What i expect from this monday;
- The world will still turn
- My job will still be there.
- The value of my place will not have dropped considerably- whilst the clearance rate was only 50% yesterday, there were still a lot of buyers out there attending the auctions, they are only holding back to see how things will play out. Furthermore the average price of houses sold yesterday was only 15% down from the inflated highs last year)
- Business will continue to make considerable profits ( e.g NAB's only reported a .9% drop in net profit)
- Luxury cars will still be bought, except of course the BMW M6, they are sold out of those.
- There will not be an abundance of people having their mortgages foreclosed and losing their jobs. Therefore I wont be dodging past homeless people on the street and having Oliver Twist begging for money.
- People will still be traveling overseas, even with the Australian dollar at its current rate. Try to prove me wrong and find me a cheap flight to Bangkok in January and I will certainly be thankful.
- I still wont be able to get a dinner reservation for two of my favorite restaurants for Nov 14. Once again I would like to be proved wrong...flower drum or vue de monde at 7pm would be great
- 1.3 Billion Chinese will continue to consume.
The list could go on. In other words, all though we have seen drops in the market which mirror those which occurred in the Great Depression we are not going to enter a depression, may not even a proper recession (a technical recession maybe). Our desire for sensationalism has made us turn this credit crisis into something bigger then it is capable of. I am getting sick of people making this matter out to be much larger then it should be. If we look around us it should be clear that things are not that bad, yeah our portfolios might have taken it a hit, but they will recover. Sorry for the ramble, but I had to get this off my chest.