OT Poll: At what level will the stock market bottom?

[lou_fine]

How does a country that is broke and so far into debt they will NEVER pay it back manage to crawl out of that hole?

 

 

Step 1 - declare the "US dollar" to be a dead currency that has no value

 

Step 2 - declare all US dollar denominated debt to be invalid

 

Step 3 - issue a new currency, maybe something called the "US Peso"

 

Step 4 - start over again from scratch

 

Step 5 - remind foreign debt holders that the US mlitary is bigger than their military

 

 

And just like magic ........ no more debt

 

Your above stated scenario does not seem to have taken hold yet.

 

In actual fact, the U.S. dollar has gone UP significantly against a lot of the other world currencies during the past several months

 

 

 

 

[PEP]

I find that the value of houses will fall much lower then the stockmarket.

The average price of a house in Detroit is $18,000 dollars,not $180,000.

I expect houses values to continue to plummet across America.

we are just at the beginning of the housing bubble bursting.I see houses going back to 1996 prices as well.

$18,000???

[druss84]

I find that the value of houses will fall much lower then the stockmarket.

The average price of a house in Detroit is $18,000 dollars,not $180,000.

I expect houses values to continue to plummet across America.

we are just at the beginning of the housing bubble bursting.I see houses going back to 1996 prices as well.

$18,000???

 

You have to realize the market you are looking at though. Have you been to Detroit in the past say... 20 years? It's worse than ever right now. The unemployment rate is sky high (like the entire state of Michigan), the former mayor is in jail, anyone that gets out of jail commits a violent crime so they can go back to jail for food and a bed. I'm not joking there. Detroit is the gateway to Hell, no one wants to live there or buy a house there.

[druss84]

And don't even get me started on Detroit's football team! Sometime it's a bummer to be a Michigander...

[JohnT]

I think we have seen the bottom, or very near to it. I would suspect we might test it again, maybe more than once.

 

I agree we're probably at or near the bottom. Unfortunately, I suspect we won't get out of the bottom very quickly.

[Limited66]

How does a country that is broke and so far into debt they will NEVER pay it back manage to crawl out of that hole?

 

 

Step 1 - declare the "US dollar" to be a dead currency that has no value

 

Step 2 - declare all US dollar denominated debt to be invalid

 

Step 3 - issue a new currency, maybe something called the "US Peso"

 

Step 4 - start over again from scratch

 

Step 5 - remind foreign debt holders that the US mlitary is bigger than their military

 

 

And just like magic ........ no more debt

 

Your above stated scenario does not seem to have taken hold yet.

 

In actual fact, the U.S. dollar has gone UP significantly against a lot of the other world currencies during the past several months

 

 

Yeah, were actually seeing deflation, not inflation. That could change, but reading over all the commentary here I think everyone is a bit pessimistic.

 

And after this last week, we could be seeing signs of some turn-around. Consider that GM says that they could hold off on the bailout money and citibank has posted profits for the first two months of the quarter. The govt announced that they would not change the mark-to-market rules for asset-backed securities and that was also helpful as well as the possiblility of re-instating the "up-tick" rule for short-sales which (I think has no effect) may be psychologically helpful.

 

I've had a few friends buy in on BOA and Citi and double their money doing some risky buy and hold for 3 or 4 days.

 

We could be completely screwed if another major event happens like GM goes bankrupt causing a massive unemployment spike or if citi or another bank fails and triggers a run, but we also could see a slow turnaround by the end of next year.

 

So cheer up and buy some funnybooks!

[action1kid]

Retest of the 6500 dow no question.Stop looking at wall street and take a good hard look at main street usa.We are going down.No dought about it.

[JohnT]

Retest of the 6500 dow no question.Stop looking at wall street and take a good hard look at main street usa.We are going down.No dought about it.

 

We aren't necessarily going down. There's an argument that there's been an overreaction to the housing meltdown, and that there are good loans to be made out there if the banks would stablilize and not be afraid to make them. The feds are trying to stabilize things (through bailouts), and if that works banks may slowly start lending and people may slowly start buying again. If that happens layoffs will decrease, eventually companies will hire some people back, and the economy will slowly turn around.

 

That's the argument anyway. I'm hopeful, but nothing would surprise me. We're in unknown territory here.

[Pirate]

all i know is last year I wanted a piece of art from a UK seller and passed at 150 pounds sterling Last week I bought it at the same price in pounds and saved a hundred US.

[action1kid]

My prediction and its already come true is that the state will take everything and more away from us that the fed gives us.Aleady higher real estate taxes and tolls locally this year alone have wiped out evrything and anything the federal govt has given me and more.There is no more consumer thanks to the state and local govts.

We are all making less than last year here with ever increasing interest on our debt of everykind.main street leads wall street.We are going down!

[Limited66]

Out here in Austin, TX main street is doin' ok. The resturaunts are full, people are out on the weekends, real estate prices are still climbing in the popular parts of town. New businesses have opened, old businesses are not closing (unless they were already on their way out). Some prices have fallen a bit around town, but not much.

 

I'm not saying that its all coming up roses, but I think its too soon to declare that the sky is falling.

 

Then again, the situation in NYC is much different and since I'm moving there in October it would be good to hear more about it. Out here in TX there is no state or city income tax, only property taxes. I've taken a job in NYC that isn't paying less than the year before (actually its more), but the benefits have been reduced.

 

 

I suppose if I was in NYC or California, I would not be as optimistic.

[MR.COMICBOOK]

I find that the value of houses will fall much lower then the stockmarket.

The average price of a house in Detroit is $18,000 dollars,not $180,000.

I expect houses values to continue to plummet across America.

we are just at the beginning of the housing bubble bursting.I see houses going back to 1996 prices as well.

$18,000???

 

You have to realize the market you are looking at though. Have you been to Detroit in the past say... 20 years? It's worse than ever right now. The unemployment rate is sky high (like the entire state of Michigan), the former mayor is in jail, anyone that gets out of jail commits a violent crime so they can go back to jail for food and a bed. I'm not joking there. Detroit is the gateway to Hell, no one wants to live there or buy a house there.

ok, what killed a major city like Detroit that the average cost for a house is $18,000? Detroit has a population of over 900,000, surely it didn`t put it`s eggs all into one basket with the auto industry?

[dekeuk]

 

 

ok, what killed a major city like Detroit that the average cost for a house is $18,000? Detroit has a population of over 900,000, surely it didn`t put it`s eggs all into one basket with the auto industry?

 

 

the population was 2 million at the peak in 1955

 

that's a lot of empty houses

 

Detroit is the incredible shrinking city

 

 

 

[VintageComics]

 

 

ok, what killed a major city like Detroit that the average cost for a house is $18,000? Detroit has a population of over 900,000, surely it didn`t put it`s eggs all into one basket with the auto industry?

 

 

the population was 2 million at the peak in 1955

 

that's a lot of empty houses

 

Detroit is the incredible shrinking city

 

 

 

 

OMG I had no idea. Wow. My sis lived north of Detroit in a wonderful little subdivision and I never saw the other side of the Motor City. Is it possibly time to start buying into Detroit again or is it going to continue to get worse?

[dekeuk]

 

 

ok, what killed a major city like Detroit that the average cost for a house is $18,000? Detroit has a population of over 900,000, surely it didn`t put it`s eggs all into one basket with the auto industry?

 

 

the population was 2 million at the peak in 1955

 

that's a lot of empty houses

 

Detroit is the incredible shrinking city

 

 

 

 

 

 

 

 

 

OMG I had no idea. Wow. My sis lived north of Detroit in a wonderful little subdivision and I never saw the other side of the Motor City. Is it possibly time to start buying into Detroit again or is it going to continue to get worse?

 

 

I vote for "worse". If any of the so called Big-3 goes bankrupt and has to shut down all operations, that would make things even worse for Detroit and some other cities.

 

Sure you can buy a cheap house, but so what? If there are no jobs, nobody is gonna want to live there.

 

Retired people could buy the cheap houses, but I can't see Detroit becoming a retirement destination city anytime soon.

 

 

[druss84]

 

 

ok, what killed a major city like Detroit that the average cost for a house is $18,000? Detroit has a population of over 900,000, surely it didn`t put it`s eggs all into one basket with the auto industry?

 

 

the population was 2 million at the peak in 1955

 

that's a lot of empty houses

 

Detroit is the incredible shrinking city

 

 

 

 

OMG I had no idea. Wow. My sis lived north of Detroit in a wonderful little subdivision and I never saw the other side of the Motor City. Is it possibly time to start buying into Detroit again or is it going to continue to get worse?

 

The only good thing about Detroit is that it isn't Flint, for now. Give it 10 years and it will be. It is among the most, if not the most violent cities in the United States (Flint is up there too). The Detroit police are afraid of that city. There is a reason houses are that cheap because no one wants them! Also, you probably have 5 crackheads that are occupying all the vacant homes that no one wants to even check out. Anyone that wants to move to Detroit has a death wish or seriously needs a head examination. The suburbs around there aren't bad, but try walking to your car after a Tiger's game and you'll see why Detroit is such a nightmare.

[MR.COMICBOOK]

 

 

ok, what killed a major city like Detroit that the average cost for a house is $18,000? Detroit has a population of over 900,000, surely it didn`t put it`s eggs all into one basket with the auto industry?

 

 

the population was 2 million at the peak in 1955

 

that's a lot of empty houses

 

Detroit is the incredible shrinking city

 

 

 

 

OMG I had no idea. Wow. My sis lived north of Detroit in a wonderful little subdivision and I never saw the other side of the Motor City. Is it possibly time to start buying into Detroit again or is it going to continue to get worse?

 

The only good thing about Detroit is that it isn't Flint, for now. Give it 10 years and it will be. It is among the most, if not the most violent cities in the United States (Flint is up there too). The Detroit police are afraid of that city. There is a reason houses are that cheap because no one wants them! Also, you probably have 5 crackheads that are occupying all the vacant homes that no one wants to even check out. Anyone that wants to move to Detroit has a death wish or seriously needs a head examination. The suburbs around there aren't bad, but try walking to your car after a Tiger's game and you'll see why Detroit is such a nightmare.

wow! I didn`t know Detroit was that violent.I guess Detroit really needs him.

[druss84]

! ED-209 might not even be that bad of an idea for Detroit right right now...

 

Got these stats from a 2007 Forbes article on most dangerous cities-

 

Detroit ranked number 1 in murder rates, number 2 for violent crime, number 4 for robbery, and number 12 for forcible rape.

 

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