BarnBuster
Virtually Unknown Member
let us know when that happens
How much income are you losing to the covid-19 pandemic?
- Thread starter PJ Diaz
- Start date
Jimdamick
Well-Known Member
You sound like a smart YOUNG man who has the time to play the game.
But what about the millions of 65/75 year old individuals that have/were retiring?
Do they have the 3/4 years needed to recoup their losses?
I don't think so.
Their fucked, forever
Fogdog
Well-Known Member
Life of the party, eh? Dude, as the OP mentioned, huge number already out of work, many more facing reduced wages, facing Trump's inevitable recession -- which was always going to be a hum dinger -- layered on top if it all.
How about if you start your own thread about "how I'm making bank from the recession"? Real feel-good stories about buying foreclosed homes on dimes-for-dollars prices and how "smart" you were to get lucky in the stock market. It's going to be a classic some day. do it.
JoeBlow5823
Well-Known Member
Do they plan to spend their entire retirement in 3-4 years? If they had their money invested in things that are that volitle at the age of 65-75 they fucked up.
JoeBlow5823
Well-Known Member
LOL ill try.
JoeBlow5823
Well-Known Member
It wasn't all luck. Like i said a lot of it had to do with paying attention to the market and the news. I bought my first house for pennies on the dollar back in 09. I saved my money my entire childhood while other kids were spending it faster than they could make it. Yes I was somewhat "lucky" that I had 20 grand to pay cash for a house when I was 20 years old but that money didnt come easy, I worked my ass off for it and when a great opportunity came along I jumped on it. And if you think the president is capable of single handedly causing a recession you are soft in the head.
Jimdamick
Well-Known Member
May I ask how old are you?
Poobzilla
Well-Known Member
This is the thing that is worrying me. I work in a supermarket and countries are being locked down but keeping the supermarkets open and the employees are not getting looked after in regards to having to deal with all the public still. I do not think I can see anybody in my immediate family for fear of passing it on, just incase, as they all have underlying issues that are not good match with covid and my sister is pregnant with her second child. FMLThis could affect a lot more people a lot sooner than you may think..
Spain impose nationwide lockdown due to virus, closes all stores except groceries and pharmacies
People will only be allowed to leave their homes to buy food and medicine, commute to work, go to medical centers and banks, or take trips related to the care for the young and the elderly.www.cnbc.com
too larry
Well-Known Member
I'm a space provider for small events (about 350 people max). So far we haven't pulled back, but I did take my first call this morning asking if we were closing. Last year was my busiest year ever, so a little downturn won't break my heart.
JoeBlow5823
Well-Known Member
If i was 20 in 09 that would make me....ummmm 30? 31?
too larry
Well-Known Member
Hikers have a love hate relationship with laundromats. After a week or more hiking in the same wet, stinky clothes, we are stoked to get to wash everything we have. But in order to wash everything, you have to hang out in your rain gear. (never buy a clear rain kilt)
a mongo frog
Well-Known Member
What kind of car do you drive? How hots your wife!!!!!!!
Jimdamick
Well-Known Member
Ah, 31 years old!!!
Oh man, @ 31 the World was my oyster, as that old saying goes.
I also worked hard (& partied hard
), but then I woke up one day on October 19, 1987 (I was 31 also) and over 20% of my portfolio was in the shitter, and it never actually recovered.
Stock market live Thursday: Dow tanks 2,300 in worst day since Black Monday, S&P 500 bear market
Stocks plummeted on Thursday as the Dow dropped 10% for its largest drop since Oct. 1987, while the S&P 500 shed 9%, closing in bear market territory to officially end the bear market.
Point being, is that for a shitload of individuals, like the majority, they got fucked hard this week & it will take years to recover.
God bless your success & I wish you continued good fortune.
Your fortunate
Fogdog
Well-Known Member
Dude, just eff off. This thread isn't about your good luck and how smart you were to get lucky, as your first post indicated and now you are just blowing off that facade. Who gives a shit about that?
So, just start your "I'm doing great, fuck y'all" thread already. I'm sure people will be glad for it but that's not what most people in the US are going through.
As far as your whine that "Trump didn't cause the recession". No, he didn't, not all by himself. Given Republican actions taken over the past decade, a nasty recession and concurrent market correction was inevitable. From his and Republican Party behavior, it's clear that their tax cuts they perpetrated a couple of years ago -- made by borrowing Trillions that were given it to the wealthy -- were intended to push the date of that recession past November. It was working, sort of. Manufacturing sector went into recession early last year and the only thing holding most people's family finances together were jobs growth in the short term, low wage-service sectors. Those jobs are being wiped out by the epidemic. Add to it Republican cuts to food programs and other social safety net programs and there is a whole lot of economic misery left for people to go through before the recession lifts in as you said yourself, about 4 years from now.
dandyrandy
Well-Known Member
Youngsters are going to have to pay for this.
news.google.com
Google News
Comprehensive up-to-date news coverage, aggregated from sources all over the world by Google News.
news.google.com
Fogdog
Well-Known Member
I've read about this "liquidity crisis" a few times already. That was a good article, btw. From what I gathered the "creaky plumbing" is due to a rapid movement of money from more risky investments -- such as the large sell-offs earlier this week where the volume or trades doubled or tripled in the companies that make up the S&P 500, for example. That money isn't held in cash, it goes into short-term government bonds. Right now, people holding those bonds aren't selling or investing, they are holding onto what they have. With the recession now playing at a city near you, a lot of otherwise healthy companies will need short term financing to meet payroll, etc. If people don't want to sell their own holdings, that's when the shit hits the fan and a liquidity crisis hits. If companies can't meet payroll, they have to shut down and the recession spirals downward into depression.Youngsters are going to have to pay for this.
Google News
Comprehensive up-to-date news coverage, aggregated from sources all over the world by Google News.
In other words, that article is talking about responsible actions taken to prevent the recession from getting worse. It's a temporary move to make money available to keep the economy running and the fed can pull that money off the market once the crisis eases. It shows up as government debt but it's temporary and doesn't affect long term government debt due to our spending deficits.
I'm not an economist and would be glad if somebody who is wants to correct me.
dandyrandy
Well-Known Member
The real problem is debt. The government is just trying to keep enough "cash" in the system. Business is in debt buying their own stocks trying to prop up value. Trump is just draining future taxpayers. Everyone in the system is taking what they can. Uncle Sam is screwed.
Fogdog
Well-Known Member
Long term, totally agree. I'm more in the camp that huge and increasing deficits are the real problem, not the national debt, which is a result of the deficit. I honestly believe that Trump and the Republican Party were deliberately running up the deficit to both enrich themselves and create a political crisis to enact a fascist coup. Too bad for them that the recession hit a year earlier than planned.
too larry
Well-Known Member
JoeBlow5823
Well-Known Member
Actually thats exactly what this thread is about. The title is how much money are you losing and my answer was none and you dont like that answer so now you want to fight. Market corrections are inevitable no matter what anyone does. Actions may influence when they happen and how drastic they are but no matter what there will always be ups and downs. I thought maybe sharing my success after the last recession would give others ideas of what sort of opportunities will arise out of this one so they can look out for and take advantage of them. During the housing crash almost everyone I talked to about buying a house told me I was out of my fucking mind and I wasted all of my money. A couple years later they were all saying god I wish I had bought a house.