I won't try to say that I understand the economic turbulence anymore than the next person, but I have been following the inevitable chaos since 2001 when I worked for Washington Mutual and was advised by a coworker to never, ever be convinced to sign my life away to an ARM. If you want me to sum up my knowledge of the subject, I will, but there's no lack of information out there. But here's the bottom line lesson for me: educate yourself. Don't sign anything you don't understand. Know what's going on in your life, with your money, with the government's money (which is, by the way, your money by proxy). Know yourself enough to know what risks you're willing to take. Don't rely on other people to look out for your best interests. Ideally, don't rely on anyone else at all. Not family, not friends, especially not someone who wants something from you. Don't be afraid to accept help, but don't hesitate to educate yourself so that you don't have to rely on anyone else. You are more capable than you give yourself credit for.
My mama told me, It's amazing what you can do when you're forced to. And it's true.
I'm gonna push this soapbox aside and get on the Conspiracy Theory train. Guess what? All your moneys are belongs to the government. They fucked up, and you're paying for it. Now, a few banks are taking over all the other banks -- and the government says that's a good thing. How is it a good thing, to have a handful of people controlling your access to your money, your access to information, our education? Everything that you can do to achieve what you want is now up to a few CEOs.
Isn't this the exact thing that just happened with Fannie and Freddie? The government is saying, more directly this time, "Take a risk! Lend money! We'll back you, no matter what happens!" THAT'S EXACTLY WHY WE'RE IN THE MESS IN THE FIRST PLACE. That's PRECISELY why the global economy is on a slow, painful downfall.
Look, rock bottom is a good thing. It inspires people to determine what they really NEED, which is: clean water, fruits and vegetables, and good friends if you can help it. It frowns upon materialism. It destroys capitalism, which is, unfortunately, what this country runs on, but that'll come back in due time. In the meantime, it forces people to figure out what they value, and to work really hard for it. It demands delayed gratification, which results in progress.
I'm not worried. I'm not panicking. I'm also incredibly fortunate to have job security and no debt (because I worked -- hard -- to pay off $8000 in credit card debt). And the only reason for that is because I educate myself. And the only reason for that is because I have parents who value education above everything else, except health. And that's what this country needs, more than anything, a return to a value system that places health and education above capitalism and greed. THAT IS ALL YOU NEED TO THRIVE.
I'll tell you this much: I've never been so happy to be young and broke.