Anyone else's office freaking out?

[michika]

For people in my office who were set to retire it means they have to work for longer now. For some in means they've lost their nest eggs.

[Myka]

That doesn't clarify anything!! Are people losing their savings?

[michika]

A lot of people had their savings tied into the stock market in some way. Tanking of stock prices means their funds have taken a nose dive too.

[Myka]

Ohhhhh...the stocks when down? Why can't I find any literature that explains all this?! Arg!

[mseepman]

In the end Myka, it just means that we've all got too comfortable with debt being a big part of our lives...in the end, cash is king and a lot of people who borrowed to get their lifestyle are paying the price right now in the US. Canada will follow...when big brother sneezes...we all know who catches the cold.

[Myka]

I can just imagine what might happen if interest rates go up like they did in the 80s!!

[Doug]

Originally Posted by Myka

I can just imagine what might happen if interest rates go up like they did in the 80s!!

Believe me, you dont wish to see that again. I remember when a freind locked in for 18.75% for 5 yrs. as it was a bargin. Tunred out not to be but thats what we all thought at the time.

Imagine that now, with the price houses are worth and the large mortgage people now have. The housing crisis in the states would be nothing compared with that senario.

FWIW, I dont see it ever going there again though.

[Murminator]

Originally Posted by mseepman

In the end Myka, it just means that we've all got too comfortable with debt being a big part of our lives...in the end, cash is king and a lot of people who borrowed to get their lifestyle are paying the price right now in the US. Canada will follow...when big brother sneezes...we all know who catches the cold.

That sums it all up right there

[mark]

and no matter what happens the rich get richer and the poor poorer