Irresponsible scaremongering

[Indifference]

For all of those that are really concerned about the economy, I mean really concerned, have you got your block of dirt pegged out, your carrot seeds and shotgun at the ready?

ta
rolf

Are you suggesting they are all talk , no action?

Don't laugh, I know of a few people who really have, at least here in the US anyway. Such things are taken far more seriously here than I ever would have imagined. Even to the point of buying dehyd packs from CostCo to last 6 months, ammo by the 1,000's, land, cabins, generators, fuel cache.... Sounds extreme, but some people really are doing this and no, they aren't necessarily "rednecks" either.... even white collars are doing it. Scary stuff to be sure.....

 

[silverx]

Don't laugh, I know of a few people who really have, at least here in the US anyway. Such things are taken far more seriously here than I ever would have imagined. Even to the point of buying dehyd packs from CostCo to last 6 months, ammo by the 1,000's, land, cabins, generators, fuel cache.... Sounds extreme, but some people really are doing this and no, they aren't necessarily "rednecks" either.... even white collars are doing it. Scary stuff to be sure.....

reminds me of the movie Blast From The Past

 

[Rolf Latham]

Don't laugh, I know of a few people who really have, at least here in the US anyway. Such things are taken far more seriously here than I ever would have imagined. Even to the point of buying dehyd packs from CostCo to last 6 months, ammo by the 1,000's, land, cabins, generators, fuel cache.... Sounds extreme, but some people really are doing this and no, they aren't necessarily "rednecks" either.... even white collars are doing it. Scary stuff to be sure.....

My family spends a bit of time in the US.

There is a bit more history for other reasons there as well.

ta
rolf

 

[Ed Barton]

For all of those that are really concerned about the economy, I mean really concerned, have you got your block of dirt pegged out, your carrot seeds and shotgun at the ready?

ta
rolf

you forgot the gold stash.

 

[coastymike]

Having just met with a client who is a very senior individual for a large merchant bank he said things are looking grim. Apparently they are tapping a lot of their staff on the back (not patting - tapping) and giving them the heave ho. He is expecting some very tough times for the rest of this year. Not scare mongering but posting what a senior executive of a merchant bank is relaying back.

 

[StefanA]

Anti-Wall Street Protesters Reach ‘Prime Time’ Goal as Arrests Surpass 700
Probably not the right time to be considering a conspicuous consumer lifestyle in NYC.

Diehard HAVES are usually the last to notice or accept the escalating disenchantment of the HAVE NOTS. History says so.

IMO, now is a good time to remain adaptable, in investments and views on where the world is heading. I don't intend to be surprised by anything that happens.

 

[Rolf Latham]

Having just met with a client who is a very senior individual for a large merchant bank he said things are looking grim. Apparently they are tapping a lot of their staff on the back (not patting - tapping) and giving them the heave ho. He is expecting some very tough times for the rest of this year. Not scare mongering but posting what a senior executive of a merchant bank is relaying back.

yup, the top end has been heavy going for a while.

I have a bunch of clients who used to be on 7 figure PAYG incomes in fin services ( much at risk) who are finding the going pretty tough at the moment.

Many of them are holding some nice tree investments too

ta
rolf

 

[Aaron_C]

yup, the top end has been heavy going for a while.

I have a bunch of clients who used to be on 7 figure PAYG incomes in fin services ( much at risk) who are finding the going pretty tough at the moment.

Many of them are holding some nice tree investments too

ta
rolf

Like any reshuffle/retrenchment the first people to go will be middle management. Followed by culling a few analysts at the bottom. It happened 4 years ago and it's going to happen again.

 

[evand]

World markets are pricing in a default from Greece. Its gonna happen, lets just get it over with instead of all the band aid solutions.

Its not irresponsible scare mongering IMO but a warning of things to come. Not definitely but i'd say most likely.

 

[evand]

Why would you wait that long to have a holy batman moment?

If you see a 40% drop overnight, the economy, your house, pretty much everything will be up $h!t creek.

There's is an old stock market saying: "The bull takes the stairs up, the bear takes the elevator down"

when it plunges 40% practically overnight (as suggest by some property scaremongers) then I'll have a "holy batman" moment

 

[lizzie]

World markets are pricing in a default from Greece. Its gonna happen, lets just get it over with instead of all the band aid solutions.

Agree - just get the damn thing over with, have the "holy batman" (because I am not allowed to swear) and then the world can start the process of mending itself.

The reason I said an overnight, without warning 40% drop (gasp moment) is because that is what the media is implying when quoting Dent - not necessarily what Dent is saying ... I don't blame Dent, I blame the way the media is portraying what is being said, although I don't believe things will be as severe as he believes.

It is the media being irresponsible - as usual.

 

[TomW]

World markets are pricing in a default from Greece. Its gonna happen, lets just get it over with instead of all the band aid solutions.

Its not irresponsible scare mongering IMO but a warning of things to come. Not definitely but i'd say most likely.

The band aid solutions are at least partly to give the European banks as much time as possible to make whatever arrangements they can to soften the impact of a Greek default.

 

[StefanA]

A growing number of America's youth think Wall Street sucks.
And fair enough. They'll be inheriting the govt debt used to bail it out.

 

[Deltaberry]

Man these people need to get a job or do something useful like mow their lawn rather than prancing around pretending to be zombies. No wonder they're in a recession.

 

[Player]

Man these people need to get a job or do something useful like mow their lawn rather than prancing around pretending to be zombies. No wonder they're in a recession.

They could be re-incarnating "Thriller".

Or, in the case of the US, perhaps "Killer" may be a better film clip title

 

[tom32]

The band aid solutions are at least partly to give the European banks as much time as possible to make whatever arrangements they can to soften the impact of a Greek default.

The problem is some banks are understandably taking advantage of the implied guarantees being offered by the stronger european nations to pick up some significant yields.

So as long as these guarantees remain in place the debt continues to be racked up so rather to the contrary of allowing a controlled default they are making the situation worse by allowing the debt to balloon to an even more unsustainable situation IMO.

As always in retrospect this will all be much clearer...

 

[StefanA]

Man these people need to get a job or do something useful like mow their lawn rather than prancing around pretending to be zombies. No wonder they're in a recession.

Normally I'd agree, but I do think this is a generation being hard done by.
They cannot really expect to work for the same wages as the Chinese, Vietnamese, or Laotians....that's if the jobs were imported back home.

 

[Aaron_C]

Normally I'd agree, but I do think this is a generation being hard done by.
They cannot really expect to work for the same wages as the Chinese, Vietnamese, or Laotians....that's if the jobs were imported back home.

And why not? As John Howard put it, it's better to have 100 people working for a bit less than only having 20 people working for a lot more.

 

[lizzie]

And why not? As John Howard put it, it's better to have 100 people working for a bit less than only having 20 people working for a lot more.

Not at 50c and hour ...

 

[northerner sa]

what do you think?

getting back to your original thread Lizzie, I am looking to move to Adelaide some time soon, and was looking at buying or renting in a western suburbs house about 500 meters from the beach. One house I was looking at was advertising rent @ 410 PW or about $21500 per annum, On checking @ "on the house" website the landlord paid $670,000 approx. 2 months ago and has tidied up the property prior to advertising, by painting etc. By my maths, with stamp duty etc. they have paid over $700k. @ 7% PA interest rate for a loan, Insurance, maintenance and other expenses that would put their cost at around $50K+ PA or over $1000 per week. Why would anyone purchase this property at this price unless they are expecting a huge capital gain? Why would anyone purchase from them, in turn, such a loss making investment unless they too expect a huge capital gain? Why wouldn't I keep my money in the bank, let the interest pay for my rent, and let my landlord subsidize my accommodation to the tune of 150% per week? Buying makes no sense at the moment to me, and I cannot see an upside in the near future