Dow plunges 679, closes below 8,600 - headline for today.
The worldwide economy is in the tank. Are you worried? Have you been effected? Do you think it's going to get worse before it gets better?
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Everybody who's seen their monthly bills skyrocketing knew the economy was bad. The stimulous check was an obvious red flag. The stock market was rising too high, too fast. The prices for housing these days are horribly high. After saving for the last 5 years, I'm back to where I was 10 years ago, surviving, not living, and also near the point of paycheck to paycheck. I read an interesting quote from a play stating to the effect that some countries take care of their people no matter what, but in the U S, as soon as you lose your ability to make a living or are unable to be productive to the economics of the country, bang, you need to fend for yourself. I've been effected, I hope I'll be fine in the next 6 months, and we'll see with the election if things will get better or get worse.
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All Answers
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I am very worried. I have not been affected. Actually, our resort community in the mountains is doing very well. There is very little housing available. I actually make a lot more money this year and was promoted. I still think it's going to get worse. My brother just lost his new home in Boise.
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I'm fortunate enough to have invested in fixed annuities - people thought I was crazy because the interest is low. But, the principal is safe and my critics now realize that playing it safe was the right thing to do. Stocks, bonds and mutual funds are taking a pounding, and I think it will get worse before it gets better.
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Yup. I work in the finance industry and was laid off today :( . I think with this silly bandaid of a bailout they are putting on that it will get worse, Wall Street is obviously showing us they have no confidence in it either. However, this has been a huge financial wake up call for us to get serious about our finances....every man for themselves!!!!
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The markets tend to overact to bad or good news. Our polititians have endorsed a plan which does little to solving the current economic crisis so all are getting whacked pretty bad. Eventually the correction will be made complete and the companies that have good revenues and growth will bounce back. Even with our government"s plan there will still be more bank failures and credit will be hard to obtain. This will undoubtably cause more volatility for the foreseeable future. Obama being ahead in the polls does not help either
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my partner and i are investers, property and share market, no not worried.....if the media and people would stop panicing we would not have this drama,,,,i blame the media. and banks that should not have lent money to those who could not afford repayments
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Yes. The current policy of pouring tax-cash into the markets is actually going to make the recession worse. We will be hardest hit in Europe and N. America. Have a look at this.
http://www.youtube.com/watch?v=4n3g5lUgk...
These are the opinions of financiers who know their business, not hot-headed scare-mongers. It is not my business to tell you who to vote for but I think it would play out better for you to have a democrat in the white house right now. From an outsider's point of view they tend to be far more concerned with domestic policy. We are heading for recession and it's going to bite just as bad as it did in the 1930s.
Take care. Have cash hidden in the house and some gold too. Best of luck.
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adw61
Level 17 Middle School
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