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Old 10-23-2019, 09:35 PM   #1
updraught
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Default Black Thursday

https://www.thebalance.com/black-thu...sed-it-3305817

90 years

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Old 10-23-2019, 10:02 PM   #2
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Default Re: Black Thursday

When the dice are hot and the banks are fading you 80% you're damn right your gonna take a few passes..hell,given the size of the crap table in 1929 who wouldn't..what kind of funny is they do the same thing today,the crash of 2008 was based on mortgage derivatives,fools who had no business buying houses they couldn't afford with mortgages that shouldn't have been made..those made those mortgages bundled them up and sold them as mortgage derivatives,the type of big sham that brings the banks down..they just keep blowing up the balloon,hoping it pops on the next guy..Hell don't look now but we have been on a pretty good run lately..who knows,like a stock broker buddy once told me 'you never know who's swimming naked till the tide goes out'..
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Old 10-24-2019, 03:39 AM   #3
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Default Re: Black Thursday

What makes those mortgage derivatives more disasterous over there than here is that a mortgage holder over there can just send the keys to the bank and walk away. Here, if they can't make their payments, the house in repossessed and sold. If that doesn't cover the mortgage, the balance still owed by the customer and the banks close in on your other assests. That's a big part of the reason why we had no bank failures during the GFC and our biggest 4 banks were 4 out of about 7 banks world wide to hold their AAA+ rating.
Never the less, it was a nasty time. I was in Canada and the US when all that started and couldn't do anything about my investments till I got home. All I could do was watch - and cry!
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Old 10-24-2019, 05:31 PM   #4
marty in Ohio
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Default Re: Black Thursday

The man who owned and restored my car, about 50 years ago, told me the car was built on Tuesday, October 29, 1929. That day was called Black Tuesday.
Happy 90th birthday to you, Margaret, next Tuesday.
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Old 10-24-2019, 10:10 PM   #5
Railcarmover
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Default Re: Black Thursday

Quote:
Originally Posted by Synchro909 View Post
What makes those mortgage derivatives more disasterous over there than here is that a mortgage holder over there can just send the keys to the bank and walk away. Here, if they can't make their payments, the house in repossessed and sold. If that doesn't cover the mortgage, the balance still owed by the customer and the banks close in on your other assests. That's a big part of the reason why we had no bank failures during the GFC and our biggest 4 banks were 4 out of about 7 banks world wide to hold their AAA+ rating.
Never the less, it was a nasty time. I was in Canada and the US when all that started and couldn't do anything about my investments till I got home. All I could do was watch - and cry!
I rode the construction wave from the late 80's till 2008,fixing equipment as silicon valley was being built..go go times,no one thought it would end..the only good thing I got out of it was a pension,the operating engineers contracts were going up,we'd vote our raises to our pensions..yearly credits as high as 250 bucks,a credit is the amount our pension would go up by the month when drawn...a buddy with unbroken service began pulling $8800 a month at 55..
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Old 10-26-2019, 12:59 AM   #6
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Default Re: Black Thursday

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Originally Posted by Railcarmover View Post
I rode the construction wave from the late 80's till 2008,fixing equipment as silicon valley was being built..go go times,no one thought it would end..the only good thing I got out of it was a pension,the operating engineers contracts were going up,we'd vote our raises to our pensions..yearly credits as high as 250 bucks,a credit is the amount our pension would go up by the month when drawn...a buddy with unbroken service began pulling $8800 a month at 55..
That's just how these things get out of control - no body thinks it will end but it does!
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