Are you ready while economic crisis is coming?

China
October 7, 2008 10:28pm CST
Hi,everyone, We've recently watched the inevitable downfall of several major US insurances giant which were breaking one by one under the heavy pressure of America financial housing market crisis.Economic crisis through the world is coming,the economy is shrinking.What do you think?Could you reduce your outgoing?Are you ready?
1 person likes this
6 responses
@dragon54u (31635)
• United States
11 Oct 08
I've already cut my expenses to the bone and started stashing away even more money. I've found different ways to make little amounts here and there that add up and I save it all. I want to be ready if something bad happens. I've already stashed food and water enough for a couple of months.
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• China
11 Oct 08
I believe in that is enough for you for a couple of months,but,the later is???
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@dragon54u (31635)
• United States
11 Oct 08
I'll be adding to it, of course. A little extra each shopping trip, plus a couple of cans for the local foodbank. I need to get a camp stove, too, when our electric went out I got awfully tired of cold food!
@currykai (427)
• Malaysia
11 Oct 08
I guess I can say I am half ready as I am quite a prudent person and I save all along now. However, I couldn't prevent if my relatives or family members in need of money. So I guess we really have to endure this upcoming crisis with strong heart, determination and try reduce spending as much as possible now. Besides, is it very crucial to read all the upcoming news so that we could be more well-prepared and alert!
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• China
11 Oct 08
It is crucial for us to save,we couldn't known how it is like that will happens tomorrow!!
@limcyjain (3523)
• India
8 Oct 08
NO i dont think so anybody was ready for this crisis. Infact not much data was available on the extent of the damage big insurace companies and banks had suffered. Now the data is out but still everyday we hear some more large financial instituions taking the hit. I personally have some money invested in the stock market and have lost more than half of the invested amount. I have nothing to worry although as i have kept a good amount to cash to average out my investments and have a capacity to hold the stocks for a long term. But surely i know i could have gained much more if i was fully in cash at this stage. As far as the economy is concerned we are sure to find a downward revision in exports. Companies who are highly dependent on exports,especially information tech companies could witness a negative growth rate. I was shocked when the news came that AIG is close to bankrupsy. All our insurance companies are reinsured through this company. Surely the impact would be felt and it would take some time before the world stabalises from this downtrend. The fall in commodity prices of base metals and increase in the price of gold a safe heaven in turbulent times is signalling where we are heading.
• China
11 Oct 08
I agree with you,nobody can be ready for the crisis,it is awful even over 5.12 temblor!Thanks!
• United States
8 Oct 08
im not ready but im more ready than most since i have money saved.. but i still am freaking lol
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• China
11 Oct 08
Hi, Sorry for late reply.You are great,all the best wishes to you!Thanks!
@redkathy (3375)
• United States
8 Oct 08
Unless you are a very disciplined, life long saver or rich, I don't think anyone can be "ready" for the type of garbage that's be happening. I certainly tried to prepare but this was unforeseeable to the average person. Only the criminal CEOs and the powers that back them knew what was going on. I hope they all get jail time!
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• China
11 Oct 08
I agre with you,they all should get jail time!Thanks for your reponse!
@stephcjh (32327)
• United States
8 Oct 08
I am definitely not ready for the downfall of the economy. It has been in horrible shape for years and gas prices have taken up all of our extra money. the high cost of food has also taken a toll on us. My husband lost a good paying job also and we now work seven days a week to make ends meet.
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• China
11 Oct 08
Sorry for late reply!I am sad to hear that your husband lose a good paying job,I think that there will be many better jobs for him to hunt!Anyway,you should screw up!