country left.

A year from now we'll come back to this post and see how right I am. GOD help us all.

[Cad]

Originally Posted by Camerous

My father went to get a loan for a new loader and was denied because the bank informed us they were not loaning any money out at all. That the existing loans they had were being defaulted on so much that their parent bank had put a freeze on their loan department... and this was my father who has taken out million dollar loans before... and yet he couldn't even get 50k for a new loader? And you think the common man is going to get some cash when he couldn't?

Both my bank and car dealer offered to finance my latest new car bought last month, and at good rates too. Not sure where everyone is coming up with this "can't get loans at all, anybody!" stuff.. maybe business loans are affected and not consumer loans?

[earthfell]

First time I think I will agree with Camerous. This is going to be worse than the 1930s. I would worry less about profiteering and more about not starving to death in the next 10 years. Too many people are still stuck in their 1990s world view and completely ignore the massive bodies of scientific evidence that show we are on the precipice of disaster. It has everything to do with overpopulation, pollution, and destruction of natural resources. I watched that video about what is going on in Zimbabwe right now and that is my fear of what will happen here.

Once California runs out of fresh water (10-20 years) I am not sure what will happen, especially since every stream, river, and bay is saturated with mercury(if dredged) from the gold rush. Will there be massive starvations across the US? Depends on what goes on in the midwest, I suppose. Not to mention there will be no more sea life by 2100 at the rate we are going.

So Camerous is telling it like it is from his perspective, and I am doing the same from mine. Sorry that the future isnt going to be a happy place to raise a family. this isnt 1929, there will be no war to take us into another 1950s. we've got 7 billion people, nukes, water wars, pollution, massive extinctions, and global warming that previous generations did not have to contend with.

if someone can refute anything i am saying, with facts and not with mindless insults, please do. Not so i can debate you, but because maybe you'll have a valid argument and some of my fears about the future will weigh less heavily on my shoulders. no one wants more than me to think i am just being paranoid, and lumie-esque.... nothing would make me happier than being wrong in this.

[splok]

Originally Posted by Camerous

Every SINGLE one has lost over a million dollars already this year. ...

it occurred to me.. if these men in this room who have made billions of dollars don't see an end to the current situation ...

Well, not to get in the way of the doom/gloom predictions, but if they didn't see it coming, why would you expect them to see how it will end? Making a ton of money doesn't necessarily require one to be good at predicting the future.

[Strifen]

There is no end unless US consumers drastically start buying more houses and somehow start requesting a ton of loans to get the banks back on their feet. The problem is though, the US consumer is so in debt and more and more are getting in foreclosures we will never be able to return to the same rate of credit expansion.

We are in for a serious shift in the economic system and the way things are done, unfortunately, there are tons of people out there that will refuse to realize this until the last minute. The whole global trade system is on the verge of going kaput before 2012.

Once again: http://www.comstockfunds.com/files/NLPP00000%5C292.pdf

[Eomer]

Originally Posted by earthfell

Too many people are still stuck in their 1990s world view and completely ignore the massive bodies of scientific evidence that show we are on the precipice of disaster. It has everything to do with overpopulation, pollution, and destruction of natural resources. I watched that video about what is going on in Zimbabwe right now and that is my fear of what will happen here.

wat? Zimbabwe is a clusterfuck because of incredibly inept leadership that destroyed the country's agricultural industry. What was once the "Breadbasket of Africa" is now not even able to feed itself. Not because of environmental problems, or pollution, or overpopulation. But because of, in short, rampant stupidity.

I agree with you that humanity as a whole is heading towards a cliff in the next century, I guess I just have a bit more optimism that technology and political will can stop us from going over. But Zimbabwe isn't a good example of a country going off that cliff. It's a good example of why dictators need to be shot.

[Flight]

Originally Posted by Camerous

well you guys can take it for what it's worth.

Yesterday we had a builders meeting. There were people there that are
multi-millionaires and heads of companies netting 100 million + a year. Every SINGLE one has lost over a million dollars already this year. The housing market here is so devastated that it may never recover. Yes I know... a small section of the country does not reflect the whole and all that. But here is the thing... as we sat there talking it occurred to me.. if these men in this room who have made billions of dollars don't see an end to the current situation and are being told by their accountants to quietly remove all their liquid assets to other countries to prevent their money from being lost in the backlash that is coming... what is the common person going to do?

What are they going to do when businesses close down and fire all of them? When it is going to be so you can't even get a loan to buy a car to replace the one that just blew up on you? When you can't get a loan to replace equipment that is broken or worn out?

My father went to get a loan for a new loader and was denied because the bank informed us they were not loaning any money out at all. That the existing loans they had were being defaulted on so much that their parent bank had put a freeze on their loan department... and this was my father who has taken out million dollar loans before... and yet he couldn't even get 50k for a new loader? And you think the common man is going to get some cash when he couldn't?

You are in denial if you think that we are almost to the bottom of how far this is going to drop. I just hope that when it is all said and done we have a country left.

A year from now we'll come back to this post and see how right I am. GOD help us all.

Couldn't agree more; the whole world is nowhere near the bottom. Its going to be worse here in the UK and similar countries, who over decades have given industry up for financial institutions, but the whole worlds economy is connected and will come down like domino's. And this is what I called a year ago, in early 2008 :

Originally Posted by Flight

America and the worlds financial markets are in a lot worse state than the politicians or banks will let people realize, for fear of causing runs and making it worse. This is not nearly as big an issue as it should be and is a big part of why I think Clintons (Bill) experience would be invaluable.

The worst recession in nearly a century is on its way in and McCain is going to get into power. He'll be a disaster for you Americans and for the world.

Thank goodness I was wrong about McCain. Mind you, not nearly as Tolanin was in reply to me :

Originally Posted by Tolanin

Just a little hint, making shit up out of the clear blue sky generally doesn't lend a whole lot to credibility to your argument. Pull your head out of your ass long enough to realize that there is just barely a majority opinion that we even are entering a recession never mind making insane claims that its even the worst in 10 years never mind the worst in 100.