thats it, it was greed in the past and it is greed now. whether it was the dutch tulip craze, or the 90s dot com craze or the recent real estate craze.
people saw others making money on dot coms and everyone had a dot com, and everyone wanted a piece ofthe action of dotcoms. peopel quit jobs and became day traders, making money on the insanity and market played along on the hype, insane valuations for companies with zilch to offer. and then reality checks started hitting, and then the herd started dumping tech and dot com, even good companies and good concepts were impacted by it.
then we saw the same in real estate, greed of people got in full blown action, they wanted double digit growth in their investment every quarter. the same kind of mentality that made ppl daytraders turned ppl into real estate developers and investors, lets buy a house, lets flip it, lets buy 2, 3, 4. For others it was getting intointerest only ARM loans for properties they knew they would not be able to afford but their goal, live in it, ride the appreciation wave and then bolt with the gains.
at one time a wise person said, when you see ppl dumber than yourself getting into any business in droves, its time to get out soon.
thats it, it was greed in the past and it is greed now. whether it was the dutch tulip craze, or the 90s dot com craze or the recent real estate craze.
people saw others making money on dot coms and everyone had a dot com, and everyone wanted a piece ofthe action of dotcoms. peopel quit jobs and became day traders, making money on the insanity and market played along on the hype, insane valuations for companies with zilch to offer. and then reality checks started hitting, and then the herd started dumping tech and dot com, even good companies and good concepts were impacted by it.
then we saw the same in real estate, greed of people got in full blown action, they wanted double digit growth in their investment every quarter. the same kind of mentality that made ppl daytraders turned ppl into real estate developers and investors, lets buy a house, lets flip it, lets buy 2, 3, 4. For others it was getting intointerest only ARM loans for properties they knew they would not be able to afford but their goal, live in it, ride the appreciation wave and then bolt with the gains.
at one time a wise person said, when you see ppl dumber than yourself getting into any business in droves, its time to get out soon.
may b ppl want money ...... but arent risk takers.....
so they just follow others.......
its more to teh tune of ppl take unwarranyted risks without knowing what theya re doing because they want to wash their hands in the behti ganga as well.
not realizing that sometimes in the behti ganga there are crocodiles that will bite their hands :)
X2 shut the hell up.
I make 25k/yr on ebay selling crap
I make 15k/yr in commissions selling apts
So what you are emplying Grandma, sorry Gamma.
40 K is not decent money.
X2 .
Profit is reward for risk taking. Business is for risk takers and thrill seekers. Yes if someone cannot keep their sanity after they suffer losses they should not get into the game.
Some people are genuine entrepreneur others are following the leader that too blindly and that results in disasters.
So what you are emplying Grandma, sorry Gamma.
40 K is not decent money.
X2 .
Profit is reward for risk taking. Business is for risk takers and thrill seekers. Yes if someone cannot keep their sanity after they suffer losses they should not get into the game.
Some people are genuine entrepreneur others are following the leader that too blindly and that results in disasters.
calculated risk mon ami.
when ppl who dont understand the fundamentals get into it without knowing the real risks that we have a problem
kia karoon?
nai lagaooN paisa?
Knagaal-Qallash hojaooN?
Bhooka reh jaoon?
2-4 rupay bana liay to kia howa... Zinda hain kitnay log mohabbat kia bagair...
its been doin bad for a few days now… maybe its dependent on britney’s relationship with paki dudes… as soon as there are rough patches in the relationship market follows suit
kia karoon?
nai lagaooN paisa?
Knagaal-Qallash hojaooN?
Bhooka reh jaoon?
2-4 rupay bana liay to kia howa... Zinda hain kitnay log mohabbat kia bagair...
The people who actually know what they are doing will come out on top, it's the idiots who monitor their online portfolio every 5 minutes who will unfortunately take the biggest losses - maybe that is what was bound to happen when every Tom, Dick, and Harry started managing their own investment portfolios.
WRT the housing market - I can't feel terribly sorry for most of the people in a crunch. They are going to lose homes that common sense should have dictated that they couldn't afford. Sure, ARMs were a bargain, but a brief glance a decade or so into history should have indicated that interest rates are not likely to remain so low for long. If you aren't building equity, what do you think you are going to be left with. Sure, the mortgage broker may tell you that you can afford a payment of $2500.00 per month, but isn't it your responsibility to ensure that you can feed my family and pay other bills as well?
I don't mean to sound harsh, but as X2 mentioned, most of these problems were caused by greed and a lack of forethought.
