I hope you guys have PROTECTED your assets

[GeoFisher]

Well.......it has happened..........Standard and Poors downgraded US debt today. Gains made over the past year have already been lost, I bet the markets lose 1000 points or more Monday.

http://www.msnbc.msn.com/id/44040574...credit-rating/

I'm sure glad the Obamunists are looking out for me. I'm so happy right about now.

[MrSplitshot]

WOW....just WOW....

Look out Wall Street on Monday....

[Chubminnow]

Boy's this ain't good...this ain't gonna be good for the show!

[kygorski]

Gunna get more interesting. A lot of those foreclosed homes owned by banks, are now going to sit vacant longer. In the SE United states, the vacancys are taking a toll on the property. Mold, mildew, structural damage due to utilitys being cut off.Vandalism also is a problem.And who is going to pay the deliguent taxes?That 200,000 home has been devalued, but the mortgage is still there,so who,s going to foot the biggest part of the banking loss?Three guesses, NOT the banks.

[HURRICANEBOB]

That 200,000 home has been devalued, but the mortgage is still there,so who,s going to foot the biggest part of the banking loss?Three guesses, NOT the banks.

Along that lines. The value of the home for tax purposes is based on the last selling price. The foreclosed property in a declining market, for tax purposes gets taxed at the higher last selling rate, vs its current devalued worth. Once it sells at the lower price, than that lower price becomes the basis for future taxes. So the govt gets less property tax revenue until property values increase, and the home is apparasied by the tax folks and the taxable basis raised again.

When the bank forecloses, it becomes the new owner, and the bank owes all property taxes due. Banks normally recoup that thru the sale of the foreclosure. Most banks ask for the taxes due to be "deferred" until the property sells. Most tax districts agree with that, knowing that if the bank refuses to pay the taxes, the city tax folks then have to put a lien on the proerty, and wait for it to sell to get there money anyway. Some tax districts will reapprais the property in lieu of the devalued market, lowering th property taxes due, and therefore making it easier for the bank to sell the foreclosed property. That course, again means the tax district gets paid sooner, but less.

[kygorski]

Thanks for the info, not being that much of a financial wizz, wondered about that stuff.

[waterdog101]

Well.......it has happened..........Standard and Poors downgraded US debt today. Gains made over the past year have already been lost, I bet the markets lose 1000 points or more Monday.

http://www.msnbc.msn.com/id/44040574...credit-rating/

I'm sure glad the Obamunists are looking out for me. I'm so happy right about now.

on monday 08/01/2011 the market was down 145 points, at midday and ended the day with a loss at 10.75 points

[GeoFisher]

I didn't say LAST monday......I said I bet Monday........coming will loose 1000 points.

and BTW.....the markets are off 1200 - 1400 points in 8 days.........

This is going to get really ugly.

[HURRICANEBOB]

I didn't say LAST monday......I said I bet Monday........coming will loose 1000 points.

and BTW.....the markets are off 1200 - 1400 points in 8 days.........

This is going to get really ugly.

Now is the time to look at fundamentally good companies whose stocks get devalued as part of the market panic. They are out there.

Funny thing, we invest in stocks trying to make an easy buck, and theen get angry at our govt because they spend money they don't have, trying to give us the quality of life we think we deserve but have not earned. And not all, some of us do what we need to and keep the lights on, live modestily, and still manage to put a buck or 2 away because we are willing to sacrifice a little of today for tommorrow. Now the question, how do we get more of America to learn the basic value of living what you earn, earning what you live, and saving to be independent in the future? I don't know, wish I had an answer, but how do we get the majority to stop feeling "entitled", and back to understanding "living what you earn". We have to get back to making our bed before we sleep in it.

[kygorski]

For about three years, with my small pension, and my soc.sec, still managed to put a little away[very little], but in the last 2 years. with no COLA, and gasoline prices almost 40% higher, plus the raise in my supplemantal, there is nothing left. Yes I could give up my fishing, sell my smaller boat, but WHY? My sacrifice isn't going to end the million buck a day wars, The illegal funding of immigrant workers, and other programs. Entitlements? nyeah my soc sec is one.But agricultural welfare is another.FEMA for folks who dont have the sense to avoid living in perilous places is another.NASA, why? we cant live anywhere else. And explain how aircraft carriers spread aroung the globe makes us more secure.

[waterdog101]

For about three years, with my small pension, and my soc.sec, still managed to put a little away[very little], but in the last 2 years. with no COLA, and gasoline prices almost 40% higher, plus the raise in my supplemantal, there is nothing left. Yes I could give up my fishing, sell my smaller boat, but WHY? My sacrifice isn't going to end the million buck a day wars, The illegal funding of immigrant workers, and other programs. Entitlements? nyeah my soc sec is one.But agricultural welfare is another.FEMA for folks who dont have the sense to avoid living in perilous places is another.NASA, why? we cant live anywhere else. And explain how aircraft carriers spread aroung the globe makes us more secure.

they spent " wasted " 20 Billion dollars in 2010 for airconditioning for tents in afghanistan. the last 12 years of trying to police the world, has costed the usa big time.

[kygorski]

What I fail to understand is why we are still in both of those countrys. We took their names hurt their feelings and kicked their butts, and then we stayedf and let them get back at us WHY? Its like giving the guy across from you money in a poker game. WE BEAT THEM! Troops in Kuwait Why?Germany Why? Yeman again, what are we doing there. ere draining our country dry.How do you fight muslim extremists, how about nuclear cruise missles, deporting the ones in our country that want to turn us into their way of religion.They have oil, big deal, they HAVE to sell it,.its on the world market.