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the fan has been struck. S&P downgrade
well the first domino has been pushed in what I believe will be a long painful chain reaction.
so how are your preparations? what do you still need to do?
now don't misread me I'm not panicking here. just raising my alert level.
I don't know how fast things will progress but I don't think there is any
turning back at this point.
am I just being crazy? if so please say so cause I would love to be wrong.
Yup...crazy like a fox.Originally Posted by Markjz
You're awake enough to comprehend this is the intro to the fat lady singing. (no disrespect to those not familiar with opera)
With a possible bank dump next week of forclosed homes...this could get interesting.
Be well all,
Will
"I am not bound to please thee with my answers."
Shakespeare
Nothing will happen because we are still in better shape than the rest of the world.... Gold might go up a bit though.....
1k drop max.
I can't imagine anyone buying government bonds when we have this crew running the government. They voted to compromise in a bipartisan effort to spend another 7 trillion of your tax dollars. Add that to the 14 trillion we owe and the fact is we can't pay our debt. Thus we are downgraded to AA+ for the first time in history.
What it means is cost are going to rise and jobs are going away, just as planned.
jj
You are absolutly right...nothing will happen.
Except maybe that your credit interest rate will go up...and your return interest from your bank account will go down...and precious metals will go up...and prices for goods will go up...and people will stop buying bonds for a lower credit rating...and then inflation hits.
Other than all that, absolutly nothing....
Does anyone have a way-back or time machine that I can borrow?
I think I'll go back and buy some gold.
Would-a, Should-a, Could-a
Oh I'm with you in the long term, I just dont think this will be the last straw. It will be interesting to see what causes the run in the end. With history as our guide, it will be something we do to ourselves.
Congress acts like a herion addict with a credit card. They'll cut back tommorow. Promise.
I read an interesting quote this morning:
China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets
Sorry I take back this post. Friend told me there is no way it will be that bad decause the government will fix it before it gets that far. Thank god for Obama. : D
Bark up the right tree. Congress did this. Both sides of it.
A downgrade to "junk bond" status would have been more realistic. S&P can't do that though. If they did Uncle would lock their doors and throw away the key.
Armagedon is at the doorstep!
It is all the doing of the private "Federal" Reserve and fractional reserve central banking. What is very sad, is the just like in the first Great Depression, the American people are ignorant of that fact.
Politics is meaningless when you hand the issuance of currency to foreign elite bankster families. America was a goner starting in 1913. It just took 100 years for them to bleed us dry.
"Whenever people agree with me, I always feel I must be wrong." - Oscar Wilde
sorry this is kind of on/off topic. I'm about to come back to the us in about a week (very interesting what europe thinks of the us right now, and there news)
anyway I was looking into buying a house. Do you think I should buy before the intrest rates rise? are they going to?
the house is a forclosure that has been on the market for 177 days, but about a month ago they started reducing the price a lot. Do you think i should put a bid in now or wait for it to go lower. how much lower can it go? 350k to 300k in 100days then to 250k 50 days later now house now down to 229
how low would be reasonable for me to offer?
o yeah and I have a steady job, that I can't forsee losing anytime in the future, unless I make a big mistake.
Dow drops 1k on Monday; at some point, people realize the end of the world hasn't arrived, and it starts to creep back up in the coming weeks.
S&P will cease to exist as a company long before the United States ceases to exist as a country.
Or, at least that's what my Magic Eight Ball tells me.....
and the president takes off for another golf vacation...
jj
Yeah, after his Mega-Star celebutant birthday party bullsh!t.
Please post those "European thoughts" when you have an opportunity.
My crystal ball is broken. If you find one that works please consider renting it out for short-term use.
Some random thoughts:
Is there a compelling reason to buy that particular house? Or is it just another house among all the houses? If it is the house for you then is it a house you would want to own at this price during a depression? I don't think there is a right or wrong answer; we can't know the future with certainty. Besides, you probably don't want to take free advice from random people on the internet, right?
One thought to add: A lot of people advocate taking on debt, assuming the debt will be significantly reduced via a hyperinflationary scenario. I agree with the hyperinflation part, but my opinion is that currency restructuring AND debt restructuring will occur at the same time; meaning current outstanding household debt (home loans, auto loans, etc.) may not benefit from a hyperinflation. The banks will win (or at least not lose) one way or another because they are generally a few steps ahead of the public.
And National Geographic has an interesting article on line about the solar flares that will knock out GPS and if the flares get worse they could knock out the world power grid. The article states the US repair time would be from 6 months up to 2 years due to the lack of parts. But I am sure Washington DC has that under control also.
Good post Markjz, we may be headed for a time of great change.
The stock exchange will be shut down by the SEC for the day before that will happen.
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