AIG struggles to survive financial tsunami

[Marc]

DJIA is useless today. S & P is a much better index.

Which is down 14% on the year. Still a far cry from '29.

 

[Moe Ghoul]

Preserving principle is paramount right now even if inflation beats you up. Bottom line is, invest/save in whatever lets you sleep at night, otherwise you're in over your head.

 

[Moe Ghoul]

Which is down 14% on the year. Still a far cry from '29.

Calling the bottom so soon? S&P just broke support at 1170 and is barely holding on to 1168 right now. Hope yer right.

 

[deadheadskier]

You can borrow against your 401(k).

I hope you have some sort of tax deferred retirement account... Roth IRA at least?

You can withdraw contributions from a Roth before retirement age... putting all your money in CD's is a great way for it to not even keep up with inflation most times... meaning the value of your savings will actually decrease over time.

very true, CDS are pretty much pointless

...but, I ain't one to talk

any free cash I have right now is sitting in an ING direct account earning a whopping 3%, woohoo, but at least it's relatively safe and it's liquid if I need it. 401K contributions are quite low at the moment, will change it up in the spring. Right now with the market so crazy, I'll focus on paying off debts for a while. Smart? maybe, maybe not. But, as long as I'm employed, I'm sleeping at night. Now everybody, go out to eat as often as you can at fine dining restaurants so I can keep my job :lol:

 

[Moe Ghoul]

Which is down 14% on the year. Still a far cry from '29.

Better re -do the math, we're 9 points away from waht is considered a crash.

http://money.cnn.com/data/markets/sandp/

 

[GrilledSteezeSandwich]

very true, CDS are pretty much pointless

...but, I ain't one to talk

any free cash I have right now is sitting in an ING direct account earning a whopping 3%, woohoo, but at least it's relatively safe and it's liquid if I need it. 401K contributions are quite low at the moment, will change it up in the spring. Right now with the market so crazy, I'll focus on paying off debts for a while. Smart? maybe, maybe not. But, as long as I'm employed, I'm sleeping at night. Now everybody, go out to eat as often as you can at fine dining restaurants so I can keep my job :lol:

I might be getting some Outback takeout tonight...lol..The CDs I have earn about 4 to 4.5 percent..

 

[deadheadskier]

I might be getting some Outback takeout tonight...lol..The CDs I have earn about 4 to 4.5 percent..

Outback doesn't help me one bit.....go to independently owned restaurants from now own or I'm purchasing my tombstones at Costco :lol:

Your rate beats mine for sure, but I can have my cash in days, not months if I need it.

 

[GrilledSteezeSandwich]

Outback doesn't help me one bit.....go to independently owned restaurants from now own or I'm purchasing my tombstones at Costco :lol:

Your rate beats mine for sure, but I can have my cash in days, not months if I need it.

Well Sears used to sell tombstones back in the day and Costco sells caskets in some markets. Anyway a steak from an independent restaurant that buys your meat is like $35..and the salad is probably extra...I like putting excess money in CDs so I won't spend it. My next CD is up October 18th..and I'm taking some of it for the next ski season and I'll put some in another CD..then after the Holidays when I get money from my Grandma and a end of the year bonus..I'll open up another CD..Ideally I want to have like 50-100 CDs so at least one matures every week.

I did a Roth IRA for $2,000 back when I was in college and I recently sold it for like $1400..having money socked away for 30+ years is not for me..even with the tax savings..

 

[deadheadskier]

Well Sears used to sell tombstones back in the day and Costco sells caskets in some markets. Anyway a steak from an independent restaurant that buys your meat is like $35..and the salad is probably extra.

....you get what you pay for and you're supporting the little guy. I'm not in to fattening Darden's wallet

 

[Marc]

Calling the bottom so soon? S&P just broke support at 1170 and is barely holding on to 1168 right now. Hope yer right.

Better re -do the math, we're 9 points away from waht is considered a crash.

http://money.cnn.com/data/markets/sandp/

I'm not calling the bottom, predictions of that nature go against my savings and investing philosophy. And I'm not labeling this down turn. I'm not an economist.

Don't put words in my mouth. What I'm saying it doesn't compare to the crash of '29, which was a response to JD's assertion that the Great Depression is "happening all over again."

Well, now it's out of their hands. Their assets ARE going to be liquidated by the fed, but we (taxpayers) are still gonna be left with massive debt. They should have just let AIG dies and have it's pieces picked up for pennies, the pieces that were worth anything. Shareholder? Who gives a crap about them. Anyone who did not see this coming simply has not been paying attention. over the last 30 years we have reversed every regulatory law put in place after the great depression to makes sure this would not happen again...well, here it is.....happening again, and this is not the bottom......IMO.

 

[Marc]

Well Sears used to sell tombstones back in the day and Costco sells caskets in some markets. Anyway a steak from an independent restaurant that buys your meat is like $35..and the salad is probably extra...I like putting excess money in CDs so I won't spend it. My next CD is up October 18th..and I'm taking some of it for the next ski season and I'll put some in another CD..then after the Holidays when I get money from my Grandma and a end of the year bonus..I'll open up another CD..Ideally I want to have like 50-100 CDs so at least one matures every week.

I did a Roth IRA for $2,000 back when I was in college and I recently sold it for like $1400..having money socked away for 30+ years is not for me..even with the tax savings..

Have fun working until you die. I plan on retiring early. I just hope you don't start living off me via the government when you're old and have nothing to live on.

 

[Moe Ghoul]

I'm not calling the bottom, predictions of that nature go against my savings and investing philosophy. And I'm not labeling this down turn. I'm not an economist.

Don't put words in my mouth. What I'm saying it doesn't compare to the crash of '29, which was a response to JD's assertion that the Great Depression is "happening all over again."

I'm not putting words in your mouth, you posted bad numbers and 30% is considered a crash, were down ~20%. No need to get the fur up on this. Opposing views is what makes a market, right?

 

[GrilledSteezeSandwich]

....you get what you pay for and you're supporting the little guy. I'm not in to fattening Darden's wallet

I freaking love Outback..14 inch strip steak seasoned oh so good..with a salad with steeze and excellent croutons along with vegetable or potato...drool..the local bar has steaks not nearly as good and they get it from Cisco or some big food company..I want to try out Don Shulas steakhouse which just opened 10 minutes from me but most likely when Mom and Dad are paying..

 

[GrilledSteezeSandwich]

Have fun working until you die. I plan on retiring early. I just hope you don't start living off me via the government when you're old and have nothing to live on.

I'm not living in the Senior Citizen projects..no way..I'll be in a 2 bedroom condo at the base of Blue mountain...JEA!!!!

 

[RootDKJ]

I'm going to continue buying at regular intervals.

Bumped my 401(k) contribution up a couple points too. Now's the time.

I did the same also.