To hear some people tell it, the current adjustment taking place in the stock market is the hearkening of some kind of apocalypse. Until I see four repo men on horseback, I'm not convinced. This page is always bewildered when the alarm bells are ringing from Bay Street or Wall Street. As someone who works for a living, lives modestly (i.e. doesn't own a vehicle), and puts his money in the bank, I'm not seeing that big a crisis. I didn't party like it's 1999 when the markets were rocking to the beat of Easy Credit & the Subprime Mortgages, so I'm not going to panic like it's 1929.
If an adjustment in the market means a few less rich people who may now be more interested in preserving the social safety net rather than screaming for more useless tax cuts, by all means, adjust away. The best thing for the rest of us to do is remain frugal, and be ready to call 'bullshit' when the richies and the wannabes want governments to cut health care and education because they had a few bad days at the Trading Floor Casino and didn't know when to quit.
1 comment:
Which is great until I lose my job because the company I work for needs to do some belt-tightening in an economic slowdown, or my RRSPs disappear despite being in what I was told were low-risk financial institution equities (or worse yet, I was counting on my home equity to fund a retirement), or my government decides to put us all on the hook for fresh new debt trying to rescue the ponzi scheme of cheap debt and overconsumption from collapsing completely. It's going to be everyone's crisis soon enough, and a market collapse is just one easy-to-report symptom.
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