There has to be more to all this than shady home mortgages in the US/UK, right?
The "free market" relies on speculation and confidence. The problem is, all of the speculation now is bad and confidence is in the shitter.
I don't know if anyone realises this, but a whole lot of people watched the market going up, up up and have sold off their shares with huge profits (this would be the top 5% of earners in the world). Now these stocks are bouncing around as everyone else tries to dig out of the hole they are in.
It's all the people with 401Ks that are tied up in the market that are being screwed, 50%+ losses. We can't get out easily, especially at this point. Watching the 300 point drop in the Dow today, that 50% loss is going higher.
I am gambling that just keeping my cash in the bank now is the best thing to do. I cashed out my 401K 4 years ago because of the huge drop in the value of the US Dollar back then. I guess I am part of the problem, maybe I started the whole mess.
Sorry...
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