Our financial system is crumbling this week.

[Popeye_Card]

So is anyone on this board going to be immediately affected by this possible recession/depression if it hits bad?

I personally think I'll be OK. I'm in an industry that's going to be pretty safe, so I should have job security. I have a comfortable fixed mortgage. I'm a long way from retirement, so I don't really care much how poorly my stocks/401k are currently doing. The run-up in prices for everyday items (groceries, etc.) could suck.

EDIT: I should add that if I'm asked/forced to move for work, selling my house could suck because I bought it near a high in the market, but so far StL (especially the city) hasn't seen too bad of hit on the real estate market, and I think I got a pretty good deal on my house in the first place.

[ghostrunner]

So is anyone on this board going to be immediately affected by this possible recession/depression if it hits bad?

I personally think I'll be OK. I'm in an industry that's going to be pretty safe, so I should have job security. I have a comfortable fixed mortgage. I'm a long way from retirement, so I don't really care much how poorly my stocks/401k are currently doing. The run-up in prices for everyday items (groceries, etc.) could suck.

I THINK the wife and I are pretty safe. My job wasn't much affected by good economic news, and so I imagine won't be hurt much by bad news. People pretty much have to have their computer problems resolved, and there's not too many resources for Macs. Meanwhile, Apple's market share and their product line keeps growing. My wife just started her current graphic design gig, though she got a pretty nice pay raise compared to where she used to be. So I guess we might have to worry about her being undercut with cheaper labor, but her employers like experience and she's good at what she does.

[JCShutout]

Interesting quote from Bono.

It's extraordinary to me that the United States can find $700 billion to save Wall Street and the entire G8 can't find $25 billion dollars to save 25,000 children who die every day from preventable diseases.

I'm sure the numbers are just estimates, but it is an interesting thought. I know its Bono, but the quote caught me, not the author.

[TimeForGuinness]

Interesting quote from Bono.

It's extraordinary to me that the United States can find $700 billion to save Wall Street and the entire G8 can't find $25 billion dollars to save 25,000 children who die every day from preventable diseases.

I'm sure the numbers are just estimates, but it is an interesting thought. I know its Bono, but the quote caught me, not the author.

Children don't make them enough money

[BW23]

So is anyone on this board going to be immediately affected by this possible recession/depression if it hits bad?

I personally think I'll be OK. I'm in an industry that's going to be pretty safe, so I should have job security. I have a comfortable fixed mortgage. I'm a long way from retirement, so I don't really care much how poorly my stocks/401k are currently doing. The run-up in prices for everyday items (groceries, etc.) could suck.

EDIT: I should add that if I'm asked/forced to move for work, selling my house could suck because I bought it near a high in the market, but so far StL (especially the city) hasn't seen too bad of hit on the real estate market, and I think I got a pretty good deal on my house in the first place.

Just in the run-up in prices.

[Socnorb11]

So is anyone on this board going to be immediately affected by this possible recession/depression if it hits bad?

I personally think I'll be OK. I'm in an industry that's going to be pretty safe, so I should have job security. I have a comfortable fixed mortgage. I'm a long way from retirement, so I don't really care much how poorly my stocks/401k are currently doing. The run-up in prices for everyday items (groceries, etc.) could suck.

EDIT: I should add that if I'm asked/forced to move for work, selling my house could suck because I bought it near a high in the market, but so far StL (especially the city) hasn't seen too bad of hit on the real estate market, and I think I got a pretty good deal on my house in the first place.

I'm pretty much in the same position (other than the possibility of moving for work).

I'm not that worried, which worries me. Maybe I'm too ignorant or naive to be worried?

[AWvsCBsteeeerike3]

Freaking Washington Mutual Failed.....

WOW, this is getting better by the day

Do you really believe they "failed" or do you just think they wanted part of the 700 billion dollar pie so they said they "failed" to get their fair share? I am going with the latter.

[Freed Roger]

So is anyone on this board going to be immediately affected by this possible recession/depression if it hits bad?

personally, the jobs are in safe industries crisis times - accounting, health care.
we have college coming up for a kid and not much set aside - so the ability to absorb that from our paychecks or get a loan could be tough. We will have to drastically cut back our spending - recreation, vacation, splurges.

the concern seems to be for the future rather than the immediate. our generation has shown an inability to handle money and tendency to live beyond the means, but the next generation?.... they will have more challenges than us, and may struggle to curb their consumption. they've been taught that things like cell phones and brand name stuff is a necessity.

[heyzeus]

Freaking Washington Mutual Failed.....

WOW, this is getting better by the day

Do you really believe they "failed" or do you just think they wanted part of the 700 billion dollar pie so they said they "failed" to get their fair share? I am going with the latter.

I think WaMu is being bought by Chase. But it's unclear whether Chase is also buying their (bad) assets, so you're right, it's possible that they may be looking for the gov't to buy them in the bailout.

[ghostrunner]

Freaking Washington Mutual Failed.....

WOW, this is getting better by the day

Do you really believe they "failed" or do you just think they wanted part of the 700 billion dollar pie so they said they "failed" to get their fair share? I am going with the latter.

It's been rumored this might happen for a few weeks. Maybe this tipped the scale, but they were in trouble already. Of course, the extent of the bailout hasn't been agreed upon yet either.