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#89435 - 11/30/10 12:36 PM
Re: The Past Decade - What Do You Think
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Senior Member
Registered: 01/02/04
Posts: 7303
Loc: Lexington, Ky, USA
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Good question, Dan;
1. Sadly, we have entered into another war, based on less than concrete issues, and are seeing history repeat itself.
2. We have let the illegal immigration situation get way out of hand. If it's true that if 50% of the illegals were deported, construction, agriculture and farming industries would be in crisis, why the hell don't we fix the situation? I have a family I've sort of adopted, and the kids live in fear that mom or dad will be deported if they are stopped for a non-functioning turn signal.
* The financial crisis proves that we need more accountability in Wall Street and in the financial sector.
* The deficit is close to, if not already unmanageable. The financial "bailout" has created major problems for future generations.
These events during the last 10 years will dramatically impact the lives our heirs will live.
Not pretty, when you think about it. We should all be concerned.
Russ
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#89437 - 11/30/10 07:18 PM
Re: The Past Decade - What Do You Think
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Senior Member
Registered: 08/23/04
Posts: 2202
Loc: Dayton, OH USA
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Some random thoughts:
I think the last 10 years, while great for me and my family have been very difficult for way too many Americans.
I think the growth and influence of our current day media is an extremely sharp, double edged sword. Too many people have difficulty telling the difference between news and entertainment programming.
I think the bailouts were mostly justified. Wall Street has stabilized and stock prices have risen reasonably. The auto bailout has been a pretty big success, as well. All 3 US makers showing a profit, hiring new workers, adding shifts and building new lines. Plus, financially it looks possible that we as taxpayers might actually make money on the deal. While some feel Obama is leading us towards Socialism and a new world order, I think he's a fairly smart man, with a reasonably good moral compass who did the right thing.
I think the long overdue conversation regarding health care in this country has taken on new awareness which, in time, will lead to a better overall approach. Until that time, we'll overpay for middling results for too few Americans.
Musically, I've seen a big downturn in live entertainment, especially for working bands.
------------------ Bill in Dayton
[This message has been edited by Bill in Dayton (edited 11-30-2010).]
_________________________
Bill in Dayton
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#89438 - 12/01/10 08:09 AM
Re: The Past Decade - What Do You Think
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Senior Member
Registered: 01/02/04
Posts: 7303
Loc: Lexington, Ky, USA
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Good observations, Bill. One exception to the recovery in the stock market is financial stocks. For example, I have 270,000 shares of one regional bank. Three years ago, stock was in the $23.00 range, and dividends were .40 a quarter. Today, dividends are .01 a quarter, and stock is in the $7.00 range.
Doing the math is pretty depressing. $400,000.00 in annual dividends are now $4,000.00. Since the downturn, dividends are down almost $1,100,000.00 and the stock has lost over $40,000,000.00. I have several other bank stocks-less shares. Believe it or not, the losses, as a percentage, were even greater.
Retired people and older investors have traditionally put lots of money in these poor performing but, formerly "safe" investments, and counted on the modest income to live. Lots of folks are hurting, because they have lost a major portion of their life savings and reliable income streams. For them, the recovery will take many more years and considerable suffering.
For years, I've been able to live comfortably on the dividends from this one stock...no longer. While I don't plan to retire anytime soon, it was nice to know that I could have, if I wanted to (still could, actually).
I'm pretty pissed off about the rampant mismanagement in the financial sector. The president of the regional bank I mentioned above went on a family vacation the day he got Federal bail-out money, on the company money-made front page of the WSJ as a result. He spent $19,000.00 on the vacation-one week-end, if you include the cost of the company jet. To put that in perspective for me, that was equal to 6 months of care for my father-in-law at a VA, and nearly twice his funeral expenses.
Pretty disgusting!
Russ
[This message has been edited by captain Russ (edited 12-01-2010).]
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#89440 - 12/01/10 11:03 AM
Re: The Past Decade - What Do You Think
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Senior Member
Registered: 01/31/01
Posts: 3602
Loc: Maryland
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Here is a news release about the bank bailout.
By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer – 2 mins ago WASHINGTON – The Federal Reserve revealed details Wednesday of more than $3 trillion in emergency aid it provided to U.S. and foreign banks during the financial crisis.
It also named the companies that used its emergency loan programs and revealed how much they borrowed. Newly released documents show the companies included Goldman Sachs & Co., Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. They also show that foreign banks such as Barclays, Royal Bank of Scotland and Deutche Bank borrowed hundreds of billions of dollars.
The documents are a reminder of how crippled the financial system had become during the crisis and how much it's recovered since. Banks earned $14 billion from July through September this year.
The Fed released the data in the form of more than 21,000 transactions. The disclosures are required under the financial overhaul law. The Fed's programs were credited with helping restore the health of individual banks and stabilize the financial system.
The documents detail more than $2 trillion the Fed lent through eight programs from December 2007 to July this year to ease a credit crisis. It came at a time when credit had virtually dried up and was worsening the deepest recession since the Great Depression.
The lending programs had never been used before and are now defunct. Most of the loans have been repaid, and none are overdue, Fed officials say.
Here is the link.. By JEANNINE AVERSA, AP Economics Writer Jeannine Aversa, Ap Economics Writer – 2 mins ago WASHINGTON – The Federal Reserve revealed details Wednesday of more than $3 trillion in emergency aid it provided to U.S. and foreign banks during the financial crisis.
It also named the companies that used its emergency loan programs and revealed how much they borrowed. Newly released documents show the companies included Goldman Sachs & Co., Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. They also show that foreign banks such as Barclays, Royal Bank of Scotland and Deutche Bank borrowed hundreds of billions of dollars.
The documents are a reminder of how crippled the financial system had become during the crisis and how much it's recovered since. Banks earned $14 billion from July through September this year.
The Fed released the data in the form of more than 21,000 transactions. The disclosures are required under the financial overhaul law. The Fed's programs were credited with helping restore the health of individual banks and stabilize the financial system.
The documents detail more than $2 trillion the Fed lent through eight programs from December 2007 to July this year to ease a credit crisis. It came at a time when credit had virtually dried up and was worsening the deepest recession since the Great Depression.
The lending programs had never been used before and are now defunct. Most of the loans have been repaid, and none are overdue, Fed officials say.
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#89441 - 12/01/10 11:04 AM
Re: The Past Decade - What Do You Think
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Senior Member
Registered: 01/31/01
Posts: 3602
Loc: Maryland
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#89442 - 12/01/10 03:15 PM
Re: The Past Decade - What Do You Think
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Senior Member
Registered: 09/29/05
Posts: 6703
Loc: Roswell,GA/USA
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Socially, I think the election of a Black president is the most significant event (in this country) in the last decade. Sadly, the resultant fallout has served to re-open old wounds and (once again) expose America's dark side. I can only think; 'one step forward, two steps backward'.
Economically, the astonishing growth of the SUPER-RICH at a time when the middle class is shrinking at an alarming rate and the poor have all but given up. This situation should inform even the dullest of dullards, that something has been terribly wrong for at least the last decade. My own son's small investment firm, of which he is a founding partner, is making a small fortune buying and selling distressed companies. With funding by Goldman-Sachs, these five Harvard or Wharton MBA's have done hundreds of millions of dollars worth of business without ever getting their hands dirty. Strangly, I don't feel all that proud of him as I watch him pay a $1000.00 Vet bill for a 15 yr. old dog to spend 3 nights in the vetenary hospital 'for observation'. I don't think I raised him that way, but money has a way of insulating you from some of the human misery and suffering that goes on around you. Oh well, his wife DID put out a hell of a Thanksgiving meal. Since she's never worked a day since I've known her, I guess she has plenty to be thankful for.
chas
_________________________
"Faith means not wanting to know what is true." [Nietzsche]
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#89443 - 12/02/10 08:06 AM
Re: The Past Decade - What Do You Think
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Senior Member
Registered: 01/02/04
Posts: 7303
Loc: Lexington, Ky, USA
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Dan, I don't know when the recovery in the financial sector will be. Not much at all happening at this regional that's positive.
Rental property and appreciating musical instruments (guitars-300 plus, etc.) are things I know and can count on, although, for the first time in a long time, prices on collectibles are soft. Plus, since most of my instruments are fully depreciated, there is the matter of capital gains tax.
Problem is, I find it hard to part with a single one. I recently gave a good friend a nice classical, and suffered during the selection (had 10 in the office to choose from). Thought I simply couldn't do without it, even though I hadn't used it in 5 or 6 years.
Have no problem (after initial "separation anxiety") with giving instruments to promising young players, and am actually pleased about my decision to will a "cherry" 70's L-5 Gibson to this fine young player and person.
And, I really won't have to sell off instruments to survive (LOL)!
Russ
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