Ferrari's And The Global Meltdown

The proverbial silver lining.

Thanks,
Dave

 

Are we talking about cars here, or the Wall St bailout?

 

Agree 100%! Just bought a house in Fl. on a deep and wide canal which opens into deep Gulf. Land had deval. to 250,000 for .21 acres and remodeled 70's house with new pool, etc, etc for 65,000. Total package 340,000!( Breakdown) 1500 square ft 2 car, 2 bath. Looked at it this way, is a baby boomer like myself going to retire in Mich, Ohio , Ill. etc or are we going to sunshine and warmth for our final hours! Buy responsibly now if you can!
While were talking about buying , bought a Modena F1 LAST WEEK! Very good price. Had not bought a Ferrari for many years as did not like the arrogance of dealers.

 

Good for you! Who needs a big fat house as a retirement home anyway... make the visiting kids/guests stay in the hotel. Just one monthly savings can easily pay for 3 of their visits.

The ideal retirement; a small house and a big garage for the Ferrari. On a canal with a boat out back is a definate plus!

 

yes agree

it's called "failing upwards." that is standard policy in corporate culture (eg, US Govt).

 

Tough break for them....
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Very funny. But way too many older cars for Lehman. Must be Freddy or Fanny.

 

I think some of this is total BS.

I just came back from the local mall where I could not find a single parking space. Moreover, I noticed tons of people (mostly older mid 40+ broads with sun damage, big sunglasses and tit jobs) waking around in pairs with 4 or 5 shopping bags from places like Coach and Juicy. The parking lot flooded with newer Audis, Benzes and such. I saw a lot of fat slobs (again, mostly women, amazing how some people let themselves go - so disgusting) walking around with the same + an ice cream cone or two stuffing their faces. I thought things were bad? Not from what I see 'round here. Do you guys think this is it all on credit cards or are these people earning way more than me (and I dont do that bad)?????

RMX

 

some of this may be true in some markets. but i think it is aimed at the new(er) and less desirable models.

i had an appointment to inspect an f40, f50, and enzo last week. had to postpone one day. the cars were all sold to one guy 45 minutes before i got there. the truly rare and sought after cars will find buyers. dont you worry.

will anybody spring $100k for a used 360? fugetaboudit. just the nature of the beast.

 

There is one dealer who had 40 orders for new Ferrari's cancelled the day Lehman closed.

No Problem?

 

They are just continuing to incur more debt.

My GFs parents were complaining to me about how much they lost in the market, that sales are way down at the boutique store they own and how its seriously affecting their lifestyle (upper middle class). Then today she told me her mom bought a new $300 purse and they are having a BBQ next weekend and bringing in a private chef to cook for ~30 people.

My brother and his wife are another. Combined income of ~$200k. Less than $50k total in savings/retirement. 40 yrs old. Just bought a brand new Lexus and boat this summer. Have a full time nanny/housekeeper. Lots of new furniture and toys. McMansion. You'd swear they made 3 times what I do yet they actually make less.

I was chatting with them the other day about what a fantastic buying opportunity we are seeing in the markets and how maybe they should tighten their belts and throw some cash in soon. I was told 'you only live once' and why put the money in the market where it could 'disappear' when it could buy more toys.


Consumers wont change their habits until their credit cards are being declined and they are filing for bankruptcy. They will go down with the ship. Thats the American Way.

 

Retail outlets usually don't look less busy right before they fold. Malls are free entertainment and a shopping bag can be had with a $5 clearance pair of socks. But when everyone is only buying the loss leader those bags cost you! Make no mistake, your favorite family restaurant, chain or local, your dry cleaner, your accountant, your travel agent, your realtor, your dog walker, your favorite auction house, your caterer and florist, your doctor, your car dealer and your used car sellers, of all kinds, are hurting.

 

Good Post. They won't notice until the lights go out. Food rationing has begun in Cuba. The Malls won't be buzzing for long.

Check out what's happening to the Largest Mall owner: GGP


http://globaleconomicanalysis.blogspot.com/2008/08/margin-calls-at-general-growth.html

 

I think some see this as the last hurrah for credit and are spending like crazy before a total freeze grips the world, without a care about what happens thereafter. If nobody can pay it back, then how can it be collected.

 

Did Chicken Little just run by?

 

I went out last night with a friend for dinner and wine at a place I patronize frequently. I had thought before I arrived it might be slow due to the carnage on Wall St. this past week. The parking lot was jam packed. Then I rationalized that maybe these people were there for some comfort food and wine because of what happened. Then it dawned on me, "they have no clue to what is going on!" It's just business as usual. All I know is I'm hoping for the best but planning for the worst.

 

that's pretty much my opinion of it. most people have no idea as to the depth of the issue; have no idea what fractional reserve banking is, what the Fed really is, what the IRS is, etc...

 

Dont forget...

They dont want to know either.

When I tried to explain what is going on to my college degreed GF she said ' stop it you're freaking me out , dont tell me all this '.

Reminds me of Homer in the Land of Chocolate

 

Some people have jobs/careers and live off this income, not stock market proceeds. For these folks, even if their 401K's or IRA's are hammered - a likely scenario at this point - their present day to day finances may not be feeling the last few weeks (er, days) so much.

 

Homer Simson met Willy Wonka?

 

What everyone will soon be feeling will not be pleasant unless credit is unfrozen accross the world. They feel hunger. They will feel the heat of fires that won't be extinguished. They will feel the cold of buildings that won't be heated. They will smell the smell of corpses rotting in the streets.

I am very hopeful that this will not happen but anyone who thinks that it is impossible that this could happen right here in River City is sniffing glue.

A the very least the repair will be long and painful and everyone will see things they don't want to see.

 

Wild how this snuck up on everyone but Art, huh?!

 

I take it you are not a Simpsons fan

http://www.milkandcookies.com/link/64132/detail/

 

Thanks. I was wondering what happened to them since the Tracey Ulman show

 

You are right unfortunately.

Whenever I come into a conversation about it, nearly everyone I discuss it with either doesn't want to talk anymore; they don't have any idea what I'm talking about, or they think I'm a "conspiracy theorist" and don't believe any of it or why it is happening.

I am alarmed at how many people don't have any idea what the Federal Reserve is, or how it came into existence and how it works. If people were taught this in school from day one, they would no longer want to vote for any candidate unless that candidate's main focus was to end the Fed, the IRS, and put the currency system back on something tenable and backed.

As it stands today, the reserve banking system, that most of the world operates on, occurs irrespective of supply and demand, creating money from thin air, which creates the credit/loan/interest enslavement system that is only growing.