beej Posted October 2, 2008 Report Share Posted October 2, 2008 I'm 100% out of the stock market today, only dipping in and out of one stock in day trades to make some beer money from now. The best investment will be property in Europe in about a years time, its still got a long way to drop. Quote Link to comment Share on other sites More sharing options...
WHISKERS Posted October 2, 2008 Report Share Posted October 2, 2008 I was the recipient of hundreds of phone calls from telemarketers trying to give me a second mortgage based on the equity in my home. I was well aware that I would not be able to make a large mortgage payment in the long term as the insurance and property tax increase would throw it over the top. I am retired due to disability and on a fixed income. Instead, I sold that home and took away $100,000 profit due to the increased property value.If I wanted to buy another home, that $100,000 would have just disappeared. One of the points they kept trying to make is that my salary would continue to increase each year and would be sufficient to cover the mortgage payments . . . well that may be true, but from what I can see salaries did not increase enough for millions of Americans who bought into this selling approach. Another fact that should be noted is if you took a mortgage from one of these small finance companies . . . your loan ended up being consolidated with hundreds of other loans and sold to the much larger financial intitutions. . . where their terms and fees in many cases were different than what was originally agreed to. . . and you were no longer a name . . . but a number. The government should continue to talk to these reluctant financial institutions and try to keep so many good people from losing their homes. Quote Link to comment Share on other sites More sharing options...
Cosmo Posted October 3, 2008 Author Report Share Posted October 3, 2008 The House of Congress has just passed the rescue package ($700 Billions). Fingers crossed that this will fix the credit freeze... :roll: :roll: :roll: And this recession we are currently in, will only be a mild one. Quote Link to comment Share on other sites More sharing options...
Stramash Posted October 3, 2008 Report Share Posted October 3, 2008 I'm 100% out of the stock market today, only dipping in and out of one stock in day trades to make some beer money from now.The best investment will be property in Europe in about a years time, its still got a long way to drop. agree totally Beej (yes again). Would also say that the best investments are in pending EU countries - great bargains still to be had in Poland with estimated growth in value well over anmything in any other European country. Want to go halfs in a 3 bed flat in Kracow?? :twisted: Quote Link to comment Share on other sites More sharing options...
menospeakthai Posted October 3, 2008 Report Share Posted October 3, 2008 I'm 100% out of the stock market today, only dipping in and out of one stock in day trades to make some beer money from now.The best investment will be property in Europe in about a years time, its still got a long way to drop. agree totally Beej (yes again). Would also say that the best investments are in pending EU countries - great bargains still to be had in Poland with estimated growth in value well over anmything in any other European country. Want to go halfs in a 3 bed flat in Kracow?? :twisted: NO NO NO, keep well away from new property markets you know little about, ALL new EU entrant countries have seriously overbuilt in the last 5-10 years (making renting difficult), prices are between 15 - 50 times that of the average wage, they dont have a resale market yet and you'll be paying agents 10% when you buy without knowing it (ie inclusive in the price) and a similar amount to sell. Its difficult enough renting out property when its on your doorstep let alone in a country where youre 100s/1000s of miles from, dont speak the language and is full of people quite happy to rip off Jonny Foreigner. Wait a couple of years and pick up some good rental property in England. Now to contradict what i said before, if you want a punt right away you can get new build flats in Newcastle, Leeds, Manchester, Birmingham city centres for 50% of last years price, these places are all over supplied with 1/2 bed flats but you can stick some single mother on housing benefit in to cover the mortgage. Demand still outstrips supply in many parts of England and unfortunately for a British citizen such as myself the economic immigrants are still pouring in unchecked, creating even more demand. Quote Link to comment Share on other sites More sharing options...
beej Posted October 4, 2008 Report Share Posted October 4, 2008 UK property will be a prime investment soon with all of the repossessions, if you can buy out right and rent them out. Quote Link to comment Share on other sites More sharing options...
menospeakthai Posted October 4, 2008 Report Share Posted October 4, 2008 UK property will be a prime investment soon with all of the repossessions, if you can buy out right and rent them out. Its always better to use someone elses money to make money, get a mortgage if youre one of the few people in England that the banks will still lend to. Theyre saying auction houses are the best indication of a propeties true value as the deals are done there and then, and at present prices are about 30% from there peak. Look at the charts to see how long it took the last property crash (1990) to hit rock bottom, itll be the best indication for this time, i believe it was 8 yrs approx until they started going up again. US property if you know where to buy (i dont) will also be a good investment, especially if youre converting a currency that's very strong v the dollar, such as the EURO. Quote Link to comment Share on other sites More sharing options...
zeusbheld Posted October 4, 2008 Report Share Posted October 4, 2008 UK property will be a prime investment soon with all of the repossessions, if you can buy out right and rent them out. hah. visions of buying some poor bastard's foreclosed house and renting it back to him. Quote Link to comment Share on other sites More sharing options...
beej Posted October 4, 2008 Report Share Posted October 4, 2008 UK property will be a prime investment soon with all of the repossessions, if you can buy out right and rent them out. hah. visions of buying some poor bastard's foreclosed house and renting it back to him. Yup, harsh but fair, DON'T GET A 100% MORTGAGE WITH YOUR CRAP JOB FOOL. Quote Link to comment Share on other sites More sharing options...
Bruce551 Posted October 5, 2008 Report Share Posted October 5, 2008 Story http://www.nytimes.com/2008/10/05/business/05fannie.html?_r=1&hp=&adxnnl=1&oref=slogin&adxnnlx=1223201541-Ez9ScaCZtgm54+2U+BVNTQ This is going take many years to straighten out. I don't think we're at the bottom yet. Quote Link to comment Share on other sites More sharing options...
Stramash Posted October 5, 2008 Report Share Posted October 5, 2008 always thought Freddie Mack sounded like a Motown song... :twisted: Quote Link to comment Share on other sites More sharing options...
Stramash Posted October 5, 2008 Report Share Posted October 5, 2008 always thought Freddie Mack sounded like a Motown song... :twisted: Cheers mate. Very reassuring. (And, wasn't that Frankie (Sister Sledge))? nah sure there was 60's motown ditty - billy mack? who knows still say they should amalgamate them and call em Fanny Pack alternatively, lets all return to a bartering system!! :twisted: Quote Link to comment Share on other sites More sharing options...
beej Posted October 5, 2008 Report Share Posted October 5, 2008 World recession world shmession, who cares the footballs on. woo hooo Quote Link to comment Share on other sites More sharing options...
Stramash Posted October 5, 2008 Report Share Posted October 5, 2008 Tou'll care when Abrhamovich is selling the Big issue, Chelsea are back in a lower league where they belong, and you are signing Nepalese internationals... :twisted: Quote Link to comment Share on other sites More sharing options...
Cosmo Posted October 6, 2008 Author Report Share Posted October 6, 2008 OMG, the unbelievable has happened - the Dow has just crashed through 10,000 points. Not since October 2004, has the Dow been at this point. Moreover, it has fallen some 15 % in the last ten days. There is just panic in the market place right now. More banks and companies are at risk of failing in the weeks ahead. Quote Link to comment Share on other sites More sharing options...
beej Posted October 6, 2008 Report Share Posted October 6, 2008 OMG, the unbelievable has happened - the Dow has just crashed through 10,000 points.Not since October 2004, has the Dow been at this point. Moreover, it has fallen some 15 % in the last ten days. There is just panic in the market place right now. More banks and companies are at risk of failing in the weeks ahead. Title of the thread Cosmo :roll: title of the tread. Its going to keep dropping and not stop, how can it? no one can keep up their payments on their morgages, houses can't sell because no one can borrow, prices going up all over the place, huge lay offs. Got another few months if not years of this! Quote Link to comment Share on other sites More sharing options...
beej Posted October 6, 2008 Report Share Posted October 6, 2008 I can easily see the ftse dropping below 3500 again before the end of this month. Quote Link to comment Share on other sites More sharing options...
JayB Posted October 6, 2008 Report Share Posted October 6, 2008 A very very interesting testimony on CNBC right now from the CEO of Lehman. Tidy little compensation package he's had over the past few years :shock: Quote Link to comment Share on other sites More sharing options...
luckyphil247 Posted October 6, 2008 Report Share Posted October 6, 2008 UK property will be a prime investment soon with all of the repossessions, if you can buy out right and rent them out. hah. visions of buying some poor bastard's foreclosed house and renting it back to him. But you're not fat ( in reference to my over-simplified theory on page 3 ) Quote Link to comment Share on other sites More sharing options...
funky_house Posted October 6, 2008 Report Share Posted October 6, 2008 Saw this in the paper today: What's the difference between a pigeon, and a merchant banker? A pigeon can still make a deposit on a Ferrari. :-) Quote Link to comment Share on other sites More sharing options...
Stramash Posted October 6, 2008 Report Share Posted October 6, 2008 Saw this in the paper today:What's the difference between a pigeon, and a merchant banker? A pigeon can still make a deposit on a Ferrari. :-) Quote Link to comment Share on other sites More sharing options...
menospeakthai Posted October 6, 2008 Report Share Posted October 6, 2008 When youve got idiots like Gordon Brown running the show youve no chance. The dim jock after 10 yrs of running the economy now tells banks and business theyve got to be more moral and responsible. Well how about when youre in a position to legislate against fraudulent practices from BANKSTERS doing so instead of t4lking about it once the damage has been done. http://news.bbc.co.uk/1/hi/uk_politics/7655723.stm This is the visionary that said 10 years ago the days of boom and bust are gone, and that there wont be a boom in the property market. Then he oversees the biggest credit boom and property boom followed by one all mighty bust in British history. What a bunch of brainless w4nkers this govt are. Quote Link to comment Share on other sites More sharing options...
Hobbes Posted October 6, 2008 Report Share Posted October 6, 2008 When youve got idiots like Gordon Brown running the show youve no chance.The dim jock after 10 yrs of running the economy now tells banks and business theyve got to be more moral and responsible. Well how about when youre in a position to legislate against fraudulent practices from BANKSTERS doing so instead of t4lking about it once the damage has been done. http://news.bbc.co.uk/1/hi/uk_politics/7655723.stm This is the visionary that said 10 years ago the days of boom and bust are gone, and that there wont be a boom in the property market. Then he oversees the biggest credit boom and property boom followed by one all mighty bust in British history. What a bunch of brainless w4nkers this govt are. I'm no friend of Nu Labour but do you really, really think that Cameron, IDS and that Yorkshire queer with the punch-me-now face whose name I can't recall and their marry band of public school boys would have done anything different, better, more 'prudent', smarter?! Do you?? :roll: Pluurrssseee.... Quote Link to comment Share on other sites More sharing options...
menospeakthai Posted October 6, 2008 Report Share Posted October 6, 2008 When youve got idiots like Gordon Brown running the show youve no chance.The dim jock after 10 yrs of running the economy now tells banks and business theyve got to be more moral and responsible. Well how about when youre in a position to legislate against fraudulent practices from BANKSTERS doing so instead of t4lking about it once the damage has been done. http://news.bbc.co.uk/1/hi/uk_politics/7655723.stm This is the visionary that said 10 years ago the days of boom and bust are gone, and that there wont be a boom in the property market. Then he oversees the biggest credit boom and property boom followed by one all mighty bust in British history. What a bunch of brainless w4nkers this govt are. I'm no friend of Nu Labour but do you really, really think that Cameron, IDS and that Yorkshire queer with the punch-me-now face whose name I can't recall and their marry band of public school boys would have done anything different, better, more 'prudent', smarter?! Do you?? :roll: Pluurrssseee.... Nope not at all theyre all one party and Camerons a self serving tw4t, but at least we have one or 2 more freedoms under the conservative, and 2p in the pound less tax to pay. If David Davies was in charge i would have voted Tory . Ive had enough of this country and sadly so have most others which is why Brits are leaving in their millions. Quote Link to comment Share on other sites More sharing options...
Cosmo Posted October 7, 2008 Author Report Share Posted October 7, 2008 OMG, the unbelievable has happened - the Dow has just crashed through 10,000 points.Not since October 2004, has the Dow been at this point. Moreover, it has fallen some 15 % in the last ten days. There is just panic in the market place right now. More banks and companies are at risk of failing in the weeks ahead. Title of the thread Cosmo :roll: title of the tread. Its going to keep dropping and not stop, how can it? no one can keep up their payments on their morgages, houses can't sell because no one can borrow, prices going up all over the place, huge lay offs. Got another few months if not years of this! Yeah, I know what you mean. But the signs are suggesting we may be headed for a deep recession or may be even a Depression I have only prepared for a mild recession though (put away enough to last 2 years) :roll: :shock: :roll: Had hope it would be enough....not so sure now :roll: :roll: :roll: Damn...got to go back to the drawing boards again.... :cry: :roll: Quote Link to comment Share on other sites More sharing options...
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