GREAT DEPRESSION WATCH - TODAY IS GLOBAL BLACK MONDAYLast…

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Posted by: garyfong1 Original: 1/21/2008 8:00 AM Views: 965 Comments: 22 eProps: 22 Read Comments Post a Comment Back to Your Xanga Site

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2 eProps from: Robert37 shotshot esquirephoto fotomama jonesphotog Texetalon Rutten windyd1981 Heather_Woods NUYOKA_AND_CO deadkau

Monday, January 21, 2008

GREAT DEPRESSION WATCH -
TODAY IS GLOBAL BLACK MONDAY

Last night I was having dinner with Tiffany, Jenn and Melissa and I got really sad not only because we had seen a tear-jerker movie (p.s. I love you) - didn't affect me at all by the way... but because of the economic data reports that I had been seeing from around the world.

The markets are going to crash, I said. I called Amy and asked her, what should we do? I'm trying to come up with an answer that makes the best of things. I said in an earlier post that the DOW is poised to fall 2,000 points by the looks of it, and what little stock I had left in the market was Apple computer, that I sold at $200.10

People are dumping their stocks now because they realize that owning securities is not a good place to be in the event of the collapse of the largest economic superpower. I think the U.S. Stock market is going to crash - and only then will the collapsing economy be talked about at dinner tables across America. Then we hit the next stage - panic.

I think it's a great time to sell every piece of junk you have on ebay, or craigslist. And turn it into gold.

Posted 1/21/2008 8:00 AM - 965 views - 22 comments

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22 Comments

When you say "depression" do you mean people will be waiting in lines for soup and unable to pay their bills? Could you please conceptualize the term "depression" for me? Do I pull my money out oft of the market, or put it in an interset bearing savings account? Will I take a huge tax penalty for this?

Posted 1/21/2008 8:23 AM by Freedom16 - reply

Are you watching the madness ? Gold today dipped to $857.5/Oz. Looks like people want to cash out on stock and fund based investments. This can temporarily snag the market. And to top it off, Today is a holiday...lol Where's my broker !!

Posted 1/21/2008 10:16 AM by Robert37 - reply

hey gary....

here's the question i want answered specifically, and i've heard a few others ask this too: what does the full-time photographer do during this depression?

assuming it bottoms out as bad as you're expecting, which i believe is fully possible - what does the photographer do with his/her business? do they close up shop immediately and move to doing something else - and if so...what? do they stay in business and start marketing extreme low prices to provide service to the new average income (close to nothing)? or do they hunker down and start marketing for the high-end bride so they can ride out the storm providing services for the rich, which will be the only ones with the dough?

i want as much insight as you can give on this subject. do we keep going, do we stop? what do we do in both instances?

is this something you can share your thoughts about? i think this is really what everyone's asking, it's just not coming out right. whaddya think?

Posted 1/21/2008 10:31 AM by shotshot - reply

LOL

Waiting in line for Soup...lol Like 1900 in Europe somewhere. Maybe more like waiting in line at a local McDonalds for the $1.00 Double cheeseburger, X-Large w/ Xtra lard Apple pie, and a diet Coke.,....LOL

Gary Boy !! It's a slowly and surely trickle effect that can manifest itself, from one sector into another. Hmmm Anyone who was commenting earlier on over hype and liberal media care to chime in, and maybe leave out the comment on Americans are strong willed and all help out one another and maybe get me a gurney so I can be picked up once I freakin pass out here.

Posted 1/21/2008 10:33 AM by Robert37 - reply

Hey Robert,

"...liberal media..." HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAAAAAA!!!! LOL!!!! Oh my side hurts! You are so deceived! Perhaps you should see who owns more than 1/2 of the worldwide media companies in the world. You ever hear of Murdoch? Why don't you dilate your mind & educate yourself before you make such an uninformed comment.

Here's something to check out too: http://www.youtube.com/watch?v=RjALf12PAWc&feature=related

Get educated.

Get informed.

Stop being ignorant & obtuse.

Posted 1/21/2008 12:43 PM by esquirephoto - reply

Gary please answer shotshot's question. All us fulltime photographers want to know your answer....

Posted 1/21/2008 1:03 PM by fotomama - reply

Gary,

I am interested in the answer to shotshot's question as well. I am also curious as to find out if you think investing in other precious metals (i.e. silver and/or platinum) is as good a choice as gold. Basically this is because I can go out and buy several ounces of silver when it would only be a fraction of an ounce of gold for the same cost.

Posted 1/21/2008 2:27 PM by jonesphotog - reply

Markets go up, markets go down, move on.

Posted 1/21/2008 3:36 PM by Texetalon - reply

Sounds like a good time to buy some stock to me!

/Off to check the financial sites

Posted 1/21/2008 4:14 PM by Rutten - reply

You suggest to buy gold. Where do you physically go and purchase gold? And, how do you go about selling it when that time comes?

I consider my husband and I to be your average young couple. We are just starting out in life and make relative good money for a couple that is in their mid 20's and just married (~$80,000 a year). We have 1 credit card that we are planning to pay off with my husband's bonus and our tax return. But now I am thinking that we would be better to purchase gold, even though it would only be about 5 ounces, and pay off our credit card over time. Any suggestions? I am very concerned about having debt if this depression comes sooner than in the next 1-2 years. We have evaluated our monthly budget and have a plan to put a sizeable amount into a savings account each month. We had planned to purchase our first home in a couple of years but now we are thinking of waiting longer. 1) to save more money and 2) to see how the economy is going to play out.

I know that all of your readers have a ton of questions for what you think we should do.

1) Debt - pay off now or invest and pay off over time?

2) Investments - Buy gold, put into savings account, both?

3)Shelter - Sell home and rent, wait until real estate prices drop and buy for cheap, don't make any changes until market stabilizes?

4) Career - For those of us in the customer service industry how do we help to insulate ourselves even more when the inevitable severe drop in consumer spending occurs?

Posted 1/21/2008 4:35 PM by windyd1981 - reply

@esquirephoto -

(With my New Jersey accent..)

So wadda mean...

Dude or Dudet, like the YouTube video is suppose to what ?? Uniformed, like by you dropping the name Murdoch means that you know anything.

Be honest. Did you ever take a class in political science while in college. If so, did you pass the class. Or did you smoke weed.

Posted 1/21/2008 5:18 PM by Robert37 - reply

Hey Gary - I think I commented on another one of your posts, but might have been too old to respond to so I thought I'd post here just in case. Looks like the US is going through what Japan did in the 90s... and it lead to severe recession - 10 years by some estimates. The only saving grace for most average Japanese families was a culture of saving and thriftiness - not something the average US family knows about. So what to do now? If you have an old 401K or as others here might have a small IRA (roth or traditional)? Others here have asked too it seems... do you cash out everything and buy gold or buy EUROs? If you are a photog, do you close up shop and look for a job?

I really do appreciate you extending your knowledge to us. I'm learning and trying to educate myself on the best financial moves... I just fear (as I'm sure others here do) that I'm not learning fast enough to save my family from disaster.

Thanks again Gary!

Posted 1/21/2008 5:23 PM by gschneid1 - reply

WOW there are a lot of posts to respond to today. Tomorrow is going to be insane for the U.S. stock market because all of the other international markets traded (MLK is not a holiday elsewhere) so when the opening bell clangs tomorrow, and with brokers in the U.S. privy to the bad news around the world (stocks reacting to the U.S. recession) there's going to be a massive selloff in the morning.

I don't know what to suggest yet. Let me think about it some more.

Posted 1/21/2008 6:12 PM by garyfong1

- reply

This is really depressing to hear but ever since you gave me the insight into how to and what to look for, I can't say I'm surprised at all. I read some of the posts and to those who think denial is the answer--well, I hope, sincerely that you have a little nest egg to get you through all of this b/c America is not all it's cracked up to be. I mean think about; reall think about it. we've been around for what a few hundred years--come on! there are countries that have been around for WAY WAY longer and I personally think that our government is just to arrogant to look at where the smarts are for guidance. but hey that is americans in general. I feel really bad for the photographers and other professionals out there that make their living on the ability of people to pay for services that are really nice to have but not necessity items--it would be terrifying to me if i were a photographer... my fiance works for the government and I am graduating soon with a degree in a high demand field (teaching); I am blessed that I am doing what I love and so is my soon to be husband but I can't even imagine having to give up my passion to pay the bills and wish all the time that I could provide for my family by doing what i love. I am not saying photographers will go out business--not by a long shot but at the same time, times are tough; people aren't spending what they were and money is tight for all of us. For those of you out there that read this blog and get all pissed off b/c Gary voices what he's learned thorough educated reading, and research, I hate to say this to you but seriously dude--get over yourself; your attitude will not change the economy. Not believing in the state of America's finances will not avert this crisis and it IS a crisis; it's all over the news-it is evidenced in the market and our everyday economy; saying loudly that it's not real doesn't take the reality out of the situation. If that were the case, we wouldn't have had plagues, diseases, the great depression, etc. I think the best thing we all can do is cut back on our unnecessary purchases and stash some currency away for a rainy day.

btw, we watched p.s. i love you last week and oh my goodness! what a terrific movie!!! we loved loved loved it; the funny thing is that it was sad but (and maybe this is just my pregnancy hormones talking) it was also really uplifting and enlightening. dan and i after the movie on the way home and I was telling him (and vice versa) that I really wouldn't know what to do without him--you know? a person, when you find that one person, becomes your everything--your all and I can honestly say that I would really be lost in this world like that Holly was in the film. and the funniest thing was that that movie triggered how lucky I am to have a best friend and a person who really is part of every aspect of my life--aren't I sooooo sappy right now?!!! lol---okay -stopping now!!!
ttys

Posted 1/21/2008 6:16 PM by Heather_Woods - reply

So that's the best you can drum up Robert? Are you serious?

All that you could resort to was your neanderthal, chest thumpin', he-man, me Tarzan, you Jane; New Jersey accent? As if it's supposed to mean something other than you're unable to pronounce your words properly or use proper English?

FYI since you don't know me or took the time out to get to know me:

I took pleanty in college - aced all of it.

Never did drugs, never will.

If you know who Murdoch is, then your comment about "liberal" media is completely spoken from your underside.

If you couldn't see what the message is in what I thought you might be able to comprehend and further turn you onto more, then I need not take the additional time to point you in the direction that can open your mind to a never-ending amount of information that isn't diluted from the "liberal" media as you put it.

And, if you read Gary's blog & you don't quite comprehend the wealth of knowledge that Gary shares with an open-minded following of well-educated individuals, than you should probably take your ignorant (see definition below from Websters) comments to another forum or blog that wants to believe what it is spoon-fed from the "liberal" media (as you put it).

ig·no·rant [ig-ner-uhnt] Pronunciation Key - Show IPA Pronunciation
–adjective
1. lacking in knowledge or training; unlearned: an ignorant man.
2. lacking knowledge or information as to a particular subject or fact: ignorant of quantum physics.
3. uninformed; unaware.
4. due to or showing lack of knowledge or training: an ignorant statement.

Posted 1/21/2008 10:04 PM by esquirephoto - reply

@esquirephoto -

I tell ya, life just isn't complete until you feel as if some lame individual from California tries to school you. Like Im suppose to drum up...

FYI I read the blog daily.

"Get to know you," like you come off as an asshole, thus I should get to know you better. (Like this is your blog... Your full of yourself.)

So please try and leave your condescending attitude out of this thread. Your all lip now, online huh !!, and I'll bet your also the first to get bitch slapped if you try fronting with me out in public.

Dude show more respect, have some class will you.

Posted 1/22/2008 2:23 AM by Robert37 - reply

AHAHAHAHA!

I'M SORRY ROBERT BUT ESQUIRED JUST CHEWED YOU UP...
LEAVE IT AS IS... I BET YOUR A NICE GUY BUT EVER SINCE
YOU JOINED HERE YOU HAVE COME OFF WRONG...

WELL, NOT WRONG I GUESS JUST A LITTLE SNAPPY, BUT I LIKE YA'...

I REMEMBER THE FIRST POST YOU TRIED TO PLAY GARY AND GARY FORGAVE YOU BUT NOT BEFORE PUTTING
YOU ON BLAST BY CREATING A POST JUST ON YOU http://www.xanga.com/garyfong1/627249622/item.html

HEY! I SMOKED WEED AND PASSED ALL MY CLASSES! WHATS YOUR POINT?
DUDE YOUR HOLLERING OUT JERSY? ARE YOU FOR REAL? COME ON NOW...

PLAY NICE BOYS AND SHARE THAT OREO COOKIE CAKE ROBERT.

:o)

Posted 1/22/2008 11:06 AM by NUYOKA_AND_CO - reply

Nuyoka

No sweat.

Online chewing...hmmm. (My but cheeck is kinda red, I could tell Esquire was there cause he left a finger print too.) Maybe I may come off wrong. yet Im not into the popularity race. And to play Gary, please, I had him set up like a hot potatoe. Hookline and sinker!! I think to this day, I've been the only one to zing him online.....woa 3 pointer ALL NET !!

Many school boys talk a talk but have no background, just blow weed and ideas at same time.. A 4 yr degree talks the walk. Anything less is BS. Esquire fronts like a hip-talker, and thats weak.

Im ready to land another cake on Sunday for Jr B-day. Swing down if you can.

Robert

Posted 1/22/2008 12:21 PM by Robert37 - reply

HAHA! I HEAR YOU...

OH GOD! HERE COMES GARY ANY MINUTE NOW... ( YOU ASKED FOR IT)
WELL I AM IN FORT LAUDERDALE... SAVE ME A PIECE! :)

Posted 1/22/2008 1:20 PM by NUYOKA_AND_CO - reply

hey now boys you betta leave jersey outta it!

you all are too funny!!! Well worth the read but just so you all know, not all of us in jersey have an accent or are uneducated--dude, working on my masters here at one of the top teacher education universities in the country and yes, it's in Jersey, south jersey to be precise-

Posted 1/23/2008 1:58 PM by Heather_Woods - reply

I love "Joisy"... But come on it's no "NU-YOKE!"
Just kidding... My Grand-ma lives in Lodi...
But I'm from the other side of the bridge.

And to help make a point for Esquire...

"Study: Bush led U.S. to war on 'false pretenses' "

"Some journalists — indeed, even some entire news organizations —
have since acknowledged that their coverage during those prewar months was far too deferential and uncritical..."

"The cumulative effect of these false statements — amplified by thousands of news stories and broadcasts — was massive, with the media coverage creating an almost impenetrable din for several critical months in the run-up to war," the study concluded."

read it here: http://www.msnbc.msn.com/id/22794451/?GT1=10755

Posted 1/23/2008 9:35 PM by NUYOKA_AND_CO - reply

gold? because of your advocacy, i looked into it.
i don't think it's such a good idea.
gold has not been a good investment, only in the past 3 years.

Posted 1/31/2008 3:12 PM by deadkau - reply

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