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October, 2024

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MONEY PARTY IN AMERICA!!!

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Maximumsushi
Posts: 7837 - Karma: 3,351
.5% .5%
CHEAP MONEY FOR EVERYONE!!!
When you have a lot of debt, the only solution is to borrow more!
Sep 18 2007 2:39PM
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SkierX
Posts: 16253 - Karma: 538
Haha, the lending market is a MESS.
Sep 18 2007 2:43PM
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J.D.
Posts: 21362 - Karma: 5,142
I want to throw a money party but don't want to spend much. Do you have any suggestions?
Sep 18 2007 2:43PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
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"Fuck the haters"
Sep 18 2007 2:44PM
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Ryno
Posts: 31125 - Karma: 336
HAHAHHA
Sep 18 2007 2:44PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
Go to the bank, get a loan and party fuckin hard.

"Live the moment, dude" - Ben Bernanke.
Sep 18 2007 2:45PM
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IcePointa
Posts: 1879 - Karma: 19
Omg, .5% less interest?! I'm gonna go borrow twice as much money! I need some new BL$NG. Maybe then they'll lower interest rates even more!
Sep 18 2007 2:47PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
Sept. 18 (Bloomberg) -- The Federal Reserve lowered its benchmark interest rate by a half point to 4.75 percent, the first cut in four years, hoping to keep the U.S. from sinking into a recession sparked by spreading housing-market fallout.

Chairman Ben Bernanke was quoted "It's like, fuck the banks man. I just bought a sick whip but my roommate Rick totally broke our ping-pong table. We had to buy a new table for a beer-pong tourney we're throwing this weekend so I was worried about making the loan payments on the new car. I figured I'd just drop interest rates for a while until Rick's trust fund check clears. Anyway, I'll see you guys at the "Bro-Pad" this Friday, those chicks from IMF are gonna be there so you don't wanna miss out. BYOB of course. And as usual, make sure you don't tell that fucking Greenspan."

The federal funds rate, which banks charge each other for loans, had stood at 5.25 percent since June 2006. That's when the Fed ended a two-year run of increases that lifted the rate from a four-decade low of 1 percent.

Most economists anticipated a quarter-point, and traders pared bets on a bigger move in recent days as some Fed officials signaled they would be reluctant to back a half-point cut.
Sep 18 2007 2:56PM
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jimmychung
Posts: 6857 - Karma: 25
HAHAHAHHAHAH awesome quote, nice to slip those in there to see if people are paying attention.
Sep 18 2007 2:59PM
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SkierX
Posts: 16253 - Karma: 538
FUCKING LOL
Sep 18 2007 3:00PM
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Worst.NS.Member
Posts: 703 - Karma: 11
So much for living off selling my ass and money market dividends. At least selling my ass still works.
Sep 18 2007 3:07PM
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IcePointa
Posts: 1879 - Karma: 19
Shit, my ING account is gonna pay me less money. I dunno how I'll make it through next month without that .5%. Guess I'm gonna have to start selling my ass too. ANYONE GOT 5 EUROS?!?
Sep 18 2007 3:09PM
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SkierX
Posts: 16253 - Karma: 538
I love how the reason we are in this mess is the housing and lending market going to shit with the highest default rates in years, and their solution is to lower interest rates to encourage more borrowing.

It's like fighting a flood with a firehose.
Sep 18 2007 3:14PM
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Worst.NS.Member
Posts: 703 - Karma: 11
The Federal Reserve: Evil Illuminati Jews From the Center of the Earth Since 1916.

As for the other portfolio though...
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God bless those wiley buggers.
Sep 18 2007 3:16PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
Dude, I don't think you understand. The idea is that this means that people will could pay potentially 10% or 20% less in mortgage or loan payments per month. Not your savings account. Money is really cheap and the market was really worried that people couldn't make loan payments because they took on too much at subprime and teaser rates. The markets were worried that people would default and lose their homes because they took on too much risk so instead of correcting the market, they just made it even cheaper per month so more people would take on the risk and create a bigger credit bubble.
Sep 18 2007 3:17PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
"Oh man, I am super thirsty because I've been drinking beer all night. I feel like I might be sick" - Rick "The Housing Market" Tamplin
"Dude, I'll grab you another beer from the fridge." - Ben Bernanke
Sep 18 2007 3:19PM
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IcePointa
Posts: 1879 - Karma: 19
Lets each take out a loan, buy fishing gear, a yacht, 50 cal machine guns, leave for international waters, and say come and get me muthafuckas.

China would prob even sell us some anti-aircraft missles if we promised to trade them seafood for lead-painted toys.
Sep 18 2007 3:22PM
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SkierX
Posts: 16253 - Karma: 538
I will give it this though...

Great news if you are a responsible borrower!!
Sep 18 2007 3:22PM
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Worst.NS.Member
Posts: 703 - Karma: 11
Gotta remember that the federal reserve is not a federal agency, but a private group of banks. Therefore it's in their interests to keep people borrowing, even if they take a small rate hit. In the broad strokes this is just keeping the IV of debt the US is on nice and full.

The fed reserve is out to make money and screw you. End of story.
Sep 18 2007 3:24PM
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IcePointa
Posts: 1879 - Karma: 19
But why would ING want to keep paying me 5.25% for my money when they can get it from the fed for 4.75%?
Sep 18 2007 3:25PM
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Tom.
Posts: 1954 - Karma: 12
hahahahahahaha!
Sep 18 2007 3:28PM
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J.D.
Posts: 21362 - Karma: 5,142
I'm crying right now. Tears.
Sep 18 2007 3:31PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
You weren't getting the fed funds rate on your savings, unless you were in a GIC or something similar but then a liquidity bonus comes into play. And they wouldn't, savings rates in banks are directly related to the feds fund rate. However, so are interest rates on loans. This is why it gives people an incentive to take out loans, coupled with less of an incentive to put money into interest backed securities such as bonds or in your case a savings account.

I thought you were getting Euros or something anyway?
Sep 18 2007 3:33PM
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skibum193
Posts: 3737 - Karma: 33
was that acutally your portfolio? props on that...
Sep 18 2007 3:48PM
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Worst.NS.Member
Posts: 703 - Karma: 11
And to think maximumsushi still won't put out.
Sep 18 2007 3:53PM
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soulskier
Posts: 17806 - Karma: 3,841
i like money
Sep 18 2007 3:56PM
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RudyGarmisch
Posts: 25443 - Karma: 13,844
Ahaha, thank you so much for this thread.
Sep 18 2007 4:16PM
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bigdaddytmac
Posts: 1448 - Karma: 14
ahahahaha glorious
Sep 18 2007 4:24PM
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yelsel
Posts: 12967 - Karma: 3,451
omg i almsot pissed myself from laughing so hard
Sep 18 2007 4:27PM
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almostaskier
Posts: 13809 - Karma: 93
I actually laughed out loud. Amazing thread.
Sep 18 2007 4:34PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
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"Dude"
"What?"
"I'm fucking wasted."
Sep 18 2007 4:45PM
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Bepo
Posts: 8195 - Karma: 17
ahahahaha, awesome thread
Sep 18 2007 4:55PM
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Microcosm
Posts: 4765 - Karma: 153
bahahahhahahahahhahaha. but he looks so happy. and that quote you added above, gold. hilarious!
Sep 18 2007 5:06PM
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t_rob
Posts: 6433 - Karma: 11,458
so i'm pretty happy. my porfolio is kicking ass today. i haven't checked how much money its made but i got Xom up 2.50 a share(i think all time high). general dynamics up 1.41 JNJ up .89 and xpo up .01.
Sep 18 2007 5:09PM
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SkierX
Posts: 16253 - Karma: 538
All I know is that I was on cloud nine a few months back sitting pretty with 500 shares of company stock options (SLM Corp), at 47.00 a share grant price, and it was announced the company was selling and we would be getting $60 per share, I was sitting pretty with a nice little cash prize, and then the government went and slashed student loan funding and pretty much ruined my mood.
Sep 18 2007 5:36PM
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brokebutitsworthit
Posts: 2279 - Karma: 27
fuck i burst out laughing in the middle of a lecture with like 20 people in it and got such a dirty look from the prof.
Sep 18 2007 6:16PM
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Von
Posts: 4869 - Karma: 21
Maybe i will take out that third mortgage after all.
Sep 18 2007 6:26PM
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jacqui-la-fripui
Posts: 1119 - Karma: 12
who is that
Sep 18 2007 6:28PM
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Armanzoid
Posts: 2453 - Karma: 26
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All he needs is the damn top hat and hes got the Mad Hatter down. He already thinks as illogically as him.
Sep 18 2007 6:32PM
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Maximumsushi
Posts: 7837 - Karma: 3,351
Ben Bernanke
Sep 19 2007 7:51AM
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Worst.NS.Member
Posts: 703 - Karma: 11
No you're wrong that's barack obama in whiteface.
Sep 19 2007 7:56AM
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Worst.NS.Member
Posts: 703 - Karma: 11
SHOOP DA WHOOP!!!!
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IMMUH CHARGIN MAH INTEREST!!!!
Sep 19 2007 8:07AM
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Worst.NS.Member
Posts: 703 - Karma: 11
IMMUH FIRIN' MAH INTEREST!!!!!
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Sep 19 2007 8:09AM
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crazyfuck
Posts: 5968 - Karma: -7
holy shit, i scrolled down, saw that, and laughed so hard i launched a snot rocket all over my shirt. i'm glad i'm still in my room and haven't gone to class yet...
Sep 19 2007 10:13AM
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whattheshit
Posts: 6562 - Karma: 107
C-C-C-COMBO BREAKER!
Sep 19 2007 10:36AM
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Craigskis
Posts: 6650 - Karma: 1,645
I'd like to see what runs through your head on a daily basis sushi, Hahahaha
Sep 19 2007 10:36AM
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Commonwealth
Posts: 3729 - Karma: 11
i'm terrified of our economy right now, im only 17 and i fear getting a credit card...has anybody seen the movie "maxed out"?? Providian the company used to receive credit card payments and then shred them so that they could charge late fees and stuff like that, its ridiculous
Sep 19 2007 10:44AM
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yelsel
Posts: 12967 - Karma: 3,451
dude dont get a credit card. im so freakin glad that i never got one.
Sep 19 2007 10:48AM
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Commonwealth
Posts: 3729 - Karma: 11
i know haha i was thinking about getting one when i turned 18 in a couple of months with a limit so that i could pay it off on time and get my credit score and all that jazz, but now im not
Sep 19 2007 10:50AM
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Worst.NS.Member
Posts: 703 - Karma: 11
Yeah you'll wish you had gotten that ccard when the time comes to buy that house or car.

Creditors got you by the balls either way. No use fighting the system.
Sep 19 2007 11:02AM
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crazyfuck
Posts: 5968 - Karma: -7
meh, not entirely accurate. if you graduate with a college degree (big earning potential), it's not too hard to find loans even without any credit history.

but yes, creditors get you by the balls no matter what you do.
Sep 19 2007 11:44AM
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