When it rains, it pours...

[Mark Wein]

Besides my well documented impending arrival we've been trying to take advantage of the housing slump to buy a home...our real estate agent told us that it would take weeks or months to get and answer back from the bank on the short sale we put an offer in on and then he emails us yesterday saying that the listing agent might have an answer for us today.

That's either bad news or we are the only ones left in SOCal pre-approved with a loan...don't know...it's going to be a LONG day...

[Denverdave]

Today would be good....though it does make the waiting seem longer (it is the hardest part after all...).

[Mark Wein]

It looks like the markets are imploding this morning...there might not be any money for anyone to buy a home with soon. We might just be getting in under the wire with our financing.

I'm just worried that we'll continue to do good business...one of the joys of being self employed with all of this is the added stress of the poor shape of the local economy.

[xqqmytude]

It looks like the markets are imploding this morning...there might not be any money for anyone to buy a home with soon. We might just be getting in under the wire with our financing.

I'm just worried that we'll continue to do good business...one of the joys of being self employed with all of this is the added stress of the poor shape of the local economy.
Well think of it this way. You can grab an acoustic and head to the local park. Open the case and sing for your supper.

Major advantage over the homeless mortgage broker. :D

See, I'm always thinkin'.

[Mark Wein]

It looks like the markets are imploding this morning...there might not be any money for anyone to buy a home with soon. We might just be getting in under the wire with our financing.

I'm just worried that we'll continue to do good business...one of the joys of being self employed with all of this is the added stress of the poor shape of the local economy.
Well think of it this way. You can grab an acoustic and head to the local park. Open the case and sing for your supper.

Major advantage over the homeless mortgage broker. :D

See, I'm always thinkin'.


Pretty much...I'll probably start getting back into performing one way or another to make some extra money...

Since mortgage and real estate are (were) such huge industries here we have had a ton of layoffs...its not even a joking matter anymore.... :(

[Chihlidog]

Man, I really hope we recover from this.

[Mark Wein]

Man, I really hope we recover from this.


Its going to be a long road. They really fucked the system up good this time.

I don't have very much money in the market (just some retirement that I wont need for 3 decades) but I am pretty scared about the economy as a whole....

[Aahzz]

Man, I really hope we recover from this.


It's not gonna be quick, that's for sure.

[xqqmytude]

Man, I really hope we recover from this.
We will, in a couple years barring more government intervention.

People don't realize there was another economic collapse before the great depression. 1925, I believe, but don't quote me. I'll look it up if I get time. There was no intervention and we recovered in a year and a half. There is plenty of resources to suggest that FDR's new deal actually prolonged the great depression.

Corrections are part of the cycle. When they stave them off is when things get bad. This bailout will not work. You CAN quote me on that. If we make it through today, it may even work for a few months, but it will get worse in the long run.

I read your post about your economic situation. I'm in a very similiar boat to you. I live very well considering my pay. I'm responsible with my money. More Americans need this lesson. You can't have $100,000 in debt, (not including your home. I'm talkin' credit cards, car loans, etc.), and no assets. Lots of debt and expensive toys does not equal wealth.

People are getting pissed about the "credit crunch". You mean, we actually have to save 20% and we can't just walk into a dealership and get a loan for a BMW without a down payment? THAT'S CRAZY TALK!

[Mark Wein]

In the 19th century there were "financial panics" every 15 years or so...complete blood lettings.

Regulation is important to provide a framework for the economy but the monkeying around with interest rates and and that to stave off recession and artificially flatten out the peaks and valleys of a normal economy just make things worse in the long run.

Keep in mind I have no financial education (other than what I have learned along the way running a business that (for the moment) has managed to stay profitable this year) but it just seems obvious in the overall picture to a financial dunce like me...

[xqqmytude]

You're right about the 19th century. :)

I haven't been able to find anything about the instance I was referring to. I'll keep looking but it appears you seem to already have an inkling of what I was talking about.

In my googling, I stumbled upon this article and I think it is very well written and easy to understand for the layman.

http://www.fee.org/Publications/the-Freeman/article.asp?aid=3097

[thredlok]

The banks will be in a big hurry to sell what they have even at a bit of a loss. They are scrambling to minimize losses. There will be money for those with a good rating, However the scores are going to have to meet a higher threshold from now on though. No more no money down/ no job no problem programs.

[Mark Wein]

You're right about the 19th century. :)

I haven't been able to find anything about the instance I was referring to. I'll keep looking but it appears you seem to already have an inkling of what I was talking about.

In my googling, I stumbled upon this article and I think it is very well written and easy to understand for the layman.

http://www.fee.org/Publications/the-Freeman/article.asp?aid=3097


I'm a sucker for the history of New York city and the panics featured prominently in how the people of NY lived in the 19th century... :)

Thanks for the link...I'll take some time this afternoon to really read it but the little I read of the "First Myth" made sense to me right off the bat...

[Denverdave]

I'm just worried that we'll continue to do good business...one of the joys of being self employed with all of this is the added stress of the poor shape of the local economy.


There are worse industries to be in...

I work for a non-profit that depends on donations for our budget, so an economic downturn is not good for our budget...

[xqqmytude]

I'm just worried that we'll continue to do good business...one of the joys of being self employed with all of this is the added stress of the poor shape of the local economy.


There are worse industries to be in...

I work for a non-profit that depends on donations for our budget, so an economic downturn is not good for our budget...
Tell me about it.

I work for a mortgage company/bank!

[Mark Wein]

I'm just worried that we'll continue to do good business...one of the joys of being self employed with all of this is the added stress of the poor shape of the local economy.


There are worse industries to be in...

I work for a non-profit that depends on donations for our budget, so an economic downturn is not good for our budget...


Usually the economic downturns haven't bothered me much...I thought after 9/11 I was going to be out on the street but people held on to the cheaper and more constructive activities for their kids.

This is the first time I've had an overhead with things like a commercial lease to consider, though...and this one is going to be gigantically worse than the others I've weathered...

[hobo]

You're right about the 19th century. :)

I haven't been able to find anything about the instance I was referring to. I'll keep looking but it appears you seem to already have an inkling of what I was talking about.

In my googling, I stumbled upon this article and I think it is very well written and easy to understand for the layman.

http://www.fee.org/Publications/the-Freeman/article.asp?aid=3097


That article was interesting to read.

Thanks for posting it