Okay. Listen up! I don't care what the media has been screaming about. This is NOT another Great Depression. I'm going to explain to you why.
Kass's Top Three Reasons Why This is Not Another Great DepressionThe Great Depression began with the crash of the stock market in October 1929 (the crashes are always in October...). Many investors
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Now if I could just sell my house in Virgina, THEN I'd enough left over each month go back to investing, albeit on a much smaller scale than previously. I had to refinance to pay my ex her half, so I'm stuck with a mortgage on an empty house.
OK, I'm done whingeing now...
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Banks are in the business of making loans. But they are easily frightened, spooky creatures and this thing has thrown them all for a loop. If they are given the confidence that their mortgagees will pay them and not default, they will gladly lend them money.
In England, the Central Bank is guarantying mortgages. So while it's not lending money, it is putting a safety net under the banks in case of default. And that's all the bank needs to give it the confidence to make loans.
I'm hoping this whole experience teaches them a lesson and mortgages go back to being only offered to the people who can afford them.
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And if you don't have money there that you need tomorrow, it really shouldn't matter to you at all. If Forbes could look at the 1987 crash and not blink and eye, none of us has anything to be worried about.
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I have no money in the stock market. I have no money in anything, really, except perhaps my fabric/pattern stash, and I don't think that's going to crash.
That is, unless, the floor in the closet collapses from the weight of my collection.
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You see, most people hear about the stock market falling and think it has something to do with them. If you don't own stocks, it doesn't.
The news often reports on it like it's an economic indicator, and it's not really at all.
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