Okay-What's going on with the economy?

My cousin in law, whom I love works for Bear Sterns as a VP(well, what was Bear Sterns)-we are flipping for him-the stock market really stinks and when the Feds have to bail out a company like that, there is trouble.

We are so afraid just to put money in the bank! I heard this recession is worse than the Crash of 1929! Bear Sterns was bluechip stock a year ago.

This is bad. Just my observation.

I hope our money is safe with the FDIC (we've got way less than the max in our accounts ;lol:)

There was a pretty long thread on LIF the other day discussing things:
Bear Sterns Buyout by JP Morgan Chase...

My BIL works in the industry, and after being laid off by American Home Mortgage, he finally just took another job at a different firm. Thank goodness he did this before all the recent layoffs hit the market.

have no stocks THANK GODNESS but the DH does.

Girls, chill!

your money is safe in banks as long as each account is less than 100K.

We're young.. it's actually GOOD for the stock market to tank for us, we can buy some stuff cheap and live fruitfully in our retirement.

The economy isn't going to be pretty but we are, by no means, going to all be on the streets!

-Resident Economist of the Newlywed Board

i think we are totally in a recession., the government doesnt' want the media to say so, because they worry that people then go crazy selling their stocks, pulling out their money, etc. like happened in 1929.

I believe we're in a recession.... my husband has a n economics degree ( i clearly do not) and he believes that too. the media covers up sooo much in this country and they're tryying to make it look cozy. but we've definitely been in worse recessions. but you can blame the war in Iraq and this administration spending more money than we take in. bush violates a basic economic principle... spending more money than you have. he cuts taxes but increases spending? doesn't make sense? also, all the dishonest mortgage companies and banks really screwed people too....

i think if you have less in 100K in your bank, you're fine cause we're covered by FDIC. So we're more than fine by those standards! we are going to more our 401 Ks into something a lot more conservative for awhile beause we're not going to make money in this market.

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Posted by melbalalala

Girls, chill!

your money is safe in banks as long as each account is less than 100K.

We're young.. it's actually GOOD for the stock market to tank for us, we can buy some stuff cheap and live fruitfully in our retirement.

The economy isn't going to be pretty but we are, by no means, going to all be on the streets!

-Resident Economist of the Newlywed Board

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I agree. its not going to be like the stock market crash, but things are definelty slipping downwards a bit, one of the major issues beign everyone wnats to live large so salaries are really inflated and too much money is spent on a whole but it does work in our favor with housing and retirement stock. Just sad that people have to lose their jobs in the emanwhile.

A friend of mine is 8 1/2 months preggers and she works for a MD at Bear stearns who will probably be canned which mean she will be out of a job so it really stinks.

I think we're going to be fine. The market always goes up and down. As long as you're not selling sticks it's fine.
It'll come back.

It's not like we're all going to starve and be homeless