Of course we are only into our second year of this
recession and there is no way to determine how bad
and how long it may get.
As for what others will do. I would imagine they will
have to figure that out for themselves, as my grand
parents did for the Great Depression. After all giving
up is not really a good survival plan.
A lot may depend on if they have family, friends, or neighbors
that can help or share what they have. A lot are going
to have to unlaod a lot of their possesions that they
no longer can afford to pay payments on. There is going
to be a lot of pain and frustration, anger and depression.
But as depressions and recessions happen fairly often. It
should always be in the back of people's mind what they
can do if their job or business disappears. Remember that
recession is just a nicer sounding word we made up so we
would not have to say depression. And we held off saying
recesion. calling it a ecconimic downturn to keep from
saying the R word. If we were honest we would still call it a
depression and stop the game playing.
But without exception every boom ends in a bust, so we should
not be so surpised when the boom collapses as it always does.
In fact it is the free and easy spending of a boom period that
creates the situation for the bust.
I hope this one does not last too much longer because I am
afraid we have forgotten how to rely on ourselves. Long
enough and it might well affect me as well.
Blessed Be,
Christopher
Wisdom is what is left after you have done all the dumb stuff.