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doppelganger
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A new car is the worst investment you can possibly make. People that buy them every 5 years are throwing away the value of an entire new home every 15-20 years.
I buy used Toyotas. Why? Because they give me value for my money. Just a few examples of some cars I've owned:
1982 Toyota Corolla.
I paid $500 for it in 1989 and put 330,000 miles on this car and put no more than $500 total in maintenance into it. No exaggeration. I sold it to my ex-girlfriend at the time and when I talked to her a few years ago, she said it had over 500,000 miles on it and her sister still drives it.
1994 Toyota Corolla.
I still drive this car. I paid $1,600 for it and put $870 total maintenance dollars into it. It currently has 247,000 miles on it and runs like it is new. It still gets 34 MPG no matter how I drive it.
1994 Toyota Previa.
I paid $2,000 for this van and it currently has 226,000 miles on it. Nothing has EVER broken on this thing. I just drive it and it works.. period.
1983 Toyota Truck.
I drove the shit out of this thing when I worked construction for several years. I beat the hell out of this truck. It got to the point where it was literally rusting to pieces and it still ran perfect. I never had to touch the engine or drivetrain on this thing except for a $29 fuel pump.
Now here's some american cars I've owned by comparison:
1992 Ford F-150.
Paid $10,000 a couple years old used. At 75,000 miles it blew the transmission. Got that fixed and 2 years later it blew the clutch slave cylinder. Had to drop the trans to replace it. Same thing happened 3 years later. Then the alternator caught on fire one day. A known problem with ford trucks. Blew brake lines twice within 2 years and I damn near got killed. Oil pan rusted out and ford wanted $550 for a new one. JB-weld and a wire brush fixed that.  Both gas tanks started to leak and I had to have them replaced. Idler arm almost came off at the joint.. would have easily killed me except I was in a parking lot when it popped. Finally, at 125,000 miles the entire front end needed to be rebuilt at a cost of over $600. I ended up selling it off for a whopping $750.
1996 Ford Econoline E-150 van.
Blew the trans, blew back brake lines, alternator froze up solid, radiator split the tank seam on top, steering box is shot, and now it needs all new ball joints too. I have 115,000 miles on it.
1992 Mercury Sable (repackaged ford taurus)
fiance just HAD to have this car. Turned out to be an absolute piece of crap. Worst car I've ever owned hands down. Had to finally get rid of it at 85,000 miles before it bled me to death financially with all of it's transmission problems, among other things.
Toyotas have been rock solid stable and Fords have been complete pieces of expensive shit... and it's not just me. Plenty of other people I've known over the years have had similar experiences. Not to mention that two of my fords have almost gotten me killed 4 times. Luckily, the 3 times I lost my brakes and the time I lost my steering happened when I wasn't flying down the highway.
So yea, american car companies wonder why they can't survive. People are sick of their overpriced junk. |
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FatalWishes
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In case you are wondering where all the capital is going, it is vanishing into thin air because it was made up just like the video showed. It never really existed in the first place. It was inflated paper that is now being erased. Albeit its a violent explosion compared to the warm and fuzzy pressure build up since 2001.
We have huge liquidity issues, serious trust problems and strong desire to underbid the market. Dow 7000 is still a possibility. The ending of short selling just unleashed to flood gates to selling like I warned in another post as soon as they banned it. That led to the massive sell off with no slowing, no consolidation and no retracement until Friday.
God only knows what Monday will bring. The inverse ETF's are going to give up all of their gains. The last two months have shown QID, DUG, TWM, SMN, and RMS gaining in leaps and bounds. I'd love to find the right ETF's going the other way when we start to go back up. If we do.
We are in such new territory I'm having a really hard time trying to figure out what to do. There are no books for this. There are no lessons or anything to compare to. We are in uncharted waters staying adrift and afloat. There is danger under every wave.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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FatalWishes
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| Quoting doppelganger - posted on 10/11/2008 at 13:10 |
A new car is the worst investment you can possibly make. People that buy them every 5 years are throwing away the value of an entire new home every 15-20 years.
I buy used Toyotas. Why? Because they give me value for my money. Just a few examples of some cars I've owned:
1982 Toyota Corolla.
I paid $500 for it in 1989 and put 330,000 miles on this car and put no more than $500 total in maintenance into it. No exaggeration. I sold it to my ex-girlfriend at the time and when I talked to her a few years ago, she said it had over 500,000 miles on it and her sister still drives it.
1994 Toyota Corolla.
I still drive this car. I paid $1,600 for it and put $870 total maintenance dollars into it. It currently has 247,000 miles on it and runs like it is new. It still gets 34 MPG no matter how I drive it.
1994 Toyota Previa.
I paid $2,000 for this van and it currently has 226,000 miles on it. Nothing has EVER broken on this thing. I just drive it and it works.. period.
1983 Toyota Truck.
I drove the shit out of this thing when I worked construction for several years. I beat the hell out of this truck. It got to the point where it was literally rusting to pieces and it still ran perfect. I never had to touch the engine or drivetrain on this thing except for a $29 fuel pump.
Now here's some american cars I've owned by comparison:
1992 Ford F-150.
Paid $10,000 a couple years old used. At 75,000 miles it blew the transmission. Got that fixed and 2 years later it blew the clutch slave cylinder. Had to drop the trans to replace it. Same thing happened 3 years later. Then the alternator caught on fire one day. A known problem with ford trucks. Blew brake lines twice within 2 years and I damn near got killed. Oil pan rusted out and ford wanted $550 for a new one. JB-weld and a wire brush fixed that. Both gas tanks started to leak and I had to have them replaced. Idler arm almost came off at the joint.. would have easily killed me except I was in a parking lot when it popped. Finally, at 125,000 miles the entire front end needed to be rebuilt at a cost of over $600. I ended up selling it off for a whopping $750.
1996 Ford Econoline E-150 van.
Blew the trans, blew back brake lines, alternator froze up solid, radiator split the tank seam on top, steering box is shot, and now it needs all new ball joints too. I have 115,000 miles on it.
1992 Mercury Sable (repackaged ford taurus)
fiance just HAD to have this car. Turned out to be an absolute piece of crap. Worst car I've ever owned hands down. Had to finally get rid of it at 85,000 miles before it bled me to death financially with all of it's transmission problems, among other things.
Toyotas have been rock solid stable and Fords have been complete pieces of expensive shit... and it's not just me. Plenty of other people I've known over the years have had similar experiences. Not to mention that two of my fords have almost gotten me killed 4 times. Luckily, the 3 times I lost my brakes and the time I lost my steering happened when I wasn't flying down the highway.
So yea, american car companies wonder why they can't survive. People are sick of their overpriced junk.
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If you want a good warranty, buy ceritified pre-owned. Wife's MDX was 37k new in 2005. We paid 18k for it last week with 50% down. It has 44k miles on it but a full 7 year 100k power train an 5 year 62mile bumper to bumper warranty.
I agree..buying brand new is stupid. I saved almost 7 grand by buying a car with 3700 miles on it. New was 35k for an Acrua TL. Used with 3700 miles (certified pre owned has a longerand better warranty) was 28k for a 2008 model. I put 19k down on it. It also has the highest resale value of any vehicle on the planet. We will have them both paid off in two years and have two really nice long lasting cars that should be trouble free for 10 years while we try to cut the last 12 years we owe on our house in 1/2 to 6 years.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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FatalWishes
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Paulson Indicates Need to Purchase Bank Equity `Soon as We Can'
| Quote From Source: | Oct. 11 (Bloomberg) -- U.S. Treasury Secretary Henry Paulson indicated that pumping government funds into banks is a priority and said financial markets will remain volatile.
''We see the need -- a clear, present need -- to raise capital,'' Paulson said yesterday at a press conference after a meeting in Washington of finance ministers and central bankers from Group of Seven countries.
The purchases of stock, the newest part of a rescue plan engineered by Paulson, would be aimed at sustaining banks and other financial institutions through the worst credit crisis in seven decades.
| | Click source url to view entire story. |
Source Bloomberg
Source URL:
http://www.bloomberg.com/app...=ae7PpXYatwHU&refer=home
We are soo going to be screwed. So much for our bottom doppleganger. If this plays out like I have feared, we may be fucked for good. I give us two to three months after they start buying. Then you can forget about a recession.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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DanG
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| Quoting doppelganger - posted on 10/11/2008 at 13:10 |
A new car is the worst investment you can possibly make. People that buy them every 5 years are throwing away the value of an entire new home every 15-20 years.
I buy used Toyotas. Why? Because they give me value for my money. Just a few examples of some cars I've owned:
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Couldn't agree more - my own experiences are the same...
I STILL miss my 89 Camry. |
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FatalWishes
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| Quoting DanG - posted on 10/11/2008 at 14:03 |
| Quoting doppelganger - posted on 10/11/2008 at 13:10 |
A new car is the worst investment you can possibly make. People that buy them every 5 years are throwing away the value of an entire new home every 15-20 years.
I buy used Toyotas. Why? Because they give me value for my money. Just a few examples of some cars I've owned:
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Couldn't agree more - my own experiences are the same...
I STILL miss my 89 Camry.
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I agree with both. A used Toyota or used Honda has a lot of value. Parts are cheap too. And they get great gas mileage.
I wonder what happened to all those investors who said oil would be going to 200.00 a barrel. I said it would go under 100. Even I am a little amazed at the speed of the drop. It is damn near $80.00 a barrel.
I am pretty damn shocked at just how many "experts" and "analysts" have been dead wrong about all the markets.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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ghoster
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They are only experts while their mouthings are true, when they don't pan out then any old person could say something if it comes true, then we have a new "expert". Works everytime.
As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
- H.L. Mencken |
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doppelganger
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| Quoting FatalWishes - posted on 10/11/2008 at 14:08 |
I wonder what happened to all those investors who said oil would be going to 200.00 a barrel. I said it would go under 100. Even I am a little amazed at the speed of the drop. It is damn near $80.00 a barrel.
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Speculation has nothing to do with oil prices (wink wink) |
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FatalWishes
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Funny thing is I learned a while ago I can never be an expert. The market is driven by emotion. I'll never be an expert on that.
Best somebody can do is explain what happened and try to prepare for what may happen. Best I can do is try to put in words my fears of what I see and learn.
Here are some quotes from 1929 before the great depression.
http://www.nytimes.com/2008/...weekinreview&oref=slogin
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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doppelganger
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J. L. Julian, a partner in the financial firm Fenner & Beane, in The New York Times, Oct. 26, 1929:
“The worst is over. The selling yesterday was panicky brought on by hysteria. General conditions are good. Our inquiries assure us that throughout the country business is sound.”
Roger Babson, a well-known businessman and publisher of business and financial statistics, offered this warning in a speech before a business conference in Wellesley, Mass., on Sept. 5, 1929: “More people are borrowing and speculating today than ever in our history. Sooner or later a crash is coming and it may be terrific. Wise are those investors who now get out of debt and reef their sails.”
Damnit, we're screwed. |
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FatalWishes
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Yup, today anybody can get on the internet and buy or sell stocks. They can move their 401ks after a 50% loss and drive the market down farther.
They can buy stocks like BPHX in December and hold. They can buy AAPl at 200 and GOOG at 740.
Bag holder despair is hurting us as well. Dabbling and Speculating kills you. I've lost money and made money in the stock market. You don't lose money until you sell.
Unless you are in financial stock that went under. Then you are forced to sell for that loss. Too many people in the market that have no clue about things. I won't day trade or buy on margin because I just do not have the experience. I have a margin account to buy calls and puts, but I have the money to cover my losses. When there is a margin call and you are down, you have to cover the tab.
I buy such small amounts my trades don't amount to a hill of beans. I know pro traders that do 1000's of shares and make and lose so much money everyday it would make a normal person sick. Trading options will make you a ton of money, but if you are on the wrong side of the trade...whoah.
I've speculated before. It is stupid and dangerous. I'm mostly in cash and losing my ass on 1 solar right now with a fraction of my portfolio. I have no doubt in time it will bounce back up. China got hit harder and faster than any other country I have ever seen. I feel sorry for people that had their 401ks in over sea investments and had a lot of china stocks. Some are down 95% and more. Thank god I bought stocks and not options on that one. I got tired of sitting out of the market so I bought 200 shares of YGE at 12.00. Whups. It was speculation on a calculated risk. Apparently I used fuzzy math on that one.
Thing is, what doppleganger wrote scares me the most. People are borrowing and speculating. And losing. Some of the margin calls I have seen come through lately have been ...devastating to say the least. People are losing tens of thousands of dollars on small trades. These are people that cannot afford losses like that. When you buy stock and lose its one thing. Buy options and lose....you can lose 10 x's the amount.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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posted on 10/11/2008 at 13:10
