Credit crunch topic

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Aug 7, 2007 10:52 pm

so i still dont understand whats going on in the market. I hate sounding like a twit but I'd rather look like one and ask then learn than not learn at all about what's going on with this credit scare.


i'd appreciate some 101 on this to whomever is willing to help someone who cares about this business. in the interim i'm going back to basic economics :(

Aug 7, 2007 11:32 pm

Scary. 


Do you think he'd be able to understand the business if he had been taught that the first letter in a sentence is to be capitalized?

Aug 7, 2007 11:43 pm

People and businesses borrowed money they cannot afford to pay back now the banks are sh*tting themselves, they are making their "credit" requirements tighter in an effort to fix what is already broken.   At this point, it is wait and see.  Wait and see what % do default and what % eeek through.  Make sense?  Try picking up the journal. barrons etc. if you do not like to read find a new job.  Seriously you will not succeed unless you like to read.

Aug 7, 2007 11:52 pm
Devil'sAdvocate:

Scary. 


Do you think he'd be able to understand the business if he had been taught that the first letter in a sentence is to be capitalized?



Do they teach that at Smith Barney and that's why you are such a big producer for them?

Aug 8, 2007 8:03 am
Devil'sAdvocate:

Scary. 


Do you think he'd be able to understand the business if he had been taught that the first letter in a sentence is to be capitalized?



RK, are you trying to be like me? Is that the best you can do?

Aug 8, 2007 10:00 am

RK?

Aug 8, 2007 11:14 am

I dont mind... All the excess of past years are finally coming to fruition... The markets will adapt to these developments, some financial stocks may get hurt short term, client accounts may trend somewhat lower but then bounce back... And my dream beachfront condo keeps dropping its selling price.... NICE !!!

Aug 8, 2007 11:40 am
blarmston:

I dont mind... All the excess of past years are finally coming to fruition... The markets will adapt to these developments, some financial stocks may get hurt short term, client accounts may trend somewhat lower but then bounce back... And my dream beachfront condo keeps dropping its selling price.... NICE !!!


How long does it take to "bounce back?"


It is true that beachfront  property may come down in value, but how is somebody who wants such property ahead if the value of their assets is also down?

Aug 8, 2007 12:46 pm

Listen up ya douche...


As my dream condo drops in price from $650,000 to the current $550K and potentially lower,than the affordability issue comes more and more into play... Could I manage the payment on a mortgage balance of say $500K? Sure... But I am also aware that I would not want to strap myself to a monthly nut at this point... Better to keep putting some money into savings and be patient as the market potentially declines further.


Oh... And my investment accounts have not only treaded water in recent weeks/months, they have also appreciated...

Aug 8, 2007 12:55 pm
blarmston:

Listen up ya douche...


As my dream condo drops in price from $650,000 to the current $550K and potentially lower,than the affordability issue comes more and more into play... Could I manage the payment on a mortgage balance of say $500K? Sure... But I am also aware that I would not want to strap myself to a monthly nut at this point... Better to keep putting some money into savings and be patient as the market potentially declines further.


Oh... And my investment accounts have not only treaded water in recent weeks/months, they have also appreciated...



Blarm, what does $550k get you for a beach front condo?  Studio? 1 Bath?  Sq. footage?  If it goes down enough, buy it and rent it out.  Better yet, I'll buy it and rent it out to you.  I want my second house to be on a beach in So Cal someday...

Aug 8, 2007 1:30 pm

The location I am looking at is literally a casual baseball throw to hit the sand, so location is the big attraction. I would be looking at a 1BR, 1.5BA in a 2 year-old condo complex. Nice balcony, underground parking (key because parking is crap in the area), high end appliances and marble countertop in kitchen, etc... Square feet around 700... I wouldnt want to buy and rent but to eventually make the move away from paying rent and focusing it all on handling the mortgage...

Aug 8, 2007 2:17 pm
blarmston:

Listen up ya douche...



Why would you refer to somebody as a douche?

Aug 8, 2007 3:03 pm

Because I am an a$$hole... And I just love that word. Does that word offend you?

Aug 8, 2007 3:18 pm
blarmston:

Because I am an a$$hole... And I just love that word. Does that word offend you?


Not at all, just wondering how sophomoric you can be.


You're just a little boy aren't you--do you live at home with Mommy and Daddy or are they renting you an apartment?

Aug 8, 2007 3:22 pm
DAtoo:
blarmston:

Because I am an a$$hole... And I just love that word. Does that word offend you?


Not at all, just wondering how sophomoric you can be.


You're just a little boy aren't you--do you live at home with Mommy and Daddy or are they renting you an apartment?



Sophmoric is getting deleted from an internet forum, but you wouldn't know anything about that would you?

Aug 8, 2007 3:30 pm
DAtoo:
blarmston:

Because I am an a$$hole... And I just love that word. Does that word offend you?


Not at all, just wondering how sophomoric you can be.


You're just a little boy aren't you--do you live at home with Mommy and Daddy or are they renting you an apartment?



DumbDevil, why are you so bitter all of a sudden?  You used to post some insightful stuff, but now you post garbage and have degraded yourself to a dried-up old sap that obviously has forgotten to take your crazy pills.


You remind me of a senior at a fraternity jealous of the newer guys.  You think you're the only one who deserves to be in this business, don't you?  Nevermind the hard work others put in to learn, and constantly grow in this profession.  You were young once, and wish you could have it back.  It doesn't matter if we're 25, 35, or 45 years old, you still think your sh*t don't stink. 


Why do you feel it necessary to be so bitter?

Aug 8, 2007 3:30 pm
DAtoo:
blarmston:

Because I am an a$$hole... And I just love that word. Does that word offend you?


Not at all, just wondering how sophomoric you can be.


You're just a little boy aren't you--do you live at home with Mommy and Daddy or are they renting you an apartment?



What's your problem? Katz got your toungue?

Aug 8, 2007 5:04 pm

I'm wondering what regulatory changes may come out of this one. Someone earlier said that banks are tightening their boxes after the damage has been done. That's exactly right.



I wonder if our Democratic Congress is going to see it that way & wonder how we got ourselves into this position. How much more expensive will such changes cost us?



The other thing that is affecting this is that the vast majority of 'mortgage' companies don't have the capital to hold on to mortgages once they get their customers to sign on the bottom line. They have to place or sell them immediately or they run into reserve requirements that are much too restrictive for them. FPD's & adjustments in the 1st year that put people out of range of their mortgage payments are just stupid.



In the meantime, buy 'em cheap and hold 'em forevermore!

Aug 9, 2007 11:12 am
bornagainbankr:

People and businesses borrowed money they cannot afford to pay back now the banks are sh*tting themselves, they are making their "credit" requirements tighter in an effort to fix what is already broken.   At this point, it is wait and see.  Wait and see what % do default and what % eeek through.  Make sense?  Try picking up the journal. barrons etc. if you do not like to read find a new job.  Seriously you will not succeed unless you like to read.


Makes sense. I try not to read too much. I think it'd offend a prospect if I interrupted my presentation to read Barron's and carry on an hour later.

Aug 9, 2007 11:14 am
Guests:

Scary. 


Do you think he'd be able to understand the business if he had been taught that the first letter in a sentence is to be capitalized?



Scary.


What makes you think I'm a "he"? Or do you just swing that way?