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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (60833)	2/27/2006 8:40:14 PM
From: ChanceIs	Respond to of 206325

>>> consider how many people lost 80% or more of their portfolios between 2000 and 2002.<<< One data point from a 2003 CBS Market Watch article: ____________________________ Friday February 13, 3:42 pm ET By Eva Rosenberg Company malfeasance opens door to casualty-loss claim LOS ANGELES (CBS.MW) -- Over 15 million taxpayers filed tax returns with capital-loss carryforwards of more than $314 billion in tax year 2000, according to the IRS. ___________________________________ Of course one wonders why the IRS doesn't cut traders some slack after you read this: __________________________________ IRS Finds $345B Tax Gap in 2001 By MARY DALRYMPLE The Associated Press Tuesday, February 14, 2006; 10:03 PM WASHINGTON -- The Internal Revenue Service said Tuesday that taxpayers shortchanged the government by $345 billion in 2001, with the biggest problem among people failing to report income from business ventures. Sole proprietors, independent contractors, self-employed workers and others who report business income on their individual tax returns accounted for $109 billion in missing taxes. They failed to report 43 percent of the business income. Within that category, taxpayers with farm income did not pay $6 billion in taxes, failing to report 72 percent of that income. Non-farm proprietors did not pay $68 billion in taxes, failing to report 57 percent of that income. __________________________________________ OBTW. Guess who still gets to income average (everybody else lost that benefit in 1986)??? Thats right - farmers. Who just got a guaranteed permant job through the corn/ethanol subsidy - $8.5 billion paid at the pump to them from drivers?? Thats right - farmers. So farmers are the worst cheaters on their taxes. Get all sorts of tax breaks, and a social welfare program. No wonder the can afford to influence legislation. End of rant.

To: Wyätt Gwyön who wrote (60833)	2/27/2006 9:20:00 PM
From: Paul Senior	Read Replies (1) \| Respond to of 206325

Darffot. My experience much different. I know no one who lost so much money in their portfolios in '00 through '02. People I know - the few rich folks I know - seem to have made up their losses, if they were even sucked into the dotcom mania. "Kids" (young people I know just starting out) who maybe put their small portfolios "all in" in those years got hurt, but portfolios were so small, and they seem to have kept working at okay jobs, that I presume an 80% portfolio loss was readily recoverable by them - esp. if they had bought oil stocks. I'm confused by it all -g-. On this thread, one big recurring theme is that in past oil stocks have been very volatile: good times (high prices) like now with much enthusiasm have been followed by surprising drops in oil prices, so BE CAREFUL. (This being my interpretation of the theme.) Therefore, given the theme, it is hard for me to imagine posters here not being careful or not having been careful, and thus having sustained large and unrecoverable losses. Jmo. Hope I'm not sounding pompous. In past years, I've been one who has been quite familiar with that $3000 write-off -g- Very possible I could revisit that experience. I hope not, but one never knows.