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Economic "Doom" Mega thread

Discussion in 'Off-Topic' started by Reptile, Sep 20, 2009.

  1. PennyPincher

    PennyPincher NES Member

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    because y'all are "idiots" and don't know how to negotiate. used vehicles are in such good shape down here as long as maintenance is done. and cheap. oh, maybe supply and demand explains part of it. Also, as far as negotiating goes, everyone down here negotiates except the imports from "commie" states like CA and MA.
     
  2. Broccoli Iglesias

    Broccoli Iglesias NES Member

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    The average person has no clue how their 401K works. Their own f***ing money and they dont know anything.

    I get people at work (people that make over $200K), come up to me and ask me which funds they should choose, why, how do I choose mine, how much they should put I their 401K ...

    And I'm not the person in charge of the 401K at the company.

    So, if people can barely get through their heads how their money grows in a 401K, how do you expect them to understand anything else?
     
  3. Pyromancer

    Pyromancer

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    The financial illiteracy in this country is shameful. I'm in my 30s, and am convinced the majority of people have no idea how simple interest works, let alone a Roth/401k/529 etc. Try and explain this stuff to them, and eyes instantly glaze over. Drool starts. And like you, I get asked to make decisions for them (not my field).

    The notion of retirement finance is somewhat abstract (planning for something 30+ years into the future), but how people don't GET the idea that one day work will cease, but bills don't...terrifying.
     
    Last edited: May 8, 2019
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  4. cmcgraw2

    cmcgraw2 NES Member

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  5. richc

    richc NES Member

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    Horrible and GM-GUY like this.
  6. GM-GUY

    GM-GUY NES Member

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    Debt level has been frozen because of the debt ceiling expiration of the suspension or whatever they are calling it now - but that needs to be addressed September timeframe iirc. That will be fun.

    When’s the budget coming out btw [rofl]
     
  7. Varmint

    Varmint NES Member

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    Bah, it's nothing a little runaway inflation can't deal with.

    The sign of impending collapse will be when the global governments ban civilian buying of gold. They may not ban it, they'll simply buy all available supply themselves. It's already happening, central bank physical gold buying hit an all time high recently.
     
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  8. Soundwave

    Soundwave

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    I could argue the exact opposite. When people are trading their "prized" used cars they want the moon for them. Then the dealers still have to sell them and make a buck. So high used car prices.
     
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  9. Broccoli Iglesias

    Broccoli Iglesias NES Member

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    Yes and no.

    Most of the time, when people complain about the price of used vehicles, it is because they want a vehicle that is in high demand.

    Get a Camry, Civic or Corolla, and the prices are great.

    Go for a Jeep Warngler or Tacoma, and you get a vehicle with 25K+ miles for $2K below a brand new one.

    That's why I never listen to those "waaaah, used cars are expensive" comments.

    When you talk about how cheap used cars are, what cars are you talking about?
     
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  10. Coyote33

    Coyote33

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  11. Varmint

    Varmint NES Member

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  12. djbradles

    djbradles NES Member

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    Yeah, you can negotiate and you will walk away empty handed while they let that vehicle sit on their lot to rust further until they send it to auction.
     
  13. djbradles

    djbradles NES Member

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    Exactly. Certain brands maintain their value over many others. The used vehicle market is booming and barely anyone is buying new. That’s why every dealership wants to buy your used vehicle and you get ten mailers a month as proof of this.
     
  14. Reptile

    Reptile NES Member

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    Interesting what is going on with Certified Used Mercedes Benz.

    They offer a 5 year warranty unlimited milage.

    You'd probably come out ahead buying used.

    I think they throw in 2 years maintenance, too.
     
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  15. Broccoli Iglesias

    Broccoli Iglesias NES Member

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    I dont know of its booming, I'm not following it. If they are so desperate, wouldn't it mean the opposite?

    Anyway, I do know one issue is companies (all) are having a really bad time selling Sedans.
     
  16. Coyote33

    Coyote33

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    1) I know, right?
    2) Do they even make a Corolla 2 door coupe any more?
     
  17. richc

    richc NES Member

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  18. djbradles

    djbradles NES Member

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    It’s all due to uncertainty. This “booming” (subjective term) is what the dealerships are telling me directly. I’m currently looking for a larger suv and we are definitely going used. 1-2 years old with mileage in the tens or teens.
     
  19. Broccoli Iglesias

    Broccoli Iglesias NES Member

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    I did a search. The only warranty I could find for Certified Mercedes was the option to buy an additional 1 or 2 year unlimited mileage when the 5 year factory warranty expires.

    I was also surprised by how cheap they are certified used. They all had the brand new sticker pricing, between $45-55K. Certified used with 30-45K miles, in the low $20s. Horrible depreciation, I would never buy one new.
     
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  20. Reptile

    Reptile NES Member

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    I made an error:

    Unlimited Mileage Warranty
    Every Certified Pre-Owned Mercedes-Benz is covered by any remaining portion of the Mercedes-Benz four-year/50,000 mile New Vehicle Limited Warranty. Then, the CPO Limited Warranty provides comprehensive coverage for another 12 months with unlimited miles. This means up to 5 years of unlimited mileage coverage, extending to the engine and powertrain, steering, suspension, brakes (excluding wear of discs and pads), electrical system, climate control system, and more.
     
  21. xtry51

    xtry51

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    My tradeshow this week was very busy. Highest lead count ever and a handful of walk up sales right on floor. We'll see if this carries through to Fabtech this fall.
     
  22. GM-GUY

    GM-GUY NES Member

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    I did some more searching on the Debt Ceiling today, the highlights:

    * suspended through March of 2019, this meant no limit until then - since that date it’s been frozen
    * the government will ‘run out of money’ in September
    * The House of Representatives passed the ‘Gephardt Rule’ in January that basically nullifies the Debt Ceiling automatically raising it when a budget is passed.

    The govt has no money - just debt and promises

    The govt has not passed a budget in over 10 years

    The markets took a good hit today too.
     
  23. xtry51

    xtry51

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    New Illinois budget proposal is $41.5B, an 8% increase over last year. And here courtesy of ZH is the list of proposed taxes that won't even come close to paying for the old gap, let alone a $3B increase.

    • Gas tax hike — doubling Illinois’ motor fuel tax to 38 cents from 19 cents per gallon, effective July 1.

    • Vehicle registration fee hike – doubling the fee for newer vehicles.

    • New ridesharing tax of $1 per ride.

    • Expanding Chicago’s “Netflix tax” statewide — 7% tax on users of streaming services, cable and satellite customers.

    • Higher taxes on beer, wine and liquor — $120 million worth.

    • New statewide parking garage tax — 6% tax for daily parking and 9% for monthly and annual.

    • Doubling the real estate transfer tax – we’ve been calling this a Exit Tax because it makes it more expensive to sell your home and flee.

    • Higher registration fees for electric vehicles — increasing to $250 per year from $34 every other year.

    • Those are just to pay for the capital program. Also on the table, separately, are a plastic bag tax, tax on Medicaid providers, sports gambling tax, marijuana tax, video gambling tax hike, retailer tax hike, e-cigarette tax hike, higher cigarette taxes and the income tax hike on high earners.
     
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  24. Broccoli Iglesias

    Broccoli Iglesias NES Member

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    Netflix tax????

    I love the backwards way of thinking. Promote "cleaner" electric cars, give incentives to buy them
    ... then punish people.
     
    Last edited: May 23, 2019
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  25. Varmint

    Varmint NES Member

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    They better tax popcorn cause people everywhere are watching this movie.
     
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  26. Reptile

    Reptile NES Member

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    A new credit bubble gets ready to burst

    Federal Reserve Chair Jerome Powell gave a speech a couple of weeks back that showed that financial regulators have learned many lessons from the 2008 financial crisis, but not the most important one, namely:

    If regulators wait to act until they can say with certainty that a credit bubble is about to burst, they've waited too long.

    A new credit bubble gets ready to burst
     
  27. GM-GUY

    GM-GUY NES Member

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    Tags nicely with Reptiles last post;

    I heard on the radio that The FED more or less said rate cuts are on the table/coming and the market is up 400.

    What the bleep! Peaches and cream, but we are going to cut rates. That whole Debt Ceiling & Budget is still out there too.
     
  28. Reptile

    Reptile NES Member

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  29. Reptile

    Reptile NES Member

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  30. Varmint

    Varmint NES Member

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    With the Fed last week saying low interest rates and QE are now normal policy, the dollar is doomed. Might as well buy gold now while it’s still suppressed.
     
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