Korean Job Discussion Forums

[travelingfool]

The news from back home just keeps getting better and better. Today my beloved bank was shut down by the government. They say that things will be business as usual. I will find out soon enough when I try to use an ATM. Luckily I am poor and have nowhere near the $100,000 FDIC limit.

Does anyone else ever wonder what we have to go back to? Even though I am less than fond of Korea, at least here I have a roof over my head, health insurance, and a steady income with the ability to save a little. The proposed bailout plan in the US is insane. I think the US is SOL and in many ways so are we.

What are you guys planning on doing long term, especially the over 30 crowd? How will things in the US affect things here in SK?

[mnhnhyouh]

[ttompatz]

My piece of the beach is bought and paid for (in 2 different countries) so I am not too worried about the meltdown.

The investments are taking a bit of a beating but again, widely diversified so not too much worry in the long run. I don't need to worry about the short term or trying to stay liquid.

I am certainly glad that in the current credit crunch that I do not have to worry about mortgages or refinancing.

Those are are in a liquid position will be able to take advantage of this when the dust settles. It'll certainly be a buyers market.

Those who are in hock up to their necks (or worse) may be looking for a tall building or a bridge before it all ends (ala 1929).

.

[seoulteacher]

[Ya-ta Boy]

[sojourner1]

Yes, this is indeed a legitimate concern as FDIC does not have enough money to actually insure all the deposits in existence. It's only theoretical that FDIC covers all deposits, because it's designed for single mismanaged banks; not a total system failure. I seen this economy collapse coming since 2001 as we're not producing much of anything other than debt and derivatives. Most people, especially those with money, just ignored it and acted optimistic when it was all wrong what they're doing and they knew it. When we need that FDIC, it's not going to be there, because when the banks crash, most, if not all will be forced to follow suit. People will go back to the farm and just go anywhere they can where there's a free place to stay such as with relatives who have some land since most will go broke and default on debt.

I'm in the over 30 crowd and haven't a clue if we have a snowballs chance in hell to keep building savings, a chance at debt free home ownership, the wealth to pay off student loans, and have adequate employment/career opportunities.

OP, which bank is shut down by Uncle Sam?

We have seen a few bank failures recently, but the market is holding out in high hopes of a miracle. Them irresponsible executives and out government mislead us and will continue to do so until the end of this.

[wylies99]

[ttompatz]

Washington Mutual was the latest and largest to fold up.

WaMu becomes biggest bank to fail in US history
Link here

[Join Me]

[wylies99]

Remember the commercial- "When your bank says no, _____ says Yes"???

We're all paying for that recklessness with the bank's money.

[sojourner1]

When does a major bank run begin?


This is when people by the masses withdraw their cash. Insolvency is becoming a major problem for financial institutions due to mismanagement. They over sold debt and the government supported this. I'm guilty of doing damage to fellow Americans too by deceiving them as I used to be on the phone a lot selling junk refinances and equity loans that only cost them their financial future and livelihoods, but I just followed the leader in the name of doing a job for that needed $300 a week to live during these lean times we call the early 21st century. Commissions where only $3 per deal as the big wigs took all during this greedy frenzy we call the Bush years.

I have a hunch this ordeal is really bad. Think of it as the Titanic and the ice berg already punched a big hole in her haul about 7 years ago. America is a sinking battleship. Some say it all started in 1913, but it really started in the year 2000, when Bush took office and screwed up the country.

Marooned on Korea? No, you have to leave when there's no longer any work for you and when you need to go home for more documents. When America fails, the world economy will collapse and eventually restructure. This means there will be many job cuts all across the board and very lean times it will be everywhere.

A positive side of this, those of us with some savings might make out like bandits if things get super cheap after the fall. This screams investment opportunity where $10,000 might do wonders for your next decade and there after. Of course, there's one big problem with this idea: what if those greenbacks and man wons become worthless?

[spliff]

Nothing that bad will happen, this is a pre election jitter.

[IncognitoHFX]

[afsjesse]

People who think this is just the US suffering are misinformed. Thank's to genius programs like the "Washington Consensus" which put forth privatization of nearly every industry, the world is suffering. Globalization is just that, a Globalized Economy where the whole suffers, not just the head.
With regards to the banks, there was a run on the Bank of East Asia in Hong Kong yesterday. The government inserted a truck load of money into the market to refinance it. Although the bank claims to be financially stable, which it well may be.
The ice berg hit the ship on Jan 20th, 2001..... when Captatin Ahab and his loons took the reins.

[Cheonmunka]

During IMF so many folks returned home so there were more work place openings. However, whether the exchange rate will worsen in Korea vis a vis the US is unclear. This time the US is feeling a harder pinch.
A recession here is good for apartment/property purchases. Now that there is the F visa it would become better I think for long termers ... consider purchasing a three story villa for say 300억 whereas before a recession was 600 or 700. Likewise a 10억 apt for 5. Or four.
The hard times can become easier for those with savings. Hence why Bush et al don't really worry as much as the laymen, eh.