Actually in California as real estate business we know when fed-rev rise apr rate back in 2006-2007, we know this will happen. once fed rise apr rate. people began to dump out the houses because their mortgage are change with rate too. I was during a appraisal to a house,,, their hose payment was 1500$ back in 2004. After rate goes up, it change their payment into 2800$ which double their original payment. so the circle begin.People either been force out their home or not are no longer able to purchase stuff as they usually do.Global factory are no longer receive order. factory product freeze or shut down.people get lat off. and then affect to other industry.And worse yet some people were live in rental house or apartment are even worse…their landlord are use their property to refi for “flot point” to cash out and when time came. they just dump house and let those people who live in build waiting by police ready to kick them out. because those landlord they think is a fail investment.AS real estate business 15 years, I saw many greed thing in human subconsciously. And yet in the end it always destroy them self again and again. And who knows in future when we forget pain..it will come back and hunt us down again.not because we did not learn but because we forget who we are as live thing in this plan.

I was an IT Project Manager responsible for the Fixed Income Structure back in 2004. Back then before I left the job for another job in market data, I gave a heads up that a financial crisis – led by a mortgage security meltdown would be coming. Two years down the road in 2006, my old team mates were laughing at me. I guess they would not do that now but they were too busy writing CVs to have remember my advice.I am financially untouched by the crisis. Yet there is a complex in my mind that I could not help those around me to have avoided it. Many of my friends and extended family were out of a job. It feels bad even through myself and my core family were spared.

I have completed my B.tech from one of the best engineering colleges of India. last year we had our campus placement. I prepared for it for an year and got placed in the first week of placement season. I got placed in a US investment bank. they gave me offer letter but i have been waiting for the joining date for past 6 months. If they do not honor the offer letter i would be left jobless!

I see and hear alot of people in distress. Many people are angry and discouraged but no body seems to have the guts to rally against the evil that has displaced us…Think about the real source of the chaos that has caused this situation…is it possible for man kind to rally up against the beast? If so would you be willing to stand up and be heard..would you be willing to act physically if need be? I know I would…but there is no rally to join is there? I think people are chicken now days. They are waiting for the government to fix it.There is always a way to overthrow an enemy. First there must be leaders that have an objective mission. The goals must be clearely identified and agressively persued.

I this, I that. Not a we in the lot. Self-centered and uninformed. That is what got the economic situation to the point it is. From the top down – no one had the guts to stand up and say the model was unsustainable – and the sheep looking for a fast buck followed. And why not – play the cards right and you walk away with all your stuff and leave the overpriced house to the jackals – who are hoping for another run. Not until we, as a citizenry, place what is best for the whole above self interest, will we avoid this kind of piracy and that will never happen – it is GREED that is our nature.

Even for an agricultural country like Uganda, food prices have more than doubled. A kilo of maize flour was at 900/- a year ago, now you get it at 2000/-. The little food we grow is sold to other coutries for a profit leaving us with less and that’s why food prices are high.Also, fuel and prices of basic goods and services has gone up. Medical and school fees are high, there’s a slight increase in the number of school drop-outs as according to MOE sources. A dry spell has not helped us much, and the fact that now Ugandans abroad have become a little bit stingy with their money had made it worse.

I lost my job in the midwest in January and was able to find a similar job in Texas. In March I left my family and friends and moved south (a move which has put me further into credit card debt… but hey, at least I am working)

With the exception of Lehman there has been no crash as the respective governments have baled out each troubled bank or major corporation.As a result we are now all trading without a free open market and those main street businesses will as a result be the sufferers with lack of credit and risk manager decisions, which are often emotionally led and very dangerous.The real crash is ABOUT TO HAPPEN. Only in a truly free open market will we all be able to gauge accurately real asset values. True open market values of bricksand mortar,commodities and services are the cure for real industry, not the artificial propping by politicians with shelf lives.

I obviously chose the worst time ever to come to study to the United Kingdom. The plan was great: I study and have a part time job in a bar to get some cash, my husband works as an architect, fulfilling his creative potential and getting some money for our future. Ah well, at least that’s what we thought more than a year ago – in summer 2008. And now, we both struggle to pay the rent, food, and transport, slaving in jobs that we hate (but yes, we are glad to have them at all). Architect studios are cutting on staff or going bankrupt completely, and as time is going by, it’s hard to stay positive about a bright future. Thank you, bankers.

I lost my job just before Christmas of last year 2008 as i was made redundant. I was working in property law and basically my whole career was lost due to the fact that I could not get another job in property as the housing market completely collapsed. I blame the banks greed for this and i would assume many thousands in my position would do the same!!

I made millions in bonus after the government gave another 10Bn.

No bonus or raise for either my wife or I. Two of three children out of work. Big loss in 401k last year. What most concerns me is that congress and the SEC will roll over again and fail to regulate investment firms, financial institutions, and insurance companies so greedy, stupid, and inept managers can repeat the same mistakes and trash the economy again.

It hasn’t affected our business too badly. The clients have generally taken strain and cut budgets. Our business model has been flexible and adapted to tightening budgets, as we now charge per project or task, as retainer fees are now far harder to justify.

One thing I have not seen much written about is the advent of the ‘credit score’. Frankly, when credit scores began (~15 yrs ago?) I was deeply troubled for these reasons. One, it would be devastating to people who are at the low margins of income, as in poverty level. Two, many people would begin to wear their score like some badge of honor, and start to think they were somehow financially invincible if they had a high score. Finally, society would become more stratified based on a number system and where you rank in it. I don’t want to go all Biblical here, but this can’t be a good thing, in terms of the future of our planet, IMO.

It is only a matter of time till the company that employs me makes the cut of all those above a particular income. Yep.. the word has been out for some time.I’m in that bracket, and amazed at the games this company will play in an effort to make employees suddenly become ‘inefficient’ and ‘not meeting expectations’. SO… after more than a decade of above average performance, we are all now suddenly inept. Imagine that.I can only guess that the major powers need to pin their shortcomings somewhere, somehow, to avoid lawsuits from this pursuit.Then again, perhaps it is simply the disaster this economy is in that has created those shortcomings and the company needs to tell the shareholders anything that will take the onus off of its shoulders.As if the shareholders had no idea that our economy was in this state. Hmmmmm.

Compared to the wreckage after the tech crash – the markets didn’t really start rising again until the invasion of Iraq in March 2003, I’m amazed at just how resilient the stock markets have been. My portfolio today is actually significantly ahead of where I was the day before Lehman Brothers went belly up, yet it will probably still take me nearly a decade to get back to where I was in 2000.

As an investment banker I can confirm that this financial crisis is the best thing that has ever happened to me – $$$ million plus bonus this year as a result of managing Gov’t bailout cash from the crash. We’ve just got to start thinking about how to engineer the next big collapse.

Nothing much has changed for us materially. We have kept our jobs (college professor, scientist) and have watched the economic whirlwinds swirl around us. We’ve always lived within our means more or less, which means no ARM, no home equity loan, no revolving credit card debt, no gambling vacations, and we drive small, fuel efficient cars.What has changed is a deep and abiding mistrust of everyone and everything who claims the capitalist market system as practiced in the USA is just, fair, transparent, and the best for everyone. What we have is not true capitalism, not when the government takes over the private debt of companies ‘too big to fail’ and turns it into public debt. This just gives the speculating class more courage to go out and make the same mistakes all over again. And why not? We won’t let them pay the price. Obama is a bright fellow, but he is in over his head. I am waiting for the next wave of alternate ARM foreclosures to hit next year — and it is coming. The current euphoria is premature and the dark reality of our plight will whipsaw people in ways that make the present look absolutely idyllic.

We left our hometown in Michigan and moved to a new city in another midwestern state. We had had enough of the domestic auto industry’s long shadow cast upon the populace of southeastern lower MI. The decline was in evidence for a long, long time and the pace was alarmingly accelerated by the financial meltdown. Auto company executives and unionized workers were in denial before the bottom fell out; everyone wanted to maintain their fat paycheck while Rome burned. We think the politicians deserve an F- because there is no leadership for the way forward. How will southeastern lower MI define itself for the future now that the once all-powerful auto industry is on life-support and shriveling? We moved out of state and will try something different. There will be problems here, too, but not the same-old same old living and dying with the fortunes of GM, Chrysler and Ford. Put the auto-centric culture to rest. Power to the people of metropolitan Detroit who show grit and are the source of change in a beleaguered city.

We live in Finland. I lost my job last year and my husband lost his job in February, we are struggling at the moment.

This Crisis… Last One Year… My plan for my Dream Home collapsed, my idea of starting a new business collapsed, my hike… my bonus… everything… it was a year that i couldn’t even imagine it would be… But by God’s Grace there was no problem for my daily bread. learnt so many lessons, i feel it is the wakeup call for many and the main lesson is the importance of SAVINGS… i believe everyone would understand how important and powerful is that word SAVINGS.’EVERY PAINFUL SITUATION TEACHES YOU SOME GREAT LESSONS’

Contrary to what many have been experiencing, this crisis has been a boon to me personally. I saw the bubble coming and pulled all of my money (401K & IRA) out of the market in January ‘08. When it finally hit rock bottom in March ‘09, I poured all of it back into the market, and have increased my net wealth by about 45% in the last 18 months. Whoever said that market timing is a bad investment strategy is a fool. Also, I work in the credit information industry, and the credit crisis has been excellent for my business and my career.

Kinda feel lucky, was in the position to see the burst looming after being in Japan for the 90s bubble and got out early, changed tactics and became a teacher.

My wife and I are both gainfully employed and have always lived within our means, so we have basically no debt. We were able to buy a foreclosed house for 42% less than it’s market value with a very low fixed rate.

Conventional wisdom is that families should hold 6 months of salary as cash for just these sort of eventualities. I feel desparately sorry for those struggling, but at the same time people have to take ownership of their own finances and understand the risks. We worked really hard to save that kind of money over a number of years and I know that if my wife and I lose our jobs we can string that 6 months out to 8+.

Things are hard here on the plains – many have lost jobs, our elders have lost investments and retirements that supported them, there is increasing homelessness, and for those of us who still have our jobs – the prices of everything seem to be large in proportion to our pay, and in many cases rising – insurance, gas, food, property/sales taxes, tuition, utilities, phone and Internet access. And if a person were dissatisfied with their job (I am not) then they are trapped. Weeks will go by when I cannot afford to go to the grocery – I garden extensively. I still send my children to private schools (the public schools here will curl your hair) so I am still living beyond my means and I know it. There were no pay raises this year and no bonuses – our business (oil and gas products) let go between 1/4 and 1/3 of our people. As a single mom, one lives a little closer to the edge, and I saw this coming and paid off my credit card and closed it back in 2005 – I also closed down my little business and found a good job with excellent job security (knock on wood…)We need to learn a new and less indulgent way to live, a way that is not based on incessant growth and unsustainable debt. I hope the government will enact appropriate restrictions on financial “innovation” but I fear they will enact slight and ineffectual regulations with no teeth and the same regulators who are not particularly motivated to enforce anyway – I fear we are crying into the wind, and I am sorely disappointed. It also looks to me like we still have farther to fall before we reach a sustainable economy. Our world is changing…

Hasn’t affected me at all, aside from the hit to the 401K (minus 25%). Made enough in the market in the past six months (on the side) to fund my daughters college in another three years. I guess you have to live where the sun shines year round (California, Nevada, Florida) to be affected by this. It’s awful gloomy here in the wintertime…..

I was invested 10% in U.S. stocks before the crash and mostly bonds 90%. My U.S. stocks collapsed but otherwise I was better off than most. This year I am moving most of my money offshore and waiting for the second wave of horrible news as the U.S. prints money and tries to inflate the economy again. Hopefully we get someone who knows what they are doing in charge within my lifetime.

I moved to Las Vegas in 2006 , everything in this town went down , I have lost two thirds of my business , and losing my condo. The $150,000 condos are being auctioned at best for $30,000, my neighborhood is changing rapidly — with these kind of prizes, can you imagine !!

I’m about flat on my 401(k) for the last 3 year period, not counting inflation. I’ve been told my job is secure. So I’m enjoying the bargains and less crowded stores out there right now but not making any major expenditures except I’ve purchased a second home as an investment. I’m VERY concerned about the inflationary pressures all of these bailouts will have on the dollar.

I was looking for work and managed to find something early 2008 that paid much less than I wanted, but being over 50 didn’t have that many options and figured I could work my way up through the ranks and I needed to pad my retirement savings up sme more. Then the economy tanked. I managed to stay employed, but all raises and promotions were totally frozen and 401K matches stopped. So now it’s been about a year and a half with no expectations of any raises or recognition until who knows when. My IRA took a big hit and is still down about 25% from the high in 10/2008 and with no matching, I haven’t been able to add much to what I had.With things picking up now, I might need to start looking around for a job elsewhere. I missed that initial first income bump that most people get for their first increase and really don’t expect to get any increases over a percent or two when they finally do start back, so I’ll alway be working for peanuts here.

It’s been tight. Kids are still in college and it’s been hard coming up with tuition money over and above what grants and loans would cover. I had to charge one semester on my AMEX card as a short term loan, which would have been fine, but then AMEX F***ed me royally by more than doubling the rate to over 24%, so I’ve been making the biggest payments I could to get the balance down because the interest is eating me alive. The credit companies totally took advantage of people when they were down, making a bad situation even worse.

For the first time in my life I count it a blessing that I haven’t had money to invest or buy a house – getting a job has always been tough on this rung of the economy, but even in this environment I’ve managed to pay off all my debt from several illnesses and stay afloat on monthly expenses. Friends of mine who used to have buckets of money have asked me for advice on thrifty spending. They’d used their houses and everything else as an ATM, and now have nowhere to turn while their home values plummet and the debt-load is slowly, painfully paid down. I will never again feel ashamed or less worthy next to them. They are learning to look up to those who work hard and live wisely within their means – however meager that may be. Own your worth instead of financing it, and no one will ever be able to take it away. Know the real value of your dollar.

How this has changed my life? I’ve been out of the market since 5/08. I’m lucky… few events in history have been advertised with such clarity. I’ve notice two pink elephants in the room. Banks still own more toxic waste of non-performing loans than their earn in a decade and the governments stimulus programs have not been replaced by private sector stimulated business activity ie: self generating private sector demand is dead..the fat lady might still be screeching after her throat was trampled in the first exodus, the speculators have saved up her throat enough to get a few more bars out but their so much noise (manipulation) in the data and unlike the last top she won’t be heard a mile off. Behavior Affect: I’m not not lending to corporations.This disaster has resulted in our family eliminating all forms of debt with the exception of our primary residence, which is under water. I’m sure this behavior is being replicated in the aggregate, directly or indirectly making families increasingly insecure about their future resulting in a sublayer of fear that underlies the economy. Slowing business activity, increasing foreclosures on private sector loans of all types. Behavior Affect: I look deeper into the financial and social data.I’ve read some of the previous submissions and it seems that those who feel good about the status of the economy are those who are speculating in the market. So “hot money” still is a method that this country is relying on to rebuild it’s competitive position in the world. Affect on my behavior: As I observe this I see that today’s investors are not investors at all but speculators. This country still is not disciplined enough to invest in it’s future. Behavior Affect: I’m not lending to corporations.

Well, being associated with an Indian outsourcing giant, didn’t cost my job even during this recession (err.. I would rather call it as slow down in India).. Of course even my organization fired few low performing ppl and even I was on those lines, but my improved performance over 6 months saved me and even got me 8% hike .. I’m content with that, but still NO big hike or promotion.. Signs of recovery now gives me confidence that I can get a better job outside – which am trying for past 2 months..

It is unfair, disastor even though I sit on hard cash, I feel governments are doing everything to steal my hard earned moneyUnfortunately this economy has proven that american and INDIAN government are emphasizing ‘Gambling’ as recovery.They prove ‘Socialism for the rich and capitalism for poor in other words they are doing everything to take money out of the pockets of middle class, well to do, poor and putting in the hands of RICH, BIG WIGS!The average common man is paying the price for the mistakes of EXTRA RICHWhich is unfairI find that real-estate in INDIA&USA has zoomed past the affordabilityIt means in short that the value of hard cash or money has reduced too much and all that has gone into the pockets of big banks and gamblers.So that is the end to itOnce again my money hard earned money will go to the pocket of rich guy

Ironically it had a same catalyst impact like politics some time ago. At some point of my life, few years ago I was fed up with government increasing rules and regulations which were making my life more and more miserable and not offering anything else in return. So I decided to take my fate in my hand and to take care of politics. I can not say I have become a world leader but at least I have run for the office as a candidate and will do it again, and learnt legal and ethical ways how to move the government in your favor sometimes…Same here. I had a hard time since 2007 actually because of the fresh new business – an art gallery in Brussels(please see our site). It was not doing good in the first year of course, but then in 2008 things began to move on, and we were optimistic, but suddenly because our line of business is a first to suffer if economy goes to the toilet, we had hit the rock bottom by Christmas and began drilling after new year… By the end of January I understood that if things not going to change we are going to be homeless within a week… So we started new line of business-the development agency helping non European expats who want to start business in European Union to overcome all bureaucratic obstacles, and then, again I understood that it is time to take business in my own hands and began trading at NASDAQ and NYSE online… It is a long way, and I may fail, but this is how stroy goes…Crisis is like a war. What does not kill you makes you stronger. The most terrible part of both are innocent souls who die or suffer without even doing anything wrong to deserve such fate…Next time they say? I believe there might be a next time, but I hope next time they will at least have compassion to put the elderly and children in some place warm before robotic evicting them from their homes and pushing them into the cold. With social security for all crisis might even be amusing….

” Mortage debt slave”, I see the large motivation for this choice as real estate speculation, based on the popular, false assumption that “real estate always goes up in value.” Counter to that here in Calif. we still have a very large sum of Alt.A and Option Arm. loans to digest over the next two years as they are the loans on the 500K properties that will reset aprox. 63% higher monthly payments on average (source; IMF reset chart). Couple this with a larger USTreasury debt that will undoubtablly lead to higher interest rates and further falling real estate prices. One possible exception to this scenario would be currency/dollar devaluation and or replacement. I sold stock postions for me and my family in late ‘07, no car payments and I own mine and my mothers residences outright. I am a residential/commercial painter self employed for over 30 years. My consevative but very stable business for 30 years has seen aprox. 40-50% revenue drops. I’ve experienced a couple of prior recessions but this has been a much larger, feels like a large financial earthquake has hit and we’re all waiting for the aftershocks wondering what further damage will be leveied on a badly damaged system that is supposedly being repaired but under the veil of much govt. secrecy.The to date results a “jobless recovery” with some refurbished roads and some “new paper plate cars” ontop of them. No the sky has not fallen and I ask not for any sympathy, these are just my current observations here in Central Calif. midpoint of four ground zeros of this fraudulent bond spraked financial crisis. May sound reasonable solutions come forth and be implmented as we move foward.

Recession affects all international students in western countries especially USA,UK and Australia. Studied at high price….but no job, no work exp since 1 year…..

=== Patience is the mother of all virtue ===Be a bear when others are bullish and be a bull when others are bearish.

Crisis? what crisis? here in Singapore, life is wonderful!Property prices are climbing and despite regulations, the froth remains. New immigrants are coming in and the stock market has risen more than 60% since last Sep.The main shopping area is bursting with shoppers!Come over here! Its just great! Jobs aplenty with mega projects in the brand new Integrated Resorts thats managed by Las Vegas Sands, there will be 20,000 vacancies! and thats just one.. there is another on Sentosa Island which has beach front properties that are still selling over US$1 million each!Lots of young people too!.. all under 40 years old!No earthquakes,no El Nino, no terrorists, no greedy bankers, no snow and no floods… just plenty of sunshine! and with ultra fast internet services, major brand names such as Microsoft, BHP, Toyota, HSBC ..this is where the growth will be…come now while there is still room.. ( up to max of 8 million people on a 500sq km island)

Crisis? What Crisis? In the U.S. life just went on! People lost their jobs, and houses in the U.S. but never were in a crisis! Hunger is rare, less likely die from it. People get help from left, right, up and down. There’s foundations and organizations that will prevent the average US American from not having a home or something to eat. It’s ridiculous that most US American’s caption this economic downfall as a crisis. Want to see a crisis? Go to Argentina…thats were Democratic Capitalism is most highlighted at. That’s were US’s expenses and mistakes land, or better said in South America. Not only Capitalism, but all sorts of Government types, because governments never work! We(S. Americans) are being used, not only by US banks but also European ones. We, along with many third world countries, are the the modern slaves. So if you ask me about a transparent but white crisis to US Americans! MY RESPONSE IS THAT WE NEED “THE VENUS PROJECT” designed by Jacque Fresco!!!Thank you and enjoy everyday you got, while LITERALLY thousands die per day because of this CRISIS!!!

I have been unemployed and alternatively underemployed since 2003. I have 30 years experience and a terminal doctoral degree. I was also in my late 50’s and a disabled veteran. I struggled to feed and house myself, spending most of two years in a motor home in the Mojave Desert. I applied for, and received SSA retirement benefits in February 2008, when I finally made it to 62. Even with these benefits, I am still officially below the poverty line. But I can survive now. There have been many areas of endemic and systemic poverty for a long time. While I am distressed that so many of my acquaintances have come to know what I have endured for themselves, perhaps now we can join together and force the systemic reforms that all of us need to recover and rebuild an economic structure that provides the necessities of life for all of us without regard to our employment status. Register and vote. Demonstrate. Speak out at the meetings what ever and where ever they are. Vote with your wallet. Do what ever you can to trash the politically and morally bankrupt system of government by corporation (classic fascism). We have an obligation to children and grandchildren everywhere to try, even if there are some unavoidable casualties. Do it while you still have the ability. 1917 is here. Don’t let the bad guys win again.

interest. Would you take out a loan with such a high rate? New Mexico has passed laws which specify such loans as predatory lending and prohibit them. Only those who have no possibility of getting other lending would consider such a loan.Our financial system is in serious danger of total collapse. As a result, the banks have recieved major financial bailouts of billions of dollars. Defaults are expected to skyrocket in the near future.A major factor in the dramatic increase in defaults is at least partially the result of such exorbitant interest rates by the credit card companies.A card holder has been very careful never to be late sending in his payment. His minimum payment is 100 dollars per month. One day, he mails in a payment on one of his utility bills, and for some reason it is credited a few days late. He is then listed as being in arrears and is reported. Thanks to current regulations, the credit card company is now able to raise his rate from the initial 8% to 25%. His minimum payment jumps from $100 to over $200. This happens even though his payment was received on time.The credit card issuerer is now able to collect an extra $1200 or more per year because the customer has a late payment record, even though he has never been late with one of theirs, and may not even have been late sending any payments. Suppose he, like many people, has 3 cards with similar balances. That is $3600 a year of payments he neither incurred nor agreed to. I believe such practices are even more predatory than the companies accused of predatory lending.While he was able to make the $100 payment, the $200 payment is a problem. If he has 3 cards, it is much worse. A payment is delayed, and a late fee, often $200 or more is added, forcing the card holder further in arrears. It is very probable that the card holder will end up in default, and may loose everything if he happens to loose his job.Check cashing and title loan companies are prohibited from charging such exorbitant interest rates under state law, and cannot increase rates after the loan is made. Credit card companies are governed by federal alw and appear to be exempt to such restrictions.Stores offer a no payments and no interest for six months or even up to 3 years programs. Unfortunately many people forget how much they are buying. As a result, since they are not making payments, and have 3 years before the first one is required, they may spend more than they will be able to pay for before the first payment is due.Even if they are able to make the payments, by the time payment is required, the product may be showing serious wear. The consumer will probably be stuck with it until it is paid for.Some of these programs are even worse. One I looked at specified that as long as payment was made before the end of the free period, no interest would be charged, but if the item waqs not paid in full, interest would be retreoactive from the date of purchase. When the first payment is due. the purchaser’s debt may be more than half again larger than the initial purchase. The customer agreed to those terms, and will be stuck with paying off the larger amount because he didn’t read or understand the fine print.If this results in late payments, fees willbe added, again pushing the consumer further into debt. A recent news report indicated that warning the lender that you are struggling may not get any help, as it appears to be in the companies best interest to allow the customer to get behind, since it increases their potential earnings.Regulations which allow such practices are at the root of much of the current financial crisis. Despite our consumer protection programs, it is still very much a “buyer beware” situation in our credit markets.As more and more jobs disappear, people are discovering they are enslaved by their debt. it would be worthwhile to remember the biblical statement in Proverbs 22:7, “The rich ruleth over the poor, and the borrower is servant to the lender.”As people learn how the credit system has trapped them, they are frequently unable, and often afraid to borrow more money. This will probably prevent the stimulus packages from producing results right away, making it even more risky for others to borrow.

In my family we had a stable business for 38yrs. We did see some ups and downs but nothing that really made us worry about our very own survival. Today the businesses we deal with are all going out of business. Our income is down by 90%. For the first time we are living on credit cards. I don’t see an end to it. In fact I don’t even know how I will pay for next month.

Lost my job, along with 33% of my entire floor, because customers had to cancel or re-price all of their steel orders before they were even delivered. There wasn’t a shred of liquidity in the capital markets, and nobody could take on more inventory, so everyone had to shed employees. Thanks for the “lesson”, Wall Street!

In fact the crisis did not change my life at all. For a decade I did not understand how the system could sustain itself. My banker kept offering me credits which I kept refusing saying I did not need any to buy say a washing machine when I can save a few months to buy one. His point was that refusing his offers would leed me in troubles since I would not have a credit rate. Therefore banks would not know if I am trustful… My point was that a banker should recognise a good client when this very client shows he manages his budget to perfection, spending only what is necessary, saving, investing properly and NOT overspending to the popint of needing a credit. He found me old fashioned. I found him dangerous. I was right ! Having no credit to payback, some savings and a lifestyle that matches my resources that crisis simply passed on me like the wind.However I will never forget it. I will never forgive my bankers. AND I will always make sure I do not depend on them at any cost.Try to do the same…

I’m a sales manager of a small UK based company, a subsidiary of a large German company. The Managing Director was replaced, with staff levels reduced for efficiency by the new MD.Around 50% of the staff (10 people) were made redundant. Their jobs being out-sourced.Having experienced a similar situation in the early 1990’s I’ve immediately reduced my outgoings as much as possible. Shopping around for everything from cheaper food to cheaper house insurance. I’ve also concentrated on clearing debts and creating a lump sum cash “battle fund”. At the same time closely watching day to day expenditure.If I’m made redundant I can survive for a year with no work at all, for 3 years if I have periodic temporary work on a much reduce salary. After 3 years I would have to sell my house, realising capital and reducing my debts to zero. I would then rent a small flat, doing temporary work to finance myself in the longer term. This would, however, seriously damage my retirement plans.At the moment I’m fine but many people I know are not.Taking each month as it comes, with a clear strategy planned if things go badly, helps me sleep at night.Unfortunately, though, like many I do have a sense of bad news being just around the corner.

Simply read Greg’s submission above of 10/22. He has it exactly right. Professionally, after surviving in a tough business for 40 years I crashed two years ago and haven’t recovered yet. So I’m off in a different direction. Many people I know, with remaining assets have left the Country simply because they have given up on it.

Lost my job.