So what do you think, Tide is down and the faux rich will be naked from head down to be exposed to all. While the real rich, those who were smart, managed their money will become stronger.
Those with real equity, real savings and paid off homes or those with little mortgage left etc.. will do better in the next 10-20 years than before in my opinion. Especially if they have real skillsets that are valuable today.
Interesting article like 4 pages I think.
http://www.time.com/time/nation/article/0,8599,1887728-2,00.html
The '80s spirit endured through the '90s and the 2000s, all the way until the fall of 2008, like an awesome winning streak in Vegas that went on and on and on. American-style capitalism triumphed, and thanks to FedEx and the Web, delayed gratification itself came to seem quaint and unnecessary. So what if every year since the turn of the century the U.S. economy grew more slowly than the global economy? Stuff at Wal-Mart and Costco and money itself stayed supercheap! Even 9/11, which supposedly "changed everything," and the resulting Iraqi debacle came to seem like mere bumps in the road. Even if deep down everyone knew that the spiral of overleveraging and overspending and the prices of stocks and houses were unsustainable, no one wanted to be a buzz kill.
"Every now and then, the drastic end of flush economic times happens to coincide with the natural end of a conservative political era. Such was the case in the 1930s â coming after three straight conservative presidencies, a period of whizbang technological progress (electrification, radio, aviation) and a culture of bon temps rouler â and such is the case now."
Those with real equity, real savings and paid off homes or those with little mortgage left etc.. will do better in the next 10-20 years than before in my opinion. Especially if they have real skillsets that are valuable today.
Interesting article like 4 pages I think.
http://www.time.com/time/nation/article/0,8599,1887728-2,00.html
The '80s spirit endured through the '90s and the 2000s, all the way until the fall of 2008, like an awesome winning streak in Vegas that went on and on and on. American-style capitalism triumphed, and thanks to FedEx and the Web, delayed gratification itself came to seem quaint and unnecessary. So what if every year since the turn of the century the U.S. economy grew more slowly than the global economy? Stuff at Wal-Mart and Costco and money itself stayed supercheap! Even 9/11, which supposedly "changed everything," and the resulting Iraqi debacle came to seem like mere bumps in the road. Even if deep down everyone knew that the spiral of overleveraging and overspending and the prices of stocks and houses were unsustainable, no one wanted to be a buzz kill.
"Every now and then, the drastic end of flush economic times happens to coincide with the natural end of a conservative political era. Such was the case in the 1930s â coming after three straight conservative presidencies, a period of whizbang technological progress (electrification, radio, aviation) and a culture of bon temps rouler â and such is the case now."
I would have thought Dr. Doom was too smart to get into a depression.