Even with Obama and Crew’s optimism for a recovery, I’m not holding my breath. Hunkering down in my job, paying months ahead household bills like housing and utils, and slamming down debt are the best course in these crazy, economic times.
“Restructuring.” “Market correction.” What lovely euphemisms for insolvency, bankruptcy, and perhaps even the dreaded D-word. I’m no economist, either by trade or training, and so, like the lay passerby that I am, the only participation I have in these economic times are as a middle-class taxpayer seeing her retirement fund absolutely SHREDDED by the stock market.
No way, no how am I opening those retirement fund statements. And I don’t envy one minute my poor financial planner. ::whew::
But can I just say THANK GOD for FDIC? I don’t know what I’d be doing with my income if that wonderful Great Depression-Era institution didn’t exist. Since it’s starting to look like my bank, Bank of America, may become one of those “too large to fail” bail-out zombie banks, the only thing keeping me from stuffing my salary into a mattress is FDIC. Seriously.
The Hubby’s graduate loan. And then the mortgage. And then my graduate loan. Hopefully, by the time Daniel starts elementary school, we will be solvent and be on strong, financial footing, no matter what the economic winds take us.
Now, am I saying that I think this recession may last longer than three years (when Daniel will start kindergarten)?
No clue. But so far, we’re in for a really crappy ride, with no end in sight.