I'm an old man.

[screembloodymurder]

I've been in the stock market for 50 years. This is no recession. We're headed for a depression or worse.

[Raven]

1. I'm an old woman and I agree. Never seen anything like this and

nobody, but nobody knows what it really is or how to fix it.

[screembloodymurder]

3. What really bothers me, is that our public companies could be bought out for a song.

And what can we do about it?

[Raven]

8. I know. For pennies. I wonder if WS would suspend trading. n/t

[yy4me]

14. I am also an old lady, and I'm afraid for all of us. What my

husband and I had as retirement savings in the stock market is now worth zilch. I am still in shock about his recent death. We survived on both of our Social Security checks. Now there is only one check and that does not go very far. He would be heartbroken to see that our "savings" for retirement is probably gone forever. I hope we all come through this but I fear.......

How can so few do so much damage to so many in only 8 years? This collapse and economic coup had to be planned long ago by conniving minds. May they all rot.............

[CTyankee]

15. I am so sorry to hear that!

It's a definite worry and I talk to my friends who are in our age group (I am 69). I stand to lose too much money in a bond with GM if it goes under. My talks with my broker are dismal. I fear for my own husband's health (he's overweight and doesn't eat right).

I blame the Republicans, too. I can't even talk to my republican s.i.l. I really can't. I don't much like conversing with republican acquaintances. I'm afraid that I blame them! They are responsible for voting for this crowd of criminals!

Hope you have some happier times ahead. Please take care...

[snappyturtle]

17. I , too am sorry to hear this. Not that it is of any comfort but you're not alone.

You said it so succinctly: How can so few do so much damage to so many in only 8 years? It is amazing therefore I agree that this destruction has been long planned. I am thankful for the many good years I have had and fear for the young people who may never see them. All I can do is send you a :hug:

[Waiting For Everyman]

18. Same thing happened to me at the beginning of 2008, (((yy4me)))

:hug: My income was cut in half by my husband's death too - he was a 100% disabled vet, and my Survivors' Benefits are half that.

I'm hanging by a thread right now, to hear about a mortgage workout I put in for in August after finding and losing 2 jobs this year (last one hired is the first laid off). We bought this house new 12 years ago. I've been blackballed from refinancing for 7 years now due to his medical bills. I'd be paying 1/2 what I am now, if I could've gotten the rates everybody else did - I got offered nothing under 9% fixed. I knew enough to turn down the ARMS, but what good did that do me? All this year, the only mortgage relief offered was for ARMS!!! How stupid is that?

My prayers to you, yy4me, I'm in the same boat with you. I'm not over the loss either - there's been no safe space in this struggle to feel anything.

[greguganus]

19. Maybe you two old folks meet up. n/t

[123infinity]

2. I was in it for 45..I cashed out everything 4 months ago

and wish I'd done it before then. :shrug:

[screembloodymurder]

5. You were smart.

Wish I had.

[123infinity]

9. I wasn't all that smart, I hate to admit I did it on not much more than a gut feeling.

Sometimes I get stuff right in spite of myself. (wry grin smilie here)

[Blue_In_AK]

23. We cashed out a while ago, too, maybe six months ago or so?

We lost quite a bit, but if we had stayed in we probably wouldn't have anything left now. It's been pretty scary.

[Muttocracy]

4. I'm starting to get annoyed that my employer requires a retirement contribution

and I'm very glad that I had it invested far more conservatively than the investment company recommends (I have much less in stocks than they recommend for someone my age).

At this point I would have been far better off having that extra money to pay off my student loans or buy a house instead of throwing my money away on rent.

[screembloodymurder]

7. Good move.

My retirement is ruined.

[greguganus]

20. I'm making my money the old-fashioned way....

...inheriting it. :hi:

[Muttocracy]

22. I've been doing the opposite. Sigh. nt

[NNN0LHI]

6. What could be worse than a depression?

I am almost afraid to ask.

Don

[123infinity]

10. Runaway inflation...at the same time.

:scared:

[Raven]

11. A complete and utter collapse. n/t

[screembloodymurder]

13. Takeover.

Right now our best companies could bought out for far less than their real worth. We could be forced to sell our crown jewels, Intc, HP, GE, GM, F, CSCO, DOW, they're all selling far below what they're worth.

[uppityperson]

12. Yup. eom

[Waiting For Everyman]

16. The banks ruined too many people and now nobody can buy anything

and they're blackballed out of the credit market to boot, even if they're still working.

This came from vulturizing Main Street and if it isn't backstopped and the banks fully nationalized to control their practices, this will have no end. Now it's spreading to taking down businesses, just like they did homeowners.

Right now the lower level creditors are putting the screws to people even worse - raising rates and garnishing people. It needs a full legal STOP to all of that at a NATIONAL level. And even now, the Repubs are resisting changing the bankruptcy provision that would allow judges to modify loans on primary homes. Extra homes and yachts can be modified, but NOT the primary roof over a person's head... and that was deliberately MADE THAT WAY, the opposite of how it used to be, by the banks' lawyer-lobbyists who are also ruining people themselves too with their fees.

Congress, get a CLUE and fast! They could've passed the Credit Card Bill of Rights and the bankruptcy fix LAST SPRING. But the Repubs knocked it down. And they're still trying to right now in this lame duck session. Two months from now, it will be much worse - a second wave of foreclosure will be cascading down, along with the business failures these banks are causing right now.

This is banks and their lawyers - all of it!

[snappyturtle]

24. I think it's time for these blankety-blank banks to tighten THEIR belts!

We have been nickeled and dimed to death with fees by these bastions of greed. I do not understand why the banking industry is so resistant to fixing the Crdit Card Bill of Rights. It's bait and switch as far as I am concerned. They upped my credit limit every time I turned around for years and of course trying to get it reduced....well..they never would! Then, of course, when we go to take out a new mortgage when we moved (thank God it's a fixed rate)the banks look at all the unsecured credit. They can't have it both ways. Thanks Ronnie for starting all this deregulation crap.

[onenote]

21. how are you defining "recession" and "depression"

[callous taoboy]

25. My dad is an old man:

Half his retirement portfolio is gone. He is worried, and my dad is the eternal optimist.