Recession Worries?
First off, do you think we are going to have a serious recession?
I think we are already in one but how serious it becomes is yet to be seen. I put alot of the blame on the news media for repeatedly saying there will be a recession.
Secondly, all my savings is in a ROTH IRA, so I cannot sell without severe penalties. Should I sell out before a market crash? I know that noone can accurately predict what the market will do. All my money is in mutual funds, and I don't put much into each fund, normally the maximum amount per year goes into a fund and next year I will research and find another.
Actually can I sell, and leave the money as cash in the Roth IRA account without penalties?
I think we are already in one but how serious it becomes is yet to be seen. I put alot of the blame on the news media for repeatedly saying there will be a recession.
Secondly, all my savings is in a ROTH IRA, so I cannot sell without severe penalties. Should I sell out before a market crash? I know that noone can accurately predict what the market will do. All my money is in mutual funds, and I don't put much into each fund, normally the maximum amount per year goes into a fund and next year I will research and find another.
Actually can I sell, and leave the money as cash in the Roth IRA account without penalties?
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You sure can sell and leave it as cash reserves. That is what I have done to about 1/2 of my IRA.
In a recession market, the yield on bonds tends to go up though, perhaps look into them. Beware of short-term trading fees - usually if fund held for less than 30 days.0 -
human souls are the true currency
www.prosper.com0 -
If you are nervous about the market move it into a bond fund or even better a money market but do it INSIDE the Roth. You can withdraw your principle from your Roth without IRS penalty. The profit is still susceptible to the 10% penalty if withdrawn before 59 1/2.
Read this article about qualified Roth distributions:
http://www.fool.com/money/allaboutiras/allaboutiras06.htm0 -
I have the Roth IRA's as well, and i'm transfering the majority of my money into international funds (China is booming), Utility funds, and Bond funds. 0 -
I keep my money in the wife's underwear drawer. It is safe but it draws no interest. Don 0 -
quote:Originally posted by dcon12
I keep my money in the wife's underwear drawer. It is safe but it draws no interest. Don
That is funny, and I DO care who you are!0 -
quote:Originally posted by mrseatle
human souls are the true currency
Yeah?
Apparently, you haven't tried to sell yours lately.
I'm tellin' ya, the market has gone soft.
Last offer I got wouldn't have kept me incough syrup for more'n a couple of weeks.0 -
I do blame the media, they put everyone into a panic and brainwash them with things that aren't true!
They say that home loans ar too high, i wish i could have gotten my first loan at these interest rates, mine was at 12 1/2% for 30 years back in 1985. Money is so cheap to borrow these days, the problem is, is that everyone wants to live in a mansion and they can't afford the $300,000 mortgage!
What they should be preaching is people should buy American cars! The two biggest things that boost our economy are American auto's and home construction! When people buy a foreign car, that money goes to the country that the car maker resides in, and never comes back, IT'S GONE! Do you think the people in Japan and Germany and Korea are buying American cars, WRONG! So if we're not buying them, and they're not buying them, then guess where that leaves us, up a creek without a paddle!
People are brainwashed that foreign cars are made better, that's a bunch of B.S. I worked on cars for years, and there's no difference, maybe 20 years ago there was, but not anymore.
The people that complain the most usually are the one's that are driving foreign cars, they are the most to blame. Granted, there's a lot of things that we can't buy American made, but we should try as hard as we can.
I think if we can convince people to buy American, and get the loan rates down a little more, we'll be in good shape! Otherwise, we'd better brush up on our Chinese, because they'll be the next superpower!0 -
In a certain sense we are very much in a recession. And so far this year the market is volital at best. With the booms in India and China, the global market place is going to be tough too predict for a time to come. 0 -
Recession? I don't think so. A turnaround is what it is. Take a breath and hold on. The correction will knock your socks off. Invest in commodities. We all got to eat. Don 0 -
IMO this has been coming for two years and the media has lied in the opposite way to make ad money in real estate ignoring the bubble that would burst.
Turn around???????
I would love to believe you are right but there are too many things wrong with our economy that went from a manufacturing economy to an information economy (what the hell is that!! We went from making stuff to sell to talking about stuff to sell) and now we are a consumer based economy so please explain how things will turn around when we now are a nation of shoppers that have mortgaged ourselves to buy stuff we can not afford.
I would not worry about buying American cars there will be a big down turn in all car purchases since people can no longer go to their house ATM and increase the mortgage too pay for it
The experts don't agree as some say it will turn around others say a down turn and still others say if we do not take drastic measures we will have a depression worse then the one in the 30s.
2008 will be a memorable year!
Wulfmann0 -
Nope; we are going to tank into a depression. Time to break out the Mad Max series of movies. 0 -
if everyone keeps listening to the media and quits spending a recession is imminent. but if you buy within your means, and quit shopping the foreign market goods and buy american,where possible, it will boost our economy, not theirs 0 -
Americans have been living way beyond their means for years, morgaged up to thier butts, credit card debt out the wazoo. Unfortunately, the cost of living is increasing. Grocery costs are unbelievable. Utilities are ridiculous.
My December gas bill topped my morgage for the first time EVER.
When I bought my car 5 years ago, $13 filled the tank. Now $10 barely nudges me past the quarter tank mark.
When the average American family can't maintain a budget due to increased cost of goods and services, yes, I would call that a recession.0 -
I'm glad all my cars are paid off. I've never been dumb enough to run up major bills on credit cards. The only loan I have out is for my home and I'm working on whittling that down ASAP. 0 -
I cut my 401k conributions way back.
I was pouring 20% in with 6% company match.
I downed it to 6% to get the "free" money. I'll use it elsewhere until the market comes back up.0 -
Kramer this morning said we are in a Recession. Market went down 2.5%. It is down past last years gains. Sit tight homes are going to get cheap, toys cheaper. Those who have money to invest are going to make a killing.[:)] 0 -
China and the Pacific Rim are the safe bets IMHO, but I'd pass on Japan since they have their own series of economic of problems. Keep in mind that anything that happens here in the United States will eventually hit Europe as well so I don't consider the EU an option. A real recession will put a damper on oil comsumption so engery futures will not be nearly as attractive as they have been over the past three years. Our economic ship has drifted into dangerous waters and is now very close to hitting a reef. Our ship's pilot, GW, is so fixated on Iraq that he can't even see the course we are on and is doing little or nothing to right this ship and reverse it's course. Since 2008 is an election year the Fed is going to cut interest rates to the bone to make things look pretty, at least until the polls close on first Tuesday in November. After that I predict that 2009 is going to be a very tough year. 0 -
I hope the recession or depression,wakes this country up.I don't know about the rest of you alls areas.But alot of farms in my area were sold and developed .What happens if everyone that does have money in banks go to withdrawl it.FDIC only insures 10 cents on the dollar so I'm glad I have mine stashed away. 0 -
Here was the great investment opportunity from 2006; forget all about investing in energy stocks/futures, those were all huge losers (which is why everyone was crying about oil company profits). I'm sure that you'd be rich beyond your wildest dreams if you'd only poured your life savings into this Gun Broker master plan:
http://forums.gunbroker.com/topic.asp?TOPIC_ID=206311&SearchTerms=iraqi,dinar0 -
The media says there is a recession so that creates one that would never have been???
That is unbelievable thinking.
They have been ignoring it for two full years and people have been borrowing to keep spending and have simply run out of credit.
These events were not created by the media and just not believing there is a recession and starting to spend (Responsible, this country, what are you smoking???) will do as much as pretending the Titanic was not going to sink and that would keep it afloat.
We will be lucky if it is only a recession.
Wulfmann0 -
quote:Originally posted by dcon12
I keep my money in the wife's underwear drawer. It is safe but it draws no interest. Don
I bet I can find at least three people here that would be interested in your wife under ware drawer. [:o)][:o)]0 -
We survived the one in the 70s and 80s. We will survive the next one. 0 -
Ah.... yea, it's a recession and we're headed toward an honest to gosh, full fledged, no holds barred depression. I've lost more in the last two weeks than I made in the last two years. That "China and Pacific rim" stuff is trash. And so is the thought that gold and energy will be alright. That's where a large portion of my stash was and it didn't do any good. Well, that's not quite right. Those areas just didn't loose money as fast as the other areas of my investments. There are self-directed Roth Ira's. If you have one of those, you might consider moving it to one of the gold or precious metal funds. That will be about the best you can do. 0 -
quote:Originally posted by nunn
We survived the one in the 70s and 80s. We will survive the next one.
I think it is worth noting that the working class heros, the only real Americans by Gun Broker standards, came away from each of those recessions much worse off than they were before the recession began. Old Joe Six-Pack found consumer prices up, wages down ,union jobs gone, assembly lines shut down, factories automated or downsized or just plain closed, and production facilites shifted overseas. I don't see that trend changing this time around.0 -
quote:Originally posted by select-fire
Sit tight homes are going to get cheap, toys cheaper. Those who have money to invest are going to make a killing.[:)]
[:D][:D][:D]0 -
No recession for me; I refuse to participate!
To the point that all cars are the exact same, and American cars are "better" than any import; BS! In 2004, when I bought my Tacoma, there were no American vehicles with the same width, height, gas mileage, or price to be had. Now some 4 years later; my warranty is still in force, nothing has broken, my mileage has gotten better, and the resale value is way past that of any American truck with 36K miles.
To the point that blames all this on the media; if you get your news from those same old prostitutes that have sold everything they have, and now want to sell you down the river- you should really try to find ANY other source for edification. Listening to and believing the TV/Newspaper/Radio news is for idiots who can no longer make up their own minds, and need someone to digest the world's happenings for them.
To the point that mortgages are leading the fall; illegal aliens and their supporters are the problem that started this whole real estate crash thing! If bleeding hearts and credit mongers hadn't let their money go to loans with ZERO chance of repayment; there'd be no problem in the mtg. industry. The "subprime" market was created to milk millions out of illegals, their sponsors in gov't., and the dopes that thought they could buy a $2M mansion and flip it for $6M using someone else's money.
Easy credit was the start of the crash in the '30s; idiots, the media, and liberals will cause this one to start.
Can't wait for all those prices to drop; I'm going to make a killing off my neighbors!0 -
quote:Originally posted by gunnut505
No recession for me; I refuse to participate!
To the point that all cars are the exact same, and American cars are "better" than any import; BS! In 2004, when I bought my Tacoma, there were no American vehicles with the same width, height, gas mileage, or price to be had. Now some 4 years later; my warranty is still in force, nothing has broken, my mileage has gotten better, and the resale value is way past that of any American truck with 36K miles.
To the point that blames all this on the media; if you get your news from those same old prostitutes that have sold everything they have, and now want to sell you down the river- you should really try to find ANY other source for edification. Listening to and believing the TV/Newspaper/Radio news is for idiots who can no longer make up their own minds, and need someone to digest the world's happenings for them.
To the point that mortgages are leading the fall; illegal aliens and their supporters are the problem that started this whole real estate crash thing! If bleeding hearts and credit mongers hadn't let their money go to loans with ZERO chance of repayment; there'd be no problem in the mtg. industry. The "subprime" market was created to milk millions out of illegals, their sponsors in gov't., and the dopes that thought they could buy a $2M mansion and flip it for $6M using someone else's money.
Easy credit was the start of the crash in the '30s; idiots, the media, and liberals will cause this one to start.
Can't wait for all those prices to drop; I'm going to make a killing off my neighbors!
You know too much about too many things (with a disturbing level of accuracy) so I would watch my step.0
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