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Volvo Truck Orders Decline 99.63 percent

Discussion in 'Political Discussion' started by PatriotsReign, Nov 1, 2008.

  1. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    "In the third quarter of 2007, Volvo AB booked 41,970 European orders for new trucks. Guess how many prospective purchases Volvo, the world's second-biggest maker of heavy rigs, received in the third quarter of this year?

    Here's a clue. Picture a highway gridlocked by 41,815 abandoned trucks -- because Volvo's order book got destroyed to the tune of 99.63 percent, with customers signing up for just 155 vehicles in the three-month period, the Gothenburg, Sweden-based company said last week."


    Mish's Global Economic Trend Analysis

    Also on the "Good news" front from reliable Bloomberg;

    The Shipping News Suggests World Economy Is Toast

    "Figures this week showed U.S. consumer confidence collapsed to a record low in October; retail therapy probably isn't the cure. With Christmas looking like it might be canceled, why bother fighting with your bankers for the letters of credit you need to export the stocking-stuffers you make in the factory?

    `Growing Anxiety'

    ``The October reading signals the deepening concern about the marked deterioration in the overall economy as well as the growing anxiety arising from the continued travails in the financial markets,'' David Resler, chief economist at Nomura Securities in New York, wrote in a research report. ``Confidence declined across all regions, all age groups and all income categories.''

    One way in which the current recession/depression/meltdown (take your pick) will differ from previous economic collapses is the granularity of information now available. The world is awash with more data than ever before, generating a plethora of ways to scare yourself silly."


    http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a7AhRhE4NJlM

    Yeah, and "some experts are saying markets have bottomed-out!" :rolleyes:
     
    Last edited: Nov 1, 2008
  2. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    All that stuff makes you want to move any investments into money markets for a while - quite a while. I'm a little scared of doing that and missing a big rebound though, even if the rebound is only temporary.
     
  3. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I wish I could help you, but you know more about investing than I do. Besides, these days, it would be tough to trust an expert, so you gotta do what your gut tells you to do.

    Beginning Jan 1st, I'm going to switch 50% of future contributions to guaranteed return investments. I've lost too much with the rest to move it.
     
  4. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    It's tempting to think that way but there's really no difference. Whichever money you put in a guaranteed return, you're buying the same number of shares at the same price. The fact that your current stocks would have bought more shares 6 months ago, or 1 month ago, is actually irrelevant.

    I'm 41 so I feel caught in between. Too old to feel like I'll never need it but too young to be able to risk losing the upside of a rebound.
     
  5. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I'll be 50 this January...Yikes!
     
  6. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Damn you're old :D

    All our situations are different based on what we have and what we expect to need. It's tough because you could lose a fortune by staying in the market or lose a fortune by staying out. Best case you keep enough out to give you a good nestegg for your planned retirement date and keep some in for growth and upside - but clearly not everyone has enough to do what I described; I don't.
     
  7. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I don't have sh1t in my 401k for my age and the gov't won't allow me to put more than 6% of my annual salary into it...9% counting the company 3% matching contribution.

    My career was one of low pay until about 1999. That was the first time I ever made over $50K. in '96, I was making a measley $27K. I got laid off in 2002 and was out of work for a year and had to tap into my small pot. So, since 2004, I've done very well (for me anyway) and have more than doubled my previous high.

    So basically, I'm saying I'll have to work until I'm 70 unless I can REALLY do well in the markets.

    that's why I think the federal law that restricts my contributions is wrong. It "should" consider how much I have saved so far, but it only considers how much I make. What if I had nothing in my 401K?
     
    Last edited: Nov 1, 2008
  8. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Are you sure ? The IRS limit on 401K contributions is $15.5K this year and $16.5K next year. Unless you're making more than $250K then you can put more than 6% in.

    Now, some companies have their own limits but unless your company has it's limit you can put in $16.5K starting next year.

    401(k) Resource Guide - Plan Participants - Limitation on Elective Deferrals

    Also read up on the catch up contributions which adds $5K to the allowable amount if you're over 50 - not sure if there's additional eligibility criteria for that.
     
  9. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    the law is called the "highly compensated employee rule" and limits contributions to 2% above the avg contribution of everyone in the company. So my company avg contribution is 4% because it included those who choose not to contribute.

    Yes, I can contribute an additional $5K next year. But instead of being able to contribute $20K+, I'm looking at about $14K next year (6% contr +3% co match + $5K catch up)
     
  10. BelichickFan

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    #24 Jersey

    No sh!t ? That's ****ed. Your limit is lower because of your co-workers ? Crazy.
     
  11. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    It's actually real :

    "The test is as follows: the average contributions of highly compensated employees, as a group, cannot exceed the average contributions of nonhighly compensated employees, as a group, by more than about 2 percent. (Age-50 catch-up contributions are not included in discrimination testing.) If the HCEs exceed this threshold and the employer fails to correct the imbalance, the plan could lose its tax-qualified status and all contributions and earnings would have to be distributed to all plan participants. In addition to the 2 percent spread, the contributions of all HCEs as a group may not be more than two times the percentage of other employees' contributions."

    Sometimes the government just can't get out of it's own way with this sh!t. You may be able to do a Roth IRA also, though, depending on your income.
     
  12. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    it's one of those "liberal" laws designed to level the playing field. :rolleyes: I'm fine with that idea, but their definition of highly compensated isn't exactly wealthy. If the law applied to those over $200K, I could understand it more. Those people can afford a lot of other investments, I can't.

    I can't even contribute to a Roth IRI BF. Once you make over $95K, the amount you can contribute declines and is zero around $110K

    The only reason I made as much as I did was due to a big bonus last year. Keep in mind the definition of highly compensated goes up $10K every year, so if I'm lucky, my salary won't go up that much!

    Wierd, huh?
     
  13. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    You could do a Traditional IRA but you would lose most of the tax benefits as you are obviously rich :rolleyes: A non deductible (due to income) Traditional IRA is still beneficial over standard investments as the capital gains is tax deferred but it's a smaller benefit.
     
  14. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    I guess I have little choice but to start a traitional IRI...

    I feel like it's going to be impossible for me to save enough for retirement with these laws. I've also been in the market to buy a house. I've been a lifelong renter. But by doing that, it will further limit my ability to save for retirement. Unless home values increase by the time I retire and I can sell the house and rent again....I thnk I need to get an advisor:confused:
     
    Last edited: Nov 1, 2008
  15. BelichickFan

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    #24 Jersey

    This is why big government scares me, they can't get out of their own way.

    Anyway, you can do a Traditional IRA. You make too much for the contributions to be deductible but, as I said, the money the IRA makes as it grows, the capital gains and dividends, are tax deferred so that will help a little over stocks/mutual funds. That advantage is offset by the IRA not being liquid (you can't take it out until retirement) but as long as you're sure it's not needed until retirement it is a small advantage. I'm basically in your position and I do put $5K a year in a Traditional IRA. You can put $6K in "at your age" ;)
     
  16. PatriotsReign

    PatriotsReign Hall of Fame Poster

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    #18 Jersey

    Actually, $20K/yr total between 401K and IRI isn't too bad. Even at 5% annual returns, it would add up fairly quickly. I really think the HCE law should consider how much a person has already saved. If they are way behind, it shouldn't apply. hey, I can't help it if our manufucturing people don't make much:confused:
     

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