Sunday, March 01, 2009 7:16:47 PM
Does anyone think that we are just correcting the world's excessive financial behavior, and that in the long run, this may be a good thing for our future generations?
The housing market didn't collapse, it got corrected, and there is still more to go to a point where houses are reasonably priced compared to incomes.
The stock market didn't collapse, it got corrected from years of 12% average annual returns (which I always felt was a complete joke - 5-7% is reasonable)..
People that made 35K per year where buying new cars and had nice big lavishly furnished houses.. ANd invested in the stock market like they were experts and they actually understood how things worked..
The majority of Americans started having this odd state of entitlement : nice car, nice house, multiple TVs, a cell phone for every family member, going out to eat 5 times a week, etc. etc..
I recommend that anyone that feels the Financial situation in this country is so horribly bad and that we are on the brink of collapse, go visit another country or 2 and see that DOW 5,000 is a thousand times better quality of life than most people on this earth..
The US got way too spoiled and greedy.. this is over due..
Maybe we'll start appreciating spending time with our families more (cooking dinner together, putting the cell phone down, ..), we'll start saving more, we'll understand that a house is a place to live and not an investment vehicle, we'll understand that a HUMMER is a military vehicle and not a commuter car for suburban housewives..
I wish all of you on this board the best of luck and hope that we all turn this current environment into a positive event.. hug your kids, spend some quality time with your spouses, and give you parents call just to say hi..
Crazy ass material things do not matter ..
Cheers!
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