August 06, 2007

HousingPANIC Stupid Question of the Day


Are you financially prepared to lose your job today?

Bonus: How about if your stocks cratered at the same time?

48 comments:

Anonymous said...

The co COO at bear stearns quit.

zoiks said...

No, I'm just ready to poop my shorts at all the Armageddon that's Arma-goin-on. I'm frightened of my cat, my rosebush, even my toilet bowl looks threatening. I am worried about the shock market, about mortgage companies, about my job, about Iraq, inflation, bird flu, nukular weapons, mega tsunamis, Richter 10 earthquakes, asteroids, supernovas and gamma ray bursts, black holes, shit how am I going to sleep tonight!?! How's the economy going to survive if a solar flare arrives and knocks out networks and power grids all over the world? Heck we even have weapons that can do it we don't even need the frickin solar flares!

And for all I know I could be out of a job in a month!

Frickin mortgage meltdown has the whole world upside down, Bear Stearns president walking the plank, lenders not lending, builders not building, home buyers not buying, sellers not selling, Iraq is not Iraquing (? huh ?), presidents not presidenting, the Fed is not Fed'ing, all Hell is breaking loose.

And some frickin guy that looks like the Devil himself is panicking all over my CNBC box, something about Armageddon, pools, and "his people". I just don't know what the hell...

Nah just messing with ya I have plenty of funds and I'm a renter to boot. Would probably not mind that much if they laid us off at work. :)

Good luck with those ARM mortgages, FBs! See ya in Hell!

mrmx said...

yes, but it wouldn't be cool... I was working on a resume and cover letter tonight to transfer into more difficult and/or more demanding work.

Anonymous said...

Uh No. Fortunately your gallbladder doesn't care if you have a job or insurance. Therefore till we run out of gallbladders I have work.

turdly said...

As long as fdic holds, I'll be fine. I was the ant, not the grasshopper. I was too green during the '89 fiasco, I'm way way more than ready for this one. My biggest problem; I already have everything I need or want and then some.

turdly said...

While I'm ready and have all I want, my FEDEX LADY is in the 3rd quarter of a home construction. They have sold their 3 rental houses, his truck, her car, gave up travelling, to support the build...wait for it... a 1.5 mill house on the golf course! a flippin'fedex lady.
Her 'friend' had guaranteed that the funds will be there for the conversion. A FEDEX LADY just spent 15k on a chandelier! Lotta tears soon for a lotta sheeple apes.



There is one thing I've always wanted; I want a Med Alert bracelet that says I have Turrets Syndrome. How much fun would that be!?

Lighten up! There's gonna be plenty of doom and gloom for all the stocjk holders tomorrow.

Happy Renter said...

Am I financially prepared to lose your job today?

I think I am. I wouldn't like to loose my 8 hour job, but I can survive without it. Anyways, my websites bring me much more money than my 8-to-5 job. Ha-ha!

How about if your stocks cratered at the same time?
I don't care. I keep my money in CDs and have enough to survive without any job for a couple of years.

koala-steaks said...

Checklist-

No debt

Moderate reserve of cash (currently some being spent on durable energy saving goods I would have bought later where appropriate to head off any coming inflation)

Gold hedge of ~25% of cash (not assuming anything will go up)

Low stress part time job linked to funding in the university research sector, supported by funds secured years in advance (so secure unless inflation gets so bad that my stagnant wage makes it uneconomical to turn up at all). Pathway ahead to state funded highschool teaching position (stable, unionised, portable, lower down the academic food chain)

Key role in running a small family farm on a fertile 2 acres (hence current part time work), on a train line, well outside walking distance from the suburbs. Currently producing ~10-20% of food for three people after 6 months set up, but capacity to scale up to ~80% for six (safety catch for whole extended family).

Said extended family psychologically prepared for it all by my prolonged gentle nudging over the last five years that an economic/geopolitical firestorm was building that could break today or in a few years time.

Living in an extended community where such attitudes are relatively common.

Living in a relatively isolated country with low population density (though probably too high compared to available resources->ie scratch about and starve rather than fight over resources).

Not quite prepared for anything but most of the major repositioning is in place. Wish I had more saved up to buy a discounted property in a few years time, and wish the farm was a few years more advanced already, and wish I had already moved across to a teaching position. Crash looks like it is starting a couple of years earlier than ideal, but should be able to fight on.

sas said...

could use a vacation anyway.

to the people who are growing thier own food. that is nice to save money if you are unemployed but if it gets bad where people are starving you better stockpile guns and create a bunker to defend all that food from your redneck neihbors who dont own farms but do have guns. they will come at night when you are sleeping so be prepared.

Anonymous said...

I can keep afloat for a year or so with my emergency fund. But if a lot of bad crap happens at the same time, all bets are off. It's not uncommon for people to get hit at the same time with serious illness, unemployment, divorce, natural disaster, unexpected expenses. That financial advice of having just 3 months worth of living expenses in an emergency fund is not realistic. If you get a really bad year, which we often do, that little money won't be enough.

Anonymous said...

Got my stash of cash, gold, silver physical and stocks and my wonderful funeral shares (we all gotta die sometime) which keeps going up in this crisis lol. Renting now but gotta one year fixed contract and by the time I leave job, i be like a gypsy and start travelling all over the world again. Methinks lots of things cheaper if they don't reinflate too soon. Looking for bargains in real estate and watching real estate bulls squirm...they don't know a tsunami is coming. Cemeteries and crematorium plots anyone?

Anonymous said...

As best I can imagine a worst case scenario yes I am prepared.

I recently quit the private sector due to what I sensed is significant instability in the jobs/employment market.

I have 6 months gross in cash.

I sold one of my two cars & paid off the other car.

I rent & walk to work in case gas spikes again.

Anonymous said...

I plan on quitting my job today. No joke.

Not r/e or finance related job. I just really hate what I do and I don't want to do it anymore. I will be giving up a six figure salary, but fuck it, money isn't everything.

Plan is give 2 weeks today, take the rest of August after that off and see what happens after Labor Day.

If I live frugally I can last w/o a job for 2+ years.

Anonymous said...

koala-steaks is living the communist dream. congrats. That is all you HPers are. Communist filth who can't make it in the real world. You hate capitalism because you're weak. You have nothing to offer of value to anyone. You have no skills. You produce nothing. Teachers and university workers...need I say more? The laziest bunch of people ever known to mankind.

westwest888 said...

No. I mean, I could always find a job but I'd need to make lifestyle concessions.

Portfolios are safe in stable value. IRA is full of UltraShort ETF's.

Anonymous said...

Keith,

Lets take this further. Lost job, stocks tank, AND DOLLAR COLLAPSES. FYI, its not looking good this AM. Faith in the govt and fed to stop this may be misplaced. Think monetary katrina.

-MC

Clemenza was right said...

Have enough cash to handle being unemployed for a few years, and my retirement investments are mostly in solid stocks in energy and overseas.

I would still suck to lose my job because I like what I do and love the people I work with right now.
But I was unemployed for over a year during the dot com bust, and I survived.

I certainly not going to panic because Jim "Boo-yahh" Cramer is having meltdowns on national tv because his hedge fund butt buddies are hurting. They reaped what they sowed. Obviously, they were overleveraged and now paying the price for that. Maybe they should go look up the term "hedge" in the dictionary. Jim is always screaming to people on his program about how important diversification is. Maybe his hedge fund buddies should of been listening as well before they created entire hedgefunds based on subprime toxic waste.

I reminds me of that scene from the godfather where Clemenza is talking to Michael.

"These things need to happen every 5 to 10 years. I cleans out the bad blood."

Now the bad blood is going to be cleaned out of wall street this year. Obviously is was long overdue. I bet its going to be awefully quiet in the Hamptons this August.

I hope the fed doesn't cave to this blowhards who believe the world revolves around them.

Anonymous said...

From the Sunday Ft. Myers Florida news:

Hunger a growing problem in Lee County
More in need of food as work disappears

Lee County families are going hungry.

From Fort Myers to Lehigh Acres to Bonita Springs, residents are flocking to nonprofit agencies and government offices looking for groceries and other emergency help.
Summertime is always tough in tourism-driven Southwest Florida, but this year the picture is especially grim.

The collapsing construction and real estate markets are driving once stable households into crisis.

http://www.news-press.com/apps/pbcs.dll/article?AID=200770804039

Anonymous said...

what a disappointment.

Anonymous said...

Interesting and relevant question. One that the former AHM employees are dealing with this morning. Good thin our economy's 'booming'. Not!

Anonymous said...

But the economy is growing.

chris g said...

I'm not prepared to lose my job, since I have a baby on the way and have quite a bit of money sitting in land. Fortunately my job is with a federal agency, in a line of work that dramatically increases when more companies go into bankruptcy, so I'm not really concerned. I expect to be very busy about a year from now.

Anonymous said...

around here the builders all use illegals on their crews so of course it doesn't show in the unemployment numbers,

devestment said...

As a self employed vulture I don’t ever worry about my job. Savings is a hand we don’t show the dealer.

Anonymous said...

>> I plan on quitting my job today. No joke.

DING DING DING! Congrats, Dope Post of the Day!

mark to myth said...

I have 2 jobs. I am a florida fishing guide, and an idependant option trader. Guess which paid me 10 K last week? LOL, my friends all hate me, gee I wonder why? Gawd, life is 'grand'.

AmazingRuss said...

I just really hate what I do and I don't want to do it anymore. I will be giving up a six figure salary, but fuck it, money isn't everything.

I did the same...shut down a business that was netting me about $130k...still couldn't afford a house, and was on the verge of buying some expensive toys to blunt the suckage of my working life. Screw it. No point in playing that sillyass game anymore.

Instead, I have a fat bank account and a little residual income, and I spend my days doing what interests me...which has a small chance of making me rock star rich. I really don't care though. Broke is good...they can't screw you out of what you ain't got.

And they can never take away my multi year vacation, or the skills I develop with the time.

Been at it about 6 months now. It's mighty fine...true freedom. You got debt, you ain't free. You gotta work to eat, you ain't free.

I played the diligent ant, and saw that this country is set up for grasshoppers. So I'm a grasshopper now.

The BEST part is instead of cutting the govt. checks for 50-60k every year, I'll be sending them a couple grand at most. Helluva lot more effective than a miscounted, electoral collegized vote.

Hell, in 5 years, they may be cutting ME checks.

you post yours I post mine said...

10k a week, wow! How do you get by on that?
Recreational fishing, boy, I see a future in that if bad things happen. Even now you've got to be down about 50% or better.

Low level option trader. Wow, mom's gotta be proud. If 10k is the best you lie about, we're all gonna assume you mena 10k so far for the 1/2.

Post your bank deposit for last month, or you're a liar.

I have a clue said...

mark to myth said...

No one normal wonders why your friends hate you....

area 51 said...

Yes,
I could last around 3 years even if the market tanked, job loss and 401k tanked.

Anonymous said...

I do not think most under 40 are ever prepared to lose their jobs. That said, those that are prepared probably intended to jump ship anyway.

turdly said...

AmazingRuss said...

I coulda wrote that! Almost my exact ideology clear down to the electoral college riff.

Here's why I am planning my grasshopper status; Because I was the diligent ant. You're just a year or so ahead of me. I'm working this one last year to get more in the bank. I can quit now but the one last year equates to the difference between saving up for a world class trip each year or just damn well taking one on any whim.
Your tenured ant status has made you the grasshopper you are. Exactly as the fable. Work hard, reap rewards.

Anonymous said...

turdly said...

AmazingRuss said...

I coulda wrote that! Almost my exact ideology clear down to the electoral college riff.

===========================

The stellar writing skills of the renter come through yet again.

Could have wrote that? No wonder you have a job that pays $11 an hour. No wonder you rent a ghetto basement apartment.

Solf @ the Drop said...

No. But I did survive without a job for 13 months after the dotcom bust. Does that make me an experienced veteran? Anyway, my wife has a part time job she can easily convert to fulltime, I got a side home business that I can kick into full time mode if need be also. The possibility of losing a job is always there. Why should I let that stop me or anyone from pursuing their short term goals (e.g. buying a home (not now but..), having a child, etc..) Plus anyone with real tangible skills will have no problem bouncing back. At this point I would take my job-lessness as a welcomed mini vacation!

turdly said...

Addressing someones typing skills or the use of colloquialisms is the true sign that you have nothing to contribute of any value.

Coulda, woulda shoulda,

You could of contributed

We would of thought you senseless

You should of just shut up

Anonymous said...

>>>> Anonymous said...

I plan on quitting my job today. No joke.

Not r/e or finance related job. I just really hate what I do and I don't want to do it anymore. I will be giving up a six figure salary, but fuck it, money isn't everything.

Plan is give 2 weeks today, take the rest of August after that off and see what happens after Labor Day.

If I live frugally I can last w/o a job for 2+ years.

August 06, 2007 12:34 PM <<<

its amazing isn't it? how so many americans hate their jobs? why is it we can't seem to find something that we truely love to do? is this just something that is going on these days or is this the way its been for a long time? sometimes i wonder. the old people used to go to a company and work their whole working lives there. but we cannot seem to do that?

Anonymous said...

>>> Anonymous said...

From the Sunday Ft. Myers Florida news:

Hunger a growing problem in Lee County
More in need of food as work disappears

Lee County families are going hungry.

From Fort Myers to Lehigh Acres to Bonita Springs, residents are flocking to nonprofit agencies and government offices looking for groceries and other emergency help.
Summertime is always tough in tourism-driven Southwest Florida, but this year the picture is especially grim.

The collapsing construction and real estate markets are driving once stable households into crisis.

http://www.news-press.com/apps/pbcs.dll/article?AID=200770804039

August 06, 2007 2:16 PM <<<


scarey isn't it? we have money to fight wars that never end but we do not have the money for our own. this country is in extremely bad shape and so many refuse to admit this.

Drunken UFO Pilot said...

My job is associated with a major government-funded science project, funded by grants and such, working with others affiliated with universities and government agencies.

As long as the US Treasury's stash is safe and every $ means something and the Fed budget isn't strained too much....heh, heh....

As long as college students and/or their parents keep paying tuition and our universities remain financially healthy... uh....

Guess i'd better learn how to grow potatos!

John S said...

I can pay my bills for about a year with cash on hand. Two years or more if I tap into CDs and sell some stuff. I've got three months food and water stored in the house and enough ammunition to keep it mine.

Anonymous said...

turdly said...

Addressing someones typing skills or the use of colloquialisms is the true sign that you have nothing to contribute of any value.

Coulda, woulda shoulda,

You could of contributed

We would of thought you senseless

You should of just shut up

August 06, 2007 10:24 PM


==============

Illiterate one:

It is not typing skills. Everyone makes typos. You are showing your lack of grammar.

Should HAVE moron, not should OF.

Could have WRITTEN not could have WROTE.

You give yourself away so quickly as an uneducated piece of white trash.

turdly said...

So you just do not understand colloquial speech?

You're correct about the education level, too busy making a living to graduate.

Let's compare paychecks.

Mammoth said...

“Guess i'd better learn how to grow potatos!”
----------------------------
Now THERE’s how to get a good return on your investment! Plant one of those in the ground and you can get up to a 45X return on your investment – no joke.

Mammoth said...

Why all this nitpicking over spelling and punctuation? After all, what really matters is the content of what the people here post.

Someoney here has WAY too much colon.

grimmace at grammar said...

'It is not typing skills. Everyone makes typos. You are showing your lack of grammar.'

Still nothing to say on topic.

And an anon to boot.

tit for tat said...

turdly said...

AmazingRuss said...

I coulda wrote that!

Here's the facts on this;

I've already written or I already wrote

The word 'have' modifed. 'coulda' is short for 'could have'.

The anon is incorrect.

There is no 'could of'. it is a problem with spoken word vs written word. You hear coulda because we tend to condense the word have so we do not have to form the h sound during speech.
So if writing about writing it would be could have. If writing about speech [first person] it's probably gonna {I'm being funny here, calm down] be could of or coulda.

Anonymous said...

Where i live in socal you can not buy a house with 100,000 salary. I don't mind cleaning toilets if i can have a house.Try to find a job that pay that amount. Not very many out there. 100,000 will buy only something in a unsafe area. Family's in socal are being pushed to the financial brink and their future is going down, no savings, just debt.

Anonymous said...

No problem.
Sold house. Money is in CD's.

Anonymous said...

yeh,
because I have 3 year worth of Prozac. Let the pharmaceutical industry go bancrupt.