Anyone else NOT been affected by the economy?

[Fmr. Pres. Duke]

The portfolio I made in 2004 out of my summer work money began with $3500, rose to $5620 in mid 2007, and is now worth a whopping $2,016. My college fund is down $95,000. My grandfather's estate is down $950,000. Other than that, we haven't been affected at all!

You were able to lose that much money?

My broker explained that he had never seen an environment like this and basically apologized for what has happened.

I just let all my stocks collapse, but I am confident that all the companies I am invested in are sound like Apple Computer, AT&T, Phillip Morris, and Enterprise Energy. But I did invest in Citigroup, Crocs, Wachovia, and some other nuclear energy companies which have taken a hit during the collapse. However, since they own their own uranium fields, I think they'll be back. Crocs probably will never get back to the $75 it was when I should've sold it, or the $30 I paid to buy it.

[Small Business Owner of Any Repute]

The portfolio I made in 2004 out of my summer work money began with $3500, rose to $5620 in mid 2007, and is now worth a whopping $2,016. My college fund is down $95,000. My grandfather's estate is down $950,000. Other than that, we haven't been affected at all!

You were able to lose that much money?

My broker explained that he had never seen an environment like this and basically apologized for what has happened.

I just let all my stocks collapse, but I am confident that all the companies I am invested in are sound like Apple Computer, AT&T, Phillip Morris, and Enterprise Energy. But I did invest in Citigroup, Crocs, Wachovia, and some other nuclear energy companies which have taken a hit during the collapse. However, since they own their own uranium fields, I think they'll be back. Crocs probably will never get back to the $75 it was when I should've sold it, or the $30 I paid to buy it.

Crocs is far more likely to hit $0 than it is to get to even $3.

[??????????]

Crocs the shoes? lol

[Fmr. Pres. Duke]

The portfolio I made in 2004 out of my summer work money began with $3500, rose to $5620 in mid 2007, and is now worth a whopping $2,016. My college fund is down $95,000. My grandfather's estate is down $950,000. Other than that, we haven't been affected at all!

You were able to lose that much money?

My broker explained that he had never seen an environment like this and basically apologized for what has happened.

I just let all my stocks collapse, but I am confident that all the companies I am invested in are sound like Apple Computer, AT&T, Phillip Morris, and Enterprise Energy. But I did invest in Citigroup, Crocs, Wachovia, and some other nuclear energy companies which have taken a hit during the collapse. However, since they own their own uranium fields, I think they'll be back. Crocs probably will never get back to the $75 it was when I should've sold it, or the $30 I paid to buy it.

Crocs is far more likely to hit $0 than it is to get to even $3.

Yeah. That was the worst investment I ever made. I got greedy when I watched it run up from $30-$75. I almost sold it before they released earnings, but I thought it would have a good report. Instead, it dropped off 25% and never had a bump afterwards. Now I'm stuck with it.

[Torie]

Zero practical impact; just some meaningless changes to my financial statement.

[Mint]

We've been unaffected, but that's mostly because my dad pulled most of his money out to finance another house and another two cars (the first decision I'm not happy with). If we left the money in, we'd be in trouble. As for me, I'm looking into way to make more money on the side.

[King]

Yes.  I work at a Ford dealership.

[??????????]

Yes.  I work at a Ford dealership.

If that's true then tell me why the V6 engine in my F150 is such a piece of crap. And why Ford lies about the problems with the gaskets and hydrolocking issues.

[MK]

Yes.  I work at a Ford dealership.

If that's true then tell me why the V6 engine in my F150 is such a piece of crap. And why Ford lies about the problems with the gaskets and hydrolocking issues.

Ford v6s suck and always have. You should have did your research.

[I spent the winter writing songs about getting better]

Not being affected is not something to brag about, especially since you're not affected because you had made no effort to invest.

Or that college kids aren't the likely types to invest.

[opebo]

Yes.  I work at a Ford dealership.

If that's true then tell me why the V6 engine in my F150 is such a piece of crap. And why Ford lies about the problems with the gaskets and hydrolocking issues.

Ford v6s suck and always have. You should have did your research.

"Should have did"?  Really?

Mike Keller may not express himself beautifully, but so far every post I have read of his is absolutely correct.  Anyone who knows anything about automobiles knows that Fords, while sucking generally, have two extreme weak points - 1) transmissions, and 2) V6 engines.  By contrast most General Motors V6s are as durable as anything the Japanese have ever made.

Some advice for persons buying cars - visit sites like www.carsurvey.org or www.epinions.com and simply research what actual people's experience has been with actual cars, and you'll know exactly what to buy and exactly what to look out for. 

(oh, the caveat here is that you have to buy used cars, which is the only thing a reasonable person would do anyway)

[Tetro Kornbluth]

Wait a minute, college kids are expected to invest in the United States? Lolz*

@Opebo: I was referring particularly to Ireland, by the mid 1980s we had roughly 15-20% unemployment, we now have just over 7%. Yet the media is acting like this downturn is THE WORST THING EVAR!11. And I know you won't care.

* - The culture of investment is weird. Up until very recently almost no-one in Ireland invested in the stock market outside of certain affluent groups (which includes my parents).

[I spent the winter writing songs about getting better]

Wait a minute, college kids are expected to invest in the United States? Lolz*

Only on this forum, with its demographics. The majority of Americans haven't invested and the vast majority don't have any significant investments beyond something they did figuring it would increase quickly at the time. Just another trait of the stupid upper-middle class suburb-lovers.

[opebo]

@Opebo: I was referring particularly to Ireland, by the mid 1980s we had roughly 15-20% unemployment, we now have just over 7%. Yet the media is acting like this downturn is THE WORST THING EVAR!11. And I know you won't care.

* - The culture of investment is weird. Up until very recently almost no-one in Ireland invested in the stock market outside of certain affluent groups (which includes my parents).

I actually thought of that after I posted.. But this is the worst recession since the 30s in the US, certainly.  Also it is worth pointing out that no significant investment occurs in the US outside of the upper classes.. just, as BRTD points out, very small, pathetic investments that don't make any difference anyway.

[Gustaf]

The idea that there is no significant investment done outside of the elite is complete nonsense. Of course, the 17-year olds on this forum aren't heavily investors.

But, as Opebo always claims that the working-class are everyone who works and can't live on their fortune I'll go with that definition for now. Then it is quite clear that a huge trend in recent years, which is part of the reason for the problems we're having now, is the tendency for people from all walks of life to invest in stocks. And "normal" people own a lot of stock now (or did until recently at least).

Anyway, to answer the question, no. I've "lost" something like 50 000 SEK in the stock market (about 7000 USD after the fall of the Krona) but I haven't sold anything and I won't be selling the remains till it bounces back so the loss won't be realized. Like any student I'm not going to be affected very much. Though the corporations who come to my university and give us opera tickets, alcohol and food are coming less frequently with less luxurious offerings. And some of them went bankrupt and had their donor plaques removed from the school entrance.

Anyway, it takes a while for financial trouble to hit the "real" economy. That impact is beginning to set in now and it's gonna get worse in that respect over the following year. Once my money gets freed up in July/August I may invest it. I don't really expect a turn-around before then.

[RosettaStoned]

No not at all. Its starting to make me think its fake. Like that movie 'Wag the Dog.'

[Swing low, sweet chariot. Comin' for to carry me home.]

If Citi had gone under, that could have driven down my contract rate because there are a lot of Citi workers in Houston that are involved in my area of work (ETRM).

I'm currently 100% in cash, so I'm looking to buy back into the stock market, but I don't know when I'll pull the trigger.

Otherwise, like always, I am very conservative, and though I'd like to take advantage of depressed prices, I can't see myself pulling the trigger on a large purchase any time soon.

I'm hoping for the best but planning for the worst.  So, right now, I'm simply enjoying lower gas prices and stocking up on ammo.

[Small Business Owner of Any Repute]

The portfolio I made in 2004 out of my summer work money began with $3500, rose to $5620 in mid 2007, and is now worth a whopping $2,016. My college fund is down $95,000. My grandfather's estate is down $950,000. Other than that, we haven't been affected at all!

You were able to lose that much money?

My broker explained that he had never seen an environment like this and basically apologized for what has happened.

I just let all my stocks collapse, but I am confident that all the companies I am invested in are sound like Apple Computer, AT&T, Phillip Morris, and Enterprise Energy. But I did invest in Citigroup, Crocs, Wachovia, and some other nuclear energy companies which have taken a hit during the collapse. However, since they own their own uranium fields, I think they'll be back. Crocs probably will never get back to the $75 it was when I should've sold it, or the $30 I paid to buy it.

Crocs is far more likely to hit $0 than it is to get to even $3.

Yeah. That was the worst investment I ever made. I got greedy when I watched it run up from $30-$75. I almost sold it before they released earnings, but I thought it would have a good report. Instead, it dropped off 25% and never had a bump afterwards. Now I'm stuck with it.

Well, it's a good little holding you can use to offset capital gains taxes someday.  Sadly, that's about the only value I can see those shares having for a while.

I got burned a little bit with Citibank, but I only invested, like, $250 in it.  Because I was worried it might...well, you know what happened.

[Flying Dog]

A bad economy is pretty much the norm around here. I don't think I can hardly remember even Michigan ever having a 'good' economy. It's been at least since 2001. (heading to the soup-kitchens around these parts - if GM/Ford/Chrysler fail or even go into Chapter 11.


Anyway, I know dozens of people or family's that have had a layoff or two.

[Jake]

Wait a minute, college kids are expected to invest in the United States? Lolz*

Saving money is something that can always be done. Putting such saved money in mutual funds is investing. No one is asking people in their early 20s to own real estate, but looking to invest is not something that should be restricted to old rich people. BRTD is past college BTW.

[Filuwaúrdjan]

I can't say I've noticed much difference for myself yet, but then I'm not in regular employment, I'm a tight-fisted git at the best of times and don't put money anywhere other than my building society account.
I'm not sure how much it's affected my family; not really the sort of thing I'd naturally ask and it'd be hard to tell for sure anyway.

[Sensei]

my parents are probably surely keeping their jobs, despite slower business, but we have 8 properties, the values of which have all decreased precipitously. That's all stuff that will rebound, though. I feel bad for my sister who has to deal with the significantly slashed public education budget, though.

[Matt Damon™]

Upstate NY has always had a horrible economy so this isn't really out of the norm.

[Small Business Owner of Any Repute]

The idea that there is no significant investment done outside of the elite is complete nonsense.

Approximately 50% of all American households own stock thanks to the spread of 401(k) plans.

[Tetro Kornbluth]

Wait a minute, college kids are expected to invest in the United States? Lolz*

Saving money is something that can always be done. Putting such saved money in mutual funds is investing. No one is asking people in their early 20s to own real estate, but looking to invest is not something that should be restricted to old rich people. BRTD is past college BTW.

I wasn't aiming that question particularly at BRTD.

The idea of college kids, people my age, investing just makes me LOL extermely. It is a cultural thing.