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View Full Version : Yup, here is a glimpse into the great future



sjslhill
12-17-2008, 11:53 AM
Gov. David Paterson has proposed a so-called 'iPod tax' on downloaded music and entertainment services to help his state close a $15.4 billion budget deficit.

Local school districts face cutting classroom programs and staff, increasing class sizes, draining reserve funds and no doubt raising property taxes, in light of Gov. David A. Patersonís proposed budget that would cut state aid by $698 million, or 3.3 percent.

The scenario is even dimmer locally than it is statewide.

Motorola Inc. announced most employees won't get raises next year and put a freeze on its US pension plan and matching 401(k) contributions as the struggling cellphone maker continues to cut costs.


Morgan Stanley suffers $2.3 billion loss
Roiled by broader market turmoil, the Wall Street firm reported much worse-than-expected results in latest quarter; shares fall on the news.


Just a matter of time before it touches you. We moved too far too fast and now we are going to pay the piper.

my 2 cents.

Steve

sjslhill
12-17-2008, 12:07 PM
Dec. 17 (Bloomberg) -- Losses and writedowns from the credit crisis surpassed $1 trillion today, and show little sign of ending, as Morgan Stanley marked down the value of mortgages and leveraged loans.

Morgan Stanley and Goldman Sachs Group Inc.’s markdowns this week bring losses by financial firms in the U.S. to $678 billion since last year, while European banks and insurers have written down a further $300 billion, according to data compiled by Bloomberg. Firms have raised about $928 billion to replenish capital, and cut about 239,000 jobs across the industry.

The losses have caused bank failures from the U.S. and the U.K. to Germany and Iceland, forcing governments to increase borrowing and buy stakes in financial companies. The U.S. alone is spending $700 billion, almost half of which will go directly into banks and insurers, in what has become the worst financial crisis since the Great Depression.

Steven Vaccaro
12-17-2008, 01:33 PM
Buckle up, its going to be a rough ride in 2009. More like a bull ride, combined to the bucking pony ride of 2008. The Christmas season is dismal at best at both OSE and my day job. Everyone I speak to is saying the same. Once the 2008 season numbers come in, things will get worse. I'm talking to small businesses that only have enough reserve cash to last until early spring. Good people, good companies. Sad. I visited my jewelry supplier in NY City last month, his inventory and business has been cut by 2/3's! He says he's lucky, some of his wholesale jewelry friends have already closed.

I hope I'm wrong.

Steven Vaccaro
12-17-2008, 01:34 PM
Buckle up, its going to be a rough ride in 2009. More like a bull ride, combined to the bucking pony ride of 2008. The Christmas season is dismal at best at both OSE and my day job. Everyone I speak to is saying the same. Once the 2008 season numbers come in, things will get worse. I'm talking to small businesses that only have enough reserve cash to last until early spring. Good people, good companies. Sad. I visited my jewelry supplier in NY City last month, his inventory and business has been cut by 2/3's! He says he's lucky, some of his wholesale jewelry friends have already closed.

I hope I'm wrong.

sjslhill
12-17-2008, 02:03 PM
I don't want to sound negative but I don't think we have seen anything yet. Another bubble of housing failures are just around the bend. People are getting laid off everyday, it's all over the Internet. House equity has driven us into spending and spending and spending. Now the houses are worthless and all that is left is debt. All of these bail out packages are running national debt into the trillions, who is going to pay that off? The states are all broke, too much spending for years and years. Credit Cards not getting paid off will start to grow in 2009. Do you think people are going to buy cars? Not a chance in 2009, GM, FORD are in big trouble. I could go on and on.

sjslhill
12-17-2008, 02:25 PM
Are you aware of this?
Bernard Madoff, accused mastermind of a $50 billion investment fraud

Social Security is no different...it's not in an account and you won't get a penny of it unless someone is working and paying in. But, it's a Government program and it's okay for it to be ran this way. Social Security is a time bomb that is ready to explode at anytime in the future.

Dr. Jet
12-17-2008, 02:27 PM
Are you guys kidding? New York has a great idea. Tax yourself into prosperity!



:sarcasm1:

Here's a couple of questions for all you Left and Right wingers:

Are you under-taxed, or is the government over-spending?

If household income goes down, people compensate by reducing expenditures. You don't suppose the government could consider something along those lines rather than taking more from my wallet, do you?

We pay to educate all the illegal aliens, and provide medical care for them and a whole host of other government "programs". Don't you suppose we could eliminate some expenditires somewhere?

And I mean real cuts, not the kind of cuts Washington refers to. Washington uses an accounting trick called "Baseline Budgeting". It goes something like this:

Your Department has a budget of $10 Billion. Next year, you figure you will need an additional 25% to run the Department. When the budget gets passed, you only get a 15% increase. Why that's a 10% CUT!!! How can we (your Department) survive with these "Draconian" cuts? (Never mind that you just received a 15% increase).

Government budgets NEVER go down. Sometimes, the rate of growth may get reduced, but the result is the same: More money out of your wallet. The officials in New York are telling you "These aren't new taxes, they're just fees." Well guess what you worthless political hacks, the end result is the same. More of my money for you to spend because you think you do a better job at it than I do.

A long time ago, a bunch of men dressed up as indians and threw a bunch of tea into the Boston Harbor because of excessive "Taxation without Representation." What you never learned in school was that the tax rate on tea was 3%.

The lobbyists get political representation; when was the last time your Congressional Representative listened to you?

I think it's time to throw more tea in the harbor.

sjslhill
12-17-2008, 02:32 PM
Taxes are a major problem...however, the FOP, Fireman, Teachers, USPS and most everyone is in a union with a no layoff contract and we need pay more taxes for those people. Just like the autoworkers, they need a bailout cause the compaines they work for can't sell cars that nobody wants.

The glory days of the USA and loaned out prosperity is over for years to come.

sjslhill
12-17-2008, 02:38 PM
USPS loses money every year and will as long as it's open....billions and billions of lost money. Who pays for these loses? John Doe taxpayer.

Steven Vaccaro
12-17-2008, 03:16 PM
I'm bankin on the BIG O to change all this. :-)

I'm starting to think more positive this afternoon. I sold a $20 stainless steel bracelet! YAHOO

"The futures so bright I gotta wear shades" lol

http://www.youtube.com/watch?v=serbOC5sH04

Meniscus
12-17-2008, 03:33 PM
Steven,

Since you mentioned that OSE isn't doing well, why not allow some of us to special order some parts through you? I can think of a few things that everyone is buying from someone else. Why not get a piece of that and not hand it over to others?

Of course, this will incur what I like to call opportunity cost which includes your additional time to facilitate these types of transactions. But, that's for you to evaluate => time vs. gain.

In any case, it means that you wouldn't be out the money sitting on inventory...hoping that it will move before the cashflow catches up to expenditures.

Just a thought.

Flying Scotsman
12-17-2008, 04:02 PM
The state of the economy is awfull. I am still surviving in my own business...just.
My wife and I are fortunate that the house is paid for.
Steven, I know what many small and especially large companies are facing..."Yes I was going to place an order but Doug we do not have the finances at this time"..i.e credit and bank problems. People are scared and then will not make purchases because the future is not rosy. The days of easy credit are gone and some of those bandits in Wall Street who perpertuated the American Dream. I would throw more than a shoe at !!!
A Douggie Rant

Steven Vaccaro
12-17-2008, 04:09 PM
Steven,

Since you mentioned that OSE isn't doing well, why not allow some of us to special order some parts through you? I can think of a few things that everyone is buying from someone else. Why not get a piece of that and not hand it over to others?

Of course, this will incur what I like to call opportunity cost which includes your additional time to facilitate these types of transactions. But, that's for you to evaluate => time vs. gain.

In any case, it means that you wouldn't be out the money sitting on inventory...hoping that it will move before the cashflow catches up to expenditures.

Just a thought.

Please don't take that the wrong way. I was in no way crying/begging, just complaining out loud. OSE is a fun side business that keeps me out of my wifes hair at night. LOL I have had the same day job for 25 years this year. We have seen good and bad times. None as bad as this. But I'm a saver. I've always worried about a down time, just couldn't have imagined things turning this bad.

That being said, I'm always looking for new things that I can carry. Thats why I like the "new products section". I'm still working on getting some new things like outrunner mounts :-) , but things like this take time. Minimum orders, getting samples and testing samples isn't always easy.

Dr. Jet
12-17-2008, 04:35 PM
I'm bankin on the BIG O to change all this. :-)


52% of the people wanted change. Well, looks like we are going to get it, one way or the other.

sjslhill
12-17-2008, 05:22 PM
Wall Street has caused prices on everything to go up and up. Why do I say that, so they can show profits every month to pay the investors. The bubble has bursted and many of them went broke and now John Doe is bailing them out.

ice329
12-18-2008, 11:09 AM
Things are ugly but you know CNBC makes things worse, they need to chill and stop painting a even uglyer picture. Just yesterday, there running around saying OH MY GOD its scary quiet things are really bad... OH MY GOD... idiots its a holiday week....ITS ALWAYS SLOW! Its like if one person says one negative thing even if it is in casual conversation they cover it like the world is ending. And get rid of the brunett. Shut the TV off and go make some money.

sjslhill
12-18-2008, 11:12 AM
This is true, the Obama slogan is "Crisis is a time of Opportunity for change."

Bill-SOCAL
12-18-2008, 11:38 AM
The 24 hour a day cable news channels were the worst thing that has happened in a long time. They desperately need to fill every minute of air time and will do so even if it is with meaningless tripe.

Hence ENDLESS hours of coverage of the latest Britney Spears faux pax, or missing white girl (ever notice how we never see stories about missing minority girls) and on and on. Politics is a sure and steady supplier of grist for their mills as well. No story there? No worries, we'll repeat nothing until it sounds like something.

Dr. Jet
12-18-2008, 01:34 PM
The 24 hour a day cable news channels were the worst thing that has happened in a long time. They desperately need to fill every minute of air time and will do so even if it is with meaningless tripe.

Hence ENDLESS hours of coverage of the latest Britney Spears faux pax, or missing white girl (ever notice how we never see stories about missing minority girls) and on and on. Politics is a sure and steady supplier of grist for their mills as well. No story there? No worries, we'll repeat nothing until it sounds like something.

Bill,

Even though we are on opposite sides of the political fence, some of the things you say make perfect sense to me. This is one of them. :tiphat: :beerchug:

Ub Hauled
12-18-2008, 02:20 PM
O good example of that is, last nite I saw the Laci Peterson story... someone please let it be in the past... life goes on.

Flying Scotsman
12-18-2008, 02:24 PM
No kidding, when I get my car serviced. They have the cable news channels blasting out their tripe and in many cases not confirmed events but our reporter is on the "scene"

Douggie

Spot Me 2
12-18-2008, 03:28 PM
Things are just fine in our house. I got hurt at work a year ago, Have had 2 back surgeries, and 3 surgical procedures, and I just found out I am being let go on 1/04/09. "its just company policy".:ohmy: Once I am heathy again, I should have no problem finding a job in this market.:ThumbsDown01:

Meniscus
12-18-2008, 08:28 PM
Please don't take that the wrong way. I was in no way crying/begging, just complaining out loud...

...but things like this take time. Minimum orders, getting samples and testing samples isn't always easy.

I certainly didn't take it that way.

That is why I mentioned putting together some buying power. I'll go without product testing for certain items and if they don't work, I won't be coming to you to replace them or make them work. However, in the case of the outrunner mount, feel free to test if it does pass at lease air from one outlet to another.

(this is done by placing on the mouth and blowing) LMAO

Don't worry, I've got sanitizer.