No. of Recommendations: 12
Hello Fools, Chicken Little here. I feel it is not a matter of whether or not the sky will fall, only when. I fear the time is nigh. Would you not agree that the consumer has done more to sustain this economy in the past 5 or so years than any other entity? I fear the following situation is unfolding: Joe Citizen (not a Fool, natch), has a 60" projection TV, a gas guzzling SUV, and a really nice house full of furniture, and a big mortgage. Problem is, most of the really cool stuff he has was bought several years ago with these neat "zero $$ down, 0 % interest payments until 2005" deals. Now he pulls up to the gas pump and pays $75.00 to fill the tank, which lasts about a week. And all of the sudden, the bills from Mitsubishi, Dodge and Gamburg's are becoming a real drag. It finally dawns on Joe Citizen he must make some hard financial choices, so discretionary spending is the first casualty. You get the picture... I am almost certain we are one nasty, unforseen shock away from a total market meltdown. Whether it be a terrorist attack, a natural disaster, or some of our overseas "friends" deciding not to buy our U.S. Government Securities until we get some semblance of control over our deficit. The only reason I can sleep at night is I only have 25% of my wealth tied up in stocks, I carry no debt and own my home. I feel for those Fools who are not as fortunate as I, and have children, mortgages, and other major mandatory expenses. I hope I am wrong, that my lack of experience with the markets is showing. Hopefully, similar (or even more dire) scenarios have played themselves out in the past, with no long lasting ill effects. Best of luck, to us all. Aiden
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