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I am totally out of the loop on this one... whats the deal with all the banks in the headlines? I usually avoid the news, its ALL way too depressing for me normally, but once in awhile a headline grabs my attention and I start to wonder. I don't think I have anything to worry about but then again maybe I do? Basically I'm looking for someone to break it down in simple english without any political opinions mixed in. If a person is debt free aside from a mortgage should they be worried?
Yes. Be worried. I am debt free other than a low mortgage and this crap is freaking me out more than a little bit. Not being heir to any fortune, I'm sorta reliant on some kind of economy and job security for another 20yrs or so to (hopefully) make wise investments, pay taxes, pay for energy, and put food on the table.
No ... there's nothing to worry about. This is all to be expected and it's actually a good thing. The market needs to crash and get the big sell off over with ... then the recovery can begin.
Every recession has the same phases ... first is denial. Nothing is wrong, everybody says. But the bad news keeps pouring in. First it's a trickle, then it gradually grows. Lots of hand wringing, no big sell offs, lots of little bear market rallies but the overall trend is down.
This goes on for a year or so ... and then the really bad news starts to hit. People start panicking, pessimism is the norm, doom and gloom ... and the big sell offs start ... 400-500 point drops and then some.
We need to get through October because that's always a traditionally a really bad month for the market but ... after that ... the worst will be over. The darkest hour before the dawn, so to speak.
Especially if Obama wins. A new president with a new agenda tends to make people more optimistic about the future.
If you worry about it, worry will only consume you. The only thing you need to be concerned about is doing your part to create value - at work, at home, in your own business, in your community - and be responsible with your finances. The rest will take care of itself.
No ... there's nothing to worry about. This is all to be expected and it's actually a good thing. The market needs to crash and get the big sell off over with ... then the recovery can begin.
Every recession has the same phases ... first is denial. Nothing is wrong, everybody says. But the bad news keeps pouring in. First it's a trickle, then it gradually grows. Lots of hand wringing, no big sell offs, lots of little bear market rallies but the overall trend is down.
This goes on for a year or so ... and then the really bad news starts to hit. People start panicking, pessimism is the norm, doom and gloom ... and the big sell offs start ... 400-500 point drops and then some.
We need to get through October because that's always a traditionally a really bad month for the market but ... after that ... the worst will be over. The darkest hour before the dawn, so to speak.
Especially if Obama wins. A new president with a new agenda tends to make people more optimistic about the future.
Sheri,
Sorry to be the one to break it to you, but this is no ordinary bump in the road. We have 100 plus year old financial institutions that house about 1/3 all our assets going belly up with more to come. We have the feds giving out more money in the last 7 days then our entire yearly GNP and deficit combined, with more to come. The reverse trickle down from this alone will be worse then you have outlines. It will affect anything and everything. Then we have no credit lines! NONE for nobody. Banks will go under, the feds will not be able to even pay 10 cents on the $ for FDIC and the bank run will start. This game is over, we have essentially hit the reset button that you will all feel in the coming months and years.
The most amazing thing about all of this, is there is ABSOLUTELY NOTHING YOU OR I CAN DO ABOUT ANY OF IT! We are genuine sitting ducks. You can't pout your money into anything, or it will be gone! Banks, gone, money markets, gone, muni bonds, gone, treasuries, gone! Nothing is safe. And if you think taking it all out of the bank is better, well when the run on the banks comes, your dollar will not be wroth a dime, literally. And that is if you're lucky enough to be able to get it out. As for Obama, forget it! This guy won't have a clue how to even begin to deal with this mess. The cards have been played and neither him or McCain will be able to do squat!
You can't pout your money into anything, or it will be gone!
There's certainly reason to be pessimistic, but at this point, I would say that the best thing you could do with your money is invest it in yourself, in education. I don't mean a university degree or some sort of paper qualification, but the actual acquisition of skills to create a good or service of real value that can be sold or bartered. The focus has to be on investing in actual production, and the easiest way to do that is find something that YOU can do. Don't expect much from paper investments for quite some time. Don't expect much from sitting around doing nothing.
Yes so truely spoken. Its a real mess, and we are right in the middle of it. Its really scary, I sold my dads house this year and got some money and put it in a CD and Im so scare it wont be there when I need it. We pay 2000.00 a month for a townhouse in Irvine California and all I want to do is go South to were cost of living is cheaper and life is simplier. We have sold our country to everyone, and I dont think we will get it back.
Are we headed for the "ONE WORLD GOVERNMENT & WORLD BANK"???
There's certainly reason to be pessimistic, but at this point, I would say that the best thing you could do with your money is invest it in yourself, in education. I don't mean a university degree or some sort of paper qualification, but the actual acquisition of skills to create a good or service of real value that can be sold or bartered. The focus has to be on investing in actual production, and the easiest way to do that is find something that YOU can do. Don't expect much from paper investments for quite some time. Don't expect much from sitting around doing nothing.
Good points, and I have skills such as these. Only they might not thrive in the worst of times. At least I'm still young enough and healthy that if I have to work a hard days labor for a dollar (or meal), I can still do so. My line of work now is in the Arts and Law Enforcement. The art thing goes out the window now. Who the hell is going to be interested in buying art in the coming years? Ya, that is what I thought. Nobody! LOL
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Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Is there really anything to worry about?
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