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PD
ParticipantWhen we had our house for sale in 2005, I told a neighbor that we wanted to sell because we felt we had reached the top of the cycle and prices were going to start coming back down. He laughed at me and told me that we were foolish for selling because our properties were going to appreciate another 100% in 5 years. I doubt he is laughing now. His property has depreciated 100K since then.
ParticipantWhen we had our house for sale in 2005, I told a neighbor that we wanted to sell because we felt we had reached the top of the cycle and prices were going to start coming back down. He laughed at me and told me that we were foolish for selling because our properties were going to appreciate another 100% in 5 years. I doubt he is laughing now. His property has depreciated 100K since then.
ParticipantPeople who use words like "dumb or stupid" are usually dumb and stupid. It stems from a deep seated sense of inferiority. And anyone who doesn't know that is …well, you get the point.
Ah, Querty, you found me out. I'm secretly stupid, I just masquerade as someone with a brain. Do you suppose the fact that you insinuated you were about to say "dumb or stupid" is any better than actually saying it?
Usually, I would agree with you. I have always thought that people who complain the loudest about how stupid everyone else is in relation to themselves are usually the ones who are incompetent.
I won't make any excuses, Querty, as long as you don't either.
Does anyone have any suggestions for how I can raise my IQ?
ParticipantPeople who use words like "dumb or stupid" are usually dumb and stupid. It stems from a deep seated sense of inferiority. And anyone who doesn't know that is …well, you get the point.
Ah, Querty, you found me out. I'm secretly stupid, I just masquerade as someone with a brain. Do you suppose the fact that you insinuated you were about to say "dumb or stupid" is any better than actually saying it?
Usually, I would agree with you. I have always thought that people who complain the loudest about how stupid everyone else is in relation to themselves are usually the ones who are incompetent.
I won't make any excuses, Querty, as long as you don't either.
Does anyone have any suggestions for how I can raise my IQ?
ParticipantI need to correct my previous post. I was mistaken. The President of Brookstreet said this:
“A group of brokers had client accounts invested in CMO bonds. Some were on margin. The declines in value forced many into negative equity. Those amounts are charged to the firm’s net capital. The accounts were liquidated by the clearing firm which further accelerated the net deficits. Brookstreet went from 17mm of net equity at the end of May to minus 17mm of net equity and the liquidations are not over. Few firms can sustain this devastation. The firm started in 1990 with 16m of capital. It had over 650 registered representatives. It employed 105 staff. We have notified the NASD and SEC that we are out of capital and have been placed on sell only status for client accounts. All client accounts are carried by National Financial, a Fidelity Investments company, and the client assets are safe. This devastation took one week. I have been in the business 30 years, I have never seen anything like this.”
ParticipantI need to correct my previous post. I was mistaken. The President of Brookstreet said this:
“A group of brokers had client accounts invested in CMO bonds. Some were on margin. The declines in value forced many into negative equity. Those amounts are charged to the firm’s net capital. The accounts were liquidated by the clearing firm which further accelerated the net deficits. Brookstreet went from 17mm of net equity at the end of May to minus 17mm of net equity and the liquidations are not over. Few firms can sustain this devastation. The firm started in 1990 with 16m of capital. It had over 650 registered representatives. It employed 105 staff. We have notified the NASD and SEC that we are out of capital and have been placed on sell only status for client accounts. All client accounts are carried by National Financial, a Fidelity Investments company, and the client assets are safe. This devastation took one week. I have been in the business 30 years, I have never seen anything like this.”
ParticipantCMOs are much less risky than the CDOs. This problem was caused by CDOs not CMOs.
ParticipantCMOs are much less risky than the CDOs. This problem was caused by CDOs not CMOs.
ParticipantGoodbye liquidity.
Janey Marketwatcher was in line to buy a coffee just before Christmas 2007 when she overheard one half of a phone conversation.
“What? Four times income? What does that mean? No, I can’t do the math. Huh? I can only qualify for 300k instead of the 600k I’m asking for? And 20% downpayment! That is crazy! Nobody has money like that. No, I can’t sell my Hummer. I owe more than it is worth. This is unbelievable. Just last year one of the guys who works for me, and makes less than I do, got a loan from you guys for more than I’m asking for! This is bogus.”ParticipantGoodbye liquidity.
Janey Marketwatcher was in line to buy a coffee just before Christmas 2007 when she overheard one half of a phone conversation.
“What? Four times income? What does that mean? No, I can’t do the math. Huh? I can only qualify for 300k instead of the 600k I’m asking for? And 20% downpayment! That is crazy! Nobody has money like that. No, I can’t sell my Hummer. I owe more than it is worth. This is unbelievable. Just last year one of the guys who works for me, and makes less than I do, got a loan from you guys for more than I’m asking for! This is bogus.”ParticipantIt is funny. I’m happy to discover that it was on purpose. 🙂
ParticipantIt is funny. I’m happy to discover that it was on purpose. 🙂
ParticipantMight I recommend a years supply of freeze dried food?
I think you had a little typo, although I like it– “I guess that proves it, five quarters of American’s can’t do math.”
🙂
Or was it on purpose?
ParticipantMight I recommend a years supply of freeze dried food?
I think you had a little typo, although I like it– “I guess that proves it, five quarters of American’s can’t do math.”
🙂
Or was it on purpose?
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