The coming financial crisis

[Cerevant]

Gloom...

The issue is too much debt supported by too little value and income generation. As a result, time preferences are retreating, risk aversion is growing, and access to credit is diminishing.

[reese125]

If you sign up with a credit monitoring service, you can see how convoluted it is.  Too many cards, bad.  Too few cards bad.  If you use more than 50% of the credit on half your cards it is bad.  So, if you have two cards and you a 50% balance on one of them it hurts your credit.  If you have one card and you carry a balance, it hurts your credit.  If your credit limit is too low, it is bad.  If your credit limit is too high it is bad.

The only sure-fire way to have good credit is make your payments on secured debt (mortgage, auto), and carry as little revolving debt (credit cards, heloc's) as possible.

To add:
The new FICO 2008 will put a larger percentage on types of credit and debt to credit ratios but no one knows what those percentages are yet.. Currently the largest impact on scores are payment history of 35%, time in bureau is 15% and debt to ratio is 30%

For the best credit score and profile (as noted above) you will need 3 credit card accounts (revolving) with balances below 30% of your credit limit and 2 cars, homes, boats, furniture or personal accounts (installment) all with good long pay history's.

[PoopyfaceMcGee]

What the hell is up with Pat Buchanan?  His bigotry for immigrants aside, this article is actually dead-on-balls correct.

Since it began to give credit ratings to nations in 1917, Moody's has rated the United States triple-A. U.S. Treasury bonds have been seen as the most secure investment on earth. When crises erupt, nervous money seeks out the world's great safe harbor, the United States. That reputation is now in peril.

Last week, Moody's warned that if the United States fails to rein in the soaring cost of Social Security, Medicare and Medicaid, the nation's credit rating will be down-graded within a decade.

Our political parties seem oblivious. Republicans, save Ron Paul, are all promising to expand the U.S. military and maintain all of our worldwide commitments to defend and subsidize scores of nations.

Democrats, with entitlement costs drowning the federal budget in red ink, are proposing a new entitlement – universal health coverage for the near 50 million who do not have it – another magnet for illegal aliens. Moody's is telling America it needs a time of austerity, while the U.S. government is behaving like the governments we used to bail out.

[reese125]

largest Nasdaq drop in 9 months..wow

stocks are cheap..god time to grab a hold but be dont try and be a hero. Good areas are resources (gold, agriculture), healthcare, and technology

[Diomedes]

nm  fargit

[Susquehanna Birder]

largest Nasdaq drop in 9 months..wow

stocks are cheap..god time to grab a hold but be dont try and be a hero. Good areas are resources (gold, agriculture), healthcare, and technology

You like catching falling knives?

[reese125]

haha..very nice. I like catching "gold" though. Get on it

[PoopyfaceMcGee]

Gold just hit an all-time high, no?  What kind of idiot seriously thinks that it's a good long-term investment?

[reese125]

Long-term..yes your right its scary, but do you know how long the gold bull market has been going on now? Whenever the market is down, you can always look to gold

My accountant is seeing a big jump in 2008 and I agree

[rjs246]

[PoopyfaceMcGee]

I have a whole bunker full of gold bullion.

[reese125]

I have a whole bunker full of gold bullion.

hook it up then you greedy bitch

[Sgt PSN]

I have a whole bunker full of gold bullion.

It's fast, it's easy and the gold kit is free!!

[rjs246]

'Financial Experts' tell us stuff that a bunch of football message board nerds were already able to figure out on our own.

[reese125]

Hysterical...2 weeks ago Bush is lolly-gagging around the country stating that our economy was on a strong foundation, now wakes up in a cold sweat and calls for a tax stimulus. The biggest band-aid wont help the real problem, but Ill take the refund check anyhow

Appreciate it.