ziggy29
Moderator Emeritus
Which is why this bucket of cold water could -- and I stress, *could* -- be very good for us long term. As I mentioned before, many people who lived through the 1930s had their outlook on money and finance changed for the rest of their lives -- don't buy what you can't afford and pay cash for, live frugally and below (or at least no more than *at*) your means, all that.For a change, maybe it would be good for people to think about whether they NEED something before they buy it (rather than just WANTING it). Does anyone really NEED a 52 inch LCD TV? Do we as a society really NEED 60 different kinds of tomato sauce at the grocery store? Half the reason we are in this mess is people confused wanting something with being able to afford it, and never even asked themselves if the desired item was really necessary.
If this winds up painful enough, as much as it sucks to live through...I suspect at least some people will learn this lesson and we'll be stronger for it -- in the long run.
It really comes down to how bad it gets and how long it lasts. If the credit markets begin functioning before long and this turns out to be just a big speed bump, not much will change.