Several years ago when the stock market hit 14000 I turned to my husband and said, "It's all fake. The housing bubble will burst, the market will crash, the world will go to hell and the dems will have to clean it all up. The bottom of the market is the actual number the stock market was at right after 911 about 7200. Everything since then is fake."
I don't think I ever blogged that (although I'd have to go back and check), but I said it out loud.
I wish everyone, the dems, the gop, the public and especially the media would stop panicking. I don't believe it's as bad as they say.
I was hanging with Rachel Maddow on Saturday night and we were talking about the economy and I flatly stated, "We're at the bottom, it can't go any lower than this." She looked at me a bit stunned and said "Why?"
"Because people aren't cashing in their 401k's yet, they haven't changed their payroll deductions, there's been no rush on the banks and with all the panic in the media, you'd think all of that would have happened by now. It hasn't. We're at the bottom." She didn't really respond to me.
I truly believe that. I think the panic is unfounded. I think companies are panicking, consumers are panicking, politicians are panicking and really the only thing that will send us back into a tailspin is if gas prices go about $4 again.
If I had any money, I'd be buying every thing right now. Especially construction, eco-friendly stuff and yes, banks. The adjustment has happened. People are surviving. Some have lost thier homes some more will, but overall, people have made the adjustments they needed to make.
It is hard out there. It's hard for me financially. Most Americans though don't live off the dividends from their trust funds. Madoff's indiscretions didn't affect them.
Unemployment has been astronomical for years in the cities. People survived.
The good paying jobs left long ago.
Most people who couldn't afford a home will go back to renting. They had the American dream for a short time and it sucks to get duped, but there'll be a lot of bank owned rental property out there, so prices will be cheap.
Gas prices are back to tolerable if still criminal. They are no longer breaking the American public's back though and that will make a difference.
Banks are banks. They aren't going anywhere and at least if they are nationalized, we'll be able to control the way they operate and regulate how they rip us all off at every turn and that will be good, especially for the poor who are relegated to loan sharks masquerading as check cashing places and keeping them poor.
Honestly. Chill out people. The sky is not falling.
At least not until about 3-5 years from now when the baby boomers start to retire. Then the bottom is much lower....