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February 24th, 2005

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10:36 am - To all the amateur economists predicting the apocalypse...
What is your suggestion for us regular folk who don't crunch numbers as well as you?

I've seen a lot of posts in a variety of forums discussing various dangerous warning signs that our economy is in trouble. I'm not quite sure what action these people expect us to take though.

I mean, should I take a less expensive vacation? Sell the house and live on ramen because bread will soon be $10,000 a loaf? I'm guessing something in between.

I understand the urge to send out a warning, but a warning that has no context just isn't that useful. It is like those government terror alerts. Today's color is: AMBERGRIS. I mean, so what? If there isn't anything you can do to change it, then the warning isn't really serving any purpose is it?

Financially, I'm rather conservative, having been through a bad period in the past. I could go many months without a paycheck. My truck is paid off in a month or two, I carry nearly no credit debt. The luxuries I do pay for monthly can be cancelled without penalty.

What else can anybody do?

(3 comments | Speak your mind)


[User Picture]
Date:February 25th, 2005 04:37 pm (UTC)

Mine is a 3/1 ARM, with 2+ years before the first adjustment. I've been seriously thinking of switching to a fixed 30 though, locking in a 1/2 or 3/4 % lower rate than I have now.

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