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My poor inlaws...

Discussion in 'The Lounge' started by muddin4fun, Jul 22, 2002.

  1. muddin4fun

    muddin4fun 3/4 ton status

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    They've lost almost half their retirement because of the economy /forums/images/icons/frown.gif
     
  2. NoAngel

    NoAngel 1/2 ton status

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    Not a good situation with the stock market right now, that's for certain! That is such a major bummer, what the heck are they going to do?
     
  3. muddin4fun

    muddin4fun 3/4 ton status

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    Well, they're in their 50's so they can't run out and get a high paying job...they can't make back the money they've put into their retirement in the amount of time they would be retiring...looks like they can't retire /forums/images/icons/frown.gif

    They got royally screwed. /forums/images/icons/mad.gif
     
  4. TXBIGFISH

    TXBIGFISH 1/2 ton status

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    Yeah I know the feeling, my parents are in the same shape.
    They thought it would be easier to put ALL their stock in Lucent Tech stock.
    They are fully retired sold thier house and live in an RV, they are "Snowbirds", granted their Rv is like 38' long.
    It bites I know a llot of people that have lost most of their retirement mony due to the stocks.
     
  5. shane74

    shane74 1/2 ton status

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    I swear, when I retire, I'm cashing out and putting all my money into a savings account or something like that /forums/images/icons/tongue.gif . All these people getting screwed because of shister exec's....PISSES ME OFF!! /forums/images/icons/mad.gif
     
  6. tRustyK5

    tRustyK5 Big meanie Staff Member Super Moderator GMOTM Winner Author

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    E-town baby!
    My Mom and dad sold their house and invested all the equity (about $150,000) into Eron investmants. Eron folded and was/is under investigation. My father died shortly before Eron collapsed and my Mom was left without my dad and not a red cent to her name...
    /forums/images/icons/mad.gif /forums/images/icons/mad.gif /forums/images/icons/mad.gif /forums/images/icons/mad.gif /forums/images/icons/mad.gif /forums/images/icons/mad.gif /forums/images/icons/mad.gif

    Rene
     
  7. ChevyCaGal

    ChevyCaGal 3/4 ton status

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    Sucks.... I hope these CEO's and their little yes men get held accountable for their crap at some point. Then they can go to prison for a long time. Not a minimum security prison. A prison were they share a cell with Bubba. Then all that cash they have and those homes, cars and etc... gets sold and given away to those families they screwed! But that'll never happen. They'll get away with it and probably do it again to someone else... all because some lawyer will lie for them and some idiot judge will buy whatever lame excuses they have... /forums/images/icons/mad.gif
     
  8. chevyfumes

    chevyfumes Court jester

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    Watch for the muzzleflash!
    My uncle lost all of my grandmothers money,his money, my moms money and the grandchildren , great grandkids and great great grandkids' inheritance money in the stock market and none of us were even aware he was playing the market...God I hate that guy.... /forums/images/icons/mad.gif
     
  9. tRustyK5

    tRustyK5 Big meanie Staff Member Super Moderator GMOTM Winner Author

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    E-town baby!
    I grew up listening to my Mom and Dad saying "Never put all yer eggs in one basket"... /forums/images/icons/mad.gif /forums/images/icons/mad.gif /forums/images/icons/mad.gif /forums/images/icons/shocked.gif

    I guess when they offer a 24% return the greed sets in. I'm not gonna say it serves him right because it doesn't but there is a lesson there. He took every dollar he had and gave it to Eron...and when they started blowing smoke up his ass instead of paying the dividend he still kept his money there.

    In some ways I'm glad he died before Eron was busted...that would have killed him I think. Prolly doesn't make sense, but it does to me./forums/images/icons/confused.gif

    Rene
     
  10. ChevyCaGal

    ChevyCaGal 3/4 ton status

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    Do you mean Enron or Eron? Or is Eron a Canadian company? /forums/images/icons/confused.gif
     
  11. tRustyK5

    tRustyK5 Big meanie Staff Member Super Moderator GMOTM Winner Author

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    Eron (kinda eerie how similar the names are...)

    It was a mortgage investmant company. What they were doing is taking the new money from people that had just invested and were paying out to the people that had previously invested. The story was that your money was secure like a mortgage was, and you were providing financing for new construction. In some cases people traced their investmant and found they had a 10th or 11th mortgage on a property. They were told that at worst thier money would be a second mortgage for new construction. Most of thse projects were BS and the ones that were real were really bad investmants and construction was never completed. The whole deal had a lot of people fooled and looked legit from the outside until the flow of new people started to dry up. Most of the money was spent, pilfered and outright stolen by the guys that ran it...private jets, summer homes in the Cayman's..../forums/images/icons/mad.gif

    I was led to beleive they were international and not just operating in Canada...

    Rene
     
  12. 88streetblaze

    88streetblaze 1/2 ton status

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    "yeah, and not those cushhy federal prisons, but the state prison with the croch rider jump suits, the ones that chafe." /forums/images/icons/grin.gif

    pardon me, i miss quoted dan akroyd and spelled his name wrong.
     
  13. ChevyCaGal

    ChevyCaGal 3/4 ton status

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    A type of prison that if you drop the soap in the shower, you never pick it up... NEVER! /forums/images/icons/shocked.gif /forums/images/icons/grin.gif
     
  14. AGM73k5

    AGM73k5 1/2 ton status

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    "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

    Henry Ford
     
  15. behemoth

    behemoth 1/2 ton status

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    That's a real shame! I feel for them. Didn't they have a broker giving them advise
    about where and where not to invest, or were they "day-trading"? My broker has
    steered me away from a lot of the "fad" stocks - ones that pop up literally overnight
    and are almost a sure bet to take a nose dive before people realize they've been
    had. Personally, I'm not too worried. This is just another market adjustment, and
    people are "panic selling". It'll shake out and stabilize again. We'll all take a hit, but I
    expect to come out ok.
     
  16. bobsurf

    bobsurf 1/2 ton status

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    It's a tough break when things in the market go wrong. Especially when it's due to a couple of greedy big wigs. However, when people are sneaking up on retirement, they need to pull their money out of the high risk markets. It's really inexcusable. As young as I am now, I can afford to have all of my money in aggressive, high risk/reward areas because I can ride out the downturns (they always happen). Lot's of people we're brainwashed by the tech boom of 2000, everybody got rich, and everyone you talked to was pretending to be a day trader. Then along come some enron execs that convince people to put their retirement solely into Enron stock, we all know what happened.

    Bottom line, diversify. When retirement is right around the corner, put a lot of it in Gov secured bonds. Whether it is due to greedy sh*theads, or natural fluctuations, there will always be downturns.
     
  17. Boss

    Boss 1/2 ton status Author

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    Most people are going through this same crap right now...sucks!. I just got my 401K bi-annual statement the other day....aint lookin' too good /forums/images/icons/frown.gif.

    Fran, my g/f lost A LOT of money from "Enron"! Crooks!
    Boss
     
  18. Thunder

    Thunder 3/4 ton status

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    Unless you sell your holdings. Nobody has lost nothing.

    October 19 1987 Black Monday....... Dow drops over 500 points 22% of its value over 1 Trillion dollars.

    1 year later the Dow's value was way past it value before "Black Monday" People who stuck it out and did not sell and the ones who bought while prices are low became overnight millionares.

    It will be a very volitile market as people sell their funds and people buy their shares up at low prices. You will see good market openings in the morning as rich people buy up cheap shares and the market will go down in the afternoon as fund managers sell to pay the clients who are cashing in funds. After the market shakes out the weak and the wimps it will straighten out and turn around. I believe it is Way oversold.
    If you own Enron or World com. Rember they are not out of business. They are just in chapter 11 bankruptcy. There are many large companys who have emerged form chapter 11 stronger than before.
    The whole Idea of the Stock market is to buy low and sell high.
    Thats why I am buying stocks now. Its like a giant financial garage sale !
     

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