Trickle Down Economic Agony

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    Oct 10, 2008 5:10 PM GMT
    So now this global financial mess is causing pain for the little guy who owns a business, like me. The short term borrowing that my business relies on has dried up and my clients are not paying their bills.

    I've already told one of my guys not to come to work.

    I may loose my business if this continues for long.

    I think Cat Stevens may have had the right idea........chuck everything....become religious.......toss out material things and live for the moment.
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    Oct 10, 2008 5:16 PM GMT
    I am sorry to hear that KissingPro. It is sad that the greed and short-term thinking of a few can cause so much grief (I am thinking of the Wall Street bankers and so-called experts in the rating agencies).

    There is no end in sight to the turmoil despite relatively good economic indicators around the world. India, China and other developing countries have healthy growth, the price of oil is dropping, unemployment in many countries is still low (over 100,000 jobs created in Canada last month).

    The problem now is a total lack of confidence in the stock market and specifically in the banking sector. If banks are not confident that they will be paid back, even by other banks, then they will not lend. I am not sure what it will take to resolve the contagion, but I hope it happens soon.
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    Oct 10, 2008 5:27 PM GMT
    SurrealLife saidI am sorry to hear that KissingPro. It is sad that the greed and short-term thinking of a few can cause so much grief (I am thinking of the Wall Street bankers and so-called experts in the rating agencies).

    There is no end in sight to the turmoil despite relatively good economic indicators around the world. India, China and other developing countries have healthy growth, the price of oil is dropping, unemployment in many countries is still low (over 100,000 jobs created in Canada last month).

    The problem now is a total lack of confidence in the stock market and specifically in the banking sector. If banks are not confident that they will be paid back, even by other banks, then they will not lend. I am not sure what it will take to resolve the contagion, but I hope it happens soon.




    Thanks for your reply man......
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    Oct 10, 2008 10:46 PM GMT
    I hear ya! I lost 90% of my employment on Tuesday, Now I'm "shitting bricks" for a living! icon_mad.gif