Big 3 Bailout Fails the Senate

Tim M

Tim M

PRESIDENT, Member # 015
GCC Member
Location (City)
St. Charles
First Name
Tim
Last Name
Mauldin
Well, this one's going to hurt. Already this morning, I've lost $2,000 in my 401k. Have lost a total of $300k so far. This sucks! But, at least I have a job. :rolleyes: :D
 
Yeah I still got a job too, but my boss said he's sick of me & ready to ____can me but I bought him a case of Bud Light & bought a little more time on the payroll. :D
 
Unless you sold something this morning you haven't lost anything yet!!!!
 
rednour1 said:
Unless you sold something this morning you haven't lost anything yet!!!!
Click to expand...

That's what everyone fails to understand.

If you do not sell...it is a loss only on paper. Hang onto it long term and when the security rebounds...your "paper loss" is erased...

The moral...? DON"T SELL in a down market. This is the time to be buying blue chip securities.

Kerry
 
I agree with the time to buy philosophy. Had dinner with my CPA last nite and am considering paying all my simple plan in Jan for 2009 as I figure the market will not be up yet.Put your money in at low tide and wait for the rebound.
So many people are pulling out or ceasing to contribute to thier retirement funds because the market is down. Historically, after a recession the market rebounds 20+% immediatly.
 
Yeah, I know, it's only paper until it's in my account. When it's the only retirement you have though, it's scary. My company offers a Roth 401k which I will switch all my contributions to on Jan 1. Yep, there are many opinions on doing this. Trying to ride it out, but just hard to look at. Thanks for the encouragement.:D
 
Tim,

That's really the only option I have at looking at it, same as you. We'll be ok in the long run, but that doesn't put you at ease. I don't even open my statements anymore.

One of my best friends who is a banker let me know that 15 year rates at their bank are at 5% again, 20 are at 5.25%. If you are one point or greater above this, you can probably save some serious cash by re-financing. If you can use your same bank, ask them about a streamline re-finance they are much cheaper. They use your old appraisal, and have much less paperwork, so they can re-finance much cheaper.

I'm looking at every option to save money/build equity right now. Just thought I would toss this out there, not to hijack the thread.
 
Thanks Craig. So on the news this morning Ford is saying, "we don't need a buyout" :eek: :( What! So, for the last few weeks Ford has gone to Capital Hill to get money they really didn't need?!?! Greed, it's a great thing huh?
 
We have been talking at work. That was always the odd thing. You never heard of Ford making the return trip to capitol hill, it was always just GM and Chrysler listed in the news.

We had been wondering why Ford was not ever mentioned.
 
Thats because Ford levereged themselves to the hilt when they could still get money. It is not that Ford is in better condition but it is that they have more cash. Now just like every small business that didn't have reserves for a downturn, they went to the banks and can't get funding. I know the banks in my area have simply stopped lending. Or if they are they want assets worth 1 to 2 times the loan:mad:. The catch is if businesses had twice the assets they would not need the bank.

Ford pledged everything to get loans last fall up to and including their emblem. They have been going to Capital Hill because once they go through their reserve they will also need a loan, just not yet.
 
Ford has also been selling off other ventures. They recently sold their majority stake in Mazda (they still own shares though). I believe they also sold off Rover, and have been contemplating spinning off Volvo.
 
They sold Jaguar to an Indian Car company - Tata Motors - very sad.

Say Ta Ta to Jaguar.
 
Just a thought to help out GM and Chrysler:
Any one with a titled GM product send $100 per title in your name(bank my have it).
Any one with a titled Chrysler product send $50(they are privately held and won't disclose thier books)
All Blue Oval owners drive em and enjoy em(for now)

The real solution would be to find the team that signed the labor contracts guaranteeing them 95% of thier pay when layed off and incarcerate them after they give back thier previous 20 years bonus.

OK...any more problems you want solved....I am on a roll.

Mike
 
Saw that...still find it odd that they are all idling their plants right now, and still paying their workers???? The need to renegotiate the UAW contracts. And focus on building a better product. Does anyone see Toyota, Nissan, or Honda up on Capitol Hill asking for a bailout? Yeah, sure, they are not American Owned, but they all operate assembly lines here in North America. For that matter, GM and Ford both operate assembly plants outside of the US to help their costs...

Just ranting no real point here...
 
Ok. Here is a thought to ponder. Chrysler idled their plants for 4 weeks. My father in law has 42 years at the truck plant. He said they always have two weeks in January. Now he has the option of working the third, and must work the fourth. He is extremely worried about his future and everyone elses there, but how is this a true 4 week shut down?
 
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