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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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"kicking Wall Street kicks you right back"
quote from the CNN finance guy (so official  )
how many of you have your retirement funds tied to investments in the market?
same finance guy was saying YES, be angry. but be angry AFTER action is taken.
what do you think?
do you think you have have enough of a grasp as to how our banking and credit systems work to even say?
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Posted 9/29/08 4:14 PM  |
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Long Island Weddings
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: "kicking Wall Street kicks you right back"
Posted by Ophelia
do you think you have have enough of a grasp as to how our banking and credit systems work to even say?
No.
I do know that although I put a decent percentage of my salary into a 401K plan, my earnings for the year are WAY in the negative. 
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| Posted 9/29/08 4:59 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: "kicking Wall Street kicks you right back"
Posted by Ophelia
do you think you have have enough of a grasp as to how our banking and credit systems work to even say?
this is the way i see it:
you can't change the rules from the outside.
once we've "fixed" it, then we can change the rules so we don't get "kicked" again. complaining about it now, won't fix it, and we could lose our collective shirts.
then again, we were supposed to have learned our lesson about 80 years ago 
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| Posted 9/29/08 5:12 PM |
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DandN
Twins are here!
Member since 3/06 3597 total posts
Name:
Deirdre
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Re: "kicking Wall Street kicks you right back"
While I understand the anger some people have at the enormity of the bailout - I dont understand AT ALL the opposition to it - have people considered what their 401k 's are worth right now? I'm afraid to even look at ours right now.
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| Posted 9/29/08 5:17 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: "kicking Wall Street kicks you right back"
Posted by DandN
While I understand the anger some people have at the enormity of the bailout - I dont understand AT ALL the opposition to it - have people considered what their 401k 's are worth right now? I'm afraid to even look at ours right now.
People are upset and flat out fuming because it will cost every American $3K...me, My Dh , my 2 yr old. My family is contributing $9K to the bailout. We are paying for golden parachutes, people who took on mortgages that they could not afford.
DH and I COULD have bought out home on LI 3 years ago. We were approved for WAY more than we can afford. YET, we bought in Orange county away from family, my DH has a long commute (over an hour) and we bought up here b/c we cold afford our mortgage just o n DH's salary b/c I knew I wanted to work P/T after Gracie was born.
WHY should WE have to bail out people who made poor choices? We did not make a poor choice, we sacrificed and we could have taken the "easy money" instead we choose a more difficult choice, but it was a home we could AFFORD. Now I have to bail out CEO's and CFO's and pay their billion dollar salaries...UMMMMM NOPE.
I would be for the bail out if the provisions were:
1) NO $$$$ for CEOs, CFOs of failing corporations. No salary, NO golden parachutes.
2) Each American gets $3K in stock of the bank of their choice that were apart of the bail out or $3k plus interest within two years time.
If I bail you out I want my $$$$$ back with interest, stocks of the companies that we are bailing out, or invest my $3K in an index fund that I CONTROL...NOT the GOV. So that is WHY people are Pizzed and do not want the bail out. Believe me...my daughter needs that $9K in her 529 for college and DH and I need it in our 401K and Roth IRAs for our retirement. God knows Social Security will not be availible for us by the time WE reach 65yrs old at this rate.
Also, I would love to take that $9K and buy some stocks on SALE, while they are cheap, to make up for my 401K going down. This way when the economy goes up, I will get my $$$$ back plus some.
WHY should I bail out the poor choices of others? 
Message edited 9/29/2008 5:34:45 PM.
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| Posted 9/29/08 5:32 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: "kicking Wall Street kicks you right back"
x post sorry
Message edited 9/29/2008 5:34:32 PM.
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| Posted 9/29/08 5:32 PM |
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BunnyWife
Insert Witty Comment Here
Member since 5/07 8274 total posts
Name:
BunnyWife
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Re: "kicking Wall Street kicks you right back"
Posted by dandr10199
Posted by DandN
While I understand the anger some people have at the enormity of the bailout - I dont understand AT ALL the opposition to it - have people considered what their 401k 's are worth right now? I'm afraid to even look at ours right now.
People are upset and flat out fuming because it will cost every American $3K...me, My Dh , my 2 yr old. My family is contributing $9K to the bailout. We are paying for golden parachutes, people who took on mortgages that they could not afford.
DH and I COULD have bought out home on LI 3 years ago. We were approved for WAY more than we can afford. YET, we bought in Orange county away from family, my DH has a long commute (over an hour) and we bought up here b/c we cold afford our mortgage just o n DH's salary b/c I knew I wanted to work P/T after Gracie was born.
WHY should WE have to bail out people who made poor choices? We did not make a poor choice, we sacrificed and we could have taken the "easy money" instead we choose a more difficult choice, but it was a home we could AFFORD. Now I have to bail out CEO's and CFO's and pay their billion dollar salaries...UMMMMM NOPE.
I would be for the bail out if the provisions were:
1) NO $$$$ for CEOs, CFOs of failing corporations. No salary, NO golden parachutes.
2) Each American gets $3K in stock of the bank of their choice that were apart of the bail out or $3k plus interest within two years time.
If I bail you out I want my $$$$$ back with interest, stocks of the companies that we are bailing out, or invest my $3K in an index fund that I CONTROL...NOT the GOV. So that is WHY people are Pizzed and do not want the bail out. Believe me...my daughter needs that $9K in her 529 for college and DH and I need it in our 401K and Roth IRAs for our retirement. God knows Social Security will not be availible for us by the time WE reach 65yrs old at this rate.
Also, I would love to take that $9K and buy some stocks on SALE, while they are cheap, to make up for my 401K going down. This way when the economy goes up, I will get my $$$$ back plus some.
WHY should I bail out the poor choices of others?
Very well said and I completely agree with you.
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| Posted 9/29/08 5:40 PM |
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Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
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Re: "kicking Wall Street kicks you right back"
Posted by dandr10199
WHY should I bail out the poor choices of others?
basically b/c you have no choice not to.
I made many smart decisions myself, and we too will pay our 6k share....do I WANT to...HELL NO
but now it the time to look past our own noses....it's not about making those people "suffer" we are ALL INTERCONNECTED. we all suffer.
you will not get out of this with your 401K intact if you don't help, so there really doesn't seem to be much choice.
"golden parachute" is such a politico phrase Dina...
Message edited 9/29/2008 5:41:26 PM.
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| Posted 9/29/08 5:41 PM |
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JenniferH
LIF Adult
Member since 8/07 1109 total posts
Name:
Jennifer
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Re: "kicking Wall Street kicks you right back"
I can't even bring myself to check on my 401k...I should've just kept my money under the mattress...it'd be nice and safe there.
It truly is a freakin shame what is happening...
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| Posted 9/29/08 5:44 PM |
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CkGm
They get so big, so fast :(
Member since 5/05 13848 total posts
Name:
Christine
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Re: "kicking Wall Street kicks you right back"
Posted by Ophelia
Posted by dandr10199
WHY should I bail out the poor choices of others?
basically b/c you have no choice not to.
I made many smart decisions myself, and we too will pay our 6k share....do I WANT to...HELL NO
but now it the time to look past our own noses....it's not about making those people "suffer" we are ALL INTERCONNECTED. we all suffer.
you will not get out of this with your 401K intact if you don't help, so there really doesn't seem to be much choice.
"golden parachute" is such a politico phrase Dina...
As much as I want to agree with Dina and I do in my heart, I know that we have to do this bail out to save us. Sad as that is and even with the greedy bastards not worrying about a red cent in this
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| Posted 9/29/08 5:58 PM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: "kicking Wall Street kicks you right back"
Posted by Ophelia
you will not get out of this with your 401K intact if you don't help, so there really doesn't seem to be much choice.
I guess people just find it frustrating that our connection becomes intimate only now. I mean - 5 years ago when the heads of these banks were getting 8 figure bonuses and some neighbor was getting a 3rd mortgage so he could get a new granite and steel kitchen - we didn't feel so close. I was eating mac & cheese and scraping every cent I could just to be able to afford my rent and save for a reasonable home. The bank CEO didn't offer my family a 12K trip to Disneyworld. That random neighbor didn't peel off some of that sub-prime to host a supper for my family in his house. And even now... that bank pres? He's not giving up his trip to Belize or his million dollar mansion and he's not skimping on his kid's Ivy education by sending them to state. That neighbor? He's still got his nice, fancy kitchen while I have my pressboard cabinets. But we're connected. So I get to reach deep and scrape off 12K that I don't have so that the world can continue to move forward.
I'm sorry but it makes me sick. I know we have to approve the Bailout in some form... but it makes me truly sick.
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| Posted 9/29/08 7:28 PM |
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BabyBoy
is Skylar Elizabeth
Member since 5/05 4189 total posts
Name:
Tom
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Re: "kicking Wall Street kicks you right back"
you do know in the future, we will be repaid for the bailout? May take a while but thats part of the plan.
As for as investments are concern..its exactly how you said it, "INVESTMENT"
There is no sure thing in an investment espically in the stock market except if your Google which of late, there stock isn't so great hoving at 500 bucks a share.
You have different things you can invest in. I know my company if you let them manange it, all i have to say is agggresive or moderate and they thake of it.
Once the market recovers, you will get it back. Just may take some time.
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| Posted 9/29/08 7:38 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: "kicking Wall Street kicks you right back"
Posted by rojerono
Posted by Ophelia
you will not get out of this with your 401K intact if you don't help, so there really doesn't seem to be much choice.
I guess people just find it frustrating that our connection becomes intimate only now. I mean - 5 years ago when the heads of these banks were getting 8 figure bonuses and some neighbor was getting a 3rd mortgage so he could get a new granite and steel kitchen - we didn't feel so close. I was eating mac & cheese and scraping every cent I could just to be able to afford my rent and save for a reasonable home. The bank CEO didn't offer my family a 12K trip to Disneyworld. That random neighbor didn't peel off some of that sub-prime to host a supper for my family in his house. And even now... that bank pres? He's not giving up his trip to Belize or his million dollar mansion and he's not skimping on his kid's Ivy education by sending them to state. That neighbor? He's still got his nice, fancy kitchen while I have my pressboard cabinets. But we're connected. So I get to reach deep and scrape off 12K that I don't have so that the world can continue to move forward.
I'm sorry but it makes me sick. I know we have to approve the Bailout in some form... but it makes me truly sick.
I agree with you and well said. 
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| Posted 9/29/08 9:31 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: "kicking Wall Street kicks you right back"
Posted by BabyBoy
you do know in the future, we will be repaid for the bailout? May take a while but thats part of the plan.
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I know that. I am concerned with:
1) When will we be paid back
2)How much will they pay us back? Will it be with interest?
3)Why should we pump money into a system that failed with the same leadership? It will fail again and then our money will be wasted.
I am NOT anti-bail out. I am for provisions in the terms of the bailout. Banks and other wall street firms Should NOT be receiving a blank check from taxpayers...PERIOD. I want accountability, an apology, an outlined way in which they plan to fix this OTHER than just pumping more money into failing leadership and failing firms.
I have EVERY right to demand accountability if they want money that I bust my azz for. Money that should be funding MY retirement, MY child's education, MY repairs on MY home, MY car when it breaks down and MY vacations with MY family. Seriously, it makes me sick that I could have bought a house on long island that I could not afford only to have the government bail me out three years later. ARE YOU KIDDING ME?
Why can't SOMEONE grow a set and be accountable????? Why can't ANYONE say we effed up, we will not squander tax payer's money, here our plan to fix it, and have the American people vote on which firms should get the buyout and which should not; instead of the house and senate voting on it.
Someone needs to really sell me on how it is going to work, what they will do different in the future and WHY they deserve to be bailed out.
Message edited 9/29/2008 9:43:39 PM.
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| Posted 9/29/08 9:40 PM |
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