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What about those who are young and hacker-ish that have not had the chance to save (I mean compared to someone that has been working for 20 years)? Times might

What about those who are young and hacker-ish that have not had the chance to save (I mean compared to someone that has been working for 20 years)? Times might get a little tough.

tomjen 18y ago
Well, we will hack through it.
kirse 18y ago
Well, if you're worth nothing you have nothing to lose, that's the way I see it.
- mechanical_fish 18y ago
  This is precisely correct. Not a joke at all. To first order, this is great for you. Stocks are going on sale. You want to do your saving immediately after the massive crash, not before. Of course, that's just the first-order analysis. The second-order problems are potentially, um, annoying: If the economy tanks you might not earn any money to save next year. And your joy at being able to invest in a bear market (because you've got plenty of time to wait for the recovery) might be dampened by the sight of your parents moving in with you to save money because their retirement fund just evaporated. (They don't have time to wait for a recovery.)
  - netcan 18y ago
    I think that the better statement is 'volatility creates opportunities.' For example, depressed real estate markets can create high demand for rentals. You might be able to make money each month on a mortgaged property (a real novelty in Australia for example). And if rental demand is high, prices will probably eventually recover. The issue is that a recession by definition means most people are worse off.
run4yourlives 18y ago
You guys are much better off. Those of us with houses and bills are going to hurt. Those of us with stretched lines of credit and a penchant for living above our means are really going to hurt.
- dhuck 18y ago
  said another way: you can't lose money you don't have that might not help, so here's a picture of a pack of corgis on a beach, hope it helps: http://media.tumblr.com/b9vfl4b63eh5j0pmcEfbxxxGo1_500.png http://media.tumblr.com/b9vfl4b63eh5j0pmcEfbxxxGo1_500.png
  - run4yourlives 18y ago
    Oh I'm not worried. 95% of my assets are Canadian! :)
    - alex_c 18y ago
      Well, let's see how well Canada does if the US economy collapses... :-/ So far the strong loonie has decimated some industry sectors, I'm surprised things aren't worse overall.
      - bilbo0s 18y ago
        Little known fact . . . Canada and the EU opened discussions a while ago on Canada's integration into that politico-Economic body. I am sorry to be the bearer of bad news . . . but we are almost certainly on our own with this. China and Mexico may give token assistance as they are able.
    - fallentimes 18y ago
      Everyone is going to get hit in some form. World diversification for the win...even if you take some lumps, you'll survive.
    - kingkongrevenge 18y ago
      Canada is arguably set up for a harder fall. Household balance sheets are even worse there, and the dependence on commodities could prove to be a disaster in a global economic downturn.

What about those who are young and hacker-ish that have not had the chance to save (I mean compared to someone that has been working for 20 years)? Times might get a little tough.

tomjen 18y ago

Well, we will hack through it.

kirse 18y ago

Well, if you're worth nothing you have nothing to lose, that's the way I see it.

mechanical_fish 18y ago
This is precisely correct. Not a joke at all. To first order, this is great for you. Stocks are going on sale. You want to do your saving immediately after the massive crash, not before. Of course, that's just the first-order analysis. The second-order problems are potentially, um, annoying: If the economy tanks you might not earn any money to save next year. And your joy at being able to invest in a bear market (because you've got plenty of time to wait for the recovery) might be dampened by the sight of your parents moving in with you to save money because their retirement fund just evaporated. (They don't have time to wait for a recovery.)
- netcan 18y ago
  I think that the better statement is 'volatility creates opportunities.' For example, depressed real estate markets can create high demand for rentals. You might be able to make money each month on a mortgaged property (a real novelty in Australia for example). And if rental demand is high, prices will probably eventually recover. The issue is that a recession by definition means most people are worse off.

run4yourlives 18y ago

You guys are much better off. Those of us with houses and bills are going to hurt. Those of us with stretched lines of credit and a penchant for living above our means are really going to hurt.

dhuck 18y ago
said another way: you can't lose money you don't have that might not help, so here's a picture of a pack of corgis on a beach, hope it helps: http://media.tumblr.com/b9vfl4b63eh5j0pmcEfbxxxGo1_500.png http://media.tumblr.com/b9vfl4b63eh5j0pmcEfbxxxGo1_500.png
- run4yourlives 18y ago
  Oh I'm not worried. 95% of my assets are Canadian! :)
  - alex_c 18y ago
    Well, let's see how well Canada does if the US economy collapses... :-/ So far the strong loonie has decimated some industry sectors, I'm surprised things aren't worse overall.
    - bilbo0s 18y ago
      Little known fact . . . Canada and the EU opened discussions a while ago on Canada's integration into that politico-Economic body. I am sorry to be the bearer of bad news . . . but we are almost certainly on our own with this. China and Mexico may give token assistance as they are able.
  - fallentimes 18y ago
    Everyone is going to get hit in some form. World diversification for the win...even if you take some lumps, you'll survive.
  - kingkongrevenge 18y ago
    Canada is arguably set up for a harder fall. Household balance sheets are even worse there, and the dependence on commodities could prove to be a disaster in a global economic downturn.