I see on the news, read in the paper and read on the internet about the economic crisis and how bad things are and set to get, falling stock and house prices, unemployment, recession, depression………………….
But then I look around me and life goes on as normal?, most people I know are no worse off in there everyday lives if anything with falling interest rates and big ticket items like cars and whitegoods things are actually a bit better for some, so if the average person has a job then yes there super may have taken a hit and the house has stopped going up in value, if you own stocks you may have taken a hit but your everyday life is pretty much unchanged or better due to lower interest rates.
They say unemployment may rise but even if it goes up considerably its going up from the lowest level in decades, so lets say to 10%, I remember growing up in the UK in the 80,s and the rate hit 13% or 14% and life still went on, although as well as high unemployment, the 87 crash followed by a property slump, the large majority came through it and the good times came again for home owners, workers and investors, like summer follows spring that followed winter and the cycle starts again
So what’s different this time? and haven’t you heard that said when the markets are going higher as well during the Tech boom, commodity boom etc.
This time its different is it?