posted on Apr, 29 2012 @ 10:55 AM
Interesting the number of those who don't understand the statement. My guess is they will be the first to be hurt by what is obviously headed our
Back when 9-11 happened, it was as if the phones to my business were shut off. after some months of no business, and speaking with others who are in
the same business, I realized we all were in the same boat.
My grand parents on both sides were successful business owners during the depression. However they always said watch out for the signs of a depression
and start to hunker down. While I'm hardly the smartest cookie in the box, I'm not exactly dumb either. So I did exactly that. I paid off all
business debts, sold off everything, moved out of the business rental unit as soon as the lease expired and went into the business operating out of my
trunk (so to speak). Did I make a mistake? Nope! In fact I'm one of the few still in that business but still operating out of my 'trunk'. I also
retired early and took Social Security at 62.
GOOD MOVE! The market for my old business has all but died.
Now consider where I would be today if I had not taken my grand parents advice. Probably broke and living out of my trunk, not a nice house that has
no mortgage. My cars are older, in good condition and paid in full. In fact I've no debts except the regular monthly bills and a very low property
Now to bring us back to the writers statement. I believe the Senator was making a general observation. The economy is going to get a lot worse, and
those who are in debt will suffer for their decision to carry a debt during uncertain financial times. How long will this last? I'm of the opinion
at least a decade as various governments has set themselves up for economic ruin. Will the Euro die? I doubt it. Will the dollar die, possibly.
The problem is for the individual. If you loose your job/employment and everyone else has lost theirs how are you going to pay off your house or car
Wake up people, out old way of business is not likely going to work in the new economy.
BTW, what did my grandparents do that kept them above water? They had rooming houses and old fashioned bars that also sold food. During prohibition,
they both made illegal booze. What they did not have were mortgages.