[marriagepig]

Well, it got pretty bad today as I'm sure you all know. So bad in fact, that I have come back on the site for the first time in a few months to check in with the community and see whats going on here what with our damn country going to hell in a handbasket faster than even WE expected it to!

Record-breaking drop in the DOW today, I also heard though haven't confirmed that for the time being banks and lenders have CEASED all new loans of any kind for students, cars, homes, you name it. Bad news people. Bad news. What are you doing?

For myself, unfortunately, I am a little broke at the moment due to rent, bills, and a bit of credit card debt. However, I've had a BOB prepared for a while now, and I have 3 guns for when the riots start in my predominately hispanic neighborhood. It does perturb me that I do not have as much ammo as I like though. My Mosin Nagant has about 1000 rounds, much more than enough, but im down to probably 50 .22 rounds and maybe 15 shells of .00 buck. Clearly I need to re-up on those last two, since there is no big game in Los Angeles to use my mosin nagant on, hahaha.

Isn't it weird that in scary times you feel so much more comforted being armed to the teeth even though you know it will probably never have to come to that, and probably the wiser thing to do is buy tons of food? I guess the guns are just the funnest part of survivalism

Anyways, I guess now is the time to buy some tuna cans and some water....Anyways, what has this economic crisis inspired in you? Are you making final preperations because you feel SHTF is imminent?

 

[4giv3n1]

Chase is still offering loans. I was offered one today. I'm still stocking up, just as I had been. I will not buy into their panic tactics. It's gonna happen when it's gonna happen and causing a nationwide panic isn't going to benefit me at all.

I have decided to buy my hubby a gun for his birthday/Christmas this year though. I guess that's what I'm doing differently. But shhh....don't tell him

 

[Germantown Shelli]

What am I doing?

I'm living within my means as I have been for a very long time. We don't make purchases we know we can't afford so this is nothing-yet. Hubby is in sales, 100% commission and we are going to get hit hard but still I say bring it on. We are strong people with strong values we WILL not only survive but in the end we will thrive.

I don't get this no new loans crap. God forbid people have to earn something on their own.

 

[Ramona M. Faunce]

I get credit card approvals in the mail every day. I can heat my house on them. Ha! Ha!

I am, also, buying my husband a rifle for Christmas with many rounds of ammo to go with it. I've got it on lay-a-way at the pawn shop.

 

[JR2980]

Well, it got pretty bad today as I'm sure you all know. So bad in fact, that I have come back on the site for the first time in a few months to check in with the community and see whats going on here what with our damn country going to hell in a handbasket faster than even WE expected it to!

Record-breaking drop in the DOW today, I also heard though haven't confirmed that for the time being banks and lenders have CEASED all new loans of any kind for students, cars, homes, you name it. Bad news people. Bad news. What are you doing?

For myself, unfortunately, I am a little broke at the moment due to rent, bills, and a bit of credit card debt. However, I've had a BOB prepared for a while now, and I have 3 guns for when the riots start in my predominately hispanic neighborhood. It does perturb me that I do not have as much ammo as I like though. My Mosin Nagant has about 1000 rounds, much more than enough, but im down to probably 50 .22 rounds and maybe 15 shells of .00 buck. Clearly I need to re-up on those last two, since there is no big game in Los Angeles to use my mosin nagant on, hahaha.

Isn't it weird that in scary times you feel so much more comforted being armed to the teeth even though you know it will probably never have to come to that, and probably the wiser thing to do is buy tons of food? I guess the guns are just the funnest part of survivalism

Anyways, I guess now is the time to buy some tuna cans and some water....Anyways, what has this economic crisis inspired in you? Are you making final preperations because you feel SHTF is imminent?

I can tell you for a fact that it is not true that all banks have stopped lending - my wife is an underwriter at Wells Fargo and they are swamped doing loans and working tons of overtime.

Ironically, most of the loans they are doing are purchases, not refinances. Lots of people buying.

 

[Straight Razor]

I am not concerned. Let the rich bankers go through bankruptcy like everyone else. There is no economic condition that time does not heal.

 

[Tuffhorse]

We have ditched all credit cards 5 years ago. We buy with cash, or we don't need it, with a few exceptions.

I'd like to procure 3 more firearms for our arsenal...a .44 Ruger semi-automatic rifle, a .38 Lady Smith for the lovely bride, and a 12 gauge auto loaded with alternating #4 and slugs.

Other than that, we're about set.

 

[CPT Shortcut]

The news reports on this so called "crash", but I'm not seeing anything.

All my mutual funds and bank accounts are just fine.

If you got a loan for a house you can't afford, guess what? Sell it and move into an apartment. Count it a lesson learned.

If you're a lender and you made a bunch of loans to people who can't pay you back. Too bad. I hope you go bankrupt and a smarter company takes your place.

I'm not paying for your stupidity.

 

[Scruggs]

The record drop in the Dow was huge if you only look at the numerical drop. The percentage loss is a more accurate way of determining impact. Today's drop doesn't even make the top 10 historical losses, percentage wise. IMO, this is the beginning of an economic slide that will gain momentum as time progresses. We shall see.

 

[jleverin]

I am not doing anything right now differently than I did before. I refuse to borrow any money for anything right now and I have a credit card but don't use it. It's only there in the event of a dire emergency, nothing else. Tommorrow I get paid but as usual after paying the bills and buying a few groceries, there won't be anything much left. Just trying to be frugal and prep with the little bit I have available

 

[Sweeper]

The record drop in the Dow was huge if you only look at the numerical drop. The percentage loss is a more accurate way of determining impact. Today's drop doesn't even make the top 10 historical losses, percentage wise. IMO, this is the beginning of an economic slide that will gain momentum as time progresses. We shall see.

7% is the largest since 9/11, how much was lost in the last 30 days,didn't we just have a 600 point drop,what was the percentage then?

 

[test]

I just got back from our bank Wells Fargo. We're not rich, but have money spread out over several banks around the states.
We're pulling in funds at $8,000 at a time as to not set any alarms off with the feds.
Putting cash and silver away in the safe here.
The Mrs. is hitting Costco on Thursday to top off our supplies. Have more ammo coming via fed-ex at the end of the week.
If this aint it , it sure looks like it.......Alaskan......

 

[Scruggs]

Putting today's drop in perspective (cut and pasted from DJ)

In percentage terms, it was only the 17th-biggest decline for the Dow, far less severe than the 20-plus-percent drops seen on Black Monday in 1987 and before the Great Depression.

Our timeframe is not limited to recent history

 

[overlordsshadow]

how much has it dropped in the past year though?

 

[test]

Much of my next paycheck will be allocated toward preparations.

I am not going to take any chances, especially after what Declan posted.

That was an eye-opener, indeed.

 

[CountryBoy71]

how much has it dropped in the past year though?

According to Yahoo! Finance, the 52-week high was 14,280 and we closed today at 10,365 for a drop of 3,915 or 27.4%. 20% drop off of a 52-wk high is considered a "bear" market. I think the thing that made the 1929 and 1987 crashes so dramatic was that the drop came in one day.

Of course, that isn't to say we won't see that transpire later this week. We'll just have to wait and see ... and batten down the hatches.

 

[Brother Buck]

Putting today's drop in perspective (cut and pasted from DJ)

In percentage terms, it was only the 17th-biggest decline for the Dow, far less severe than the 20-plus-percent drops seen on Black Monday in 1987 and before the Great Depression.

Our timeframe is not limited to recent history

Thank you, thank you and thank you again.
I was on the road all weekend and today I spent the day scaring the crap out of my wife screaming that at the radio every time some moron was on popping off about the Dow and over 700 points.
Black Monday '87 was a 20% drop, there was no depression.
It sucked for sure but it was not death to us all.
I was actually glad the twits in the dome decided to actually do their jobs for once.
Well at least 228 of them that is.
Anytime there is a huge "Bi-partizan" push to ramrod something this huge through the House or Senate somebody needs to jam on the breaks and actually fricking read the damn thing. I give you the USA Patriot act and the latest amnesty bills.
Looks like someone did just that.
Read it.
Anytime they push that hard for something to get done right now right now right now we are going into a depression/huge recession if we don't the boogey man is coming out of the closet and is going to EAT YOU; it means they are trying to pull a fast one.

Will there be a depression if they don't socialize half the housing in the US?
I don't know.
I tend to think not but am no economist. Then again I know some of those and one or two want the bailout bad.
I suggest they are more concerned with their personal bottom lines that that of the country as a whole. That may be the "bi-partizan" part here too, half the Congress has big money either personal or past donations in these failed institutions.
I had to laugh at the notion that buying up all the bad paper by taxpayers by force would somehow magically be made profitable later.
OK, if so why are the people currently holding the rotten notes not sitting tight and convincing global investors of same right now?
'Cuz it ain't so Sally.
This is a market problem and the market needs to be allowed to correct it; the only way that will happen however is if the Fed is abolished and the silly laws that got us here, many written by the current crop of Congressional panic mongers need to go.
Fair housing and Urban Re-investment acts my arse.

 

[Scruggs]

Y'all make a good point. In rereading my posts, it seems like I was making the drop out to be not that bad. That was not my intention but it sure came across that way. Like Sweeper, CB71, and Overlord pointed out, if we look ONLY at the one day drop we don't get the big picture. That being a sick or perhaps terminal economy that has not only suffered from a highly publicized one day drop, but an economy that shows the inability to recover over a period of time and continues it's decline. That, to me, is a much greater concern than a simple one day tank.

As a side note, I got a call from my the broker I used at one time before getting out of the market when I retired. He started in with the "it's time to buy" sales pitch. I responded with "You told me the same thing a few months ago when the Dow was 2,000 points higher". There was an extended period of silence on the other end of the line. I thought it was pretty funny.

And, Buckball's post sums up the opinion in this camp. The government's meddling will only make things worse for a longer period of time. And is inflationary to the max. What do they care as long as their actions garner votes and more power. That is all they really care about.