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... Read more
November 23rd, 2009 1:51 am GMT - Posted by Andrew Franks
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... Read more
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... Read more
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... Read more
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... Read more
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,... Read more
October 16th, 2009 6:09 am GMT - Posted by Yahiya Sultan
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... Read more
October 14th, 2009 6:26 pm GMT - Posted by John D. Coffey, J.D.
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... Read more
October 4th, 2009 2:41 am GMT - Posted by Ignacio R.
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... Read more
September 17th, 2009 12:40 pm GMT - Posted by Raju Cherian
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.....
" 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... Read more
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... Read more
September 16th, 2009 12:27 pm GMT - Posted by gabrichidze
It is unfair, disastor even though I sit on hard cash, I feel governments are doing everything to steal my hard earned money Unfortunately 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... Read more
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... Read more
September 16th, 2009 7:17 am GMT - Posted by Ashik
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... Read more
September 15th, 2009 7:44 pm GMT - Posted by csodak
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... Read more
September 15th, 2009 7:19 pm GMT - Posted by TheyCalledMeABum
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... Read more
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... Read more
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... Read more
September 15th, 2009 6:57 pm GMT - Posted by David
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 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... Read more
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... Read more
September 15th, 2009 6:02 pm GMT - Posted by Joe Bonasses
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... Read more
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... Read more
September 15th, 2009 4:06 pm GMT - Posted by Louiscyph
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.
September 15th, 2009 3:38 pm GMT - Posted by Someone
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.
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,... Read more
September 15th, 2009 3:24 pm GMT - Posted by Steve
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,... Read more
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.... Read more
September 15th, 2009 3:09 pm GMT - Posted by J & J
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... Read more
September 15th, 2009 3:07 pm GMT - Posted by Robert Foster, USA
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.
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... Read more
September 15th, 2009 2:56 pm GMT - Posted by Ian Kemmish
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... Read more
September 15th, 2009 2:41 pm GMT - Posted by Alrighty Then
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... Read more
September 15th, 2009 2:23 pm GMT - Posted by craig
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.
September 15th, 2009 2:02 pm GMT - Posted by Angelo Coppola
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... Read more
September 15th, 2009 1:11 pm GMT - Posted by Lloyd
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... Read more
September 15th, 2009 12:42 pm GMT - Posted by Graeme
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... Read more
September 15th, 2009 12:23 pm GMT - Posted by guedeney
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... Read more
September 15th, 2009 12:20 pm GMT - Posted by martin clarke
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)
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,... Read more
September 14th, 2009 4:55 pm GMT - Posted by John Weeraga
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... Read more
September 13th, 2009 3:49 pm GMT - Posted by al Aboutme
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?... Read more
September 10th, 2009 5:35 pm GMT - Posted by required
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... Read more
September 10th, 2009 3:48 pm GMT - Posted by rohit
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... Read more
September 10th, 2009 3:18 am GMT - Posted by Lee Siu Hoi
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$... Read more
I was laid off in January. Our company did not make it and went belly up. I did not get my severance pay, vacation, or wages. I've been collecting unemployment since then and recently decided to go back to school to be productive as well as learn a new trade since I have not been... Read more
September 9th, 2009 7:42 pm GMT - Posted by aseret84
I ran a foreign money market fund starting back in 2004 that did extremely well. In mid 2006, I had two partners who became beligerent as they kept badgering me regarding how much money Bernie Madoff was making for them. My objectives were far more conservative and I was earning 300 basis points over US... Read more
September 9th, 2009 7:32 pm GMT - Posted by John P. Crowley
Lost 60% of my savings- some recovery my present is ok but my future uncertain and a business investment lost. Merrill Lynch recklessness responsible for much of the loss. Unbelievable how they used their retail clients (individual ivestors) to feed their fees and investment banking. Hopefullyh their will be some justice. Regultors need to follow... Read more
September 9th, 2009 6:57 pm GMT - Posted by Thomas On
in india we jst faced major job cuts due to world credit crisis also it make affects on our industrial growth & export also ........ bt we recover almost thughout govermnt bailout pakages ,,,,,, & FII investmnt in our country thats our gr88888 india !!!!!!!
September 9th, 2009 12:51 pm GMT - Posted by shantnu gupta,bareilly,india
To a small extent, principally because I work in banking and 'bonus' is a bad word anyway, regardless of the fact I work for a conservative bank on the high street and am working harder than ever - targets have not dropped because there is a recession on! About 3 years ago, I could expect... Read more
September 9th, 2009 10:41 am GMT - Posted by Adam K
All was OK and peachy keen until the gov't raised our corporate taxes. I decided the paperwork, cost of processing, and the taxes were too scary and frustrating. I closed the business, laid off my employees and retired on what I had been able to arrange over 50+ years of hard work. The economy does... Read more
September 8th, 2009 10:15 pm GMT - Posted by GeneS
I have a small business that sells payment processing equipment. This whole year has been terrible due to the fact that many of the small businesses out there are not spending. They are scared!! (as well as I) Why start a business right now when everytime you turn the news a business is going bankrupt.... Read more
September 8th, 2009 5:44 pm GMT - Posted by George
I am on the edge of forclosuer now,no savings or investmants left. I am out of work and runing out of finds to survive.I have a wife and 9 year old son who all understand the economic melt down.Wall street is being helped not main street. Economic contraction in the US is on going yet... Read more
September 8th, 2009 5:29 pm GMT - Posted by william t bernal
I am most lucky to still be employed, as my husband has been out of work for 5 years after back surgery and a spine in terrible condition. He's in constant pain, but luckily we both have insurance. My insurance for him as a dependent has been raised in price to over $1,000 per month,... Read more
September 8th, 2009 3:56 am GMT - Posted by Jean Davis
Having been very low on money and only marginally employed for the better part of my adult life, I am not affected, for I have learned not only to live without, but to prefer being without much of what is generally considered essential. I have no television set, for example, no wireless telephone (much less... Read more
I have had a steady and successful career in the Entertainment Business as a Performer and Producer for 40 years up unitil the Depression. I have been making my living as a well regarded Pianist. I have never been out of work in twenty years except for travel time. Now my work is a financial... Read more
September 6th, 2009 3:28 am GMT - Posted by Mithan
Dealing with the professional motorsports teams, I thought and felt secure. We built a solid reputation as a leader of high performance equipment. But when the sponsors started writing smaller checks. Things started going south and fast. Six digits to zero in three years. So this financial mess really started for my family and I... Read more
September 5th, 2009 5:31 am GMT - Posted by J Falk
i want to start by saying that all my thoughts and prayers go out to my fellow americans as well as the others around the world who are dealing with a scary present and future. eventhough i am facing a foreclosure and bankruptcy as a result of losing over half of my income, i wake... Read more
I like the character analysis of the reader who explains how banks make money providing credit to people - by charging interest. Obviously that guy works for a bank. So do I. By the way, the banks have behaved in exactly the same way as the foolish people you describe. With one exception. Getting funds... Read more
September 4th, 2009 1:04 pm GMT - Posted by Franz Kafka
I have become a professional blogger to kill time and also spill my guts to the whole Western world. It helps. No ways I will ever work in Saudi again. Consequently I spend some time with my shrink on Saturday mornings, to kill some more time and utilise health care benefits to it fullest extent... Read more
September 4th, 2009 9:43 am GMT - Posted by Casper Lab
I\'ve been most fortunate. Last September I had an incling that the economy was going to get worse before it would get better. So, I transfered my savings from an equities fund to a government bond fund. The next day Leman Brothers went belly up. In April of this year I transfered the money back... Read more
The drying up of credit has impacted the telecoms industry which I work in. As a result, telecoms firms are less likely to spend on large systems implementations projects that my firm bids for. The result has been less available work, mass layoffs and desperate to keep to my job I took a role on... Read more
"and a house is NOT AN INVESTMENT, that’s the only important thing people should get trough their thick skulls." This particular comment is a little disturbing. A house is definitely an investment, as over a long period of time 99% of them will increase in value. The problem was not necessarily with people investing in... Read more
September 3rd, 2009 4:03 pm GMT - Posted by Aeljas
the financial crisis has not affected me so much because of l have regularly income. maybe the reason why l live in Turkey. Banking system in turkey and turkish economy are very strong anymore...
September 3rd, 2009 12:52 pm GMT - Posted by cumali
I have realised that I have to shut my mouth,listen, hold on to what I have, ride out the boredom and not make mistakes at work. I do however feel very sorry for the elderly whose income streams have reduced radically and who might become destitute.That's sad and worrying.
September 3rd, 2009 11:41 am GMT - Posted by Casper Lab
WOW! Sounds like a lot of people are in quite a pickle. Well, I'm 17, turning 18 soon, and still have my job I got 3 years ago as a junior network technician. I was actually going to get a raise from minimum wage to $15/hr, but the whole "recession" thing happened, and I could... Read more
In California, housing prices have been out of control for years and years. I'm suprised the bubble didn't burst long ago. I didn't buy a house cause I thought they were overpriced even 5 or 6 years ago. The main way the recession has been affecting me is that the interest rate on my 401k... Read more
September 3rd, 2009 7:05 am GMT - Posted by charles
THE super rich and corrupted systems will finally come crashing down in the next few years don't take my word for it ...check it out (p.s.there have been 10 other crashes in wall street history ...wait till you see this one coming up...WOW!
September 3rd, 2009 7:04 am GMT - Posted by bob 4 the poor
I, as so many people in this country,am in a very difficult situatation. I am very surprised that there is no mention of the millions of us who have had to file chapter 13 to get out of debt. And as you know, after the 13 there is more problems trying to get back on... Read more
My fiance and I bought a $300K house in Feb 2008 with 1% down. She left me in Nov 2008 and I was left unable to make the $2400 /month mortgage payment. The house has dropped in value by $60K. After 6 months of going in circles, the bank (Citi) has completely dropped the ball.... Read more
September 2nd, 2009 4:00 pm GMT - Posted by Gerald Spencer
Yankee Doodle had a car, Bought with US bank debt. He hit a bear and lost a wheel, And drove down an embankment. Spun the wheels and now he's stuck, In bad sub prime molasses, Shame that Fred and Fann are sunk, They might have lent a hand. Along the road came Goldman Sachs, Who... Read more
nothing, i don't drive a car, i don't have a house I've never had any real money so there is no change there. in 2000 you could really already see a bubble was being created in the housing market 'unless you were blind'. and a house is NOT AN INVESTMENT, that's the only important thing... Read more
September 1st, 2009 11:32 pm GMT - Posted by markR
To answer the question, we have aggressively tried to pay down or mortgage for the past 5 years, but we moved to a better job. We're having trouble selling our property because even though we get interest, people are having problems putting financing together.
To Pravnav from Mumbai - In answer to your question about what people were thinking - they thought that the credit available to them, and the markets that have persisted for decades, would continue. This was a reasonable assumption for a "normal person" especially given that experts at the Fed said things were fine. So... Read more
Hello There , Seamus from Ireland here . I was struggling financially up to this year . I've found a new financial lease of life buying and selling bank shares of our ailing Irish banks . It is the best thing that ever happened me ! Rock On !
September 1st, 2009 9:13 pm GMT - Posted by Seamus
You've got to be kidding me? How have I been affected? My wife and I bought our home in August of 2006 at the height of the market. We are now under water in that we owe more than it's worth. Also my 401k has been cut in half. The silver lining is that we... Read more
September 1st, 2009 7:02 pm GMT - Posted by Richard
Lehman Brothers have a number of UK sub-prime lenders in the housing market, One of which is SPML (southern pacific) run by a company called Capstone, who owe Lehman Brothers some 60million through inter-company loans/accounts, They have issued legal/repossession against most of there accounts in the sub-prime market and are by far one of the... Read more
My fiance have been fortunate not to be affected in a negative way by the current crisis. We have both been smart spenders all our lives and good at saving. I think we benefit from the downturn because we have had the extra cash to spend and things are cheaper than before. So where we... Read more
September 1st, 2009 3:43 pm GMT - Posted by Rebecca
...ahem, India, China, Brazil and Russia, in my opinion, are developed economies, even embedded, especially with unrecorded informal GDP's. Take China - they glut the World markets with cheap (labour) products that require recalls.
September 1st, 2009 3:31 pm GMT - Posted by Molly Coddle
Been in business 15 yrs., now I'm 50. I can't cut anymore expenses. No one is spending here. No one wants to hire a 50 year old. I have no medical insurance, retirement age for S.S. has been pushed up two years. I am running a deficit, in the black, that has depleted most of... Read more
September 1st, 2009 3:14 pm GMT - Posted by Boo Hoo
I am from Mumbai and I trade in US interest rate instruments.I have seen the "subprime" buzz turn in to recession.Well to say the least I totally agree that it was the greed which caused this crisis.Its easy to blame the Investments Banks and traders alone.But why do we forget it was the masses who... Read more
September 1st, 2009 2:23 pm GMT - Posted by Pranav
Since I was priced out of the housing market in 2005 I bought a small mobile home. Luckily what I pay for space rent is less than a comparable apartment. I am still paying off my car. But those are my only debts. My 401k has been halved, but since I am 34 I figure... Read more
the shockwaves were felt on the other side of the world. I live and work in India, whilst we have been contributing the same numbers and growth y-o-y but seems due to the happenings in the West, our bonuses and salaries have been curtailed. I have not had a salary and bonus hike since two... Read more
I too had great credit before this recession, at least until I was laid off last year. I was always frugal with my money, never bought any luxuries, fancy cars or expensive things. I still have yet to find work, jobs are quite scarce these days. I collect no UI benefits nor receive government assistance... Read more
September 1st, 2009 8:37 am GMT - Posted by Michael
"THE FEDERAL RESERVE! It’s a private offshore bank! They have you fooled that is is part of the Gov." All Reserve Banks are and must be independent from Treasuries. The latter collects taxes and allocates it against budgets, hence a 'shortage or surplus on budgets' To cover a shortage, Treasuries have to borrow from somewhere.... Read more
September 1st, 2009 7:56 am GMT - Posted by Casper
@DaveP yet no one else even talks of the Federal Reserve here. They give macro experiences but never talk of the underling problem. It really is like people are asleep! Wow, and I used to laugh at that term, now I'm seeing it more and more.
September 1st, 2009 4:44 am GMT - Posted by Clayton
I am an educated, experienced, licensed professional having a difficult time finding work. I didn’t overspend. I drive an old vehicle that is paid for, and rent instead of owning a home. My former employer was a reputable firm for the last twenty plus years with 60 employees. They are now out of business. It... Read more
It is obvious the current economic crisis is caused by greed, overconsumption, and lack of saving.... but not by most average Americans! Everyone knows tons of small formerly profitable businesses are going under across this country, because they can't compete with unregulated goliaths who are accustomed to getting everything for free from corrupt politicians and... Read more
September 1st, 2009 3:50 am GMT - Posted by pissed off
How has it effected me? Back in 2003 I pulled all my wife's and my own 401k savings, when it was easy to do it. We took the tax hit because we saw what was coming and I figured we would make it back thanks to Fed policies if I invested it in gold. Yes... Read more
September 1st, 2009 12:46 am GMT - Posted by M Novak Jr
The credit crisis hasn't affected me. I didn't live beyond my means. I could have gotten a nice house and driven a BMW but I knew this was beyond my means and risk tolerance. For someone to say they want a cramdown or lower interest payment is insane. Just to get this straight people lived... Read more
I work for a consulting firm that was doing very well before the crisis. For the past couple of years, the company shrunk from almost 90 people to about 25 and survivors have to work with reduced salaries, increased hours, and now furlough (the new craze). Each of my last paychecks is close to what... Read more
August 31st, 2009 10:22 pm GMT - Posted by architect
One thing that seems to be entirely overlooked by all the complainers is that people have spent beyond their limits - credit is spending 'future earnings' and paying a hefty fee for the privilege. Yes, it is wrong that banks and credit card companies nickel and dime us (regulation needed!) but some of the responsibility... Read more
August 31st, 2009 9:27 pm GMT - Posted by Mike Wallace
It has been disappointing to see that legislature designed to protect consumers has actually given credit card companies free license to revise credit card rates and limits, usually to the detriment of consumers, prior to the August 09 deadline. I for one am a responsible credit card holder attempting to pay off my debt, but... Read more
My husband was a gym teacher in a small private school. He was laid off in October because enrollment dropped and has been unable to find another job in his field. Since the school was a non-profit, he was not eligible to collect unemployment.
This credit crisis has of course impacted everyone. The sad part is that the very banks and companies that were responsible for this crisis were bailed out with mainstreets money. They can file for bankruptcy but not mainstreet. They get bailouts and then decide to raise the interest rates on loans and credit cards. What... Read more
August 31st, 2009 7:45 pm GMT - Posted by Bobby Mehta
What I read and see in the media is sad in the past few months. I think that the problem is that we want it "BIG" always more ... If you ever read the litle fine print on your card contract you would know that 1st, it is not your money but someone else ...... Read more
@ August 31st, 2009 4:59 pm GMT You are correct - the Federal Reserve is at the heart of all this. The Creature From Jekyll Island is a MUST READ if you want to understand what has been happening to our money for the last hundred years. The author, G. Edward Griffin will be speaking... Read more
My husband lost his job in October 2008. He has yet to find a job in his field (Superintendent for Under ground Untitlies)Lot of ads in the paper no one is really hiring. I am working almost full time now trying to replace his income (I only make about half). His unemployment benefits end soon... Read more
August 31st, 2009 5:52 pm GMT - Posted by Tina Winston
Funny almost everybody who has posted is feeling this in some way but yet not one word on the real problem THE FEDERAL RESERVE! It's a private offshore bank! They have you fooled that is is part of the Gov. Get the book "The Creature from Jekyll Island" Read how the FED was born and... Read more
I'm in my late 20s and glad that I made all my financial mistakes early via Student Loans. The only debt I have is from my degree. When all of my friends were buying weddings, condos and cars- I chose to be a single, renter and drive a POS. Sure the "cooler" more fashionable people... Read more
August 31st, 2009 3:58 pm GMT - Posted by MichaelJ
My family is supported by our business www.kitchenbathwerks.com. We are a home remodeling company. We are doing plenty of bids, but people are balking at the costs. Home owners do not want to spend their savings cash at this time. Our business was fueled by borrowed money lent by banks as seconds on homes with... Read more
August 31st, 2009 3:16 pm GMT - Posted by david burr
I am trying to generate secondary income and I stopped going to restaurants, and seeing that 4% of the World's population consumes 25% of its energy, I kick off the day with a MacDonald's 1$ parity breakfast.
Unless you are "gold plated" and don't need credit, you won't get credit, and that is just the way of George Bush's credit system. Let's not forget that this is HIS credit failing and NOT Mr. Obama's. We are driving a 10-year old car and cannot get a loan for a new one and we... Read more
August 31st, 2009 2:37 pm GMT - Posted by Debbie Young
I have been unemployed from a 25 year career for close to almost two years. I have even completed a four year degree to help in hopes of getting an upgrade on my career. Now I have a $42,000 student loan debt with no job in site.I actually graduated in 2005 I have had to... Read more
Credit crisis, Oh if you have a job you have credit. It is the people that lost there job and have higher than 5% oh any home loan,automobile loan, credit card or any other personal credit that need their intersted lowered. Yeah like that is going to happen. Yes any one can get a loan... Read more
Only "deadbeats" credit will be affected? Don't you monitor the comments posted here that are used only as opportunities for someone to insult and annoy others? IndyMac Bank closed our Equity Line (after reviewing our home value with a software program from 3000 miles away) right in the middle of a renovation - yes, it... Read more
this whole "crisis" indicates to me how compromised the entire US government is through the influence of lobbies. they (the government) is more interested in getting re-elected ( and obtaining the obscene amounts of money needed) than doing what is right for the common good of this country. as a result, they will not offend... Read more
August 31st, 2009 1:22 pm GMT - Posted by rick frost
I have traded financial futures and options for 30 years, from the floor and off, but never have seen moves as in Mar 09 in bonds. To say extreme volatility is putting it mildly. My AMEX gold and skymiles credit card company cut my credit in half in late October without notice in the middle... Read more
August 31st, 2009 1:18 pm GMT - Posted by Douglas Temple
I bought a my home at what was the hieght of the market in the DC area. essentially, I paid $400K for what is now a $240K house. Loss: $160K. I know, I know. I hear it all the time, "just hold on to it and it will come back." No, it's a loss. If... Read more
since the crisis hit, I have had two credit card companies lower my credit limit, while raising my interest rate. This caused a third credit card company to raise my rate also. Mind you, I make all my payments on time or early, and I often pay more than just the minimum due. My employer... Read more
The credit crisis has made me realize that the world has changed and it will never be the same. I've been laid off as of July 1st and realize that I will probably never get a job with that pay scale ever again. I'm 54 and I am figuring out my new career. I don't... Read more
There are some sad stories on this blog and I hope a lot of people are able to get out of their situation. For myself, happily I have no debts at all. Still have investments and cash in the bank and a ongoing income. Thankfully, I am not struggling but am making sure I don't... Read more
Get Real, The worst hurt wouldn't have the means to respond. I own my home, we are both in job transition and I have about 45,000 in cc debt. What influenced my life is the cc change in interest rates. I love cc. But have to stop using them.........
We were already retired when the crisis hit. Very fortunately at that time, our house was paid in full and we had no other debt except for a month's expenses on our two credit cards. Also, fortunately, I had set aside some cash (I wish it had been more, of course!) from our stock and... Read more
I teach and have a full time night job out of fear of being laid off. Other have been, but my luck has held. I purchased a new car using the 'cash for clunkers' bill. I am fortunate to have a house that is paid off so I can spend my money supporting others. I... Read more
In September 2008, my wife and I bought her a new car, which we refinanced in December 2008. We bought our first home in May at 4.875%, and I just financed a used truck two weeks ago at 3.9%. What credit crisis?
August 30th, 2009 8:02 pm GMT - Posted by Steve Kirkland
not one bit. only deadbeats' credit will be affected. pay your bills, have an emergency fund.... even if ur CC lowers ur limit, it should make no difference!! just simply use another cc or apply for new card with ur stellar credit score. i have managed to buy new car and house.... i have lost... Read more
I reside in the UK and here since 2000 the number of debt cases we deal with at our debt advisory charity has rocketed, due to unlimited credit granted by foolish banks and lack on government control over bank lending for retail shopping and property, commercial and resedential. We are now seing large numbers of... Read more
Jasper wrote: The population of the U.S. is 304,059,724. Yet their are only 14 hardship comments. This begs the question…what credit crisis? I think that he's missing two points here. First the question is rather silly. We've all been effected in some way by this crisis and will be for many years. Even people who... Read more
My husband and I are both scientists, who moved to Singapore in 2004 to take what we thought were good jobs. We were both fired on the same day in the Spring of 2008. Since then, I was extremely lucky to find a new position, but my husband is still unemployed. We have 4 kids,... Read more
In the 1940's, a book was written in the aftermath of the political New Deal period called "Government in Business" but however one view's "the broker state", its clear that the image political government presents while enabling the largest transfer of wealth to the fewest numbers of people is about cultivating via TV and various... Read more
August 30th, 2009 12:55 am GMT - Posted by john galczynski
At the risk of being lynched, I must say that the past year has been one of my best. I got a great job, went on my first real vacation, got engaged and am planning my new family. I see the effects of this crisis all around me but I think I have suffered less... Read more
My family has been affected by recession. first of all, My father's factory has shrunk, since he started getting the bill. there is no where pays cash which is supposed to be used. I'm unive student. i'm already debtor who has borrowed more than Fifty Thousand Dollars from banks. Even though i will be graduated... Read more
We the tax payer bailed out the banks, the banks are now borrowing at 0.50 % from the FED but are not prepared to refinance our homes at less than 5% is this fair? In other countries banks are passing to the consumer the benefit of low interest rate for example in the UK you... Read more
August 29th, 2009 2:52 pm GMT - Posted by David Brown
Financial crisis revealed that executive pay in corporate world does not reflect talent, quality of work and risk judgments the executives perform. Extent of taxpayer bailout of the financial world which in reality relies so much on growth of general economy appears to create further uncertainty and bubble situations. Difficult to see this as just... Read more
2009 has been the worst year for my husband and myself. First, my small business had to close it's doors as business dropped significantly in October '08 and it never bounced back. Next my husband was injured on the job and could not return. We are both employed at new jobs but the pay is... Read more
August 29th, 2009 12:03 am GMT - Posted by Cannot wait until 2010
It's the inconveniences that prove the trouble we're in. I have a number of convenient resources, places where I can quickly accomplish what I need to do. Slowly these places have been crippled by the recession. Our cafe for employees closed, the dry-cleaner-shirt-laundry closed, dependable and knowledgeable employees took early departure, and the pot-holes in... Read more
August 28th, 2009 11:47 pm GMT - Posted by Stephen Zendt
My husband lost his job at investment firm. Found another job but paying less. Tried to short sale house, but mortgage company dragged their feet and has now filed for bankruptcy. My employer has begun layoffs and my husband's new job is cutting his pay. Even though all of our credit lines were being paid... Read more
August 28th, 2009 9:28 pm GMT - Posted by Bartleby
I pay Bank of America entire 20k of my outstanding credit card balance because I don't like the rising interest rate, so they take the money and tell me that the 25k credit line is now 500, as in 500 dollars, why are we bailing out these scumbags?
WHAT CREDIT CRISIS? I have no money in the stock market, so I have lost nothing. I bought a house with the intent of paying off the mortgage and living in it for the rest of my life. Why would I care if it goes up or down in value. I'm in the military, so... Read more
August 28th, 2009 9:21 pm GMT - Posted by Fidiousfog
I haven't been directly involved by a *credit* crisis, but by an *attitude* crisis. I recently sold a house. It was a nightmare because the underwriter repeatedly found one more reason to balk at providing the buyer with a loan. None of it was credit related, it was all supposed problems with the property, and... Read more
I work for a local county government affected greatly by foreclosures, and the subsequent loss of property taxes lost has put us in a pinch. I took six docked days this year, and may require 12 next year, and living in Michigan, am very happy to have a job. Food prices went up when Gas... Read more
Had to close my side business and my credit balances have been slashed. They really need to find a new way to evaluate credit scores. Im paying all my bills on time if not early and still they keep showing us the bad end of the stick.
August 28th, 2009 8:00 pm GMT - Posted by Tarek Allam
I built up my capacity by doing a post qualification course in International Trade Law and WTO (World Trade Organisation) from ICAI, India apart from being a practising Chartered Accountant. This capacity built up boosted my moral and revenue.
August 28th, 2009 6:29 pm GMT - Posted by CA. Rajay Kumar Aggarwal
I had been a college graduate for 3 months when Lehman collapsed. Since then, I've gotten a better job with better wages, improved my living standard, and paid off the credit card debt I accrued in college. If the recession had come a year or two later, I probably wouldn't have been as cautious starting... Read more