Buffalo
 
Reply Mon 6 Oct, 2008 05:14 am
Ok, I hope I don't offend anyone with this post (that is not my desire), but I hear everyone talking about the economic crisis we are now in. Well, I know I live a sheltered life, but I have a job, I am in my 9th year of a 30 year fixed mortgage at 6% in a pretty decent house, my wife and I each have a car, my credit score is above 760, and oil prices are finally coming back to where they should (I hope it reaches $50 / barrell). I don't have excessive money to spend and I am very careful with what I buy, but currently, my financial situation is decent. So what am I missing? Is the "economic crisis" effecting the average worker, like me? Or is it effecting the people who had invested millions in the stock market and now have thousands and are hit hard? Or maybe it is the millions of people who purchased variable rate mortgages in "more house then they can afford" and the rates increased to the top limits of the agreements? Are we in a crisis? Am I just very fortunate? How bad/good is your world?
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rosborne979
 
  1  
Reply Mon 6 Oct, 2008 06:53 am
@Buffalo,
I hope things continue to go well for you and you feel little pain from the coming economic downturn. But I think the main concern for average families with well maintained family finances is that their jobs will be disrupted. Even though you appear relatively safe, your company may not be and your neighbors may not be.

Many things are interconnected in our economy. Suppose your company can't get a loan to purchase inventory, or suppose your company's major customer(s) can't get loans to do business, or maybe the major supplier(s) for your company. Any of those things could adversely affect your company and your employment.

Suppose most of your neighbors lose their jobs and start knocking on your door for food, or maybe they will simply lose their homes and move away leaving your neighborhood full of unoccupied dwellings which drive down the value of your own home.

Some people will remain relatively unscathed through this, but most people will feel some pinch through their connection to others and through the companies they work for.

Good Luck.

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cicerone imposter
 
  1  
Reply Mon 6 Oct, 2008 04:20 pm
@Buffalo,
A father in Los Angles killed five members of his family and himself, because he could not live with the current economic situation. There are going to be many more such reports as families lose their jobs and homes.

Somebody needs to tell McCain-Palin, "it's the economy, stupid!" Nobody gives a shite about what Obama did when he was eight years old.
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