[quote=peterb]Good point FLU. This is how I know the bottom is falling out. People get really cranked when you start talking about the new reality. Means they’re crashing with the market. And this is where huge opportunity will come for you patientrenter.
Just keep quiet and smile that understanding smile. Maybe even throw in a few negative comments about our govts inability to manage. Everyone likes to bash them. It’s therapuetic.
Never a good idea to gloat. But that’s life. Sometimes the bear eats you. Sometimes you eat the bear. I think this is going to devistate many people in ways we’ve never seen before. But it is life.
[/quote]
I think it’s a quadrupple whammy for a lot of people.
1) People overpaid for homes, and a lot of them never were able to afford it.
2) They taped into credit and “investments” keep the home.
3) Credit is tapped out and now investments are down the tube.
4) Throw in unemployment or underemployment into the mix.
Some folks can deal with 1 out 4, 2 out 4. I suspect a lot of people are dealing with 3 out of 4 or 4 out of 4.
Your portfolio can take 50%, which would be a bummer, but if you’re really not that dependent on it right now, it’s you’re probably not up sh!t creek yet. At at this level, it’s a waiting game frankly.
I feel bad for some of the older folks and retirees and seniors who didn’t plan and go to cash in their age. Because that was what all financial advisers have been saying all along when you are near retiring. They won’t have much time to make up for it.
As far as unemployment. It’s anyone’s game at this point. I’d say everyone is vunerable at this point. But oh well…Not a big deal.
