The President stated that compensation would be capped at $500k annually. Now, compensation is comnpensation; it's not just one's paycheck.

Just seen it on the news. The latest victim of the recession?

Charity shops

But it not as simple as it seems. In these tough times charity shops are doing a roaring trade,however nobody is donating anything any more so the supply and demand is unbalanced.

The TV cameras were in some shop down south and it was full of posh,stiff upper lipped,crusty Englishmen and women. no wonder they are rich and posh if they do all their shopping in a charity shop?

The cheek of them?

Well the one job help place I've been going to is pretty damn useless but I went to a different one today that's more of a job placement service and I'm hopeful that will work out.

What is the obsession I see everyday where people go on about saving money?

Why do you think, Dipshit?

Good luck with the job LN. Things are bad everywhere. I hear even Vegas is suffering. I'm getting all kinds of junk mail/deals. They say business has taken a big slide. Who can afford gambling right?


TIS

I just saw that the Dow is under 7,000 for the first time since 1997!!

It's really the NASDAQ and S&P declines that are scary since they are the broader indexes. They were both down again 4-5%. The only silver lining is that anyone holding declining stocks could have sold last year and used the capital loss to reduce their income tax. Still, I'm predicting 10% unemployment this year.

The financial problems did not make the first story on our news last night. That was saved for a story about binge drinking and how the Uk is the worst nation in the world!

So not only are our finances going down the toilet,we are all hopeless alcoholics as well

How bad is the economy of Camden, NJ? Well, they can’t tell. “An auditor says Camden municipal records are in such a mess that the city’s financial health cannot be determined.” – Atlantic City Press. The article goes on to say that this is the third year in a row. Things got so bad that the state took over some functions. The “state-appointed chief operating officer said the problems show a lack of leadership in the city’s Finance Department (no kidding!). But in true political fashion, “City Councilman Gilbert Wilson says the blame belongs to the state because it has oversight of Camden.”

New Jersey. Gotta Love It.

Hey Yogi, what's the "legal" drinking age in the UK?

Its 18 MC.

Some supermarkets try to enforce an over 21 age for anyone buying spirits,but if you want to buy a pint in a pub its 18.

Of course everyone i knew and grew up with (including myself) were in the pubs at 15/16....

Just lost a listing because "nothing has been happening" and another broker came by and claimed that he could do a better job. Gee, do you think it could have something to do with the fact that the economy has SUCKED??

That sucks SB. What makes that other broker think that he can do a better job?

He doesn't care if he can or not, he just wants the business.

Exactly!!! And he probably cut his commission, too. Although why anyone wants listings right now is beyond me. They cost money to advertise, get a sign, take photos, put it on all the websites, do mailings and so on. And then all the client does is complain that you're not bringing anyone. Perhaps it's because nobody is LOOKING.

How fucking sad is this :


Bidding For Homes

I feel bad for the working person who lost their home because they were laid off or had a medical catastrophe. However, the idiot who over-leveraged their home to buy 2nd properties or that took variable rate mortgages that soared and they can't sell and/or meet their payments? Not so much.

Look, it's devastating to lose your home. For almost everyone, it's your single largest asset. However, a fool and his money are soon parted, as they say, and I would bet that most people who lost their houses, lost them through imprudence.

The UK interest rate is now down to 0.5%

Never been so low. I have said it before in here but will say it again, such a low rate is awful for people with savings but my mortgage payments have dropped nearly by a quarter,monthly!

Still,i can sympathise with people losing their homes,no matter what the reasons. There is a lot of that going on onver here as well

I read an opinion piece in our local newspaper the other day that said the high number of foreclosures in Florida were primarily due to speculators (house flippers) who were given interest only loans with no down payments. They couldn't flip so they walked away without losing hardly any money. Now the banks were stuck with houses they didn't want and can't unload.

My father-in-law died last year. He had a house in Florida. We can't get rid of it. At one time it was appraised at $250,000. It was listed at $125,000 and is now down to $80,000.

I heard the other day on the news that the lowest priced homes are in Detroit Michigan, with the average home is $16,000. That's hard to believe I know, but that's what they reported.

As I've stated before, my place (and the entire area) has dropped in value significantly in the past year or two.

TIS

The Dow closed up three days in a row!! It's a miracle!!

It's true. It does seem like a miracle! Good stuff.

Absolutey true MC. I personally know 2 people who were doing this and even tried to get me to go in with them on one last year. One of them stuck his bank with 3 houses and the other guy stuck the bank with one.



A friend that I used to work with sold his home on Staten Island and went down to Florida. He bought a home that was built two years ago that originally sold for $350,000, for only $155,000!

The real estate laws allow such craziness. We may complain about too much regulation in this part of the country, but at times like this, I'm grateful. There were people during the 2002-2006 time period that made a LOT of money down there, by doing absolutely nothing. They would buy a pre-construction home, hang on to the contract a few months, and then sell it to someone at a profit. Sometimes that contract would be flipped several times. And guess what?? The builder goes bankrupt, the place NEVER gets built, and the last guy holding it is the one who gets screwed.

When you sign off on a purchase offer down in Florida, that's considered your purchase contract. Around here, that would just be considered a "meeting of the minds" and then it would go to the lawyer. Not in Florida. Also, the closing is handled by a title company! It's definitely different from what I'm used to in real estate.

AIG bonuses should outrage Detroiters

In Bailout Nation, employment contracts matter -- or they don't.

cont...

http://www.detnews.com/apps/pbcs.dll/article?AID=/20090317/OPINION03/903170373/1330/OPINION0320

These bonuses are an absolute disgrace. If the government controls a majority of the company, then why can't they put a stop to them???

Babe, the media has been replete with statements that the bonuses are the result of contracts. New ownership does not void a contract.

PITTSBURGH (AP) - Caterpillar Inc. on Tuesday announced plans to lay off more than 2,400 employees at five plants in Illinois, Indiana and Georgia as the heavy equipment maker continues to cut costs amid the global economic downturn.

Caterpillar, the world's largest maker of mining and construction equipment, has seen its sales wither as the sluggish world economy and credit crisis weaken demand for its products, used to build everything from houses to highways. The company had expanded dramatically in recent years, helped by a building boom in developing countries.

On the other hand,

WASHINGTON (AP) - Housing construction posted a surprisingly large increase in February, bolstered by strength in all parts of the country except the West.
The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent in February compared with January, pushing total activity to a seasonally adjusted annual rate of 583,000 units.

While the surge in housing construction was far better than the continued decline economists had expected, experts viewed the rebound as a temporary gain given all the problems the housing industry still faces.

Seems like Saladbar and myself missed the discussion about AIG and these bonuses and hve been having one ourselves over in another topic. So I'll take the liberty to post what both she and I have discussed in order to keep this discussion about AIG, the bailout and these bonuses in one thread :



Yes, you're 100% correct. The government was indeed incredibly stupid.


As far as the amounts of the bonuses being legaly fixed, I understand that but don't agree with it and I'll tell you why. I worked in the financial world for over 23 years. For many of those years I, along with others were given bonuses as part of our pay package. While legally the benefit of a set amount or a percantage figure may have been agreed upon between my employer and myself, my receiving the legally agreed upon bonus was based on a number of factors such as performance, merit, quarterly prfotis, etc. In other words I had to do what I was hired to do and my job performance had to be a contributing factor in the profit and success of the company.
If I did not perform for the company, produce for the company or contribute to the success of the company, there was no bonus. And if by chance (thank God it never happened) I was not fiscally responsible or did not use due dilligence in making financial decisions that could affect not only the bottom line of my company, but the satisfaction of the client / investors, not only would I be out my bonus, but I would be out on my ass!
And if the actions that I took or the financial decisions that I made were not in compliance with the laws, regualtions and guidelines of the official governing bodies that oversaw the business that I was in, I could have easily been held LEGALLY responsible! So in my opinion, this "legally binding bonus" stuff that these companies and executives are spewing out is bullshit. It's all a bunch of legal spin.

What I don't agree with here is that even though these bonuses may have been legally binding, most of those receiving these bonuses were major contributors in the downfall and decline of these companies! Many of these employees/executives of these failing companies seem to think that they are entitled to these bonuses simply because they worked for the company. How about holding those who are in a position to collect these bonuses accountable for the fall of the companies that they work for? A fall that was a direct result of their negligence and greed?

Earlier in this thread someone said that I sounded angry and bitter. Know what? Come to think of it I am angry and bitter! I am angry and bitter on behalf of the honest and hard working people of this country who are getting it right up the ass because our elected representatives in congress have chosen to just throw OUR hard earned tax money at these companies and their executives without carefully looking over what went wrong with those companies and who in those companies was responsible for their downfall. Our government IS indeed just as negligent as many of these corporations and banks that we are bailing out!

Unfortunately, the initial stimulus package was a bit rushed, and that's not necessarily a criticism. The Dow was in freefall, everything was hitting the fan at once (Bear Sterns, Wachovia, WaMu, Citi, AIG) and the government was looking to instill confidence in their ability to handle a crisis. Confidence is critical at a time like this. Quite often, a recession is a self-fulfilling prophecy, so it was incredibly important for the government to be perceived as being in control and able to handle the crisis. Therefore, they passed a package hastily without enough attention to the details.

Olivant, if I'm owed a commission from a landlord, and the building is sold to someone else, I assure you that I am not necessarily going to be paid by the new owner, even though he's going to reap the rewards of my labor. New ownership doesn't necessarily assume the responsibilities or agreements of the former owner.

Yes, the executives should give them back, or use it to pay back creditors, or whatever else might be perceived as a better use for the money. It's disgraceful.