Vacuum Cleaners Discussions |
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CarmineD
Joined: Dec 31, 2007
Points: 5894
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Big Hit on the US/World Markets
Original Message Jan 21, 2008 2:11 pm |
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Early news reports in the USA are saying the London financial markets nosed dived today in the worse downturn ever. This comes on the heels of a 4 percent drop in the Dow Jones Industrials last week alone. Since today is a Federal Holiday in the US in observance of Dr. Martin Luther King the financial markets are closed. Not sure what impact the London market fall will have on the US markets--have to wait to see. What and how long will it take jaydee to realize that he needs to enter the low to middle price range vacuum market to stay competitive in the USA in the big box stores' venue? Any news yet on the 2007 dyson sales? Carmine D.
This message was modified Jun 27, 2008 by CarmineD
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Lucky1
Joined: Jan 2, 2008
Points: 271
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Re: Big Hit on the London Markets
Reply #79 Mar 28, 2008 3:05 pm |
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Didn't catch the interview. But..............a synopsis of the economy: Worse stock market in 9 years. Some are calling it the lost decade since the levels are the same.<p>New housing starts the worse in over 20 years. New and existing housing sales the worse in 20 years. Foreclosures are the highest since the 40's and the Great Depression. And of course, oil and gas prices and food are at all time highs. </p><p>The Consumer Confidence Index, long watched as a signal of recessions and depressions, is at levels commensurate with past recessions and depressions.</p><p>And of course, Bear Stearns the 5th largest investment bank going belly up: From $160 per share to $2.00 in less than 6 months. And more such collapses anticipated.</p><p>BEST BUY stock is down about $10 plus per share off it's 52 week high. Circuit City which as late as mid 2007 was trading for $20 plus a share, is now at $4. The nose dive in stock price allowed private investors to buy up the majority of the stock and force the management shakeup. Don't think there are any bidders for it if it goes on the auction block. It may fold in the months ahead.</p><p>Not alot of good news for the US economy ahead. Most, even the most optimistic, are predicting a recovery, after a bottom, won't be seen until 2009, pushed back from mid 2008 earlier predictions. </p><p>PS: Wal*Mart stock price is at $53 plus a share, a 52 week high.</p><p>Carmine D.
As with anything... perspective is subjective. Just a few observations. Isn't this still pretty high? NYSE Composite 8793.24 Dow Jones Ind. 12262.56 Commodities are high because the Dollar is very low not because they are rare. Since the news Media started creating news instead of reporting it... sensationalism and panic are the rule not the exception. Though the housing market is bad there are still people who have to buy homes but are cowed into waiting till "rock bottom" hits. So a gut of homes and no movement. Until the media gets a different outlook, the market (true able buyers) will not budge. However, with the credit crunch, buyers might be in for a shock...the longer they wait the chances of them even being able to get CREDIT when they are ready lessens. Next year it may even take a credit rating in the mid 800's to qualify. Nothing is mentioned or being addressed about high property and school taxes that are killing the middle class. While we worry about Muslim Extremists it's the Taxman who will get us first... I feel it may take a lot longer than 1-2 years to settle down. The way it looks the next regime will not offer much change and will continue running a huge deficit and borrowing to continue the war. JMHO
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CarmineD
Joined: Dec 31, 2007
Points: 5894
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Re: Big Hit on the London Markets
Reply #80 Mar 28, 2008 3:53 pm |
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As with anything... perspective is subjective. Just a few observations. Agreed!
Isn't this still pretty high?
NYSE Composite 8793.24
Dow Jones Ind. 12262.56 No, it is static based on the same levels of almost 9 years. Which defies the age old adage that over time the stock market is the best investment because it always goes up.
Commodities are high because the Dollar is very low not because they are rare. Yes and no. Commodities are high because there has been a flight to safety by investors choosing to own the good rather than dollar based investments.
Since the news Media started creating news instead of reporting it... sensationalism and panic are the rule not the exception. No, the news media are reporting economic indicators and forecasts by the experts who follow the economy. Though the housing market is bad there are still people who have to buy homes but are cowed into waiting till "rock bottom" hits. So a gut of homes and no movement. Until the media gets a different outlook, the market (true able buyers) will not budge. However, with the credit crunch, buyers might be in for a shock...the longer they wait the chances of them even being able to get CREDIT when they are ready lessens. Next year it may even take a credit rating in the mid 800's to qualify. Owning a home is the American dream; losing it to the bank is a nightmare [recall the horror stores of Simon LaGree during the Depression]. In the past real estate values always edged up giving homeowners equity in their houses [for retirement]. Today for the first time since the Great Depression the debt that homeowners have on their houses exceeds their equity. What does this do? In the past when homeowners would spend, rather than save, believing they had their homes equity as savings, they are not spending. Consumer spending is over 2/3 of the Gross Domestic Product. No spending, no growth.
Nothing is mentioned or being addressed about high property and school taxes that are killing the middle class. While we worry about Muslim Extremists it's the Taxman who will get us first... Sorry to disappoint again. Revenues from property taxes are going down. Why? Housing and real estate taxes are based on the home and land values. These are down.
I feel it may take a lot longer than 1-2 years to settle down. The way it looks the next regime will not offer much change and will continue running a huge deficit and borrowing to continue the war. JMHO I agree. The next President, man or woman, Dem or Rep, is a one termer.
Hope I addressed all your points.
Carmine D.
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HARDSELL
Joined: Aug 22, 2007
Points: 1293
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Re: Big Hit on the London Markets
Reply #81 Mar 28, 2008 5:45 pm |
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Nothing is mentioned or being addressed about high property and school taxes that are killing the middle class. While we worry about Muslim Extremists it's the Taxman who will get us first... Sorry to disappoint again. Revenues from property taxes are going down. Why? Housing and real estate taxes are based on the home and land values. These are down.
Carmine, I do not think Lucky is referring to revenue. He is referring to the taxes that we pay. Property values do not change daily, weekly or annually. I have never experienced a tax cut nor a property devaluation. I doubt that any other property owner has. The housing market was destined to stall. Creative financing by greedy loan companies. Ignorant borrowers. Over inflated home prices due to people who will pay vs real quality. |
CarmineD
Joined: Dec 31, 2007
Points: 5894
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Re: Big Hit on the London Markets
Reply #82 Mar 28, 2008 6:20 pm |
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Carmine, I do not think Lucky is referring to revenue. He is referring to the taxes that we pay. Property values do not change daily, weekly or annually. I have never experienced a tax cut nor a property devaluation. I doubt that any other property owner has.
HARDSELL:
If you think your house and land are worth the tax assessed value then by all means pay the amount. If you think it is not [because the housing and land values have declined precipitously due to the huge number of unsold houses for sale], then I suggest you contest it with your local tax authorities. You will be told to get a revised assessment on the value of your house/land. With proof in hand, then you can argue that you should pay the lower tax amount! The tax man never lowers the taxed amount voluntarily, unless you challenge it.  A HARDSELL like you should know that already without my telling you. Carmine D.
This message was modified Mar 28, 2008 by CarmineD
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HARDSELL
Joined: Aug 22, 2007
Points: 1293
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Re: Big Hit on the London Markets
Reply #83 Mar 28, 2008 6:33 pm |
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HARDSELL: If you think your house and land are worth the tax assessed value then by all means pay the amount. If you think it is not [because the housing and land values have declined precipitously due to the huge number of unsold houses for sale], then I suggest you contest it with your local tax authorities. You will be told to get a revised assessment on the value of your house/land. With proof in hand, then you can argue that you should pay the lower tax amount! The tax man never lowers the taxed amount voluntarily, unless you challenge it. A HARDSELL like you should know that already without my telling you. Carmine D.
Just because you say it does not mean it will happen. I do know that.
The drop in property values has hapened in the last few months. Should I go to the tax office every 30 days t see if I should file for reduction? Point is Carmine, property is assessed only every few years and housing slowdowns and price reductions have no impact on getting taxes reduced for current home owners. Your response to Lucky was an attempt to show your superior knowledga and you shot yourself in the foot. As often as you self inflict wounds I hope you have steel toed boots.
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CarmineD
Joined: Dec 31, 2007
Points: 5894
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Re: Big Hit on the London Markets
Reply #85 Mar 28, 2008 6:53 pm |
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Point is Carmine, property is assessed only every few years and housing slowdowns and price reductions have no impact on getting taxes reduced for current home owners.
HARDSELL:
I disagree with the highlighted portion of your statement. Is the reason you are so irritated with me because you think I'm wrong? Or do you fear I'm right? Carmine D.
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HARDSELL
Joined: Aug 22, 2007
Points: 1293
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Re: Big Hit on the London Markets
Reply #86 Mar 28, 2008 7:53 pm |
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HARDSELL: I disagree with the highlighted portion of your statement. Is the reason you are so irritated with me because you think I'm wrong? Or do you fear I'm right? Carmine D.
Sorry if I seem irritated with you. I do not fear that you are completely right or wrong. Sometimes it is possible to get a property tax reduction and sometimes not. I do not believe that you would be successful at getting a reduction simply due to a slow down or price reduction on new construction or listed homes regardless of age. If prices are down for a year or two then maybe, yes. I personally believe that housing prices are just being adjusted to reflect a more real value.
Funny thing is most people like to brag about their homes value. When they receive their tax assessment they want to argue that the home is over valued.
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CarmineD
Joined: Dec 31, 2007
Points: 5894
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Re: Big Hit on the London Markets
Reply #87 Mar 29, 2008 7:50 am |
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Sometimes it is possible to get a property tax reduction and sometimes not. I do not believe that you would be successful at getting a reduction simply due to a slow down or price reduction on new construction or listed homes regardless of age.
HARDSELL:
Your statement is contradictory [I highlighted the parts]. If your home is overvalued for tax purposes [for whatever reasons], you are paying too high property taxes. If you don't mind, by all means pay the higher amount. If you believe the assessed value is high, then contact your local taxing authorities and discuss. Of course, they will disagree that's why you got the higher assessed value. If you take their word, pay the higher amount. If not, it's not hard to determine what your home is worth and the propertt tax due. All the information is at your fingertips. But the homeowner has to take the initiative. It's their money not the taxing authorities. On another note, I see where the Gov of Kentucky [Beasher?] lost in a bid to get casinos approved in the state. Apparently horseracing is okay but not gaming. What's the revenue shortfall in the state? $900 Million. I understand all city, county, and state entities nationwide are experiencing revenue shortfalls. And will for the future. Gov said he will try again. Carmine D.
This message was modified Mar 29, 2008 by CarmineD
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CarmineD
Joined: Dec 31, 2007
Points: 5894
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Re: Big Hit on the London Markets
Reply #88 Mar 29, 2008 7:57 am |
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PS: Wal*Mart stock price is at $53 plus a share, a 52 week high. Carmine D.
I went back to verify this. I understated the truth. This is a 3 year high for WM stock. It has gained 12 percent this year alone. The best stock gain in the Dow. The pros even have a name for this: The Wal*Mart effect. Apparently as the economy nose dives, consumers flock to WM stores to get the most bang for their buck.
Carmine D.
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