Recession? Depression? Whats the answer?

Recession? Depression? Whats the answer?

PostBy: wnyjim On: Mon Mar 09, 2009 1:19 pm

I see alot of people pointing fingers in both directions as to how we got where we are in this Depression.

Some say Democrats some say Republicans. I say BOTH.

What i am looking for is you post a solution. Anyone can point at a pile of crap and say it stinks and blame it on someone else.

I say its time to pick it up and bury it.

My thought on alot of the problem is that we were sold out by our government. A joint effort of goofs and mistakes resulting from paid off greed.

We have reached a tipping point in the paring down outsourcing in the USA. We used to care not only for our family but for the neighbor down the streets family too.

If he looses his job I just might soon too. No one cares about the people anymore. Too often as long as I have my paycheck and home who cares who else does.

My solution is we demand Washington (ALL OF IT) start thinking about the people that made this country the place it is.
wnyjim
 
Stove/Furnace Make: Hot Blast Model 1500

Re: Recession? Depression? Whats the answer?

PostBy: billw On: Mon Mar 09, 2009 2:47 pm

There is nothing any of us can do individually or collectively to halt or mitigate what's coming. This is a worldwide recession/depression. It's up to each of us to take care of ourselves and the people that matter in our lives.

I was lucky enough to get what was left of my 401k and my wife's out of equities when the market hit 14,000. At the time the people I knew told me I was a moron. The dow went almost straight up from 8,000 to 14,100. I had a gut feeling there was going to be a sizeable correction. I just never imagined it would be this bad. That being said I'm currently in the process of setting up a Self Directed IRA LLC for myself. This will allow me to roll over our old 401k's into an IRA that is under my control. I plan on parking most of what we have left into gold coins that I will actually posess. Not that I don't trust stock brokers and investment banks but they have lost all credibility with me.

I figure right now precious metals are my best investment. If inflation takes off, gold and silver will hold it's value. If the monetary system deflates or collapses gold and silver will hold their value. At least some of our retirement will survive even if the worst happens.

Right now both my wife and I are fortunate enough to have fairly reliable jobs. My two sons are living with us, one unemployed the other under employed. My daughter is in good shape, she's a teacher in Baltimore County. We have enough room in our house if my mom gets in a jam. So far she likes to remain independent. All of the people I care about are either in good shape or being taken care of. That's the best I can do.

This year I plan on stocking up with extra heating fuel (coal), extra canned goods, frozen food and squirrling as much extra cash away as we can. I'm not panicing but I'm covering my ass just in case the worst happens. If this blows over I haven't lost anything except the time it took to make a plan.
billw
 
Stove/Furnace Make: EFM 520
Stove/Furnace Model: GOODBYE OIL COMPANY

Re: Recession? Depression? Whats the answer?

PostBy: jpete On: Mon Mar 09, 2009 4:06 pm

Bill, I have been looking at a self directed IRA too. I haven't found any solid information. Is there a good place for information? And apart from getting my 401k out at the top, it seems like we are on the same path.
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice


Re: Recession? Depression? Whats the answer?

PostBy: Paulie On: Mon Mar 09, 2009 4:43 pm

jpete wrote:Bill, I have been looking at a self directed IRA too. I haven't found any solid information. Is there a good place for information? And apart from getting my 401k out at the top, it seems like we are on the same path.

Any brokerage account set up as an IRA will do. I was thinking the same. Roll over and you call the shots. Do you feel
confident enough? I know that is an absurd question seeing how the "pros" are doing now. I can not help but wonder what
the upside will be. Potentially astronomical I would guess.
Paulie
 
Stove/Furnace Make: leisure Line
Stove/Furnace Model: Pioneer

Re: Recession? Depression? Whats the answer?

PostBy: Black_And_Blue On: Mon Mar 09, 2009 4:54 pm

I believe there will be a call very soon for a world debt repudiation.

Let it crash, reboot the system. (Caveat : return to historical moral values.)

The current policy of hand holding for a few while the majority are left in the lurch is unmanageable let alone both infuriating and punitive.

Caveat #2 : Sovereignty and historical documents shall remain the standard going forward.
Black_And_Blue
 
Hot Air Coal Stoker Stove: Alaska 140

Re: Recession? Depression? Whats the answer?

PostBy: billw On: Mon Mar 09, 2009 5:18 pm

jpete wrote:Bill, I have been looking at a self directed IRA too. I haven't found any solid information. Is there a good place for information? And apart from getting my 401k out at the top, it seems like we are on the same path.


Setting up a self directed IRA through a brokerage house is pretty simple. The downside is the custodian (brokerage house) must store the assets. In my case I want to be the custodian. I'll keep the assets in storage (safe deposit box in local bank). That way I'm sure I won't get taken advantage of.

I've just started doing the research for setting up an LLC. There are quite a few 'kits' to do it yourself. From what I've read they're dubious at best. I decided to go to the source, the IRS. I've found the appropriate publications and will begin wading through the regs this week.

My wife works in the admin staff of a regional accounting firm. She talked to the partner that handles retirement planning. He told me what I want to do is a lot of work and can turn ugly. He recommended I just set up a self directed IRA through a brokerage house. Of course he's one of the people that told me I was nuts to get out of the stock market when I did.

I'll let you know how I make out.
billw
 
Stove/Furnace Make: EFM 520
Stove/Furnace Model: GOODBYE OIL COMPANY