MASSIVE Stock Collapse Friday/Monday. You Have Been Warned

[308]

For Monday

 

[Member 5605]

I'm just here for the crash that happened today...

 

[etrain16]

I'm just here for the crash that happened today...

It's been delayed until Monday, sorry

 

[Stomper]

We accept the following forms of payment: crash, check, or money order.

 

[Boboclown]

We accept the following forms of payment: crash, check, or money order.

Add ammo to the list.

 

[cigars]

Add ammo to the list.

And toilet paper.

 

[Stomper]

And toilet paper.

And whiskey.

 

[cigars]

And whiskey.

And Whisky.

 

[Boboclown]

And whiskey.

And rum, gotta have something on the boat.

 

[Member 5605]

And rum, gotta have something on the boat.

of course....

 

[mkwerx]

People freaked because it dropped 1000 points - which is a scary number if you are in 1999 and the market had never hit 10000 before. Right now the actual drop in the market was what, 5% - and then it gained a bunch of that back? The record was set in the 80's with a 22% drop. It's the market correcting for a fast increase, it's not the end of the world. If anything I'd say the Fed has folks running the show that wouldn't mind making the current POTUS look bad, so they threaten higher interest rates that make investors panic. Which is kind of retarded, because higher interest rates get banks more money, because they're borrowing it at a higher rate, which means they're lending the money they borrow at a higher rate...

what that means to simple folk with me, who have about $50 invested in the market, is that if I do decide to buy a new truck this spring (financed) I'll be paying more for the damn thing in the long run. Fooey.

 

[Stomper]

People freaked because it dropped 1000 points - which is a scary number if you are in 1999 and the market had never hit 10000 before. Right now the actual drop in the market was what, 5% - and then it gained a bunch of that back? The record was set in the 80's with a 22% drop. It's the market correcting for a fast increase, it's not the end of the world. If anything I'd say the Fed has folks running the show that wouldn't mind making the current POTUS look bad, so they threaten higher interest rates that make investors panic. Which is kind of retarded, because higher interest rates get banks more money, because they're borrowing it at a higher rate, which means they're lending the money they borrow at a higher rate...

what that means to simple folk with me, who have about $50 invested in the market, is that if I do decide to buy a new truck this spring (financed) I'll be paying more for the damn thing in the long run. Fooey.

That's why paying in "cash is king"... I love having three nice vehicles that're paid for, and the house has about six more years.... then DONE!

 

[The Heretic]

The drop from its latest high was about 10%, the definition of a correction.

Corrections are a good thing, especially if you know it is coming, which most everybody did, especially after January - even I could see it coming.

 

[The Heretic]

That's why paying in "cash is king"... I love have three nice vehicles that're paid for, and the house has about six more years.... then DONE!

Yup. Unless a person absolutely needs a new vehicle for business, it doesn't make sense to take out debt to buy it. I have never bought a new car, always bought slightly used and for the last 20 years I have always paid cash. A decent rule of thumb is that if you need to take out debt for something then you probably can't afford it in the first place. The one exception is a house/property.

 

[308]

That's why paying in "cash is king"... I love have three nice vehicles that're paid for, and the house has about six more years.... then DONE!

It's like giving oneself a massive raise. That's what deferred gratification can do for a person.

Maybe they should teach that in school.

 

[The Heretic]

It's like giving oneself a massive raise. That's what deferred gratification can do for a person.

I keep telling that to my kids and anybody else that will listen.

Of course, sometimes debt is necessary (e.g., mortgages) when some necessary acquisition cannot be afforded without debt. But a lot of people take out debt for something they want, not something that they must have.

How many people post guns for sale here because they have to pay some expense that could have been foreseen as possible or even likely? A car breaks down or needs repair or new tires, a child needs dental work, one or both wage earners lose their job or have their hours cut back or gets sick or injured, the house needs roof repair - all of these things have a high possibility of happening for most people, but they live not only paycheck to paycheck, but accumulate high interest debt. Then they have to scramble to pay for these events, selling off things for less than they paid for them.

Good for those with cash because they get a good deal, bad for those who don't save up for a rainy day.

 

[EPS]

Hmmmmmm so what your saying is that I should not use my credit card to buy a new gun. Because I don't need it but I WANT it

 

[Stomper]

Hmmmmmm so what your saying is that I should not use my credit card to buy a new gun. Because I don't need it but I WANT it

Sure, use it. Then pay off the balance under the grace period AFTER you get your bonus points or cash-back... LOL!

 

[EPS]

I usually pay them off pretty Quick .most of the time lol sometimes it might take a little longer just depends on how much I spent lol

 

[The Heretic]

Hmmmmmm so what your saying is that I should not use my credit card to buy a new gun. Because I don't need it but I WANT it

Yes - if you don't need it and the intention is to let the charge on the card ride and pay high interest on it, then you probably can't afford it.

I use my credit cards a lot - but I pay them off each billing cycle. I get free use of the money for up to 30 days and I get cash discounts on the purchases. Except for my property, I never use debt to buy anything, especially guns of which I have way more than I need and I never need to sell.

Of course, sometimes debt is necessary when a person can't make ends meet - BTDT; when I was young I was very poor and had a family to support and basic needs like shelter and transportation often required debt.

But I see a LOT of people today who use debt as a means for instant gratification - to acquire things they do not need, a new cell phone every year, a new car, new furniture, a new TV.

My TV is flaky - it is ten years old and has bars and other artifacts that flow across the screen because something is wrong with it. I don't need a new TV - it is entertainment - it is not necessary for my survival. I could easily do without it. I would not take out debt to buy a new one, but many people would who can't afford it.

My cell phone is refurbished and an older model and I pay $19 a month for a no contract plan. It is my only phone (i.e., I do not have a landline). My computers are old (one is ten years old, the other 6 years old) - I don't need to get a new one every year or two, they are adequate and I am a computer professional.

The only debt I have is a mortgage and theoretically I could pay that off if I had to (I would have to cash out my retirement funds).

Yes, I have a newish nice car and two 4x4s and two motorcycles and guns. I paid cash for all of those.