Luckily, I am in the position of not being the least bit worried for myself, but I do not relish the idea of hordes of otherwise hardworking people getting laid off. As I've said elsewhere, for the risky high-fliers on Wall Street or in RE I have no such compassion. I've family and friends in both and the smart ones have already made accommodations for bad times, which inevitably come around.
Those who wasted these past "summer months" without setting aside some nuts for winter will have some lean times ahead. Maybe they'll become a bit more cautious next time.
I think *most* people here on piggington praying cheeering for a recession are themselves going to get hit the hardest. Like I said before, my observation is *most* of the bitter folks here are no better than the average american. It's no different than the dot bomb. At first the folks not really tech workers jeered when the dot bomb crashed. Then pretty soon they found out directly or indirectly they're work was somehow tied to the dot bomb companies, so they got affected worse. Unless you're one of the people who can say "i don't need to work, I can retire right now", you're going to eat it with a recession. Because remember, there's a pecking order to people who are going to eat it. iMy question is, how many of you wishing for a recession can raise their hand and say, even with 50% cut in my portfolio and assets, I'm still over a million in liquidable assets. I would only consider then you somewhat safe in a recession (at least say for a 4-5 year recession). And if it's longer? Better hope you have about $3million.
My family might be well off enough to weather a mild recession, and probably come out ahead of most average american…But still, I'm not hoping for one, 'cause I know what the implications will be for everyone. Think hard about that. ARe you really in a position to say you have enough "F U " money?
And about those wall street people…I found out those folks are smarter than most of us… They are the ones in the position to weather this, because frankly they control the markets.
