Anyone else's office freaking out?
 

Our office is in full on Black Monday mode after the announcement about the US bailout plan. Today is a depressing day to be at work, aside from the usual Monday stuff.

Holy crap. I've been so busy today, I haven't even had time to hear about the bailout failure....just looked on cnn.com.

OUCH.

As a Klingon would say: "It's a good day to buy"

I am so glad I have a fixed rate mortgage. The Finacial post says 5 year mortgage rates have hit just under 9%.

I wonder what everyone's game plans are for riding this out in the US and Europe?

We're just doing a fixed rate refinance and waiting to hear. I'm pulling a LOC from the CIBC as they are really extended into this US mess.

The people on the US forums I'm on seem mainly resigned. Very sad indeed.

Why the freak out???......everyone surely knew this was coming keep the debt down and ride it out.

Sadly some people just don't know, or weren't paying attention. It sucks, but its true. It has been quite the somber day here today. Hopefully this might motivate a few people to pay off their debts and get their financial house in order.

I remember...
 

I had a good friend in the States who worked for MLynch, and when the stocks plummeted after 9/11, they had people actually jumping out of windows. (One was a guy she worked with, but there were several others.)

How bad would it really have to be in order to warrant something like that?

no need to worry
 

I am in the industry and not many of my clients havent been calling...I've been sending out emails and phone calls like crazy and they've seen it before and all know things will get better...Mite be worse at first but we will prevail...

9% mortgage?? Not sure where you are getting that from...

http://www.tdcanadatrust.com/mortgages/numbers.jsp

All I see is 6.14% special with 7.20% posted rate no discount...Unless they are talking about tomorrow which seems like quite a big jump...When I was lending, I've never seen that big a jump...

I got that number from a Financial Post article this afternoon.