Regarding wall streeters losing jobs, I don’t feel bad at all and I have family/friends on wall street.
The smart ones have built up a cushion for just such an event. My bro-in-law went from 7 figures to negative post-9/11. He wasn’t happy, but he was easily able to ride out the storm because he had low debt and a diverse cash generating portfolio. They work in the freakin financial markets and if they don’t know how to diversify, let Darwin sort them out.
It’s bad enough I’m forced to pay these guys almost 1 percent every year for the pleasure of having a 403(b), if they can’t figure out how to ride out a financial crisis–let them work at Walmart for a few years.
BTW: same goes for Realtors–my Realtor friend owns his house and car outright, and has about one year’s expenses in the bank. After all, it has been a very good half-decade. If you don’t know how to put some aside, maybe now you’ll learn.
