4plexowner wrote:
I like Richard Russell’s philosophy:

In a bear market everyone loses. The winner is the guy that loses the least.
—–

Very true. Things in life are all relative. And humans are very adaptable. Our sense of well being is based on the people around us. The most priviledged will still be most priviledged. Some of the people who made it during the boom might well fall off the ladder.

Would it be so bad if everyone drove 10-year old cars and tighten their belts a little? Do we need that leased luxury car, personal trainer, wireless phone and TIVO cable TV?

I think that most households could easily cut $500 to $1000/month out of their budgets and still live a normal American life.

So I don’t think a recession will be that bad. It’s just how you look at it.