Financial Crisis of 2007-2008 - Page 2

ER Traveler · 10-05-2008, 11:55 PM

It's interesting, we joined ER right after losing a small bundle to a mismanaged hedge fund and our logic was losing our deposit would be lots more fun than losing even more $$ to a bunch of idiot hedge fund managers! So I can see the logic of some people plunking down $500K during a downturn in the market but I think we're in uncharted territory with this current meltdown.

Kagehitokiri · 10-06-2008, 08:44 PM

Quote:

Originally Posted by DC4MS

Some people are beginning to think....this is a better return than the stock market.

At least this provides 15, 30, 45 , 60 days per year, etc. enjoyment of their investment.

Quote:

...now it’s worth $100 million, yet they’ve never taken home a salary of more than $60,000. They’ll have $50 million in net worth, they drive a Ford pickup truck, and the most lavish thing they’ve done is take a trip to Disneyland.

“And then the kids inherit it. And so, sadly, this person has been pinching pennies for 30 or 40 years, and the money is only going to end up in a drug rehab program for their kids,” Fenton says.

It’s great to save money, Fenton says, but when you’re a billionaire and you’re mowing your own lawn and changing your own oil, you have to ask yourself, “What kind of quality of life do I have?”

There’s an old saying, “Do you die with a million dollars or a million memories?” The lucky ones manage to have both.

Fulfilling Dreams

pwrshift · 10-07-2008, 12:28 AM

Turn the clock back. What would you do differently if this was 2007 instead of 2008?

DC4MS · 10-07-2008, 12:53 PM

Quote:

Originally Posted by pwrshift

Turn the clock back. What would you do differently if this was 2007 instead of 2008?

Move all equities to cash.

------------------------

Less than a week after the federal government committed $85 billion to bail out AIG, executives of the giant AIG insurance company headed for a week-long retreat at a luxury resort and spa, the St. Regis Resort in Monarch Beach, California, Congressional investigators revealed today.

"Rooms at this resort can cost over $1,000 a night," Congressman Henry Waxman (D-CA) said this morning as his committee continued its investigation of Wall Street and its CEOs.

AIG documents obtained by Waxman's investigators show the company paid more than $440,000 for the retreat, including nearly $200,000 for rooms, $150,000 for meals and $23,000 in spa charges.

"Their getting their pedicures and their manicures and the American people are paying for that," said Cong. Elijah Cummings(D-MD).

LTTravel · 10-07-2008, 01:49 PM

My son's friend's mother who is a meeting planner just told me that an investment firm cancelled an $11 million meeting because they thought it wouldn't look good to the investors. (Though they lost a $2 million cancellation deposit) They felt they should go anyway but were only worried about appearances

ER Traveler · 10-07-2008, 06:18 PM

The waste in many financial firms has been unfortunately almost as bad as the waste in our government. There's been an anything goes, hedonistic attitude for far too long.

DC4MS · 10-08-2008, 12:34 PM

I am not trying to justify the AIG excess in the St Regis, but I originally thought this was only a dozen of executives gone wild and now it appears that this was set up many months ago

--------------------

Joe Norton, an AIG spokesman, said the company's shindig had been incorrectly labeled an executive retreat by lawmakers and members of the media.

"It was not an executive retreat," he said. "It was a meeting to reward and incent independent sales agents."

As Norton described it, AIG had invited about 100 of its top salespeople to stay at the St. Regis for a week of meetings and motivational events -- and, as the company's invoice shows, thousands of dollars' worth of spa and salon amenities.

Norton said only about 10 AIG senior managers attended the event, although he declined to identify them or to say whether former CEO Robert Willumstad was among the group.

-------------------------------------

It appears that there were 68 rooms booked (according to my estimate) from these documents attached.

pwrshift · 10-08-2008, 09:56 PM

AIG's meeting was excessive IMO ... and I think you'll see a great many companies wasting taxpayer money if the govt doesn't put in some very very tight controls with the bailout.

DC4MS · 10-09-2008, 07:37 PM

New meanings to old words...

CEO --Chief Embezzlement Officer.

CFO-- Corporate Fraud Officer.

BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius.

BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no ***.

VALUE INVESTING -- The art of buying low and selling lower.

P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing.

BROKER -- What my broker has made me.

STANDARD & POOR -- Your life in a nutshell.

STOCK ANALYST -- Idiot who just downgraded your stock.

STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves.

FINANCIAL PLANNER -- A guy whose phone has been disconnected.

MARKET CORRECTION -- The day after you buy stocks.

CASH FLOW -- The movement your money makes as it disappears down the toilet.

YAHOO -- What you yell after selling it to some poor sucker for $240 per share.

WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240 per share.

INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse.

PROFIT -- An archaic word no longer in use.

Bourne · 10-09-2008, 11:23 PM

LTTravel · 10-10-2008, 09:58 AM

My mottos:

1. Buy high, sell low

2. Retirement is overated. All people who retire die after they retire. So I'll just keep working forever.

TravelGuy · 10-10-2008, 07:33 PM

OK, time to unveil my TRIP plan (in response to the Paulson TARP plan)

TRIP = Travel Revenue Income Plan

I figure the markets will do one of two things:

1. The markets will find a bottom and rebound - My plan is to stay "all in" with equities and use commercial real estate as a backstop (not kidding on the RE). And then dump anything else I have of value into MORE equities after we find a true bottom (S&P 800?). I'll wait for the uptick to zoom and leave the first 10% of the rally to the pro traders. Now if I can just avoid those pesky dead-cat bounces ....

or

2. The markets will keep going down to nothing due to political weasel meddling, irrational fear in the streets, more taxes, overpaid fat cat execs, and more politicians. My plan here is to hone my gladiator skills for the Mad-Max fallen society that will follow.

Regardless of the outcome, I plan to block the FBN and CNBC channels on my HDTV receiver and have plenty of antacid and Ativan for "recovery" purposes.

NeilGoBlue · 10-10-2008, 09:12 PM

Quote:

Originally Posted by TravelGuy

OK, time to unveil my TRIP plan (in response to the Paulson TARP plan)

TRIP = Travel Revenue Income Plan

I figure the markets will do one of two things:

1. The markets will find a bottom and rebound - My plan is to stay "all in" with equities and use commercial real estate as a backstop (not kidding on the RE). And then dump anything else I have of value into MORE equities after we find a true bottom (S&P 800?). I'll wait for the uptick to zoom and leave the first 10% of the rally to the pro traders. Now if I can just avoid those pesky dead-cat bounces ....

or

2. The markets will keep going down to nothing due to political weasel meddling, irrational fear in the streets, more taxes, overpaid fat cat execs, and more politicians. My plan here is to hone my gladiator skills for the Mad-Max fallen society that will follow.

Regardless of the outcome, I plan to block the FBN and CNBC channels on my HDTV receiver and have plenty of antacid and Ativan for "recovery" purposes.

I went all in today when the dow was down about 400.... Time will tell if I made a good call or lost my *ss... I'm feeling pretty good about it tho..

caribbeansun · 10-11-2008, 09:27 AM

Wow, that's about all I can say. I went all-out first of the week with the exception of shorting GM for a 4 day 50% profit and I feel pretty good about it as well...I accept the fact that I will lose an uptick if it comes but I will be back in the market in the next 1-2 months. I'm thinking I should go long on the makers of Gaviscon!

Quote:

Originally Posted by NeilGoBlue

I went all in today when the dow was down about 400.... Time will tell if I made a good call or lost my *ss... I'm feeling pretty good about it tho..

vineyarder · 10-11-2008, 10:16 AM

Quote:

Originally Posted by NeilGoBlue

I went all in today when the dow was down about 400.... Time will tell if I made a good call or lost my *ss... I'm feeling pretty good about it tho..

I did the same exact thing...

NeilGoBlue · 10-11-2008, 11:15 AM

Quote:

Originally Posted by vineyarder

I did the same exact thing...

Well,

We might be upgrading memberships soon, or both on the resignation list..lol

10-05-2008, 11:55 PM	#21
ER Traveler Senior Member Join Date: Dec 2007 Posts: 114 Club: Exclusive Resorts	Re: Financial Crisis of 2007-2008 It's interesting, we joined ER right after losing a small bundle to a mismanaged hedge fund and our logic was losing our deposit would be lots more fun than losing even more $$ to a bunch of idiot hedge fund managers! So I can see the logic of some people plunking down $500K during a downturn in the market but I think we're in uncharted territory with this current meltdown.

10-07-2008, 12:28 AM	#23
pwrshift Senior Member Join Date: Nov 2007 Posts: 344	Re: Financial Crisis of 2007-2008 Turn the clock back. What would you do differently if this was 2007 instead of 2008?

10-07-2008, 01:49 PM	#25
LTTravel Super Moderator Join Date: Nov 2007 Posts: 1,020 Club: ER, HCC Corporate, DHH Lite, Bud Lite (A few too many)	Re: Financial Crisis of 2007-2008 My son's friend's mother who is a meeting planner just told me that an investment firm cancelled an $11 million meeting because they thought it wouldn't look good to the investors. (Though they lost a $2 million cancellation deposit) They felt they should go anyway but were only worried about appearances

10-07-2008, 06:18 PM	#26
ER Traveler Senior Member Join Date: Dec 2007 Posts: 114 Club: Exclusive Resorts	Re: Financial Crisis of 2007-2008 The waste in many financial firms has been unfortunately almost as bad as the waste in our government. There's been an anything goes, hedonistic attitude for far too long.

10-08-2008, 09:56 PM	#28
pwrshift Senior Member Join Date: Nov 2007 Posts: 344	Re: Financial Crisis of 2007-2008 AIG's meeting was excessive IMO ... and I think you'll see a great many companies wasting taxpayer money if the govt doesn't put in some very very tight controls with the bailout.

10-09-2008, 07:37 PM	#29
DC4MS Administrator Join Date: Oct 2007 Location: USA Posts: 1,698 Club: DC4MS.com	Re: Financial Crisis of 2007-2008 New meanings to old words... CEO --Chief Embezzlement Officer. CFO-- Corporate Fraud Officer. BULL MARKET -- A random market movement causing an investor to mistake himself for a financial genius. BEAR MARKET -- A 6 to 18 month period when the kids get no allowance, the wife gets no jewelry, and the husband gets no ***. VALUE INVESTING -- The art of buying low and selling lower. P/E RATIO -- The percentage of investors wetting their pants as the market keeps crashing. BROKER -- What my broker has made me. STANDARD & POOR -- Your life in a nutshell. STOCK ANALYST -- Idiot who just downgraded your stock. STOCK SPLIT -- When your ex-wife and her lawyer split your assets equally between themselves. FINANCIAL PLANNER -- A guy whose phone has been disconnected. MARKET CORRECTION -- The day after you buy stocks. CASH FLOW -- The movement your money makes as it disappears down the toilet. YAHOO -- What you yell after selling it to some poor sucker for $240 per share. WINDOWS -- What you jump out of when you're the sucker who bought Yahoo @ $240 per share. INSTITUTIONAL INVESTOR -- Past year investor who's now locked up in a nuthouse. PROFIT -- An archaic word no longer in use.

10-09-2008, 11:23 PM	#30
Bourne Senior Member Join Date: Nov 2007 Location: 60601 Posts: 484 Club: High Country Club, Pinnacle Yachts	Re: Financial Crisis of 2007-2008 __________________ The Nile is a river in Egypt......

10-10-2008, 09:58 AM	#31
LTTravel Super Moderator Join Date: Nov 2007 Posts: 1,020 Club: ER, HCC Corporate, DHH Lite, Bud Lite (A few too many)	Re: Financial Crisis of 2007-2008 My mottos: 1. Buy high, sell low 2. Retirement is overated. All people who retire die after they retire. So I'll just keep working forever.

10-10-2008, 07:33 PM	#32
TravelGuy Super Moderator Join Date: Nov 2007 Posts: 540 Club: High Country Club	Re: Financial Crisis of 2007-2008 OK, time to unveil my TRIP plan (in response to the Paulson TARP plan) TRIP = Travel Revenue Income Plan I figure the markets will do one of two things: 1. The markets will find a bottom and rebound - My plan is to stay "all in" with equities and use commercial real estate as a backstop (not kidding on the RE). And then dump anything else I have of value into MORE equities after we find a true bottom (S&P 800?). I'll wait for the uptick to zoom and leave the first 10% of the rally to the pro traders. Now if I can just avoid those pesky dead-cat bounces .... or 2. The markets will keep going down to nothing due to political weasel meddling, irrational fear in the streets, more taxes, overpaid fat cat execs, and more politicians. My plan here is to hone my gladiator skills for the Mad-Max fallen society that will follow. Regardless of the outcome, I plan to block the FBN and CNBC channels on my HDTV receiver and have plenty of antacid and Ativan for "recovery" purposes.