Just curious how the topic devolved from a discussion on the Dow dropping a few percent to praying for soup kitchens and messages of hope that ‘my’ family can weather the impending repeat of Grapes of Wrath.
The market has been shrugging off bad news and ignoring risk for a bit too long, and it now shows signs of becoming more rational. As a buy and hold investor, that brings me joy since I can buy at a discount. How exactly is that praying for a recession? As if the economy ever cared what my hopes were anyway.
Also, these veiled “hopes that my family can weather the storm” are actually quite presumptuous and condescending. As I have said, I’ve no concern for me–believe it or don’t. If my portfolio goes to zero (which would be hard since I’m cash heavy), I lose my house, and my job (which is unlikely), I am still OK–but thanks for the concern.
Also, I never have and still do not wish ruination upon others. I also do not expect this real estate meltdown to ruin hordes of people, at least not anymore than did the S&L bust or Tech bubble.
BTW: Unemployment has been sub double digit since WWII, ignoring some imperfections in the number, that means 90% or more people have had jobs for almost 70 years. I doubt many of you old timers were alive, never mind working before then. http://www.bls.gov/cps/cpsaat1.pdf
Perhaps you are worried about a depression rather than a recession?
