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If your not on a government pension...or on a very rare private sector pension...and your hopes were for the market or your home value....your now totally Fubared.
Read 'United States loses AAA credit rating from S Poor's on Friday in an unprecedented reversal of fortune for the world's largest economy.
Maybe 20 - 25% ?
3 time POTW, member since 2006, MLWTI: 4-3
I don't think it'll be quite that bad. The expectations have already led the market to drop in the past week, this wasn't that big of a shock to the folks with the big money on the line.
You are right...it may not be that bad. However, no offense jpv, but I guess I don't give a rat about the folks with the big money. I know that when I ran credit card programs, approving a credit card with debt ratio's over @ 45% was very dangerous. 65% and your looking at about a 30% chance of losses, if not a bankruptcy.
The US is rapidly approaching 100%. I hate to see all the liberal pundants brushing this off as "not that big a deal." I don't care if S&P got the mortgage backed security right or wrong, it's irrelevant now. Heck, the government gets things wrong virtually all the time.
This post has been edited 2 times, most recently by Bud71 on 8/5/2011 at 11:07 PM
Real Time World Debt Clocks
Here's today's latest success story....the U.S. Post Office....again.
My guess is that these guys are actually executing reasonable business processes. Aside from mail deliveries stacking up for Saturday delivery (OT?), I'm not sure there are huge reenginerring saves here.
So, that spells the usual culprit. Wages, benefits, pensions. Are these guys worth that much more than the minimum wage guy who gets canned or who's company closes...and he has to look for a new job every few years? No pensions there.
This post was edited by Bud71 on 8/5/2011 at 11:08 PM
they're down they're up.
people sell, people buy.
there's a crisis followed by tranquility.
the whole GD scenerio is engineerd by those who have money who by these actions will have even more money.
Ted Nugent for President.
Run the ball.
Stop the run.
You win, or lose, up front.
Where or where is Matty when we need him?
--- he had the magic touch, but now he is gone.
Come back Matty...Obama needs you.
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