The upcoming week could possibly be the most traumatic of our lives
Posted October 11th, 2008 by BillyBoy
output
If credit freezes solid, all credit lines, bank or no bank, will be going C.O.D.. We're starting to see this in business to business transactions, shipping, etc...
A couple of cases in point:
1. My uncle owns a wood trim supply shop. He sells to wood trim installers. These installers have lines of credit with him. Last week, 3 installers went out of business and won't be paying my uncle back for debts against their credit line. My uncle now has to assume an incredible amount of risk with his other vendors. He himself will lose everything if he keeps getting stuck with the tab. He needs more assurance of payment, or he can not ship the materials.
2. My sister-in-law is the head chef at a successful restaurant. Her beverage vendor has shut off supplies to the restaurant until they receive check in hand, and the check cashes. Her restaurant has always paid in their history of being in business. She also has a cheese vendor, meat vendor, wine vendor, produce vendor and other creditors that allows her restaurant to be in business.
This affects all businesses. Grocery supply chains, fuel supply chains, auto supply chains, etc.... No one goes untouched on something like this.
Look for these credit lines to lock down this week. Last week was crazy in the markets, but this week will hit home.....
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You want to know what the winning formula to win this presidency
If one of the IDIOTS Mcbomba, came out today and said, I WILL GIVE THE AMERICAN PEOPLE ONE YEAR SABATICAL ON INCOME TAXES....
In all honesty it would not cost the govt a dime, because the paper is not real, and the debt is not real. MAN O MAN, and after a year of no income tax, do you think that Americans are going to want to pay it later?
HELL NOO
My
suppliers have been shutting me off periodicaly, until they get their checks. Some of my credit is off the board forever.
you could be very right!
you could be very right! PLEASE READ THIS!
http://www.urbansurvival....
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
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"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
I honestly think they are screwed.
There isn't a plan or package they can come up with, or enough paper to print the amount of money on that would be needed, that will fix the mess they have created. "The eagle has landed" (after hitting a plate glass window).
I hope your wrong...
but I know you are right......how far can this go???
what is the intrinsic value of
paper?
You've never dealt with collection agents, have you?
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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Pre-wipe is only as good as mulch, keeping weeds from coming up.
Post-wipe is probably worth more. Preventing weeds from coming up, and also promoting vigorous plant and shrub growth due to the additional fertilizer content. Use your fiat money wisely.
YOU GOT TO BE KIDDING ME. IT'S NOT THAT EASY.
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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You can't just say, "Just kidding guys, Those loan papers that I signed, I didn't really mean it."
I bought $300 worth of food today. I was going to
"Only a virtuous people are capable of freedom. As nations become corrupt and vicious, they have more need of masters." Benjamin Franklin
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buy a gold coin with this paycheck, but I changed my mind. I still want to buy a gold coin, but I think I will buy a small size freezer first.
I didn't notice anybody in a panic mode, though.
as usual, people don't know what is going on
How could a credit freeze affect me? They just don't get it. If it freezes hard this week (G7 better come out with some out-of-the-box shat before the markets open worldwide Monday, except here - holiday). Tanky, tanky, credit freezy, freezy....
Burgers on credit
It blows me away to see a line of people at Burger King buying their Woppers on credit cards. One other person and myself used cash in that line. Burgers on credit what a concept, I wounder if that will be affected next week?
Dude. Could be just a debit card not necessarily credit.
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Or a rewards card
For quite some time, I have used a visa that rewards me Alaska Airlines miles for every dollar spent. I pay the balance every month, so I am not going into debt, but I get free airline tickets out of it. So yeah, you might have seen me putting a burger on a visa and thought "WTF?", but I was actually just getting a free trip to Mexico out of the deal (combined with other purchases, over the course of a year)....
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There's still a transaction
There's still a transaction fee charged to the retailer though. Plastic sucks no matter how you slice it (at least until they come up with a card that will let you redeem gold and silver from an ATM).
************
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LOL
Except that, like all costs, the transaction fee is charged to the customer. You don't seriously think the prices you pay don't have that fee built-in, do you?
- -
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"I will gladly pay you
"I will gladly pay you Tuesday for a hamburger today."
This is actually not so new a concept.
lol
my thoughts exactly.
I
invested in some small oil wells. SemGroup picked up our oil and then went bankrupt. We are paying the price for these asshole's gambling addictions.
http://www.reuters.com/ar...
The article stated that the
The article stated that the Carlyle Group was one of the investors whose stock in the company would be wiped out. Interesting... Carlyle Group, if I'm remembering correctly, is the Bush family's money manager (I think).
I
invested in some small oil wells. SemGroup picked up our oil and then went bankrupt. We are paying the price for these asshole's gambling addictions.
http://www.reuters.com/ar...
Went to Costco this morning
I had never seen it less busy. I thought for sure it would be slammed with people stocking up because of the upcoming shortages...but then I remembered that most people rely on network news for information, and that the majority of them believe that government will save them.
Went to Costco this morning
I had never seen it less busy. I thought for sure it would be slammed with people stocking up because of all the bad news...but then I remembered that most people rely on network news for information, and that the majority of them believe that government will save them.
i was at costco today ... it
i was at costco today ... it was hella busy .. people wouldn't get the hell out of my way .. i got 14 gallons of water 6 pounds of peaches in a can and i wanted to buy 50 pounds of rice but my mom told me i was crazy lol
and also about 6 pounds of crackers
Where are you located? I
Where are you located?
I work at a pizza shop and we are not having any of these problems. Backdoor prices are rising at unprecedented rates though.
Only upside is when people get depressed they eat pizza.
Sacramento
on the left coast....
In recession, cash is always king
~~~~~~~~~~~~~
World's Greatest Business
http://www.gbemembers.com...
"The Number one reason people lose money is the FEAR of losing money." Sir John Templeton
"Committed To The Eradication Of Poverty Among Patriots"
Daddy that is what my
Daddy that is what my grandpa used to tell me. he was 12 or 13 when the depression started.. the only problem this time is the dollar is NOT backed by gold like it was in the 30's... thats why this time arouind you are better to have your cash in storable food, water, LEAD, and ofcourse silver and gold! with the way they are printing dollars it will be worthless!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
Makes you feel bad for Baboo from Seinfeld
In Christ,
Dave
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Yu er a vedy vedy vedy baad maan.
The most traumatic?
If I were forced at gunpoint to behead innocent people or something equally as grotesque and contrary to my ethics, *that* might be the most traumatic event of my life. Seeing businesses fold, grocery stores shut down and being laid off, yes that would be traumatic to most but that's what I've prepared for and hopefully you have too.
BTW, I had a purchase for just over $1k refused yesterday on a card with lots of credit left on it. (It worked fine today for a $200-plus purchase.) I wondered if they might have instituted a purchase threshold. Another credit card from Bank of America handled yesterday's refused purchase handily.
I've heard about similar card problems on other boards
Apparently this is related to the crunch. Some cards are being declined on accounts that are current, but then others will work. Nobody's really sure why.
I've not seen war
Anything would be hard to match that experience in regards to horrors.
Before everyone goes back to 1930, don't forget the NWO
is a huge factor in all this. The system is not collapsing, it's being restructured. Before we can enjoy the freedom you discuss here, we have some serious planning to do. Just a thought.
stop buying crap food at walmart
or most every other place.
food is where we hit them.
then we move to other things.....
like makeup, clothing, and books.
stop drinking tap water.
stop taking medication - crap vitamins.
I refuse to shop at walmart.
I refuse to shop at walmart. I only buy things I need. I commented at work yesterday that I wanted to save up to buy a pick up and a co-worker asked why I don't just finance one. He was totally blown away when I said I won't buy anything on credit. The concept was totally foreign to him. He said if you want something you should just borrow the money. When I was growing up I remember my dad never financing anything but our house. Today it is the norm to just charge it, borrow for it or finance it. When you tell someone they shouldn't buy it unless they can pay cash, they are so lost. The concept is totally beyond them that paying cash is a good idea.
It is pretty simple to realize that if you keep "buying" (charging) junk you don't need, you are part of the problem.
it's a time to help
one another, not to live in fear and/or scarcity. One has to figure this out for themselves and the people with whom they do business.
Remember Little House on the Prairie and what they did to survive and to help each other. They still had to keep the gun's handy...
Brain
Thank you. Those are my favorite books of all time . The little House series. I believe they were better times.
you have not seen tragic..
until you witness people fighting over food at the barrell of a gun.
it could also be the beginning of something wonderful!!!
like the restoration of our constitution and bill of rights. a return to sound money. at least we had the good Dr to wake us up.
" the important thing is to never stop questioning, curiousity, has it's own reason for existing..
Albert Einstien
beginning of something wonderful!!!
The Constitution would be alive again
no more taxes
life back to simple again
OMG what a dream this would be
"OUR Day is COMING"
★★★http://zeitgeistmovie.com/★★★
SavingMyKids in NE
I looked to see where I could email you, but you don't allow contacts? At least I couldn't find a contact page for you. And since you emailed thru DP, I don't have your email address. Try emailing me again so I know how to contact you.
Yes and thank you.
"No fate but the one we make. "
Terminator 2
Yes, and more small family
Yes, and more small family owned businesses rather than huge multi-billion dollar market caps.
It's time to start taking care of our own people, the real American people.
Not crooks like Goldman Sachs brokers, AIG, Fannie/Freddie..the list goes on. What a joke!!
How about the mom and pop restaurant that lost everything?? Do they deserve a bailout? NOPE, and to add insult to injury, they will also be taxed for the above debacles.
I had a constructuion company for 5 years
I started with $10.000 of my own money which I worked hard to save up. This money covered my payroll and overhead for about month. The idea that a person would borrow money for such a thing is crazy. Right after 911 I realized my $10.000 was starting to be consumed I shut my business down and got a job. All the people I have worked for since then have gone out of business and most of them have had to file bankruptcy. I guess all of them where living on borrowed money also. Pretty hard to see when to get out if you can't see when your capital is being gobbled up. We need to reward the people who save and have their own capital invested in their companies speculators who work totally off credit should get exactlly what they put into it. Nothing. We have turned into a nation of speculators. We are like the parecites of the world. Its not to say they do not work hard but they own a business and work their butts off making the creditors rich not themselves. When it gets to were you cannot save a little money (capital) and then start a business without having to go into debt (which means spending more than your capital to operate) in order to run it then this country is in big trouble. We (individuals) go into business to make money (profit) not spend it (debt). When I was younger whatever your material cost was that was pretty much what your labor was now materials are 3 times what labor is. That pretty much sums it up.
typically a company has a line of credit they can use for
emergencies. When suppliers require stricter terms because of a credit slip-up or a customer went bankrupt and stuck you with the bill, or a large order from a customer results in a late pay, a line of credit can be called on to get you by (then immediately paid off when the funds come in). These lines of credit which all healthy companies call on at times, are seizing. Lines of credit are necessary business tools to minimize exposure.
that is not what most people are talking about now.
These people are counting on loans to make simple payroll if you are doing this you are already bankrupt just close the place down already why digg the hole deeper.
Amen brother! If a company
Amen brother! If a company needs to borrow money to pay their employees, they shouldn't be in business... They deserve to fail.
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The emergency is that companies that would otherwise be healthy,
are not going to be able to conduct business. Bad companies and indebted companies will fall regardless.