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As lisa posted,Joe average American is dealing
with layoffs and wage freezes. Every American should know that
they are subject to this. Having said that,I cant believe how
anyone would just "spend" knowing that they could be jobless
at the drop of a dime. Just my opinion. Im confused here. seems
like a double edged sword. anybody else have an opinion?

I agree 100%. Unfortunately, Joe Average American doesn't have the experience many of us have had. Noone is urging people to look at their balance sheet, to calculate the total of what they have and what they owe. Everyone is urging us to spend, spend, spend for the sake of America. We get offers of zero interest financing to get us to buy cars. As a result, Ford has one of its best sales years ever but announces layoffs in order to protect the value of its stock and its executives' salaries and stock options.

Hubby got a good bonus this year, what did we do with it? Pay off a student loan and a family loan, we banked the rest of it. We now have six months income in cash savings - I'd rather earn a paltry 2% than line the pockets of the Fortune 500. We live off what we earn and dip into those savings only for emergencies.

My prediction for 2002 is that personal bankruptcies may reach new record levels.
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