Imminent and severe market correction

[Aussiejeff]

BUY BUY BUY!!!!!

Buy blood?

 

[dhukka]

The trend is not your friend, retail sales fell off a cliff in December, frugality is in fashion.

 

[GumbyLearner]

The trend is not your friend, retail sales fell off a cliff in December, frugality is in fashion.

Wow, what a chart Dhukka. Obviously not the season to be jolly last Christmas!

 

[Aussiejeff]

Wow, what a chart Dhukka. Obviously not the season to be jolly last Christmas!

Nor were the European and US stock market(s) last night.

Helmets on! Head for the ASX fallout bunker.... :hide:

 

[sassa]

The Baby Boomers have had their moment in power. The most spoilt generation in history has handled affairs with its characteristic hedonism. The results are coming in.

http://www.nakedcapitalism.com/2009/01/is-cap-and-trade-dead-on-arrival.html

Thank you Baby Boomers.

 

[MrBurns]

http://www.nakedcapitalism.com/2009/01/is-cap-and-trade-dead-on-arrival.html

Thank you Baby Boomers.

I agree but I'm not sure anyone before us did any better, people are, en masse, greedy, selfish pigs, but individually usually very nice.

The difference may be that Baby Boomers had the right tools to do more damage than those before us.

I always felt we should leave the world a better place than when we entered it , I'm afraid that's not the case in real life, technology powers ahead, living standards and morals do not

 

[Julia]

http://www.nakedcapitalism.com/2009/01/is-cap-and-trade-dead-on-arrival.html

Thank you Baby Boomers.

And who is 'naked capitalism.com'?
The link you supplied is all about carbon trading.
Perhaps you'd explain the reference to the baby boomers, and tell us exactly why this generation is - in your opinion - responsible for the current ills of the world.

 

[kransky]

err... because they all wanted to get rich quick simply by buying houses rather than working hard.. then they spent like mad while the scheme worked.. now those that forgot to sell are screwing the global economy

i should not say *all*.. some.. some people were responsible.. seems they will be punished when inflation finally comes after the deflation... to make the bad debts "smaller"..

this is like watching a thriller... sitting with popcorn.. will australian housing crash too? will unemployment hit the craper?..

only this is real life and any one of us can get screwed over by the growing unemployment..

 

[kransky]

And who is 'naked capitalism.com'?
The link you supplied is all about carbon trading.
Perhaps you'd explain the reference to the baby boomers, and tell us exactly why this generation is - in your opinion - responsible for the current ills of the world.

i think he meant to link this

http://www.nakedcapitalism.com/2009/01/is-sterling-about-to-tank.html

and i rate nakedcapitalism... very good site i read daily!

 

[sassa]

And who is 'naked capitalism.com'?
The link you supplied is all about carbon trading.
Perhaps you'd explain the reference to the baby boomers, and tell us exactly why this generation is - in your opinion - responsible for the current ills of the world.

Sorry about wrong link.Thanks Kransky for the correct one.One guy,not a baby boomer,Greenspan,had a pivotal and large part in the problems we are confronting at the moment.It would be fair to say that a larger part of the debacle has been 'manned' by baby boomers at the top(Ceos of Wall Street,Main Street;leaders of government agencies who were SUPPOSED to regulate the financial areas)and the baby boomers Kransky referred to.

 

[Julia]

Sorry about wrong link.Thanks Kransky for the correct one.One guy,not a baby boomer,Greenspan,had a pivotal and large part in the problems we are confronting at the moment.It would be fair to say that a larger part of the debacle has been 'manned' by baby boomers at the top(Ceos of Wall Street,Main Street;leaders of government agencies who were SUPPOSED to regulate the financial areas)and the baby boomers Kransky referred to.

So ALL baby boomers are implicated in causing this debacle. Great logic there, Sassa.

 

[Julia]

err... because they all wanted to get rich quick simply by buying houses rather than working hard.. then they spent like mad while the scheme worked.. now those that forgot to sell are screwing the global economy

i should not say *all*.. some.. some people were responsible.. seems they will be punished when inflation finally comes after the deflation... to make the bad debts "smaller"..

this is like watching a thriller... sitting with popcorn.. will australian housing crash too? will unemployment hit the craper?..

only this is real life and any one of us can get screwed over by the growing unemployment..

I don't bother getting angry with idiots on forums very often, but this stupid generalisation which displays your ignorance is one of the silliest posts I've ever read.

Much of the current problem is the over-use of credit, something which shows no sign of abating. Most baby boomers saved until they could afford something, and have been minimal users of credit.


Good to know that you find the financial crisis amusing, something to be watched with the added entertainment of popcorn. Doesn't matter at all that the lives of real people are being hugely affected, and that unemployment will devastate many families and individuals.

 

[jono_oz]

I don't bother getting angry with idiots on forums very often, but this stupid generalisation which displays your ignorance is one of the silliest posts I've ever read.

Much of the current problem is the over-use of credit, something which shows no sign of abating. Most baby boomers saved until they could afford something, and have been minimal users of credit.


Good to know that you find the financial crisis amusing, something to be watched with the added entertainment of popcorn. Doesn't matter at all that the lives of real people are being hugely affected, and that unemployment will devastate many families and individuals.

Well said Julia!

 

[MrBurns]

Much of the current problem is the over-use of credit, something which shows no sign of abating. Most baby boomers saved until they could afford something, and have been minimal users of credit.

As far as I'm concerned credit started with the baby boomers, it was OUR parents that saved.
No one had ever heard of a credit card when I was a kid. Now my wallets full of them thanks to my peers.

 

[sassa]

So ALL baby boomers are implicated in causing this debacle. Great logic there, Sassa.

Can't see the word ALL in my post anywhere.Your interpretation,my generalisation.If I had lived during the depression,the generalisation would have been Victorian or Edwardian.

 

[Julia]

As far as I'm concerned credit started with the baby boomers, it was OUR parents that saved.
No one had ever heard of a credit card when I was a kid. Now my wallets full of them thanks to my peers.

Well, I'm a baby boomer and the only credit I've had is for mortgages which have been paid off quickly because I'd already had a substantial deposit, and then eschewed travel, new clothes etc until the debt was repaid.
I have only one credit card and that's paid off every month.
My social circle is fairly obviously in the same age group and we all have the same attitude.

I expect some baby boomers are irresponsible, just as some individuals in every generation will be. What annoys me mostly is the dumb generalisations about all groups, i.e. all Gen Y are selfish and irresponsible. Complete rubbish.

 

[Julia]

Thank you Baby Boomers.

Can't see the word ALL in my post anywhere.Your interpretation,my generalisation.

Your initial post "thank you, Baby Boomers" implies the whole generation.
It is clearly a generalisation.

 

[MrBurns]

Your initial post "thank you, Baby Boomers" implies the whole generation.
It is clearly a generalisation.

Stop being picky, it WAS the baby boomers generation that brought in all the crap that we have to put up with today including low doc loans, easy credit, plastic shopping bags, global warming (if it is caused by humans) toxic waste and lots of other evil stuff.

Now we've got school kids needing to wear radiation suits in the playground because we created the hole in the ozone layer, we also have a special day where they can wear gloves and pick up all the **** we leave lying around and when they're not doing that they're learning how to make plants grow without water.
No running in the sprinkler for them, we fixed that too.

There you go kiddies ,we stuffed it up now you can fix it.

 

[kransky]

only this is real life and any one of us can get screwed over by the growing unemployment..

did you not read this part julia? my popcorn comments were tongue in cheek because what is actually happening is so surreal that it seems like its from a movie

There are always exceptions to any generalization. You are to be commended for your lifestyle/actions and your friends julia.. especially given what has been happening around you. In a way your lucky that your social circle is made up of responsible/sensible and less materialistic people than the general public. Imagine the situation where people buy goods they cant afford like fancy cars and boats then their friends see this get jealous, then do the same then others see.. and it spreads like wildfire...

if you read sites like nakedcapitalism you would read the crazy stories out of the US like i have. People who with regular income levels were buying very expensive houses even multiple houses all on loans, then buying boats and having multiple cars on loans too... living very extravagantly. You would not believe the insane stuff that has been going on esp in the US.

Who is more at fault the greedy bastards who made the loans to get bonuses or the sheep that were too busy trying to look/get rich to understand that money for nothing wasnt going to last forever? I dont know...

 

[TheAbyss]

did you not read this part julia? my popcorn comments were tongue in cheek because what is actually happening is so surreal that it seems like its from a movie

There are always exceptions to any generalization. You are to be commended for your lifestyle/actions and your friends julia.. especially given what has been happening around you. In a way your lucky that your social circle is made up of responsible/sensible and less materialistic people than the general public. Imagine the situation where people buy goods they cant afford like fancy cars and boats then their friends see this get jealous, then do the same then others see.. and it spreads like wildfire...

if you read sites like nakedcapitalism you would read the crazy stories out of the US like i have. People who with regular income levels were buying very expensive houses even multiple houses all on loans, then buying boats and having multiple cars on loans too... living very extravagantly. You would not believe the insane stuff that has been going on esp in the US.

Who is more at fault the greedy bastards who made the loans to get bonuses or the sheep that were too busy trying to look/get rich to understand that money for nothing wasnt going to last forever? I dont know...

You have lost me Kransky. Making generalisations against any group is fraught with danger. I suggest you point out specifics rather than taking out your trusty shot gun and letting rip.

I am a baby boomer and know that i have used credit wisely and have not used it to buy anything i cannot afford. My credit card has been repaid in full on its due date since i was around 22. I use a line of credit for property and a margin loan for the stock market.

My view is the misuse of credit etc is spread across a wide spectrum and is symptomatic of the fast food, want it life style that society has become.

Live in your glass house and blame others if you wish but do it without dragging an entire spectrum of the population into your mistaken views.

No harm or malice intended to you Kransky just prefer it if you didnt blame others who you do not know anything about or probably give a damn about.