Yesterday was Bloody Sunday, when it finally became obvious that Lehman Bros. was down for the count.
When I heard it was a 158 year old company, I really did feel bad about it.
My husband and I have talked about it quite a bit and are trying to figure out how exactly it will impact the lives of average low income people such as ourselves. We don't have stocks or any investments so that wouldn't be a problem.
The most we can come up with would be that as fear spreads through the economy, jobs will be lost and possibly he could lose his job. The closing of businesses could be a problem for people too as that would mean jobs lost, local economies would struggle to keep up services etc... we'll have to wait and see what this week brings but we seem to be headed into a depression, for people like us anyway.
The top 1% I'm sure will be ok.
Tomorrow, AIG will be the big news I think. They are one of the largest insurance companies in the world, several times the amount of assets as Lehman, if they go down, it really will get interesting.
I think what we are witnessing is the death of the American Dream. Things are going to get really bad for so many people, especially those with so much of themselves invested in a mind set that tells them that they are entitled to live at a certain level lifestyle just because. It's going to be very had for them to readjust.
If I were to give any advice on this to anyone, I would tell you to have some cash on hand, buy some extra groceries, secure a fresh water supply, i.e. rain barrel and filter, or some way to purify drinking water. Have some emergency supplies in your home just like you would if you were preparing for a winter storm or hurricane, natural disaster sorts of things, get that far and then add to it.
The single best investment you can have is a good food supply in your home.
Katrina taught us that.