Posted on 09/24/2008 5:41:41 PM PDT by Miztiki
I won't pretend to understand what is going on right now. My question is, how will all of this affect me and the average American? I've heard words like "depression" and "complete meltdown" mentioned and it scares me.
Thank you.
I echo your question here in Maine.
Be afraid, very afraid.
This is above my pay grade.
If you have a good mortgage, not too much in loans, reserve cash, and a decent job (or flexible job skills) you should be ok ...
The markets will adjust if Bush leaves this thing alone. 95% of people pay their mortgages. This effect maybe 5%, but will effect 100% if Bush pushes this bailout!
How can anyone really know what will happen or not happen?
My parents grew up during the depression. They are still alive. They have been calling me. telling me to close all my IRA’s, put the money in the ground, sell everything now and expand my raised beds (4) to 20. No joke. dad even told me to stockpile metal, a spare engine for the truck, cases of motor oil, spare electric motors and enough parts to make a wind generator.
From what I'm hearing in Asia is that the Chinese and others are prepared to cut the rope.
most business depend on credit and their customers credit. inventory and consumer credit.
If noboby can get credit then business fails and employees laid off
taxes lost
expenses for local, state and federal goverment lost. obody can get loans if they can they are not enough
( a friend who wealthy had his credit card expire
went to bank and they said he needs to pledge assets to get a new card.
At least judging from Bawney Fwank.
How much reserve cash are we talking about here? Husband is retired...GM pension.
Mortgage is so far, so good, as long as there is the pension.
If Congress does nothing it won’t matter how wealthy one is, credit will be unavailable.
If credit is unavailable businesses go bust and people lose jobs. This is a financial nightmare.
ping
How much was lost in the aftermath of 9-11-01? If we did NOTHING and let these institutions fail and punish the evildoers, our economy should be resilient enough to bounce back. Markets adjust.
By adopting communistic central control, we may never recover, or it will lead to constant bailouts of multiple industries (oil, automakers, healthcare insurers). Forget about asking “when will this stop?” because it WON'T stop until we are a Marxist state.
We survived 9-11, we survived the S&L crisis, we survived Enron, and we'll survive this. We could install oversight upon oversight, but this crisis HAD oversight that failed tied to overt political corruption with rewards given to idiots (Raines, Johnson, Gorelick, Obama, etc).
I'M MAD AS HELL, AND I'M NOT TAKING IT ANY LONGER! I carry two mortgages now (at my own choosing) and feel like I will be forced to take on a few more at gunpoint of the Federal government.
I had BETTER get a few more father's day cards this year for all the families I now will support!
Judging by the lack of response, I would say that most do not quite know what to make of this.
Much bigger, and what's the point?
Much smaller, and the Goldman Sachs partners have to settle for Lambos instead of Bugattis next year.
There was another thread where a freeper said they were in retail and their employer was selling what was on the shelves and not buying more stock as their credit line was gone. They needed cash to restock.
Also see Red Boots post here.
Recommended is 3-6 months living expenses, but there is a real possibility the dollar could devalue (inflation). I hope your significant other has a pension that is indexed to inflation - I don't, and that is the one thing that I regret ...
“The markets will adjust if Bush leaves this thing alone. 95% of people pay their mortgages. This effect maybe 5%, but will effect 100% if Bush pushes this bailout!”
That’s true. A bailout would effect 100% of us, because we all use the same money. However, not bailing out would also effect 100% of us, because we all use the same money.
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