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Many of the people I have worked with would be delighted if the markets crashed, and Wall Street evaporated.
You must have worked with some interesting people. Markets crash and Wall Street evaporates - Most people with 401Ks are pretty much wiped out. Pension plans are also heavy losers, so people currently drawing pensions suddenly have lost that income. Money being spent at businesses by retirees would be drastically cut back. So the business have to trim employees or go out of business, sending unemployment up dramatically.
You might think that a year or so off without any income would be nice, but I'll bet most people wouldn't be happy with that event happening.
Many of us could use a vacation. A year, two years, it doesn't matter. Better crap to do with my life than worry about man made disasters...
And unless you are immensely wealthy it will really hurt you to be out of work for 2 years. Even when you return to work your wages will be lower, because of the resume gap effect which employers usually hate.
As a metro prepper my wife daughter and I have begun to "store up" emergency supplies, food and water filters and tons of other stuff too long a list to relate to here.
Wow, as long as you've been calling for impending doom on these forums you just began to stock up for Mad Max scenario?
You must have worked with some interesting people. Markets crash and Wall Street evaporates - Most people with 401Ks are pretty much wiped out. Pension plans are also heavy losers, so people currently drawing pensions suddenly have lost that income. Money being spent at businesses by retirees would be drastically cut back. So the business have to trim employees or go out of business, sending unemployment up dramatically.
You might think that a year or so off without any income would be nice, but I'll bet most people wouldn't be happy with that event happening.
Many people distrust things they don't understand. Like the stock market. Sure, most people have something invested, but enough to really care?? I am almost thirty. What do I care if the market drops 50% for a decade? I'm not retiring for many decades.
If the market crashes, and real estate tumbles, many ordinary working class folk will be able to purchase a home in cash again. No need for a middle man to cut into hard earned savings. A much more efficient way to conduct business.
There is no reason for people to pay six figures for near century old homes. That's ridiculous. The only reason they are that expensive is because of fractional reserve banking. The idea is, an expanded money supply will push investment. In reality, it just makes ordinary life too expensive for ordinary people. You see it anywhere government money flows, or bank lending occurs.
The reality is, the game that the FED plays with money supply caused everything to temporarily reinflate in value. Very reckless, and we will have to pay for it eventually. It won't be the little people though.
Not true. Government employees such as those working for the USPS, federal, state, and local employees chuckle and inherit the earth.
When the last recession happened, I never had trouble finding work. It didn't always pay that great, but there was work. I was living in a particularly hard hit area, and we were the first to really experience the damage, due to the large automotive industry presence.
Lots of people just weren't willing to work for $12-$14/hr, and I respect them for that. At the time, I was 18. $14/hr was plenty to get by on. I even saved a fair bit of money. I could have very easily bought one of those foreclosed homes. 30-40K bought a fair bit of home.
If another recession came, I would probably purchase two homes. One to live in, and another to rent out.
With the games that the banksters have been playing, we can certainly expect more recessions and volatility. Fearing this is pointless. Best to adjust accordingly. It's nice to get capital gains and dividends, but it's less worry when you're well diversified.
When the last recession happened, I never had trouble finding work. It didn't always pay that great, but there was work. I was living in a particularly hard hit area, and we were the first to really experience the damage, due to the large automotive presence.
Lots of people just weren't willing to work for $12-$14/hr, and I respect them for that. At the time, I was 18. $14/hr was plenty to get by on. I even saved a fair bit of money. I could have very easily bought one of those foreclosed homes. 30-40K bought a fair bit of home.
If another recession came, I would probably purchase two homes. One to live in, and another to rent out.
With the games that the banksters have been playing, we can certainly expect more recessions and volatility. Fearing this is pointless. Best to adjust accordingly.
I'm not the least bit concerned. I see where this market and economy was going so I jumped into a government job. I didn't get to finish my Bachelors but I left with an Associates and a secure government job. I can always take night classes later on once I'm past probation and have a settled schedule. Once I'm free and clear I can proceed to dump tons of money into the market on top of the impressive amount I have now. I have at least 5 or 6 people below me in seniority despite being there only for a month or so. As such I'm insulated from the economy. In fact my job gets EASIER during down turns because there's less work volume. I don't know how you survive in Detroit personally. 30/40 hasn't bought a home here since the 60s.
federal employees maybe but we saw big lay offs in local gov't employees as taxes fell and budgets were busted
Only the newbies. Anyone who wasn't at the bottom of the seniority ladder was safe. This folks, is why you should ALWAYS get a government job during bull markets when other people think they're going to be the next CEO. Private jobs just aren't worth it.
I have a federal job but I envy the beautiful pensions state employees get.
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