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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I'm going to repost this in my LJ. I had made a post about "What Can I Do" last week that lists the same things you list to do, but the three reasons about this not being a Great Depression are what I want my other friends to read. My industry is not feeling the effects of the financial crunch right now but I'm working as a consultant for Big Blue on a contracting basis. Usually contractors are the first to go in a big economic crunch. I've still got my job and the word last week was it could go a few more years b/c of the amount of work we have on the project. Of course nothing is guaranteed. But I'm spending, saving and investing (diversified) as usual.
Thanks for all this great info. I read all the time but may not necessarily comment.
:)
Jenni
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I'm not sure how good of an economic indicator life funded by a private school is, but there we are.
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Can I take a moment and tell you how totally bizarro-world this sector is? We're having budget-tightening, which means we only have $115M for an operating budget instead of $120M. At a school of 400 students. Anybody who says the rich don't live differently is just deluded.
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Oh, to be that different... =)
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DON'T PANIC!
As long as we don't panic, it will be ok. If we panic, it won't.
Do you know that our reserve bank offered $200 million in short term loans to our banks to tide them over? They took up $50 mil. It barely made the news... They should have been singing it from the roof tops!
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Our reserve bank has been offering short term loans to our banks for three weeks now, but no one is talking about it. And then the Fed and six European banks coordinated to cut the rate by 1/2 a percent (which is huge). But no one noticed. I'm sure there are some jokes that need to be made about the Presidential debate last night instead.
The Great Depression, the run on the banks, the economy in free fall... It was all caused by panic and a government that staunchly refused to do anything about it. Even if our Congress-asshats won't move, our Federal Reserve Chairman will. And a falling stock market affects very little in the lives of ordinary people. Even for people who are heavily invested in the stock market, they don't lose as long as they don't panic.
Doug Adams had the right idea. "DON'T PANIC" should be tatooed on the inside of people's eyelids!
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I suspect the powers that be are quite happy about that, really.
Not that it will help if your lot panics, of course, but any run on the banks won't start here in all likelihood.
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