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zambe: I know that we all are affected by the so-call crunch, and things are getting worse every second. However there are people who are really affected by loosing their jobs, hard cash, homes etc. are you one of them? Do you know anyone of them? Please tell us some story about this, what happen with your life? Last but not list who do you blame?

zambe: I know that we all are affected by the so-call crunch, and things are getting worse every second. However there are people who are really affected by loosing their jobs, hard cash, homes etc. are you one of them? Do you know anyone of them? Please tell us some story about this, what happen with your life? Last but not list who do you blame?

Sparky55: I think the current crisis was caused by a lot of factors. Devaluation of housing, The greed from the CEOs at Fannie, Freddie, AIG, etc.. (Poor business practices from banks and other lending institutions). We in the US can blame both the dems and reps for their lack of oversight and we can blame those who borrowed more than they could reasonably pay back. We can blame till the cows come home but the simple truth is that we are responsible for the problems that affect us.

There are definately some people who really are victims and are currently losing their homes due to no fault of their own but I would wager most are losing because they bought/borrowed beyond their means and the banks along with loose lending practices allowed it.

As for the other part of your question. Yes, I have felt it and lost money from my investments. I'm not going to panic though because I do believe they will recover and I invested those funds knowing I could afford to lose them. It's also become next to impossible to sell my house which is currently on the market but I can keep it if I have to.

Lillym: Good thinking... panic is what is making things worse. It will take time but investments will recover.

Good post...

Sparky55: Sometimes I think the news reporters are making this much, much worse. I'm not a fan of the $700B bailout but I think we need to give them a chance to get it going before we panic ourselves into a much bigger problem. We are such a "I want it now society" It took years to screw this up and a fix will take at least months before we start to see sustained improvement

Sparky55: Sometimes I think the news reporters are making this much, much worse. I'm not a fan of the $700B bailout but I think we need to give them a chance to get it going before we panic ourselves into a much bigger problem. We are such a "I want it now society" It took years to screw this up and a fix will take at least months before we start to see sustained improvement

Sparky55: Sometimes I think the news reporters are making this much, much worse. I'm not a fan of the $700B bailout but I think we need to give them a chance to get it going before we panic ourselves into a much bigger problem. We are such a "I want it now society" It took years to screw this up and a fix will take at least months before we start to see sustained improvement

Hugz_n_Kissez: I'm surprised they aren't showing the impacts of it on the consumers...people that are losing their jobs and homes etc...I have only seen one and I posted it the other day...I don't think in a lot of people's eyes it seems real until you start to see its affects on real people...numbers don't mean a lot....

Hugz_n_Kissez: This is interesting...a comparison between 1929 and 2008:

THEN AND NOW

A comparison of economic conditions in 1929 and 2008:

UNEMPLOYMENT

1929 : Before the crash, the jobless rate was between 5 percent and 7 percent. Within two months of the crash, the number of unemployed workers quintupled from 700,000 to 3.5 million. By 1933, the jobless rate peaked at around 25 percent.

2008 : Unemployment hovers at 6.1 percent – its highest point in five years – compared with 4.7 percent a year ago. Employers have shed 760,000 workers since January, during nine straight months of job losses.

HOME OWNERSHIP

1929 : With the help of short-term mortgages, roughly 49 percent of Americans owned their homes – the highest level that had been achieved in the 20th century. By 1940, that number dwindled to less than 44 percent.

2008 : A record 68 percent of Americans own their homes. But a wave of foreclosures, which is expected to continue through the next two years, is putting a dint in that percentage.

FINANCIAL SECTOR

1929: The financial sector was arguably much healthier in October 1929 than it is today. No major financial institutions collapsed before the stock market crashed. But unlike today, the banking system did not have federal backstops to prevent bank failures or runs on deposits. As a result, roughly 9,000 banks failed during the 1930s and some major Wall Street investment firms collapsed. At the depth of the crisis, more than a dozen states lacked any banking services at all.

2008: Such major banking and investment institutions as Washington Mutual, IndyMac, Countrywide, Wachovia, Lehman Bros., Merrill Lynch and Bear Stearns have failed. According to some estimates, 150-200 banks nationwide are currently in financial trouble. That is a relatively small percentage of the financial system, but analysts say that tightening credit could push other banks to the edge. The Federal Deposit Insurance Corp., founded after the banks runs of the 1930s, says it can cope with any closures.

STOCK MARKET

1929: From a record high of 386 points on Sept. 3, the Dow Jones industrial average fell 49 percent to its interim low of 198 points on Nov. 13. By 1932, it had lost 89 percent of its value. It did not return to its pre-crash level until 1954.

2008: From a record high of 14,280 on Oct. 5, 2007, the Dow fell 28 percent to a low of 10,267 on Monday, before rebounding to Friday's close of 10,325.

STAGNANT INCOMES

1929: During the “boom years” of 1923 to 1929, the lower 93 percent of U.S. nonagricultural workers experienced a 4 percent drop in inflation-adjusted disposable income. The top tier, however, experienced steady gains, producing a record crop of millionaires.

2008: Between 2000 and 2006 (the latest data available for income figures), inflation-adjusted income for middle-class workers slid 1 percent, according to the Economic Policy Institute in Washington, D.C. That compares to 10.6 percent growth in income from 1989 to 2000.

CONCENTRATION OF WEALTH

1929: Partly due to stock speculation, the richest 1 percent of Americans owned roughly 40 percent of the nation's wealth. The richest 0.1 percent commanded 11.5 percent of income.

2008: The richest 0.1 percent of Americans command 11.6 percent of income, according to the EPI. The period from 1928 to 1929 is the only time the United States has had such uneven distribution of wealth since the government started keeping records in 1913.

SOURCES: Bureau of Labor Statistics, Federal Deposit Insurance Corp., Economic Policy Institute

Conrad73: I am tempted to call those Media-Idiots a Bunch of Anxiety-Makers.

Hugz_n_Kissez: This is interesting...a comparison between 1929 and 2008:

THEN AND NOW

A comparison of economic conditions in 1929 and 2008:

Hugz_n_Kissez: This is interesting...a comparison between 1929 and 2008:

THEN AND NOW

A comparison of economic conditions in 1929 and 2008:

UNEMPLOYMENT

1929 : Before the crash, the jobless rate was between 5 percent and 7 percent. Within two months of the crash, the number of unemployed workers quintupled from 700,000 to 3.5 million. By 1933, the jobless rate peaked at around 25 percent.

2008 : Unemployment hovers at 6.1 percent – its highest point in five years – compared with 4.7 percent a year ago. Employers have shed 760,000 workers since January, during nine straight months of job losses.

HOME OWNERSHIP

1929 : With the help of short-term mortgages, roughly 49 percent of Americans owned their homes – the highest level that had been achieved in the 20th century. By 1940, that number dwindled to less than 44 percent.

2008 : A record 68 percent of Americans own their homes. But a wave of foreclosures, which is expected to continue through the next two years, is putting a dint in that percentage.

FINANCIAL SECTOR

1929: The financial sector was arguably much healthier in October 1929 than it is today. No major financial institutions collapsed before the stock market crashed. But unlike today, the banking system did not have federal backstops to prevent bank failures or runs on deposits. As a result, roughly 9,000 banks failed during the 1930s and some major Wall Street investment firms collapsed. At the depth of the crisis, more than a dozen states lacked any banking services at all.

2008: Such major banking and investment institutions as Washington Mutual, IndyMac, Countrywide, Wachovia, Lehman Bros., Merrill Lynch and Bear Stearns have failed. According to some estimates, 150-200 banks nationwide are currently in financial trouble. That is a relatively small percentage of the financial system, but analysts say that tightening credit could push other banks to the edge. The Federal Deposit Insurance Corp., founded after the banks runs of the 1930s, says it can cope with any closures.

STOCK MARKET

1929: From a record high of 386 points on Sept. 3, the Dow Jones industrial average fell 49 percent to its interim low of 198 points on Nov. 13. By 1932, it had lost 89 percent of its value. It did not return to its pre-crash level until 1954.

2008: From a record high of 14,280 on Oct. 5, 2007, the Dow fell 28 percent to a low of 10,267 on Monday, before rebounding to Friday's close of 10,325.

STAGNANT INCOMES

1929: During the “boom years” of 1923 to 1929, the lower 93 percent of U.S. nonagricultural workers experienced a 4 percent drop in inflation-adjusted disposable income. The top tier, however, experienced steady gains, producing a record crop of millionaires.

2008: Between 2000 and 2006 (the latest data available for income figures), inflation-adjusted income for middle-class workers slid 1 percent, according to the Economic Policy Institute in Washington, D.C. That compares to 10.6 percent growth in income from 1989 to 2000.

CONCENTRATION OF WEALTH

1929: Partly due to stock speculation, the richest 1 percent of Americans owned roughly 40 percent of the nation's wealth. The richest 0.1 percent commanded 11.5 percent of income.

2008: The richest 0.1 percent of Americans command 11.6 percent of income, according to the EPI. The period from 1928 to 1929 is the only time the United States has had such uneven distribution of wealth since the government started keeping records in 1913.

SOURCES: Bureau of Labor Statistics, Federal Deposit Insurance Corp., Economic Policy Institute

cristina: credit cards

cristina: Hi Sparky